Skip to content
Company Analysis

Merchants Bancorp MBIN

A comprehensive view of key metrics, scores, and financial health for Merchants Bancorp

Overview of Merchants Bancorp

MBIN NCM
Financial Services Banks - Regional Framework: Banks & Lenders Mid Cap
Merchants Bancorp (MBIN), is a Mid Cap company, in the Banks - Regional industry, last closed at $52.90, about 21.6% overvalued vs fair value, +62.1% 1Y return, ranked 624/1078 in sector.
Metrics P/E 8.8× Rev Growth 1.5% ROE 9.7% Gross Margin 83.2% Div Yield 3.80%
USD 52.90
0.42%
(Delayed)
• Vol 90d: 33.8%
52-Week Range
Market Cap
$2.19B
Enterprise Value
$6.16B
Overall Score
View breakdown
Overall
Growth
Fair
Profitability
Weak
Health
Weak
Efficiency
Weak
Valuation
Fair
Growth
Fair
Profitability
Weak
Health
Weak
Efficiency
Weak
Valuation
Fair
Completeness: 100%
Confidence: 62%
Updated: Sep 12
Top Beats
No strong beats yet

Quick Facts

Website https://investors.merchantsban...
HQ Carmel, IN
Fiscal year Dec 31

Next Events

Earnings Oct 27 Estimated

Fair Value Snapshot

Bear Base Bull
$23
$41
$78
Current: $52.90 -22% vs base

Engine Room Money Flow™

Mid Cap

Financial Services - Where revenue goes and how value is created

Flow Steps
Interest Income
$1.2B
-7.8%%
Interest Expense
$683.8M
Net Interest Income
$517.1M
-1.1%%
Total Revenue
$677.2M
1.5%%
Money Flow Bridge
Flow Direction: Money moves from left to right
Components: Breakdown shows composition of each stage
Industry-Specific: Financial Services

Quality & Reliability Indicators

Return on Equity
10.0%
Good

Net Income / Equity - key bank profitability metric

Locked Metric
-
Premium
Locked Metric
-
Premium
Locked Metric
-
Premium
Locked Metric
-
Premium
Locked Metric
-
Premium

Owner's Pocket - Capital Allocation

Total Returned to Shareholders

Combined dividends, buybacks, and debt reduction

$59.4M
34.2% of Net Income

Where It Leaks

Cash Flow Health critical
Significant cash flow inefficiencies identified. Multiple high-impact leaks require attention.
1
Active Leaks
0/1
Improving
0
High Impact
1
Critical
Moat Analysis Bank Specialized

Competitive Advantage Assessment

Evaluating Merchants Bancorp's durable competitive advantages across 6 defense dimensions

Overall Moat Strength
41
/100
Developing
Scores based on quantitative metrics and qualitative factors
Full moat analysis

Key strengths

  • Diversified Revenue Streams Revenue diversification is evident (growth stability 0.64).

Key risks

  • Capital Adequacy Concerns Capital adequacy is concerning (score 0.07).
  • Credit Quality Concerns Credit quality is concerning (asset quality score 0.26).

The dashed ring is the peer median. Defense scores are percentile ranks against peers, so 50 is roughly the typical company in this group.

Upgrade to unlock the signals and evidence behind each defense.

Premium access

Unlock full defense analysis

Get key signals, strengths, and risks for every moat dimension.

Upgrade to Premium Unlock all moat defenses and evidence.

Deposit Franchise

Developing
45
Premium
Unlock full defense details

See key signals plus strengths and risks for this moat dimension.

Upgrade for full defense analysis Premium-only evidence and insights.
For informational purposes only. Not investment advice.
Premium
Unlock full defense details

See key signals plus strengths and risks for this moat dimension.

Upgrade for full defense analysis Premium-only evidence and insights.
For informational purposes only. Not investment advice.
Premium
Unlock full defense details

See key signals plus strengths and risks for this moat dimension.

Upgrade for full defense analysis Premium-only evidence and insights.
For informational purposes only. Not investment advice.
Premium
Unlock full defense details

See key signals plus strengths and risks for this moat dimension.

Upgrade for full defense analysis Premium-only evidence and insights.
For informational purposes only. Not investment advice.
Premium
Unlock full defense details

See key signals plus strengths and risks for this moat dimension.

Upgrade for full defense analysis Premium-only evidence and insights.
For informational purposes only. Not investment advice.
Premium
Unlock full defense details

See key signals plus strengths and risks for this moat dimension.

Upgrade for full defense analysis Premium-only evidence and insights.
For informational purposes only. Not investment advice.

Trade-Off Ledger™

Where management spends the performance budget - Growth, Profitability, or Safety

Banks (Regional & Diversified) vs Industry Peers 93% Coverage
Trade-Off Triangle Visualization A ternary plot showing MBIN's balance between Growth (21.7%), Profitability (51.6%), and Safety (26.7%). Growth 22% Safety 27% Profitability 52%

Click axes to expand details. Marker shows current allocation.

3-Year Trend Analysis Locked
Upgrade to unlock the full 3-year trend analysis and deltas.

Growth

30th percentile vs peers
31
Key Signals
Asset Growth YoY 3.4% 43p Equity Growth YoY 10.1% 53p NII Growth YoY -1.1% 15p EPS Growth YoY -39.0% 11p
Strengths
  • Efficiency Ratio in top 20% of peers (44.3%, 84th percentile)
  • ROTE in top 20% of peers (26.7%, 95th percentile)
  • ROA in top 20% of peers (1.8%, 87th percentile)
Risks
  • NII Growth YoY in bottom 20% of peers (-1.1%)
  • EPS Growth YoY in bottom 20% of peers (-39.0%)

Profitability

73th percentile vs peers
73
Key Signals
Strengths
Risks
Premium
Unlock full Profitability drilldowns

See the signal-level drivers and insights behind this axis. Upgrade to reveal the full Trade-Off Ledger.

Upgrade Now

Safety

37th percentile vs peers
38
Key Signals
Strengths
Safety drilldowns are available to premium members.

Two Futures

Scenario-based fair value ranges for Merchants Bancorp.

Loading valuation model...
Unable to Compute Fair Value

This company cannot be valued using standard models.

What this means: The Scenario Theatre requires financial data (revenue, cash flow, shares outstanding) to calculate fair value estimates. This data may be unavailable for:

  • Recently listed companies (IPOs, SPACs)
  • Shell companies or holding companies
  • Companies that haven't filed recent financials
  • Foreign companies with limited data coverage
X.X%
X%XX%
X.X%
-XX%XX%
XX.X%
-XX%XX%
Adjust the sliders above to explore different valuation scenarios.
Unlock Premium
Reveal the full Scenario Theatre
See live sliders, narratives, and full Bear/Base/Bull outcomes.
Upgrade Now
Bear
-
- - -
- upside
-
Base
$41.46
- - -
-21.6% vs current
Snapshot base estimate
Bull
-
- - -
- upside
-
Fair Value Range Current: $-
$- $- $-
Actions & Info
Send Feedback
Please select a category.
0/1000