Merchants Bancorp
MBIN · Price history
Price at last available close
$52.78
+$3.17 (+6.40%) 1M
2026-10-29
Tap or drag sideways to inspect a price. Use two fingers to compare automatically. Release to scroll. Use Shift + arrow keys to compare with a keyboard.
Company & revenue
About Merchants Bancorp
Primary reporting period: 2025-12-31 · Research updated Oct 12, 2026. A research update is not a new financial filing.
Who they are
Merchants Bancorp operates as a diversified financial services holding company across the United States. Its operations are organized into three primary divisions: Multi-family Mortgage Banking, Mortgage Warehousing, and Banking. The Multi-family Mortgage Banking division focuses on originating and servicing government-sponsored mortgages for multi-family dwellings and healthcare institutions.
How they make money
Merchants Bancorp is a diversified bank holding company that generates revenue primarily through net interest income earned on its loan portfolios and mortgage warehousing activities. It also earns non-interest income through mortgage banking operations, service fees, and other financial services provided to its commercial and consumer clients.
Products & services
The company provides multi-family housing and senior living financing, residential mortgage banking, mortgage warehousing, and traditional commercial and consumer banking services.
Brands & revenue mix
No separate brand or brand-level revenue disclosure was confirmed in the reviewed sources. This does not mean the company has no brands.
Product / operating segments
No reconciled product or operating-segment revenue breakdown is available for the current research period. Company-wide revenue remains separate from segment disclosure.
Geographic revenue
No reconciled geographic revenue breakdown was confirmed for the current research period.
Customer types
Customer concentration
No quantified customer-concentration disclosure is available in the current saved research.
Suppliers, materials & equipment
Strengths
- Specialized expertise in multi-family and senior living financingSource
Sources
Wall Street Score
Overall investment score · Quality, value, risk and opportunity
57
Fair
View category scores →
Company Quality
How good is the actual business—regardless of today’s stock price?
46
Weak
Financial Strength
39
Business Quality / Moat
67
Management
40
Growth Quality
21
Risk / Durability
61
Uses financial strength, moat, management, growth quality and durability. It excludes share price, P/E, market cap, intrinsic value and margin of safety.
Opportunity
Opportunity Score · How does the current price compare with estimated value?
66
Fully Valued
Based on current valuation, company quality, recent trends, and available market signals.
View score details →
Model Outlook
12-month model · What does the model think happens next?
63/100
Building Historical Record
Model Score 63/100 — estimates relative performance potential, distinct from the overall Wall Street Score and the separate Company Quality score.
Probability unavailable — the model has not produced a calibrated probability yet.
Click for full breakdown →
WSS View
The quick read
The overall Wall Street Score is mixed across its combined quality, valuation and risk inputs. Review the category scores to identify what is helping or hurting the result.
At today’s price, the WSS valuation framework currently reads as moderate rather than unusually attractive.
The model outlook is currently moderate.
- •Valuation scores attractively
- •High debt risk
- •Revenue fundamentals are weak
- •Debt / balance-sheet profile needs attention
Company-specific research
Questions worth answering for MBIN
These questions are generated from this company's current financial and score data so the page adds context instead of treating the headline score as a stand-alone conclusion.
- •What is driving MBIN's revenue decline, and does the latest company filing suggest the weakness is temporary or structural?
- •How long can MBIN fund negative free cash flow using its current cash position before it may need more debt or new shares?
- •Is MBIN's debt load manageable relative to cash generation, interest costs and upcoming maturities?
- •Is MBIN's valuation discount tied to a temporary concern or to a longer-term business risk?
- •What does the current high debt stress warning mean for the reliability or interpretation of MBIN's score?
