What is Merchants Bancorp's free cash flow margin?

Merchants Bancorp (MBIN) reported free cash flow margin of -155% in Q1 2026.

How has Merchants Bancorp's free cash flow margin changed year-over-year?

Merchants Bancorp's free cash flow margin decreased by 170.1% year-over-year, from -57.4% to -155%.

What does free cash flow margin mean?

Free cash flow (operating cash flow minus capital expenditures) as a percentage of revenue, trailing twelve months. Measures how efficiently revenue converts into discretionary cash.

Merchants Bancorp MBIN Free cash flow margin

Free cash flow margin at other companies

Walker & DunlopWD

-76.8%—

Rocket CompaniesRKT

-16.2%—

Customers BancorpCUBI

46.9%+9.0pp

Ameris BancorpABCB

40.8%+20.2pp

City Holding CompanyCHCO

42.2%-1.4pp

First BanCorpFBP

44.2%+3.7pp

Other financials

Income statement

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Revenue$175.2M+20.1%

Net income$67.7M+16.3%

EPS (diluted)$1.25+34.4%

Balance sheet

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Cash & equivalents$83.2M-84.0%

Total debt$4.8B+19.4%

Total equity$2.3B+7.8%

Total assets$20.3B+8.1%

Cash flow

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Operating cash flow-$597.3M-503%

CapEx$1.1M-83.3%

Free cash flow-$598.5M-524%

Valuation

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Market cap$2.29B+16.3%

Enterprise value$7B+28.8%

P/E10×+3.3×

P/S3.2×+0.2×

Profitability

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Net margin32.1%-12.8pp

Returns & leverage

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Return on equity10.2%-4.6pp

Debt / equity2.1×+0.2×

Where this comes from

Calculated from Merchants Bancorp’s reported figures.

free cash flow/total revenue=-155%

Based on trailing twelve months.

The official record: Merchants Bancorp’s 10-Q, filed May 7, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Merchants Bancorp's free cash flow margin?: Merchants Bancorp (MBIN) reported free cash flow margin of -155% in Q1 2026.
How has Merchants Bancorp's free cash flow margin changed year-over-year?: Merchants Bancorp's free cash flow margin decreased by 170.1% year-over-year, from -57.4% to -155%.
What does free cash flow margin mean?: Free cash flow (operating cash flow minus capital expenditures) as a percentage of revenue, trailing twelve months. Measures how efficiently revenue converts into discretionary cash.