Last 37 quarters of trend data · Financial Services · Banks - Regional
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
Merchants Bancorp's quarterly P/E stands at 6.7x, up 35.0% year-over-year — indicating the stock has re-rated higher or earnings have softened. EV/EBITDA has expanded 69.7% YoY to 18.2x, reflecting rising market expectations or slowing EBITDA growth.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 12.38 | 6.65 | 8.20 | 13.78 | 9.95 | 4.93 | 9.61 | 6.80 | 6.00 | 6.74 | 4.13 | 4.88 | 6.08 |
| — | +35.0% | -14.7% | +102.6% | +65.8% | -26.8% | +132.9% | +39.3% | -1.4% | +24.1% | -12.7% | -4.4% | -9.3% | |
| P/S Ratio | 1.58 | 1.10 | 1.06 | 1.07 | 1.37 | 1.10 | 1.46 | 1.26 | 1.33 | 1.34 | 0.91 | 0.96 | 1.25 |
| — | +0.1% | -27.0% | -15.0% | +3.4% | -17.6% | +60.7% | +30.9% | +5.7% | +3.4% | -41.2% | -50.0% | -53.8% | |
| P/B Ratio | 0.94 | 0.69 | 0.66 | 0.70 | 0.79 | 0.75 | 1.06 | 0.96 | 1.06 | 1.09 | 0.74 | 0.71 | 0.75 |
| — | -8.0% | -38.3% | -27.6% | -25.6% | -31.3% | +44.6% | +35.2% | +41.1% | +50.8% | +4.2% | -11.2% | -25.0% | |
| P/FCF | — | — | 32.82 | — | 3.01 | — | — | 9.88 | — | 0.65 | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — | |
| EV / EBITDA | 22.36 | 18.25 | 14.40 | 23.72 | 16.76 | 10.76 | 15.31 | 6.08 | 6.86 | 5.56 | 5.22 | 6.04 | 6.05 |
| — | +69.7% | -5.9% | +289.9% | +144.4% | +93.4% | +193.6% | +0.8% | +13.3% | -4.9% | +111.0% | -19.0% | -1.4% | |
| EV / EBIT | 22.66 | 18.25 | 14.58 | 24.09 | 16.93 | 10.82 | 15.46 | 6.13 | 6.90 | 5.60 | 5.25 | 6.10 | 6.11 |
| — | +68.6% | -5.7% | +293.1% | +145.3% | +93.1% | +194.4% | +0.5% | +12.9% | -5.0% | +110.8% | -18.9% | -1.4% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
Merchants Bancorp's operating margin was 20.8% in Q4 2025, up 2.0 pp QoQ and down 12.8 pp YoY. This marks the 3rd consecutive quarter of margin expansion, signaling a sustained improvement in operating efficiency. The trailing four-quarter average of 19.5% lags the current quarter, suggesting the recent improvement is above-trend. Gross margin contracted 11.4% YoY, suggesting cost inflation or competitive pricing pressure.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 41.3% | 44.4% | 40.9% | 35.3% | 44.3% | 50.1% | 39.9% | 41.4% | 45.8% | 43.8% | 44.8% | 39.0% | 47.7% |
| — | -11.4% | +2.5% | -14.6% | -3.3% | +14.4% | -10.8% | +6.1% | -4.0% | -19.7% | -34.7% | -52.2% | -46.0% | |
| Operating Margin | 19.3% | 20.8% | 18.8% | 13.8% | 24.7% | 33.7% | 22.9% | 27.6% | 32.3% | 28.8% | 32.1% | 23.9% | 32.6% |
| — | -38.1% | -18.1% | -50.1% | -23.6% | +17.0% | -28.6% | +15.7% | -1.1% | -21.8% | -32.7% | -57.8% | -46.6% | |
