Operating performance remains strained, evidenced by a sharp 60% decline in EPS growth in 2026Q1 and gross margin fluctuations that peaked at 96.9% in 2025Q4 before contracting.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 338.61M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 240.88M | 341.81M | 127.12M | 153.76M | 132.19M | 143.44M | 47.39M | 58.86M | 23.65M | 5.64M | 92.2M | 46.1M | 46.58M | 41.44M | 38.24M | 33.1M | 27.61M | 27.91M | 32.41M | 33.27M | 28.04M | 23.83M | 38.85M | 19.23M | 15.04M | 13.54M | 30.81M | 51.2M | 30.5M | 17.9M | 7.8M |
| Gross Margin % | 71.14% | 96.75% | 43.57% | 60.41% | 66.62% | 80.04% | 31.31% | 41.66% | 21.3% | 29.08% | 87.95% | 83.03% | 84.5% | 83.21% | 77.89% | 70.97% | 65.43% | 62.32% | 57.75% | 52.01% | 53.68% | 56.97% | 75.17% | 61.5% | 42.62% | 34.62% | 51.56% | 70.91% | 64.21% | 63.93% | 59.54% |
| Gross Profit Growth % | - | 168.89% | -17.32% | 16.32% | -7.85% | 202.69% | -19.49% | 148.86% | 319.01% | -93.88% | 100% | -1.03% | 12.41% | 8.35% | 15.52% | 19.91% | -1.09% | -13.88% | -2.59% | 18.68% | 17.64% | -38.66% | 102.02% | 27.89% | 11.03% | -56.04% | -39.83% | 67.87% | 70.39% | 129.49% | - |
| Operating Expenses | 119.35M | 163.5M | 64.18M | 67.72M | 64.34M | 61.57M | 84.37M | 56.53M | 34.38M | 13.49M | 22.79M | 16.72M | 17.89M | 15.66M | 13.73M | 13.94M | 16.33M | 19.73M | 17.32M | 17.84M | 14.93M | 16.98M | 16.08M | 17.17M | 27.57M | 17.62M | 23.45M | 30.1M | 14.1M | 6.5M | 3.5M |
| OpEx % of Revenue | - | 46.28% | 22% | 26.61% | 32.42% | 34.36% | 55.74% | 40.01% | 30.96% | 69.5% | 21.73% | 30.12% | 32.45% | 31.45% | 27.95% | 29.89% | 38.7% | 44.05% | 30.86% | 27.88% | 28.58% | 40.6% | 31.12% | 54.91% | 78.13% | 45.04% | 39.24% | 41.69% | 29.68% | 23.21% | 26.72% |
| Selling, General & Admin | -5.66M | 5M | 41.03M | 40.03M | 33.51M | 34.05M | 31M | 30.25M | 26.9M | 9.33M | 3.4M | 2.85M | 2.32M | 2.5M | 2.38M | 2.5M | 1.89M | 10.99M | 10.69M | 10.19M | 8.19M | 9.55M | 8.44M | 9.11M | 9.18M | 9.42M | 10.51M | 9.7M | 5.8M | 2.7M | 1.5M |
| SG&A % of Revenue | - | 1.42% | 14.06% | 15.73% | 16.89% | 19% | 20.48% | 21.41% | 24.23% | 48.04% | 3.24% | 5.13% | 4.22% | 5.01% | 4.85% | 5.35% | 4.48% | 24.54% | 19.05% | 15.93% | 15.69% | 22.84% | 16.33% | 29.13% | 26.01% | 24.08% | 17.59% | 13.43% | 12.21% | 9.64% | 11.45% |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 121.53M | 178.31M | 62.94M | 86.04M | 67.85M | 81.87M | -36.98M | 2.34M | -10.72M | -7.85M | 69.42M | 29.38M | 28.69M | 25.78M | 24.52M | 19.16M | 11.28M | 8.18M | 15.09M | 15.44M | 13.11M | 6.85M | 22.77M | 2.06M | -12.53M | -4.08M | 7.36M | 21.1M | 16.4M | 11.4M | 4.3M |
| Operating Margin % | 35.89% | 50.47% | 21.57% | 33.8% | 34.19% | 45.69% | -24.43% | 1.65% | -9.66% | -40.43% | 66.21% | 52.91% | 52.05% | 51.76% | 49.93% | 41.09% | 26.73% | 18.26% | 26.89% | 24.13% | 25.1% | 16.37% | 44.05% | 6.58% | -35.51% | -10.42% | 12.32% | 29.22% | 34.53% | 40.71% | 32.82% |
| Operating Income Growth % | - | 183.32% | -26.85% | 26.8% | -17.13% | 321.39% | -1682.41% | 121.8% | -36.6% | -111.31% | 136.3% | 2.38% | 11.31% | 5.14% | 27.94% | 69.9% | 37.89% | -45.79% | -2.24% | 17.76% | 91.43% | -69.93% | 1005.83% | 116.44% | -207.41% | -155.37% | -65.12% | 28.66% | 43.86% | 165.12% | - |
