Stocktoria

Merchants Bancorp MBIN

Nasdaq · stock · State Commercial Banks · website · IPO 2017-10-26 · LEI

Merchants Bancorp statistics & valuation

Market cap$2.3B
P / E10.5×
P / B1.0×
Dividend yield2.59%
Return on equity9.6%
Graham number +18.5%$64.98

Market cap as of 2026-06-29. Multiples are price-derived and refreshed daily; everything else from the latest financial reports. The Graham number is Benjamin Graham's rough maximum fair value ($64.98); a green figure means the price is below it.

Profitability & efficiency

Gross margin (%)
2016201720182019202020212022202320242025
Operating margin (%)
2016201720182019202020212022202320242025
Return on equity (%)
16.10% 14.90% 14.90% 11.80% 22.30% 19.70% 15.10% 16.40% 14.30% 9.60% 2016201720182019202020212022202320242025
Shares outstanding
31.7M 43.0M 43.1M 43.1M 43.2M 43.3M 43.3M 43.3M 45.8M 45.9M 2016201720182019202020212022202320242025
Net debt ($)
-$388.7M -$302.9M -$141.1M -$325.3M $1.17B $1.3M 2016201720182019202020212022202320242025
Share buybacks ($)
2016201720182019202020212022202320242025
Return on assets (%)
1.20% 1.60% 1.60% 1.20% 1.90% 2.00% 1.70% 1.60% 1.70% 1.10% 2016201720182019202020212022202320242025
Free cash flow margin (%)
2016201720182019202020212022202320242025
Debt / equity (×)
0.28× 0.15× 0.46× 0.28× 1.66× 0.89× 2016201720182019202020212022202320242025
EPS ($)
$0.98 $1.52 $1.38 $1.58 $3.85 $4.76 $4.47 $5.64 $6.30 $3.78 2016201720182019202020212022202320242025

Margins and returns computed from annual filings. Falling shares outstanding = buybacks; rising = dilution. Net debt = debt − cash (negative = net cash).

P / E vs its own history

Merchants Bancorp trades at about 14.5× earnings — above its 10-year norm (10-year range 5.2×–11×, median 7.8×).

5.2× 14.5×

Shaded band = 10-year range (5.2×–11×); dot = today's 14.5×.

Historical P/E = month-end price near each fiscal year-end ÷ that year's EPS. A read on whether the stock is cheap or dear relative to how it has typically been valued — not a forecast.

Key ratios (by fiscal year)

RatioFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Return on assets1.1%1.7%1.6%1.7%2.0%1.9%1.2%1.6%1.6%1.2%
Return on equity9.6%14.3%16.4%15.1%19.7%22.3%11.8%14.9%14.9%16.1%
Debt / equity————0.89×1.66×0.28×0.46×0.15×0.28×

Computed from company filings · US · as of 2025-12-31. Facts plus Stocktoria's own computed scores — not investment advice.