Merchants Bancorp (MBIN) Financial Ratios
11 years of historical data (2015–2025) · Financial Services · Banks - Regional
EV/EBITDA
↑
22.34
↑+122% vs avg
5yr avg: 10.07
30Y Low1.8·High20.2
P/FCF
N/A
—
5yr avg: 1.09
30Y Low1.1·High3.0
P/B Ratio
↓
0.94
+7% vs avg
5yr avg: 0.88
30Y Low0.7·High1.4
ROE
↓
9.7%
↑-42% vs avg
5yr avg: 16.7%
30Y Low10%·High25%
Debt/EBITDA
↑
14.38
↑+109% vs avg
5yr avg: 6.87
30Y Low0.7·High14.4
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
MBIN Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Merchants Bancorp trades at 12.3x earnings, 79% above its 5-year average of 6.9x, sitting at the 100th percentile of its historical range. Compared to the Financial Services sector median P/E of 13.4x, the stock trades at a discount of 8%.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.1B | $1.6B | $1.6B | $1.8B | $1.1B | $1.4B | $795M | $567M | $573M | $444M | — |
| Enterprise Value | $6.0B | $5.4B | $5.5B | $2.2B | $1.8B | $1.5B | $1.9B | $241M | $432M | $141M | — |
| P/E Ratio → | 12.35 | 9.01 | 5.79 | 7.55 | 5.44 | 6.63 | 4.78 | 8.32 | 9.64 | 8.63 | — |
| P/S Ratio | 1.57 | 1.15 | 1.13 | 1.55 | 1.75 | 2.96 | 1.98 | 2.23 | 3.09 | 3.22 | — |
| P/B Ratio | 0.94 | 0.69 | 0.73 | 1.08 | 0.72 | 1.18 | 0.98 | 0.87 | 1.36 | 1.21 | — |
| P/FCF | — | — | — | — | 1.09 | — | — | — | 3.04 | — | — |
| P/OCF | — | — | — | — | 1.08 | — | — | — | 2.81 | — | — |
P/E links to full P/E history page with 30-year chart
MBIN EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Merchants Bancorp's enterprise value stands at 22.3x EBITDA, 122% above its 5-year average of 10.1x. The Financial Services sector median is 11.4x, placing the stock at a 96% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.95 | 3.80 | 1.87 | 2.94 | 3.27 | 4.62 | 0.95 | 2.33 | 1.02 | — |
| EV / EBITDA | 22.34 | 20.17 | 12.92 | 6.34 | 6.02 | 4.91 | 7.55 | 2.34 | 5.12 | 1.82 | — |
| EV / EBIT | 22.64 | 20.44 | 13.02 | 6.40 | 6.07 | 4.95 | 7.61 | 2.36 | 5.15 | 1.83 | — |
| EV / FCF | — | — | — | — | 1.83 | — | — | — | 2.29 | — | — |
MBIN Profitability
Margins and return-on-capital ratios measuring operating efficiency
Merchants Bancorp earns an operating margin of 19.3%, roughly in line with the Financial Services sector average. Operating margins have compressed from 29.3% to 19.3% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 9.7% is modest. ROIC of 3.1% represents below-average returns on invested capital versus a sector median of 5.7%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 41.3% | 41.3% | 44.4% | 43.7% | 70.2% | 91.6% | 82.4% | 63.2% | 70.2% | 78.1% | 79.5% |
| Operating Margin | 19.3% | 19.3% | 29.2% | 29.3% | 48.4% | 66.1% | 60.7% | 40.1% | 45.3% | 55.9% | 56.4% |
| Net Profit Margin | 16.0% | 16.0% | 22.1% | 23.5% | 36.5% | 49.2% | 45.0% | 30.4% | 33.9% | 39.6% | 34.1% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 9.7% | 9.7% | 16.2% | 17.7% | 16.8% | 23.1% | 24.7% | 14.4% | 15.9% | 19.1% | 18.7% |
| ROA | 1.1% | 1.1% | 1.8% | 1.9% | 1.8% | 2.2% | 2.3% | 1.5% | 1.7% | 1.8% | 1.3% |
| ROIC | 3.1% | 3.1% | 6.9% | 10.3% | 9.2% | 10.5% | 12.7% | 10.6% | 12.1% | 16.8% | 17.5% |
| ROCE | 2.3% | 2.3% | 8.6% | 12.9% | 12.9% | 14.4% | 15.6% | 13.6% | 16.1% | 22.4% | 23.5% |
MBIN Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Merchants Bancorp carries a Debt/EBITDA ratio of 14.4x, which is highly leveraged (248% above the sector average of 4.1x). Net debt stands at $3.8B ($3.8B total debt minus $16M cash). Interest coverage of just 0.4x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.68 | 1.68 | 1.93 | 0.57 | 0.64 | 1.02 | 1.52 | 0.28 | 0.46 | 0.15 | 0.28 |
| Debt / EBITDA | 14.38 | 14.38 | 10.19 | 2.75 | 3.20 | 3.82 | 5.04 | 1.76 | 2.31 | 0.73 | 1.04 |
| Net Debt / Equity | — | 1.68 | 1.72 | 0.22 | 0.49 | 0.12 | 1.30 | -0.50 | -0.33 | -0.82 | -1.88 |
| Net Debt / EBITDA | 14.32 | 14.32 | 9.07 | 1.08 | 2.43 | 0.46 | 4.31 | -3.16 | -1.67 | -3.91 | -7.06 |
| Debt / FCF | — | — | — | — | 0.74 | — | — | — | -0.75 | — | — |