| EBITDA | 128.74M | 186.63M | 69.15M | 91.28M | 73.08M | 88.39M | -29.27M | 9.84M | -5.16M | -6.83M | 69.9M | 29.79M | 29.18M | 26.87M | 25.73M | 20.48M | 12.7M | 9.9M | 16.56M | 23.68M | 14.63M | 10.23M | 29.65M | 4.08M | -10.4M | -1.22M | 9.99M | 23.3M | 18.7M | 11.8M | 4.6M |
| EBITDA Margin % | 38.02% | 52.82% | 23.7% | 35.86% | 36.83% | 49.32% | -19.34% | 6.96% | -4.65% | -35.18% | 66.67% | 53.66% | 52.93% | 53.96% | 52.41% | 43.91% | 30.1% | 22.1% | 29.51% | 37.01% | 28% | 24.47% | 57.36% | 13.04% | -29.49% | -3.11% | 16.72% | 32.27% | 39.37% | 42.14% | 35.11% |
| EBITDA Growth % | 78.26% | 169.89% | -24.24% | 24.9% | -17.32% | 402.01% | -397.55% | 290.69% | 24.48% | -109.77% | 134.63% | 2.11% | 8.57% | 4.41% | 25.67% | 61.25% | 28.31% | -40.24% | -30.05% | 61.9% | 42.91% | -65.48% | 626.76% | 139.22% | -754.81% | -112.18% | -57.13% | 24.6% | 58.47% | 156.52% | - |
| D&A (Non-Cash Add-back) | 7.21M | 8.32M | 6.22M | 5.24M | 5.23M | 6.52M | 7.71M | 7.5M | 5.56M | 1.02M | 485K | 415K | 483K | 1.09M | 1.22M | 1.32M | 1.42M | 1.72M | 1.47M | 8.24M | 1.52M | 3.39M | 6.88M | 2.02M | 2.12M | 2.86M | 2.63M | 2.2M | 2.3M | 400K | 300K |
| EBIT | 121.53M | 178.31M | 62.94M | 86.04M | 67.85M | 81.87M | -36.98M | 2.34M | -10.72M | -7.85M | 69.42M | 29.38M | 28.69M | 25.78M | 24.52M | 19.16M | 11.28M | 8.18M | 15.09M | 15.44M | 13.11M | 6.85M | 22.77M | 2.06M | -12.53M | -4.08M | 7.36M | 21.1M | 16.4M | 11.4M | 4.3M |
| Net Interest Income | 219.54M | 216.89M | 202.53M | 188.09M | 160.44M | 127.83M | 110.81M | 97.52M | 72.44M | 3.7M | 8.63M | 12.91M | 15.37M | 12.84M | 9.44M | 16.69M | 17.33M | 20.38M | 22.2M | 20.69M | 15.45M | 16.81M | 12M | 14.17M | 13.63M | 16.53M | 26.41M | 23.1M | 20.9M | 15.7M | 7M |
| Interest Income | 318.96M | 315.32M | 290.7M | 251.04M | 196.62M | 158.97M | 144.96M | 132.56M | 100.81M | 17.47M | 21.27M | 22.33M | 23.91M | 21.2M | 20.3M | 30.23M | 31.92M | 37.25M | 45.91M | 51.39M | 39.63M | 34.81M | 24.83M | 26.21M | 33.88M | 42.08M | 55.36M | 44.1M | 37.9M | 25.8M | 12.3M |
| Interest Expense | 99.42M | 98.43M | 88.17M | 62.95M | 36.19M | 31.14M | 34.15M | 35.05M | 28.37M | 13.77M | 12.64M | 9.42M | 8.54M | 8.36M | 10.86M | 13.54M | 14.59M | 16.88M | 23.71M | 30.7M | 24.19M | 18M | 12.83M | 12.04M | 20.11M | 25.48M | 28.94M | 21M | 17M | 10.1M | 5.3M |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 71.26M | 79.89M | 62.94M | 86.04M | 67.85M | 81.87M | -36.98M | 2.34M | -10.72M | -7.85M | 69.42M | 29.38M | 28.69M | 25.78M | 24.52M | 19.16M | 11.28M | 8.18M | 15.09M | 15.44M | 13.11M | 6.85M | 22.77M | 2.06M | -12.53M | -4.08M | 7.36M | 21.1M | 16.4M | 11.4M | 4.3M |
| Pretax Margin % | 21.05% | 22.61% | 21.57% | 33.8% | 34.19% | 45.69% | -24.43% | 1.65% | -9.66% | -40.43% | 66.21% | 52.91% | 52.05% | 51.76% | 49.93% | 41.09% | 26.73% | 18.26% | 26.89% | 24.13% | 25.1% | 16.37% | 44.05% | 6.58% | -35.51% | -10.42% | 12.32% | 29.22% | 34.53% | 40.71% | 32.82% |
| Income Tax | 22.16M | 24.54M | 21.01M | 24.91M | 17.96M | 24.22M | -10.07M | 341K | 373K | -728K | 45.9M | 0 | 0 | 0 | 0 | 0 | 0 | 3.38M | 3.84M | 0 | 0 | -13.92K | 258.9K | 41.15K | 84.66K | -16.48K | -181.37K | 0 | -200K | 900K | 400K |
