Operating cash flow ranged from -$780.4M to $618.4M across recent quarters with OCF-to-net-income swinging between -11.52 and 5.88, indicating cash conversion largely reflects loan origination timing while dividends of about $15M per quarter remain comfortably covered.
Merchants Bancorp (MBIN) cash flow statement — 11-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 |
|---|
| Cash from Operations | 41.82M | -149.36M | -835.28M | -356.4M | 975.77M | -49.22M | -874.89M | -1.26B | 204.34M | -175.89M | -149.77M | 118.33M |
| Operating CF Growth % | -52.63% | 82.12% | -134.36% | -136.53% | 2082.64% | 94.37% | 30.4% | -715.17% | 216.17% | -17.44% | -226.57% | - |
| Net Income | 319.06M | 218.77M | 320.39M | 279.23M | 219.72M | 227.1M | 180.53M | 77.33M | 62.87M | 54.68M | 33.13M | 28.38M |
| Depreciation & Amortization | 5.42M | 3.46M | 3.01M | 2.85M | 2.48M | 2.19M | 1.9M | 852K | 461K | 296K | 278K | 301K |
| Deferred Taxes | 0 | 0 | 4.63M | -2.44M | 4.73M | 5.31M | -692K | -978K | 2.31M | -2.42M | -1.44M | 482K |
| Other Non-Cash Items | -286.01M | -373.46M | -811.94M | -635.98M | 350.28M | -50.52M | -973.78M | -1.25B | 167.13M | -235.94M | -139.84M | 115.95M |
| Working Capital Changes | 3.35M | 1.87M | -351.37M | -70K | 398.56M | -233.3M | -82.85M | -86.09M | -28.44M | 7.49M | -41.9M | -26.79M |
| Cash from Investing | -1.41B | -387.56M | -874.27M | -3.26B | -2.86B | -474.26M | -2.53B | -957.67M | -509.07M | -523.14M | -265.3M | -349.33M |
| Purchase of Investments | -392.51M | -1.2B | -992.81M | -1.6B | -1.32B | -232.38M | -601.02M | -648.74M | -50.85M | -202.33M | -301.52M | -361.14M |
| Sale/Maturity of Investments | 646.54M | 1.25B | 1.14B | 699.25M | 159.08M | 176.58M | 627.61M | 689.62M | 194.68M | 116.51M | 218.34M | 328.83M |
| Net Investment Activity | 254.03M | 55.36M | 143.96M | -904.66M | -1.16B | -55.81M | 26.59M | 40.88M | 143.83M | -85.82M | -83.18M | -32.31M |
| Acquisitions | -8.79M | -28.39M | -170.59M | 0 | 0 | -464K | 0 | 0 | -14.32M | 363K | 0 | 0 |
| Other Investing | -1.65B | -379.11M | -829.25M | -2.35B | -1.7B | -414.35M | -2.56B | -984.57M | -629.38M | -436.89M | -180.91M | -316.7M |
| Cash from Financing | 1.09B | 272.51M | 1.6B | 3.97B | 1.08B | 1.38B | 3.08B | 2.38B | 282.48M | 612.84M | 413.97M | 448.15M |
| Dividends Paid | -60.81M | -59.42M | -51.17M | -48.51M | -38.07M | -31.23M | -23.67M | -17.25M | -10.22M | -7.95M | -6.22M | -4.22M |
| Share Repurchases | -3M | 0 | 0 | 0 | -3.94M | 0 | 0 | 0 | -700K | 0 | 0 | 0 |
| Stock Issued | 0 | 0 | 97.66M | 0 | 0 | 0 | 0 | 0 | 700K | 106.25M | 31.58M | 3.94M |
| Net Stock Activity | -3M | 0 | 97.66M | 0 | -3.94M | 0 | 0 | 0 | 0 | 106.25M | 31.58M | 3.94M |
| Debt Issuance (Net) | 1000K | -1000K | 1000K | 1000K | -1000K | -1000K | 1000K | -1000K | 1000K | -394K | -485K | 1000K |
| Other Financing | -228.63M | 878.65M | -1.91B | 3.99B | 1.09B | 1.57B | 1.94B | 2.25B | 155M | 514.94M | 389.1M | 428.8M |
| Net Change in Cash | -278.19M | -264.41M | -107.81M | 358.26M | -806.45M | 852.89M | -326.98M | 170.19M | -23M | -86.18M | -1.1M | 217.15M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 314.7M | 476.61M | 584.42M | 226.16M | 1.03B | 179.73M | 506.71M | 336.52M | 359.52M | 445.7M | 446.8M | 229.66M |
| Cash at End | 319.84M | 212.2M | 476.61M | 584.42M | 226.16M | 1.03B | 179.73M | 506.71M | 336.52M | 359.52M | 445.7M | 446.8M |
| Interest Paid | 176.76M | 692.92M | 789.05M | 609.69M | 140.37M | 33.9M | 69.11M | 81.89M | 49.28M | 26.76M | 17.8M | 14.23M |
| Income Taxes Paid | -95K | 47.64M | 79.58M | 67.39M | 66.51M | 78.76M | 57.32M | 19.33M | 16.96M | 27.05M | 22.23M | 19.47M |
| Free Cash Flow | 39.29M | -170.3M | -853.67M | -363.93M | 966.96M | -52.86M | -878.51M | -1.27B | 188.83M | -177.88M | -152.33M | 116.87M |
