Merchants Bancorp (MBIN) Key Metrics
MBIN valuation today
Trailing 12 months · as of October 17, 2026- Market cap
- $2.24B
- Enterprise value
- $6.30B
- P/E (TTM)
- 9.8 10-yr median 6.6
- Forward P/E
- —
- PEG ratio
- —
- Price / sales
- 3.5 10-yr median 2.0
- Price / book
- 1.3 10-yr median 0.9
- EV / EBITDA
- — 10-yr median 4.9
- Dividend yield
- 0.90% $0.44 a year
- Beta
- 1.21
MBIN key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsMBIN valuation Price multiples at each fiscal year-end price.
MBIN returns How much profit the business earns on the capital it uses.
MBIN per-share figures Results divided by the shares outstanding at year-end.
MBIN financial health Debt, liquidity and how easily interest is covered.
MBIN efficiency & capital use Working capital cycle and where the cash goes.
MBIN valuation history
MBIN returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
MBIN debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
MBIN cash returned to shareholders
MBIN price vs earnings per share
MBIN key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $1.56B | $1.64B | $1.85B | $1.05B | $1.37B | $795.1M | $566.6M | $573.3M | $444.1M | — |
| Enterprise value | $4.53B | $5.41B | $1.11B | $1.44B | $1.36B | $2.56B | −$42.4M | $101.2M | −$242.1M | — |
| P/E ratio | 7.2 | 5.1 | 6.6 | 4.8 | 6.0 | 4.4 | 7.3 | 9.1 | 8.1 | — |
| Price / sales | 1.1 | 1.1 | 1.6 | 1.7 | 3.0 | 2.0 | 2.2 | 3.1 | 3.2 | — |
| Price / book | 0.7 | 0.7 | 1.1 | 0.7 | 1.2 | 0.1 | 0.9 | 1.4 | 1.2 | — |
| Price / free cash flow | — | — | — | 1.1 | — | — | — | 3.0 | — | — |
| Price / operating cash flow | — | — | — | 1.1 | — | — | — | 2.8 | — | — |
| EV / sales | 3.3 | 3.7 | 0.9 | 2.4 | 2.9 | 6.4 | -0.2 | 0.5 | -1.8 | — |
| EV / EBITDA | 16.9 | 12.7 | 3.2 | 4.9 | 4.4 | 10.5 | — | 1.2 | — | — |
| EV / free cash flow | — | — | — | 1.5 | — | — | — | 0.5 | — | — |
| Earnings yield | 14.0% | 19.5% | 15.1% | 20.9% | 16.6% | 22.7% | 13.6% | 11.0% | 12.3% | — |
| Free cash flow yield | −10.9% | −52.0% | −19.7% | 91.8% | −3.9% | −110.5% | −224.3% | 32.9% | −40.1% | — |
| Dividend yield | 3.8% | 3.1% | 2.6% | 3.6% | 2.3% | 3.0% | 3.0% | 1.8% | 1.8% | — |
| Shareholder yield (dividends + buybacks) | 3.8% | 13.9% | 2.6% | 4.0% | 5.3% | 3.0% | 6.9% | 1.9% | 1.8% | — |
| Share price at fiscal year-end | $34.06 | $36.47 | $42.58 | $24.32 | $31.55 | $18.42 | $13.14 | $13.31 | $13.12 | — |
| Per share | ||||||||||
| Revenue per share | $29.72 | $32.15 | $27.43 | $13.90 | $10.65 | $9.29 | $5.90 | $4.31 | $4.08 | $3.06 |
| Earnings per share | $4.76 | $7.12 | $6.44 | $5.07 | $5.24 | $4.18 | $1.79 | $1.46 | $1.62 | $1.04 |
| Operating cash flow per share | −$3.25 | −$18.56 | −$8.22 | $22.53 | −$1.14 | −$20.27 | −$29.15 | $4.74 | −$5.20 | −$4.72 |
| Free cash flow per share | −$3.71 | −$18.97 | −$8.40 | $22.32 | −$1.22 | −$20.35 | −$29.48 | $4.38 | −$5.25 | −$4.80 |
| Cash per share | $19.17 | $12.59 | $39.18 | $12.69 | $31.00 | $10.41 | $18.48 | $15.49 | $22.68 | $24.29 |
| Book value per share | $49.64 | $49.85 | $39.24 | $33.70 | $26.67 | $191.74 | $15.16 | $9.78 | $10.86 | $6.50 |
| Tangible book value per share | $49.47 | $45.45 | $35.21 | $29.93 | $23.72 | $189.40 | $12.98 | $7.48 | $8.68 | $4.79 |
| Dividends per share | $1.29 | $1.14 | $1.12 | $0.88 | $0.72 | $0.55 | $0.40 | $0.24 | $0.23 | $0.20 |
| Capex per share | $0.46 | $0.41 | $0.17 | $0.20 | $0.08 | $0.08 | $0.32 | $0.36 | $0.06 | $0.08 |
| Debt per share | $83.64 | $96.35 | $22.24 | $21.71 | $30.79 | $51.37 | $4.36 | $4.54 | $2.41 | $1.79 |