| Effective Tax Rate % | 31.09% | 30.72% | 33.38% | 28.95% | 26.47% | 29.58% | 27.24% | 14.59% | -3.48% | 9.28% | 66.12% | 0% | 0% | 0% | 0% | 0% | 0% | 41.36% | 25.43% | 0% | 0% | -0.2% | 1.14% | 2% | -0.68% | 0.4% | -2.46% | 0% | -1.22% | 7.89% | 9.3% |
| Net Income | 39.5M | 43.04M | 35.88M | 55.08M | 43.84M | 54.11M | -34.78M | -1.76M | -25.05M | 278K | 23.52M | 29.38M | 28.69M | 25.78M | 24.52M | 19.16M | 11.28M | 1.02M | 15.25M | 15.44M | 13.11M | 6.86M | 22.51M | 2.02M | -12.61M | -4.06M | 7.54M | 21.1M | 16.6M | 10.5M | 3.9M |
| Net Margin % | 11.67% | 12.18% | 12.3% | 21.64% | 22.09% | 30.19% | -22.98% | -1.25% | -22.56% | 1.43% | 22.43% | 52.91% | 52.05% | 51.76% | 49.93% | 41.09% | 26.73% | 2.28% | 27.17% | 24.13% | 25.1% | 16.4% | 43.55% | 6.45% | -35.75% | -10.37% | 12.62% | 29.22% | 34.95% | 37.5% | 29.77% |
| Net Income Growth % | 4.31% | 19.97% | -34.86% | 25.64% | -18.98% | 255.56% | -1874.06% | 92.96% | -9109.35% | -98.82% | -19.95% | 2.38% | 11.31% | 5.14% | 27.94% | 69.9% | 1003.62% | -93.3% | -1.22% | 17.76% | 91.04% | -69.52% | 1015.55% | 116% | -210.79% | -153.81% | -64.26% | 27.11% | 58.1% | 169.23% | - |
| Net Income (Continuing) | 49.1M | 55.34M | 41.92M | 61.13M | 49.89M | 57.65M | -26.91M | 2M | -22.74M | 278K | 23.52M | 29.38M | 28.69M | 25.78M | 24.52M | 19.16M | 11.28M | 1.02M | 15.25M | 15.44M | 13.11M | 6.86M | 22.51M | 2.02M | -12.61M | -4.06M | 7.54M | 21.1M | 16.6M | 10.5M | 3.9M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 99.43M | 99.43M | 68.79M | 68.79M | 68.79M | 68.79M | 73.15M | 71.32M | 27.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.61 | 1.78 | 1.52 | 2.37 | 1.83 | 2.17 | -1.42 | 0.06 | -1.03 | 0.01 | 0.97 | 1.20 | 1.14 | 1.16 | 1.21 | 1.09 | 0.64 | 0.06 | 0.86 | 0.87 | 0.74 | 0.39 | 1.22 | 0.11 | -0.69 | -0.24 | 0.52 | 1.44 | 1.14 | 1.02 | 0.87 |
| EPS Growth % | -7.5% | 17.11% | -35.87% | 29.51% | -15.67% | 252.82% | -2466.67% | 105.83% | -10400% | -98.97% | -19.17% | 5.26% | -1.72% | -4.13% | 11.01% | 70.31% | 966.67% | -93.02% | -1.15% | 17.57% | 89.74% | -68.03% | 1009.09% | 115.94% | -187.5% | -146.15% | -63.89% | 26.32% | 11.76% | 17.24% | - |
| EPS (Basic) | - | 1.89 | 1.59 | 2.45 | 1.86 | 2.20 | -1.42 | 0.06 | -1.03 | 0.01 | 0.97 | 1.21 | 1.15 | 1.18 | 1.23 | 1.10 | 0.64 | 0.06 | 0.87 | 0.88 | 0.76 | 0.40 | 1.25 | 0.11 | -0.69 | -0.24 | 0.52 | 1.45 | 1.15 | 1.03 | 0.89 |
| Diluted Shares Outstanding | 24.55M | 24.25M | 23.61M | 23.25M | 23.93M | 24.94M | 24.45M | 24.34M | 24.21M | 24.05M | 24.17M | 24.39M | 25.07M | 22.23M | 20.18M | 17.66M | 17.63M | 17.69M | 17.72M | 17.79M | 17.76M | 17.55M | 18.43M | 18.29M | 18.24M | 16.58M | 14.58M | 14.62M | 14.59M | 10.29M | 8.25M |
| Basic Shares Outstanding | 23.06M | 22.77M | 22.55M | 22.51M | 23.58M | 24.6M | 24.45M | 24.34M | 24.21M | 23.92M | 24.12M | 24.32M | 24.85M | 21.85M | 19.91M | 17.43M | 17.5M | 17.57M | 17.52M | 17.48M | 17.29M | 17.09M | 18M | 18.25M | 18.24M | 16.58M | 14.54M | 14.52M | 14.46M | 10.19M | 8.25M |
| Dividend Payout Ratio | - | 25.49% | 26.18% | - | 17.21% | - | - | - | - | 52.16% | 61.96% | 82.97% | 83.27% | 75.81% | 66.82% | 63.93% | 93.19% | 1306.75% | 87.32% | 86.06% | 87.17% | 124.28% | 26.36% | 81.42% | - | - | 235.53% | 82.94% | 93.98% | 90.48% | 56.41% |