| FCF Growth % | 280.28% | 80.05% | -134.57% | -137.64% | 1929.24% | 93.98% | 30.88% | -773.1% | 206.15% | -16.77% | -230.34% | - |
Quick answers to the most common questions about buying MBIN stock.
Merchants Bancorp (MBIN) generated $-149.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Merchants Bancorp (MBIN) reported negative free cash flow of $170.3M in 2025, indicating capital requirements exceeded cash from operations.
Merchants Bancorp (MBIN) spent $35.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Merchants Bancorp (MBIN) returned $59.4M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Volatile operating cash swings from loan activity
Metrics are mathematically derived from official filings.
Earnings Retention Funds Capital Growth Steadily
As reported in the quarterly cash flow data, MBIN's net income ranged from $38.0M to $105.2M across ten quarters, with the latest quarter reaching $105.2M, providing a consistent base for internal capital accumulation.
Net income has been retained largely intact, with dividends holding near $14.9M to $15.3M per quarter since 2025, which suggests earnings are being kept within the bank to support regulatory capital. The latest quarter's jump in net income appears to be a meaningful step up in internal capital generation, though the reliance on lumpy fee income means the durability of that pace warrants monitoring.
Securities Portfolio Swings Drive Investing Flows
According to the reported cash flow figures, MBIN's investment sales reached $517.7M in 2026Q1 and $334.5M in 2025Q4, while purchases of $392.5M in 2025Q4 indicate active portfolio repositioning rather than steady reinvestment.
The pattern of large sales followed by heavy purchases suggests management is actively rotating the securities book in response to rate conditions and liquidity needs. Because the bank's investing flows are dominated by such turnover, the reported figures are better read as portfolio management activity than as a signal of underlying capital strength.
Dividend Coverage Remains Comfortable Despite Volatility
Based on reported figures, MBIN's quarterly dividend payments held near $15M across recent quarters while quarterly net income exceeded $54M in most periods, implying the dividend is covered several times over.
Dividend outflows have been stable and small relative to earnings, which suggests the payout is sustainable on reported profitability. Buybacks have been negligible, with only a $3.0M repurchase in 2026Q1, so capital return appears to prioritize retention over distribution.
Provision Release Flatters Recent Cash Earnings
As reported in the cash flow data, loan loss provisions fell from $53.0M in 2025Q2 to $12.0M in 2026Q3, a decline that may reflect improving credit conditions or reserve releases that require verification.
The sharp drop in provisions contributes directly to the strong recent net income, which suggests part of the earnings improvement may be non-operational. Investors should monitor whether provision levels stabilize at these lower levels or revert as the credit cycle evolves.
Operating Cash Flow Obscures Underlying Earnings Quality
Based on reported figures, MBIN's operating cash flow ranged from -$780.4M to $618.4M across recent quarters, with the OCF-to-net-income ratio swinging between -11.52 and 5.88, indicating that cash flow largely reflects loan origination timing.
Operating cash flow in a bank is distorted by loan originations and warehouse funding, so the OCF to net income ratio is not a reliable measure of earnings quality for this business. The large negative quarters appear tied to balance sheet growth in lending rather than operating weakness, though this interpretation warrants further investigation.