Merchants Bancorp (MBIN) Revenue History
Annual and quarterly revenue from 2015 to 2025
Compound Annual Growth Rate (CAGR)
Loading revenue history...
MBIN Revenue Growth
Revenue Breakdown (FY 2017)
MBIN's revenue distribution by segment and geography for fiscal year 2017
By Product/Segment
MBIN Revenue Analysis (2015–2025)
As of May 7, 2026, Merchants Bancorp (MBIN) generated trailing twelve-month (TTM) revenue of $1.36 billion, reflecting moderate decline in growth of -6.6% year-over-year. The most recent quarter (Q4 2025) recorded $354.7 million in revenue, up 3.2% sequentially.
Looking at the longer-term picture, MBIN's 5-year compound annual growth rate (CAGR) stands at +27.8%, indicating outstanding long-term growth trajectory. The company achieved its highest annual revenue of $1.45 billion in 2024.
Revenue diversification analysis shows MBIN's business is primarily driven by Mortgage Warehousing (100%). With over half of revenue concentrated in Mortgage Warehousing, the company maintains significant focus in this area while developing other growth vectors.
When compared to Financial Services sector peers including WAFD, CUBI, and FFBC. Compare MBIN vs WAFD →
MBIN Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| MBINCurrent | $1.4B | -6.6% | +27.8% | 19.3% | |
 WAFD | $1.4B | - | - | 20.5% | |
 CUBI | $1.4B | - | - | 22.0% | |
 FFBC | $1.3B | - | - | 25.5% | |
 IBCP | $315M | - | - | 25.8% | |
 NBTB | $867M | - | - | 25.3% |
MBIN Historical Revenue Data (2015–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $1.37B | - | $563.7M | 41.3% | $263.8M | 19.3% |
| 2024 | $1.45B | - | $642.7M | 44.4% | $422.6M | 29.2% |
| 2023 | $1.19B | - | $519.1M | 43.7% | $347.9M | 29.3% |
| 2022 | $602.1M | - | $422.5M | 70.2% | $291.1M | 48.4% |
| 2021 | $461.6M | - | $422.7M | 91.6% | $304.9M | 66.1% |
| 2020 | $401.2M | - | $330.7M | 82.4% | $243.4M | 60.7% |
| 2019 | $254.6M | - | $160.9M | 63.2% | $102.1M | 40.1% |
| 2018 | $185.5M | - | $130.3M | 70.2% | $84.0M | 45.3% |
| 2017 | $138.0M | - | $107.7M | 78.1% | $77.2M | 55.9% |
| 2016 | $97.2M | - | $77.3M | 79.5% | $54.8M | 56.4% |
See MBIN's True Return
Price is only half the story. See total return with reinvested dividends.
Launch CalculatorIs MBIN Undervalued?
DCF intrinsic value, peer multiples, and analyst estimates — see what the stock is really worth.
View ValuationCompare MBIN vs BRK-A
Side-by-side business, growth, and profitability comparison vs Berkshire Hathaway Inc..
Start ComparisonMBIN — Frequently Asked Questions
Quick answers to the most common questions about buying MBIN stock.
Is MBIN's revenue growth accelerating or slowing?
MBIN revenue declined -6.6% year-over-year, contrasting with the 5-year CAGR of +27.8%. TTM revenue fell to $1.4B. This reverses the prior growth trend.
What is MBIN's long-term revenue growth rate?
Merchants Bancorp's 5-year revenue CAGR of +27.8% reflects the variable expansion pattern. Current YoY growth of -6.6% is below this long-term average.
How is MBIN's revenue distributed by segment?
MBIN reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2015-2025 are available for download. Segment mix reveals concentration and diversification trends.