Merchants Bancorp (MBIN) P/E Ratio History
ExpensiveTrading at 13.8x vs 5Y avg 6.7x · 100th percentile · Material premium to history · Data 2017–2026
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P/E Ratio Analysis
As of September 25, 2026, Merchants Bancorp (MBIN) trades at a price-to-earnings ratio of 13.8x, with a stock price of $52.23 and trailing twelve-month earnings per share of $5.84.
The current P/E is 105% above its 5-year average of 6.7x. Over the past five years, MBIN's P/E has ranged from a low of 5.0x to a high of 10.5x, placing the current valuation at the 100th percentile of its historical range.
Compared to the Financial Services sector median P/E of 14.0x, MBIN is roughly in line with its sector peers. The sector includes 804 companies with P/E ratios ranging from 0.0x to 149.4x.
Relative to the broader market, MBIN trades at a notable discount to the S&P 500 median P/E of 24.8x. Investors should consider the company's growth prospects, competitive position, and earnings quality when evaluating whether the current valuation is justified.
For a comprehensive intrinsic value estimate using discounted cash flow analysis, see our MBIN DCF Valuation Calculator →
Note: P/E ratio is just one valuation metric. It does not account for balance sheet strength, cash flow quality, or growth sustainability. Always conduct comprehensive due diligence before making investment decisions.
MBIN Cross-Benchmark Valuation
How does the current P/E compare to sector peers and the broader market?
MBIN P/E vs Peers
Commercial real estate and multifamily lenders peers sorted by market cap
| Company | Market Cap | P/E Ratio | PEG Ratio | EPS Growth (1Y) |
|---|---|---|---|---|
| $2B | 11.8 | 3.82 | +5% | |
| $3B | 12.4 | 1.41 | +22%Best | |
| $3B | 11.9 | 1.09 | +11% | |
| $734M | 10.9Lowest | 2.07 | +3% | |
| $3B | 15.4 | 2.18 | +13% | |
| $2B | 12.2 | 1.05 | +16% | |
| $8B | 14.2 | 1.74 | +13% | |
| $6B | 12.0 | 0.91Best | +20% | |
| $2B | 14.0 | 1.23 | +7% |
Lower P/E can signal a discount or weaker growth expectations; PEG adds growth context.
MBIN Historical P/E Data (2017–2026)
Quarterly P/E ratios calculated from closing price and TTM EPS
| Quarter | Period End | Price | TTM EPS | P/E Ratio | vs Avg |
|---|---|---|---|---|---|
| FY2026 Q2 | - | $50.00 | $4.98 | 10.0x | +38% |
| FY2026 Q1 | - | $42.91 | $4.10 | 10.5x | +44% |
| FY2025 Q4 | Dec 31 2025 | $34.06 | $3.78 | 9.0x | +24% |
| FY2025 Q3 | - | $31.80 | $4.35 | 7.3x | +0% |
| FY2025 Q2 | Jun 30 2025 | $33.07 | $4.55 | 7.3x | -0% |
| FY2025 Q1 | Mar 31 2025 | $37.00 | $5.44 | 6.8x | -7% |
| FY2024 Q4 | - | $36.47 | $6.31 | 5.8x | -21% |
| FY2024 Q3 | Sep 30 2024 | $44.96 | $6.04 | 7.4x | +2% |
| FY2024 Q2 | Jun 30 2024 | $40.54 | $6.55 | 6.2x | -15% |
| FY2024 Q1 | Mar 31 2024 | $43.18 | $6.37 | 6.8x | -7% |
| FY2023 Q4 | Dec 31 2023 | $42.58 | $5.64 | 7.5x | +4% |
| FY2023 Q3 | Sep 30 2023 | $27.72 | $5.18 | 5.4x | -27% |
| FY2023 Q2 | Jun 30 2023 | $25.58 | $4.72 | 5.4x | -26% |
| FY2023 Q1 | Mar 31 2023 | $26.04 | $4.52 | 5.8x | -21% |
| FY2022 Q4 | Dec 31 2022 | $24.32 | $4.47 | 5.4x | -25% |
| FY2022 Q3 | Sep 30 2022 | $23.07 | $4.49 | 5.1x | -29% |
| FY2022 Q2 | - | $22.67 | $4.49 | 5.0x | -31% |
| FY2022 Q1 | - | $27.38 | $4.44 | 6.2x | -15% |