| Interest Coverage | 0.39 | 0.39 | 0.54 | 0.55 | 1.79 | 9.00 | 4.15 | 1.14 | 1.66 | 2.78 | 2.89 |
MBIN Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
Merchants Bancorp's current ratio of 3.17x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The current ratio has improved from 0.13x to 3.17x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.17 | 3.17 | 0.05 | 0.13 | 0.06 | 0.15 | 0.06 | 0.15 | 0.21 | 0.26 | 0.32 |
| Quick Ratio | 3.17 | 3.17 | 0.05 | 0.13 | 0.06 | 0.15 | 0.06 | 0.15 | 0.21 | 0.26 | 0.32 |
| Cash Ratio | 0.00 | 0.00 | 0.04 | 0.04 | 0.02 | 0.11 | 0.02 | 0.09 | 0.10 | 0.12 | 0.18 |
| Asset Turnover | — | 0.07 | 0.08 | 0.07 | 0.05 | 0.04 | 0.04 | 0.04 | 0.05 | 0.04 | 0.04 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
MBIN Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Merchants Bancorp returns 2.8% to shareholders annually primarily through dividends. The payout ratio of 27.2% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 8.1% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.8% | 3.8% | 3.1% | 2.6% | 3.6% | 2.3% | 3.0% | 3.0% | 1.8% | 1.8% | — |
| Payout Ratio | 27.2% | 27.2% | 16.0% | 17.4% | 17.3% | 13.8% | 13.1% | 22.3% | 16.2% | 14.5% | 18.8% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 8.1% | 11.1% | 17.3% | 13.2% | 18.4% | 15.1% | 20.9% | 12.0% | 10.4% | 11.6% | — |
| FCF Yield | — | — | — | — | 91.8% | — | — | — | 32.9% | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.4% | 0.0% | 0.0% | 0.0% | 0.1% | 0.0% | — |
| Total Shareholder Yield | 2.8% | 3.8% | 3.1% | 2.6% | 4.0% | 2.3% | 3.0% | 3.0% | 1.9% | 1.8% | — |
| Shares Outstanding | — | $46M | $45M | $43M | $43M | $43M | $43M | $43M | $43M | $34M | $32M |
Peer Comparison
Compare MBIN with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 MBINYou | $2B | 12.3 | 22.3 | — | 41.3% | 19.3% | 9.7% | 3.1% | 14.4 |
 WAFD | $3B | 13.6 | 13.0 | 13.1 | 50.9% | 20.5% | 7.5% | 3.9% | 6.1 |
 CUBI | $3B | 12.6 | 12.2 | 5.5 | 51.6% | 22.0% | 11.3% | 6.6% | 4.9 |
 FFBC | $3B | 11.5 | 12.3 | 10.1 | 68.4% | 25.5% | 9.8% | 6.4% | 3.5 |
 IBCP | $696M | 10.3 | 9.4 | 9.9 | 69.6% | 25.8% | 14.3% | 10.2% | 1.4 |
 NBTB | $2B | 13.6 | 10.4 | 10.8 | 72.1% | 25.3% | 9.9% | 7.9% | 1.4 |
 BANR | $2B | 11.7 | 9.6 | 9.0 | 79.0% | 29.5% | 10.5% | 7.7% | 1.5 |
 BOKF | $10B | 16.7 | 17.4 | 7.3 | 57.1% | 19.8% | 9.8% | 4.1% | 5.8 |
 HOMB | $5B | 13.4 | 10.2 | 12.6 | 65.6% | 36.0% | 10.4% | 7.2% | 2.2 |
 SFNC | $3B | -7.3 | — | 7.0 | 5.8% | -84.2% | -11.4% | -9.1% | — |
 TCBK | $2B | 13.7 | 8.5 | 12.8 | 75.9% | 31.7% | 9.5% | 8.9% | 0.4 |
| Financial Services Median | — | 13.4 | 11.4 | 10.6 | 63.4% | 21.2% | 9.4% | 5.7% | 4.1 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 11 years · Updated daily
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Start ComparisonMBIN — Frequently Asked Questions
Quick answers to the most common questions about buying MBIN stock.
What is Merchants Bancorp's P/E ratio?
Merchants Bancorp's current P/E ratio is 12.3x. The historical average is 7.3x. This places it at the 100th percentile of its historical range.
What is Merchants Bancorp's EV/EBITDA?
Merchants Bancorp's current EV/EBITDA is 22.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 7.5x.
What is Merchants Bancorp's ROE?
Merchants Bancorp's return on equity (ROE) is 9.7%. The historical average is 17.8%.
Is MBIN stock overvalued?
Based on historical data, Merchants Bancorp is trading at a P/E of 12.3x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Merchants Bancorp's dividend yield?
Merchants Bancorp's current dividend yield is 2.77% with a payout ratio of 27.2%.
What are Merchants Bancorp's profit margins?
Merchants Bancorp has 41.3% gross margin and 19.3% operating margin. Operating margin between 10-20% is typical for established companies.
How much debt does Merchants Bancorp have?
Merchants Bancorp's Debt/EBITDA ratio is 14.4x, indicating high leverage. A ratio above 4x may signal elevated financial risk.