| Shares outstanding | 45.9M | 45.0M | 43.3M | 43.3M | 43.3M | 43.2M | 43.1M | 43.1M | 33.9M | 31.8M |
| Change in shares outstanding | +2.1% | +3.8% | +0.1% | −0.0% | +0.4% | +0.1% | +0.1% | +27.3% | +6.6% | +0.5% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 9.7% | 16.2% | 17.7% | 16.8% | 4.8% | 4.0% | 14.4% | 15.9% | 19.1% | 18.7% |
| Return on invested capital (ROIC) | 3.9% | 9.2% | 19.8% | 14.7% | 4.1% | 3.6% | — | — | — | — |
| Return on assets (ROA) | 1.1% | 1.8% | 1.9% | 1.8% | 2.2% | 2.3% | 1.5% | 1.7% | 1.8% | 1.3% |
| Return on tangible assets | 1.1% | 1.7% | 1.7% | 1.8% | 2.0% | 1.9% | 1.2% | 1.7% | 1.6% | 1.2% |
| Free cash flow margin | −12.5% | −59.0% | −30.6% | 160.6% | −11.5% | −219.0% | −499.3% | 101.8% | −128.9% | −156.7% |
| Income quality (OCF / net income) | −0.68 | −2.61 | −1.28 | 4.44 | −0.22 | −4.85 | −16.26 | 3.25 | −3.22 | −4.52 |
| Financial health | ||||||||||
| Total debt | $3.84B | $4.34B | $964.1M | $940.4M | $1.33B | $2.22B | $188.0M | $195.5M | $81.6M | $57.0M |
| Cash & short-term investments | $880.9M | $566.6M | $1.70B | $549.5M | $1.34B | $449.5M | $797.0M | $667.6M | $767.9M | $771.6M |
| Net debt | $2.96B | $3.77B | −$734.0M | $390.9M | −$9.3M | $1.77B | −$609.0M | −$472.1M | −$686.3M | −$714.6M |
| Debt / equity | 1.68 | 1.93 | 0.57 | 0.64 | 1.15 | 0.27 | 0.29 | 0.46 | 0.22 | 0.28 |
| Debt / assets | 0.20 | 0.23 | 0.06 | 0.07 | 0.12 | 0.23 | 0.03 | 0.05 | 0.02 | 0.02 |
| Net debt / EBITDA | 11.08 | 8.86 | −2.09 | 1.33 | −0.03 | 7.21 | −5.91 | −5.59 | −8.86 | −12.97 |
| Current ratio | 3.17 | 0.05 | 0.13 | 0.06 | 4.56 | 0.27 | 124.67 | 0.21 | 101.91 | 0.32 |
| Quick ratio | 3.17 | 0.05 | 0.85 | −0.63 | 10.04 | 0.59 | 247.25 | −0.08 | 57.89 | −0.01 |
| Interest coverage | 0.4 | 0.5 | 0.6 | 1.8 | 9.0 | 4.1 | 1.1 | 1.7 | 2.8 | 2.9 |
| Working capital | $8.15B | −$11.27B | −$12.27B | −$9.50B | $1.07B | −$1.27B | $808.8M | −$2.58B | $2.74B | −$1.68B |
| Invested capital | $5.24B | $6.01B | $967.1M | $1.85B | $1.15B | $10.04B | $44.8M | −$50.9M | −$318.8M | −$508.3M |
| Tangible asset value | $2.27B | $2.05B | $1.53B | $1.30B | $1.03B | $8.18B | $559.7M | $322.4M | $293.9M | $152.1M |
| Net current asset value | −$5.25B | −$15.91B | −$13.46B | −$10.55B | −$8.76B | −$897.4M | −$4.90B | −$2.78B | −$260.7M | −$1.74B |
| Graham number | $72.93 | $89.35 | $75.42 | $62.02 | $56.08 | $134.32 | $24.73 | $17.92 | $19.86 | $12.35 |
| Graham net-net per share | −$174.40 | −$354.03 | −$428.80 | −$163.35 | −$221.20 | −$27.38 | −$123.11 | −$53.56 | −$48.92 | −$42.09 |
| Capital allocation | ||||||||||
| Dividends paid | $59.4M | $51.2M | $48.5M | $38.1M | $31.2M | $23.7M | $17.3M | $10.2M | $8.0M | $6.2M |
| Share buybacks (net) | $0 | $177.0M | $0 | $3.9M | $41.6M | $567,000 | $21.9M | $700,000 | $0 | $0 |
| Dividend payout ratio | 27.2% | 16.0% | 17.4% | 17.3% | 13.8% | 13.1% | 22.3% | 16.2% | 14.5% | 18.8% |
| Dividends + buybacks / free cash flow | — | — | — | 4.3% | — | — | — | 5.8% | — | — |
| Capex / revenue | 1.5% | 1.3% | 0.6% | 1.5% | 0.8% | 0.9% | 5.5% | 8.4% | 1.4% | 2.6% |
| Capex / operating cash flow | — | — | — | 0.9% | — | — | — | 7.6% | — | — |
| Capex / depreciation | 6.04 | 6.10 | 2.64 | 3.55 | 1.66 | 1.91 | 16.41 | 33.64 | 6.75 | 9.21 |
| Stock-based compensation / revenue | — | — | 0.3% | 0.5% | −23.0% | −21.2% | −12.6% | 0.1% | 0.3% | 0.1% |
| SG&A / revenue | 13.0% | 10.8% | 10.2% | 15.4% | 19.2% | 16.2% | 16.0% | 17.9% | 16.2% | 15.9% |
| Efficiency | ||||||||||
| Days sales outstanding | 1,486.0 | 22.0 | 22.7 | 24.4 | 18.1 | 18.3 | 23.1 | 21.8 | 18.1 | 18.7 |
