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May 21, 2026·SEC
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Merchants Bancorp(MBIN)Earnings, Financials & Key Ratios
MBIN•NASDAQ•Banking & Credit
$47.90
12.7× P/E·Price updated Jul 6, 2026
SectorFinancial ServicesIndustryRegional BanksSub-IndustryCommercial real estate and multifamily lenders
AboutMerchants Bancorp operates as the diversified bank holding company in the United States. The company operates through Multi-family Mortgage Banking, Mortgage Warehousing, and Banking segments. The Multi-family Mortgage Banking segment originates and services government sponsored mortgages for multi-family and healthcare facilities. This segment also offers customized loan products for independent living, assisted living, memory care, and skilled nursing projects; and operates as a syndicator of low-income housing tax credit and debt funds. The Mortgage Warehousing segment funds agency eligible residential loans, including origination, purchase, and sale in the secondary market, as well as commercial loans to non-depository financial institutions. The Banking segment offers a range of financial products and services to consumers and businesses, such as various types of deposit products, as well as multi-family construction and bridge, commercial real estate, commercial and industrial, agricultural, residential mortgage, and consumer loan products. This segment also provides single-family mortgage lending; construction, bridge, and lot financing; first-lien home equity lines of credit; and small business administration lending products and services. Merchants Bancorp was founded in 1990 and is headquartered in Carmel, Indiana.Show more
- Net Interest Income$517M-1.1%
- Total Revenue$1.37B-5.7%
- Net Income$219M-31.7%
- Return on Equity9.67%-40.5%
- Net Interest Margin2.66%-4.3%
- Efficiency Ratio21.97%+44.5%
- ROA1.14%-36.2%
- Equity / Assets11.73%-1.7%
- Book Value per Share49.64-0.4%
MBIN Price & Volume
Merchants Bancorp (MBIN) stock price & volume — 10-year historical chart
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Cyclical Mortgage Exposure Strains Operating Margin Efficiency
Investment Thesis • Updated 2026Q1
VerdictNeutral
Growth:Contracting
Profitability:Moderate
Financial:Vulnerable
Cash Flow:Deteriorating
Primary Risk:Mortgage market liquidity volatility
Key Thesis Takeaways
- Merchants Bancorp faces significant headwinds as its specialized mortgage-heavy business model struggles with stagnant net interest income, which has plateaued near $128 million.
- The bank's reliance on volatile gain-on-sale revenue and a thin equity-to-assets ratio of 0.11 leaves it vulnerable to interest rate fluctuations and credit deterioration in its multi-family portfolio.
- Investors should monitor the rising efficiency ratio, which climbed to 23.9% in 2026Q1, as it indicates a concerning loss of operational leverage in the current cycle.
Verdict Logic
Negative: The bank's inability to improve its 0.7% net interest margin and the significant rise in the efficiency ratio to 23.9% suggest that fundamental profitability is currently constrained by cyclical market pressures.
MBIN Growth Metrics
Merchants Bancorp (MBIN) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years32.7%
5 Years27.75%
3 Years31.38%
TTM-
Profit CAGR
10 Years22.66%
5 Years3.92%
3 Years-0.14%
TTM-21.71%
EPS CAGR
10 Years15.43%
5 Years-0.37%
3 Years-5.44%
TTM-24.63%
Return on Capital
10 Years14.23%
5 Years10.23%
3 Years7.95%
Last Year2.34%
MBIN Recent Earnings
Merchants Bancorp (MBIN) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 8/12 qtrs (67%)●Beat Revenue 8/12 qtrs (67%)
Q2 2026Latest
Apr 28, 2026Metric
Actual
Est
EPS
$1.25+7.8%
$1.16
Rev
$175M+0.5%
$174M
Q1 2026
Jan 28, 2026Metric
Actual
Est
EPS
$1.28+36.2%
$0.94
Rev
$185M+8.5%
$171M
Q4 2025
Oct 28, 2025Metric
Actual
Est
EPS
$0.97+22.8%
$0.79
Rev
$170M-3.0%
$175M
Q3 2025
Jul 28, 2025Metric
Actual
Est
EPS
$0.60-46.4%
$1.12
Rev
$178M+8.1%
$165M
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | Apr 28, 2026 | $1.25vs $1.16+7.8% | $175Mvs $174M+0.5% |
| Q1 2026 | Jan 28, 2026 | $1.28vs $0.94+36.2% | $185Mvs $171M+8.5% |
| Q4 2025 | Oct 28, 2025 | $0.97vs $0.79+22.8% | $170Mvs $175M-3.0% |
| Q3 2025 | Jul 28, 2025 | $0.60vs $1.12-46.4% | $178Mvs $165M+8.1% |
Based on last 12 quarters of dataView full earnings history →
Peers Comparison
Key metrics vs top competitors for Merchants Bancorp (MBIN)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $47.90 | $2.2B | 12.67 | -5.65% | 16.02% | 9.67% | 2.7% | |
| $38.16 | $2.82B | 14.51 | -1.58% | 18.26% | 8.36% | — | |
| $78.08 | $2.63B | 12.59 | 3.94% | 15.84% | 11.25% | — | |
| $34.63 | $3.63B | 13.02 | 2.75% | 20.93% | 10.23% | — | |
| $35.90 | $739.76M | 10.98 | -0.3% | 22.54% | 14.15% | — | |
| $50.16 | $2.61B | 15.06 | 10.36% | 19.66% | 9.83% | — |
Compare MBIN vs Peers
Merchants Bancorp (MBIN) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
MBIN SEC Filings & Documents
Merchants Bancorp (MBIN) SEC filings — annual & quarterly reports (10-K, 10-Q)
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MBIN Frequently Asked Questions
Merchants Bancorp (MBIN) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
How fast is Merchants Bancorp growing?
Merchants Bancorp (MBIN) saw revenue decline by 5.7% over the past year.
Is MBIN profitable?
Yes, Merchants Bancorp (MBIN) is profitable, generating $228.3M in net income for fiscal year 2025 (16.0% net margin).
Dividend & Returns
Does MBIN pay dividends?
Yes, Merchants Bancorp (MBIN) pays a dividend with a yield of 2.70%. This makes it attractive for income-focused investors.
What is MBIN's return on equity?
Merchants Bancorp (MBIN) has a return on equity (ROE) of 9.7%. This is below average, suggesting room for improvement.
Industry Metrics
What is Merchants Bancorp's net interest margin?
Merchants Bancorp (MBIN) has a net interest margin (NIM) of 2.7%. NIM has been under pressure due to interest rate environment.
What is Merchants Bancorp's efficiency ratio?
Merchants Bancorp (MBIN) has an efficiency ratio of 22.0%. This is excellent, indicating strong cost control.