| Net Margin | 16.0% | 19.1% | 15.9% | 10.7% | 18.8% | 25.2% | 17.3% | 21.3% | 24.6% | 22.4% | 24.6% | 22.7% | 24.5% |
| — | -24.1% | -7.9% | -49.6% | -23.6% | +12.4% | -29.7% | -6.4% | +0.5% | -20.2% | -31.9% | -46.3% | -46.7% |
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 9.7% | 3.0% | 2.5% | 1.7% | 2.6% | 4.6% | 3.2% | 4.2% | 5.0% | 4.6% | 5.1% | 4.3% | 3.7% |
| — | -34.2% | -22.5% | -58.1% | -47.2% | -1.6% | -37.3% | -2.1% | +35.1% | +16.8% | +15.3% | -4.6% | -13.4% | |
| ROA | 1.1% | 0.3% | 0.3% | 0.2% | 0.3% | 0.5% | 0.3% | 0.4% | 0.5% | 0.5% | 0.5% | 0.4% | 0.4% |
| — | -31.5% | -14.5% | -52.8% | -38.1% | +10.3% | -34.0% | -2.2% | +22.3% | -0.3% | -0.7% | -16.6% | -14.6% | |
| ROIC | 3.1% | 1.0% | 0.9% | 0.6% | 0.9% | 1.6% | 1.4% | 2.2% | 2.8% | 2.6% | 2.9% | 2.0% | 2.2% |
| — | -37.9% | -39.1% | -73.3% | -67.3% | -38.9% | -50.2% | +10.3% | +23.6% | -9.6% | +3.1% | -10.5% | -2.3% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
Merchants Bancorp's Debt/EBITDA ratio is 52.0x, up from 44.4x last quarter — elevated, raising questions about debt serviceability. The current ratio has improved 5707.0% YoY to 3.17x, strengthening the short-term liquidity position.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.68 | 1.68 | 1.30 | 1.76 | 1.85 | 1.93 | 1.84 | 0.61 | 1.01 | 0.57 | 0.88 | 0.60 | 0.69 |
| — | -12.8% | -29.1% | +185.9% | +84.2% | +241.0% | +108.1% | +1.7% | +46.4% | -12.0% | +1184.3% | -48.5% | -7.3% | |
| Debt / EBITDA | 14.38 | 52.01 | 44.42 | 77.30 | 51.79 | 33.71 | 43.45 | 11.61 | 15.53 | 9.62 | 13.46 | 13.60 | 13.97 |
| — | +54.3% | +2.2% | +566.0% | +233.5% | +250.3% | +222.8% | -14.6% | +11.2% | -22.7% | +979.5% | -31.5% | +7.0% | |
| Current Ratio | 3.17 | 3.17 | 0.10 | 0.11 | 0.11 | 0.05 | 0.13 | 0.11 | 0.12 | 0.13 | 0.09 | 0.08 | 0.10 |
| — | +5707.0% | -25.0% | +0.3% | -11.3% | -57.1% | +49.2% | +31.7% | +21.3% | +112.2% | +28.4% | +12.1% | -2.1% | |
| Quick Ratio | 3.17 | 3.17 | 0.10 | 0.11 | 0.11 | 0.05 | 0.13 | 0.11 | 0.12 | 0.13 | 0.09 | 0.08 | 0.10 |
| — | +5707.0% | -25.0% | +0.3% | -11.3% | -57.1% | +49.2% | +31.7% | +21.3% | +112.2% | +28.4% | +12.1% | -2.1% | |
| Interest Coverage | 0.39 | 0.44 | 0.37 | 0.28 | 0.46 | 0.68 | 0.39 | 0.50 | 0.61 | 0.53 | 0.59 | 0.45 | 0.66 |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 37 years · Updated daily
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Merchants Bancorp's current P/E is 12.4x. The average P/E over the last 4 quarters is 9.6x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
Merchants Bancorp's current operating margin is 19.3%. Margins have been compressing over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking Merchants Bancorp's business trajectory between earnings reports.