Credit provision volatility
As reported in financial statements, MFIN's gross margin experienced significant fluctuations, peaking at 96.9% in 2025Q4 before contracting sharply, suggesting that the underlying spread between interest income and deposit costs remains highly sensitive to the broader interest rate environment and shifting loan portfolio composition.
The wide variance in gross margins indicates that the company's core banking model is struggling to maintain consistent spreads. Investors should monitor whether this volatility stems from rising deposit betas or a shift in the mix toward lower-yielding assets, as such instability complicates long-term earnings predictability.
Based on reported figures, the company's operating income has failed to scale linearly with gross profit, as evidenced by the 2025Q3 period where operating margins compressed to 24.6% despite revenue levels comparable to previous quarters, highlighting potential inefficiencies in managing non-interest expenses during periods of transition.
The inability to consistently expand operating margins suggests that the cost of maintaining the industrial bank charter and regulatory compliance remains a heavy burden. This lack of operating leverage may indicate that the company is currently prioritizing growth or risk management over immediate bottom-line efficiency.
According to recent SEC filings, MFIN's net income has been subject to erratic swings, with EPS dropping from $0.50 in 2025Q1 to $0.20 in 2026Q1, a trend that appears heavily influenced by non-operating items and the ongoing impact of stock-based compensation expenses.
The presence of recurring stock-based compensation, which reached $2.1M in 2026Q1, suggests that reported earnings may be consistently diluted. Furthermore, the sensitivity of net income to credit loss provisions warrants caution, as these accounting estimates can significantly mask the underlying cash-generating capability of the core lending business.
As noted in historical data, the company's reliance on discretionary consumer segments like recreation lending creates a structural vulnerability, as evidenced by the sharp 60% decline in EPS growth observed in 2026Q1, which may signal the onset of a cyclical downturn in consumer credit performance.
Short-sellers would likely focus on the potential for rising charge-offs within the recreation portfolio as the post-pandemic leisure boom fades. If the company cannot successfully pivot to more stable home improvement lending, the current valuation may be vulnerable to a significant downward re-rating based on credit risk.
Quick answers to the most common questions about buying MFIN stock.
Medallion Financial Corp. (MFIN) is profitable, generating $43.0M in net income for the fiscal year ending 2025 with a net profit margin of 12.2%.
Medallion Financial Corp. (MFIN) reported an operating income of $178.3M, resulting in an operating profit margin of 50.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Medallion Financial Corp. (MFIN) generated $341.8M in gross profit for the year, representing a gross profit margin of 96.7%. This demonstrates the company's core pricing power and production efficiency.