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Merchants Bancorp
(NASDAQ:MBIN)
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Rating:63Neutral
Price Target:
$57.00
▲(7.02% Upside)
Action:Reiterated
Date:08/21/26
The score is held back mainly by financial-statement risks—persistently negative operating/free cash flow and a notable increase in leverage—despite healthy margins. Offsetting this, technicals are constructive with price above key moving averages and positive MACD, while valuation appears reasonable at ~10.7x earnings. Corporate events are supportive (ongoing dividends/governance continuity) but incremental relative to the core financial drivers.
Positive Factors
Sustained Profitability
Healthy net and EBIT margins indicate that the bank continues to generate solid earnings from its lending, deposit, and mortgage-related activities. This profitability provides a foundation for absorbing moderate credit or funding pressures.
Negative Factors
Negative Revenue Growth
The reversal from strong 2023–2024 performance to declining or stagnant revenue indicates weaker top-line momentum. Prolonged softness could limit operating leverage, reduce growth in earnings, and pressure the bank’s ability to sustain current profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained Profitability
Healthy net and EBIT margins indicate that the bank continues to generate solid earnings from its lending, deposit, and mortgage-related activities. This profitability provides a foundation for absorbing moderate credit or funding pressures.
Read all positive factors
Merchants Bancorp (MBIN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.45B
Dividend Yield0.79%
Average Volume (3M)164.84K
Price to Earnings (P/E)10.7
Beta (1Y)0.89
Revenue Growth-5.27%
EPS Growth9.27%
CountryUS
Employees735
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)4.98
Shares Outstanding45,938,076
10 Day Avg. Volume166,862
30 Day Avg. Volume164,845
Financial Highlights & Ratios
PEG Ratio-0.22
Price to Book (P/B)0.69
Price to Sales (P/S)1.14
P/FCF Ratio-9.17
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$56.50Price Target Upside6.08% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)5.14
Revenue Forecast (FY)$721.15M
Merchants Bancorp Business Overview & Revenue Model
Company Description
Merchants Bancorp operates as a diversified financial services holding company across the United States. Its operations are organized into three primary divisions: Multi-family Mortgage Banking, Mortgage Warehousing, and Banking. The Multi-family ...
How the Company Makes Money
Merchants Bancorp primarily makes money through (1) net interest income and (2) noninterest income. Net interest income is earned from the spread between interest income on loans and securities and interest expense paid on funding sources such as ...
Merchants Bancorp Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
58
Neutral
Cash Flow
28
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.31B | 1.37B | 1.45B | 1.19B | 602.07M | 461.56M |
| Gross Profit | 594.58M | 563.69M | 642.69M | 519.10M | 422.49M | 422.66M |
| EBITDA | 325.85M | 267.26M | 425.66M | 350.76M | 293.63M | 307.12M |
| Net Income | 268.58M | 218.77M | 320.39M | 279.23M | 219.72M | 227.10M |
Balance Sheet | ||||||
| Total Assets | 21.23B | 19.45B | 18.81B | 16.95B | 12.62B | 11.28B |
| Cash, Cash Equivalents and Short-Term Investments | 17.88M | 880.90M | 566.62M | 1.70B | 549.50M | 1.34B |
| Total Debt | 4.28B | 3.84B | 4.34B | 964.13M | 940.39M | 1.17B |
| Total Liabilities | 18.84B | 17.17B | 16.56B | 15.25B | 11.16B | 10.12B |
| Stockholders Equity | 2.39B | 2.28B | 2.24B | 1.70B | 1.46B | 1.16B |
Cash Flow | ||||||
| Free Cash Flow | -569.28M | -170.30M | -853.67M | -363.93M | 966.96M | -52.86M |
| Operating Cash Flow | -546.84M | -149.36M | -835.28M | -356.40M | 975.77M | -49.22M |
| Investing Cash Flow | -1.48B | -387.56M | -874.27M | -3.26B | -2.86B | -474.26M |
| Financing Cash Flow | 1.69B | 272.51M | 1.60B | 3.97B | 1.08B | 1.38B |
Merchants Bancorp Technical Analysis
Neutral
53.26
Price Trends
51.42
Positive
49.33
Positive
43.79
Positive
Market Momentum
0.59
Positive
51.82
Neutral
23.45
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MBIN, the sentiment is Neutral. The current price of 53.26 is below the 20-day moving average (MA) of 54.39, above the 50-day MA of 51.42, and above the 200-day MA of 43.79, indicating a neutral trend. The MACD of 0.59 indicates Positive momentum. The RSI at 51.82 is Neutral, neither overbought nor oversold. The STOCH value of 23.45 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for MBIN.
Merchants Bancorp Risk Analysis
Merchants Bancorp disclosed 42 risk factors in its most recent earnings report. Merchants Bancorp reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Merchants Bancorp Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
84 Outperform | $1.86B | 13.17 | 12.17% | 2.48% | 21.78% | 43.92% | |
76 Outperform | $1.76B | 13.31 | 9.74% | 2.74% | 2.44% | 10.69% | |
73 Outperform | $1.72B | 12.78 | 10.23% | 2.48% | 3.50% | 23.44% | |
72 Outperform | $1.84B | 16.04 | 6.47% | 2.94% | 8.27% | -23.33% | |
68 Neutral | $1.72B | 48.55 | 4.09% | ― | 9.21% | 234.88% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
63 Neutral | $2.45B | 10.72 | 11.64% | 0.88% | -5.27% | 9.27% |
* Financial Sector Average
MBIN
Merchants Bancorp
53.41
21.33
66.51%
GABC
German American Bancorp
49.92
9.28
22.83%
STBA
S&T Bancorp
49.79
11.57
30.28%
TCBK
Trico Bancshares
53.81
9.73
22.07%
TFIN
Triumph Financial
71.86
10.37
16.86%
NBHC
National Bank Holdings
41.22
3.22
8.47%
Merchants Bancorp Corporate Events
Business Operations and StrategyDividends
Merchants Bancorp Declares Third-Quarter 2026 Cash Dividends
Positive
Aug 20, 2026
On August 20, 2026, Merchants Bancorp announced that its Board of Directors declared third-quarter 2026 cash dividends on its common and preferred stock. The payouts cover common shares and four series of preferred shares, with dividends to be pai...
Executive/Board ChangesDividendsShareholder Meetings
Merchants Bancorp Shareholders Approve Governance and Dividends
Positive
May 21, 2026
Merchants Bancorp held its Annual Meeting of Shareholders on May 21, 2026, where investors elected twelve directors to serve until the 2027 annual meeting, approved on an advisory basis the compensation of named executive officers, and ratified th...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.