| FY2021 Q4 | Dec 31 2021 | $31.55 | $4.77 | 6.6x | -9% |
| FY2021 Q3 | - | $26.31 | $4.93 | 5.3x | -27% |
| FY2021 Q2 | Jun 30 2021 | $26.16 | $4.90 | 5.3x | -27% |
| FY2021 Q1 | Mar 31 2021 | $27.96 | $4.71 | 5.9x | -18% |
| FY2020 Q4 | - | $18.42 | $3.85 | 4.8x | -34% |
| FY2020 Q3 | Sep 30 2020 | $13.14 | $3.16 | 4.2x | -43% |
| FY2020 Q2 | - | $12.33 | $2.37 | 5.2x | -29% |
| FY2020 Q1 | - | $10.12 | $1.84 | 5.5x | -24% |
| FY2019 Q4 | - | $13.14 | $1.58 | 8.3x | +14% |
| FY2019 Q3 | Sep 30 2019 | $11.03 | $1.31 | 8.4x | +16% |
| FY2019 Q2 | Jun 30 2019 | $11.35 | $1.28 | 8.9x | +22% |
| FY2019 Q1 | Mar 31 2019 | $14.33 | $1.29 | 11.1x | +53% |
| FY2018 Q4 | Dec 31 2018 | $13.31 | $1.39 | 9.6x | +31% |
| FY2018 Q3 | Sep 30 2018 | $16.95 | $1.54 | 11.0x | +51% |
| FY2018 Q2 | Jun 30 2018 | $19.02 | $1.43 | 13.3x | +83% |
| FY2018 Q1 | Mar 31 2018 | $14.33 | $1.52 | 9.4x | +29% |
| FY2017 Q4 | Dec 31 2017 | $13.12 | $1.45 | 9.0x | +24% |
Average P/E for displayed period: 7.3x
MBIN Chart Terminal
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Intrinsic Valuation
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Historical Returns
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Peer Comparison
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MBIN — Frequently Asked Questions
Quick answers to the most common questions about buying MBIN stock.
What is MBIN's P/E ratio?
Merchants Bancorp (MBIN) trailing twelve-month P/E ratio is 13.8x, based on TTM diluted EPS of $5.84. The 5-year average P/E is 6.7x and the historical range spans 5.0x to 10.5x.
Is MBIN stock overvalued or undervalued?
MBIN trades at 13.8x P/E, above its 5-year average of 6.7x. The 100th percentile ranking within the 5.0x–10.5x historical range indicates a premium to historical valuation.
Is MBIN stock expensive?
Yes, MBIN is expensive relative to its own history. The current P/E of 13.8x is above the 5-year average of 6.7x. The stock sits at the 100th percentile of its 5-year valuation range.
What is MBIN's historical P/E range?
Over the past 5 years, MBIN's P/E ratio has ranged from 5.0x to 10.5x, with a median of 6.6x and an average of 6.7x. The current P/E of 13.8x places the stock at the 100th percentile of this range. Full historical data spans 2017–2026.
How does MBIN's P/E compare to the S&P 500?
MBIN trades at 13.8x P/E versus the S&P 500 median of 24.8x. The 44% discount to the market suggests lower growth expectations or perceived higher risk.
How does MBIN's valuation compare to Financial Services peers?
Merchants Bancorp P/E of 13.8x compares to the Financial Services sector median of 14.0x. The discount suggests lower growth expectations, weaker margins, or higher perceived risk relative to peers. See the peer comparison table on this page for ticker-by-ticker P/E and PEG.
What is MBIN's PEG ratio?
MBIN PEG ratio is N/A, based on a P/E of 13.8x and EPS growth of -40.0%. PEG normalises P/E by growth and helps compare stocks with different earnings trajectories.
What is MBIN's earnings yield?
MBIN earnings yield is 7.24%, the inverse of its 13.8x P/E ratio. Earnings yield represents the percentage of each dollar invested that the company earns. It can be compared directly to bond yields to assess relative attractiveness of stocks versus fixed income.