| Days of inventory on hand | — | — | -879.1 | 5,419.5 | -10,329.0 | -3,521.4 | 298.6 | 7,106.1 | 12,030.6 | 13,494.9 |
| Days payables outstanding | — | — | — | 19,364.1 | 76,889.2 | 33,366.3 | 16,974.3 | 10,685.5 | 23.8 | 33.3 |
| Cash conversion cycle (days) | — | — | — | -13,920.2 | -87,200.1 | -36,869.5 | -16,652.7 | -3,557.7 | 12,024.9 | 13,480.3 |
| Receivables turnover | 0.25 | 16.56 | 16.11 | 14.98 | 20.12 | 19.99 | 15.82 | 16.75 | 20.15 | 19.50 |
| Payables turnover | — | — | — | 0.02 | 0.00 | 0.01 | 0.02 | 0.03 | 15.35 | 10.97 |
| Inventory turnover | — | — | — | 0.07 | — | — | — | 0.05 | 0.03 | 0.03 |
| Asset turnover | 0.07 | 0.08 | 0.08 | 0.05 | 0.04 | 0.05 | 0.05 | 0.05 | 0.05 | 0.04 |
| Average receivables | $5.56B | $87.4M | $73.8M | $40.2M | $22.9M | $20.1M | $16.1M | $11.1M | $6.8M | $5.0M |
| Average payables | — | — | — | $9.53B | $8.20B | $6.44B | $4.35B | $1.62B | $2.0M | $1.8M |
| Average inventory | — | — | −$1.61B | $2.67B | −$1.10B | −$680.0M | $76.6M | $1.08B | $997.4M | $736.8M |
| Intangibles / total assets | 0.0% | 1.1% | 1.0% | 1.3% | 1.1% | 1.0% | 1.5% | 2.5% | 2.2% | 2.0% |
Computed from MBIN's annual financial statements (latest annual report filed February 27, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
MBIN valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Merchants Bancorp traded at 7.2 times earnings, against a 10-year median of 6.6. Based on the latest twelve months, the trailing P/E is 9.8. Merchants Bancorp earned a return on equity of 9.7% and a return on invested capital of 3.9% in fiscal 2025. It ended the year with $3.8 billion of debt and $880.9 million in cash and short-term investments, net debt of $3.0 billion. It returned $59.4 million to shareholders: $59.4 million in dividends and $0 in share buybacks. The share count rose 44.7% from 31.8M to 45.9M over 9 years.
See the MBIN income statement, the MBIN chart for price history, or the MBIN stock overview for the latest quote and news.
MBIN key metrics FAQ
What is Merchants Bancorp's P/E ratio?
Merchants Bancorp's trailing P/E ratio is 9.8 based on the last twelve months of earnings (as of October 17, 2026). At the end of fiscal 2025 it was 7.2, compared with a 10-year median of 6.6.
What is Merchants Bancorp's EV/EBITDA?
Merchants Bancorp's enterprise value was 16.9 times EBITDA at the end of fiscal 2025 (enterprise value $4.5 billion, EBITDA $267.3 million).
What is Merchants Bancorp's return on equity?
Merchants Bancorp's return on equity (ROE) was 9.7% in fiscal 2025: net income of $218.8 million on average shareholders' equity of $2.3 billion.
What is Merchants Bancorp's ROIC?
Merchants Bancorp's return on invested capital was 3.9% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Merchants Bancorp have?
Merchants Bancorp had total debt of $3.8 billion at the end of fiscal 2025, a debt-to-equity ratio of 1.68 and $3.0 billion of net debt (11.08 times EBITDA).
What is Merchants Bancorp's dividend yield?
Merchants Bancorp's forward dividend yield is 0.90%. Merchants Bancorp paid $59.4 million in dividends in fiscal 2025 ($1.29 per share), a payout ratio of 27.2%.
What is Merchants Bancorp's free cash flow yield?
Merchants Bancorp generated -$170.3 million of free cash flow in fiscal 2025, a free cash flow yield of −10.9% on its market value at year-end ($1.6 billion).
What is Merchants Bancorp's current ratio?
Merchants Bancorp's current ratio was 3.17 at the end of fiscal 2025: current assets were 3.17 times current liabilities.