Essential Investment Snapshot
Wall Street Score
57
Opportunity Score
66
Market Cap
$2.42B
P/E Ratio
10.1
EPS
$4.98
52-Week High
$56.87
52-Week Low
$30.37
Beta
1.14
Intrinsic Value
$191.73
Analyst Target
$63.00
Shares Outstanding
45.9M
Total Revenue
$1.31B
Total Debt
$4.28B
Dividend Yield (TTM)
0.82%
Liquidation Value / Share
$52.10
Dividend / Share (TTM)
$0.43
Momentum & Volatility Signals
Two different market-behavior signals. Momentum measures direction and trend strength. Volatility measures how large and unstable the price moves are, regardless of direction.
Building upward momentum
Low movement
A high momentum score means price has been trending upward with confirming short- and medium-term strength. A low score means downward or weakening momentum.
A high volatility score means larger, less stable price swings. It can happen while a stock is rising or falling, so high volatility is not automatically bullish or bearish.
Important: the volatility score above is based on realized price volatility. Implied volatility (IV) comes from options prices and represents the market's expected future movement. Wall Street Score will keep IV separate and will only display it when a verified options-chain feed is available.
Notices for MBIN
Detected from reported data — verify before acting.Dividend history reported
Dividend payments are recorded. Review the dates and regular/special classification below; past payments do not guarantee future dividends.
High debt risk
Total debt is at least one year of revenue • Interest coverage is below 2x • Free cash flow is negative • Cash covers less than 20% of total debt
Community Sentiment
0 active · 0 total callsNo personal call yet on MBIN.
Potential upside factors
- +Growth opportunities may come from revenue expansion, margin improvement, new products, market-share gains, and stronger cash flow.
- +Specialized expertise in multi-family and senior living financing.
Potential downside factors
- −Debt risk (high): Total debt is at least one year of revenue.
- −Interest coverage is below 2x.
- −Free cash flow is negative.
- −Cash covers less than 20% of total debt.
These research factors come from saved company research and financial data, not community votes. They are starting points to verify against filings, not buy or sell recommendations.
Create a free account to make a call.
Scores
Click any score for full breakdownWas this stock page easy to understand?
One click helps us improve the research experience. This is not tied to an investment decision.
Score Changes
3 historical score records availablePrevious Score
58
Oct 1, 2026
Change
-0.7
points
Current Score
57
Oct 5, 2026
Category Changes
MBIN decreased 0.7 points because Valuation declined by 2.9 points.
Negative Contributors
- − Valuation declined by 2.9 points
Projected Score
Projected Score
57
Projected Change
+0.2 points
Preliminary comparable-period financial changes suggest improvement of approximately 0.2 points. This is a projected estimate, not the official WallStreetScore.
Price vs. Value
Review model assumptionsThis model estimate is more than three times the share price.
This is a formula-based estimate, not a verified fair value or price target. Check the earnings and growth assumptions.
Stored EPS: $4.98 · Growth assumption: 7.2% · Earnings multiplier: 22.8×.
Current Price
$52.61
Model Intrinsic Value
$191.73
Difference
−$139.12
-72.6% vs IV
Margin of Safety
72.6%
Financial Charts
Revenue
Additional Metrics
Operating Cash Flow
Total Debt
Total Assets
Net Margin %
Free includes 3 annual periods plus available TTM; Premium includes up to 10 annual periods. History depends on available company filings. Swipe the table horizontally to see older periods. A dash means unavailable, not zero.
| Line Item | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.31B | $1.37B | $1.45B | $1.19B | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Cost of Revenue | $714.8M | $801.5M | $804.4M | $670.0M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Gross Profit | $594.6M | $563.7M | $642.7M | $519.1M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Research & Development | $0.00 | $0.00 | $0.00 | $0.00 | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| SG&A Expenses | $175.3M | $177.2M | $156.9M | $121.8M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Operating Expenses | $317.7M | $299.9M | $220.0M | $171.2M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| EBITDA | $325.9M | $267.3M | $425.7M | $350.8M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Operating Income | $276.9M | $263.8M | $422.6M | $347.9M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Interest Expense | $642.5M | $683.8M | $780.1M | $629.7M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Income Before Tax | $322.6M | $263.8M | $422.6M | $347.9M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Income Tax Expense | $54.0M | $45.0M | $102.3M | $68.7M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Net Income | $268.6M | $218.8M | $320.4M | $279.2M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Basic EPS | $4.98 | $3.78 | $6.32 | $5.66 | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Basic Shares | 45.94M | 45.87M | 44.85M | 43.22M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Diluted Shares | 46.01M | 45.94M | 45.01M | 43.35M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
Earnings Summary
Revenue
$294.1M
Estimate unavailable.
Revenue Beat/Miss
Not available (no estimate stored)
EPS
$1.48
Estimate unavailable.
EPS Beat/Miss
Not available (no estimate stored)
Debt Change
+11.7%
Cash Change
-97.2%
Margin Change
+15.9 pp
Debt and cash show percentage changes versus the comparison period; margin shows the change in percentage points (pp). These are company-wide changes, not per-share amounts.
Financial Changes Since Prior Period
What Improved
- Margins expanded
What Weakened
- Cash position declined
- Debt increased
Potential Score Impact
Positive indicators included EPS growth, net income margin. Pressure indicators included revenue growth, cash levels, debt levels. These factors may support or pressure the Revenue, Management, Financial, and Debt categories; this summary does not claim that the stored scores changed.
Stored Earnings Analysis
Revenue declined 16.9%. EPS increased 146.7%. Cash declined 97.2%. Total debt increased 11.7%. Net income margin improved by 15.9 percentage points.
Earnings-Call Transcript
Earnings-call transcript analysis is not currently available.
These results may influence future scores when the next evaluation is completed.
Insider Activity
Guru / Smart Money
Guru Score
Smart Money
Number of Gurus
Total Guru Value
Avg Portfolio Weight
Largest Holder
Largest Holder %
New Positions
Increased Positions
Reduced Positions
Exited Positions
Net Guru Sentiment
Short Interest
Dividend History
Log in to view dividend history.
Conservative Projected Values
3 Years
$———.——
5 Years
$———.——
10 Years
$———.——
Conservative Projection Rate
——%
Conservative Projected Values — price projections derived from actual 10-year adjusted historical returns, conservatively adjusted and capped at 8% annually. These are distinct from the Outperformance Model Score and WallStreetScore.
Conservative Projected Values
Premium unlocks the 3-year, 5-year, and 10-year conservative projected values with full calculation breakdowns based on actual historical returns.
Start 7-Day Free TrialHistorical Outperformance Record
Premium includes stored forecasts and any available evaluated results. Completed results, win rates and calibrated probabilities are shown only when supported records exist; access does not create historical outcomes.
Start 7-Day Free TrialHistorical Trends
3 historical recordsHistorical Score Chart
3 of 3 records shownWall Street Score
Debt Score
Revenue Score
Asset Score
Capital Score
Management Score
Moat Score
Valuation Score
Buffett Score
Intrinsic Value
Value Reference
Margin of Safety %
Related Companies
Banks - RegionalNews
Merchants Bancorp (MBIN) Reports Next Week: Wall Street Expects Earnings Growth
Bank of America Corp DE Makes New $6.06 Million Investment in Merchants Bancorp $MBIN
Merchants Bancorp (NASDAQ:MBIN) Reaches New 12-Month High – Still a Buy?
Financial Comparison: Commerce Bancshares (NASDAQ:CBSH) versus Merchants Bancorp (NASDAQ:MBIN)
Rumor Mill · MBIN
Corporate developments & opportunities
No reviewed developments match this filter.
Evidence credibility is not a forecast of stock performance. Rumor Mill is separate from the WSS score.
Related Stock Research
Continue researching this company with related Wall Street Score rankings and investing guides.
Score Alerts
Premium unlocks alerts when a score rises, falls, or reaches your target price.
Start 7-Day Free TrialPortfolio Score
Premium unlocks portfolio scoring, strongest and weakest holdings, and overall margin of safety.
Start 7-Day Free Trial