Where do Merchants Bancorp's ratios come from?

Every ratio is computed from Merchants Bancorp's SEC filings — trailing-twelve-month flows over period-end balances. Valuation multiples combine those fundamentals with market data, recomputed each period. Switch between quarterly, annual, and TTM, or open any ratio for its full history and peer comparisons.

Merchants Bancorp MBIN Ratios & Valuation

Income Statement Balance Sheet Cash Flow Ratios Segments

Quarterly Annual TTM

YoY QoQ

Simplified Detailed

	Q1 '26	Q4 '25	Q3 '25	Q2 '25	Q1 '25
Profitability
Net margin	32.1%0.0pp	32.1%-3.6pp	35.7%-2.1pp	37.9%-7.1pp	44.9%-2.8pp
Free cash flow margin	-155%-102pp	-53.2%-56.5pp	3.4%+77.9pp	-74.5%-17.1pp	-57.4%+76.7pp
Returns
Return on equity	10.2%+0.5pp	9.7%-2.2pp	11.8%-0.6pp	12.4%-2.4pp	14.8%-1.4pp
Return on assets	1.2%0.0pp	1.1%-0.2pp	1.3%-0.1pp	1.4%-0.2pp	1.6%-0.2pp
Efficiency
Asset turnover	0×0.0×	0×0.0×	0×0.0×	0×0.0×	0×0.0×
Leverage
Debt-to-equity	2.1×+0.4×	1.7×+0.4×	1.3×-0.5×	1.8×0.0×	1.9×-0.1×
Debt-to-assets	0.2×0.0×	0.2×0.0×	0.2×-0.1×	0.2×0.0×	0.2×0.0×
Per Share
Book value per share	$50.66+2.1%	$49.64+2.5%	$48.43+1.8%	$47.56+1.1%	$47.06-5.6%
Valuation
Market capitalization	$1.97B+26.2%	$1.56B+7.1%	$1.46B-3.2%	$1.51B-11.1%	$1.7B+1.6%
Enterprise value	$6.68B+28.4%	$5.2B+37.9%	$3.77B-22.7%	$4.88B-5.9%	$5.19B-7.2%
Price / earnings	8.6×+1.5×	7.1×+1.2×	5.9×0.0×	6×+0.1×	5.8×+0.6×
Price / sales	2.8×+0.5×	2.3×+0.2×	2.1×-0.1×	2.3×-0.4×	2.6×+0.1×
Price / book	0.8×+0.2×	0.7×0.0×	0.7×0.0×	0.7×-0.1×	0.8×0.0×
EV / sales	9.4×+1.8×	7.6×+2.2×	5.5×-1.8×	7.3×-0.7×	8×-0.3×
Free cash flow yield	-55.9%-32.7pp	-23.2%-24.8pp	1.6%+34.6pp	-33%-11.1pp	-21.9%+32.0pp
Earnings yield	11.6%-2.4pp	14%-2.9pp	16.9%+0.1pp	16.8%-0.4pp	17.2%-2.0pp
Dividend yield	3%-0.8pp	3.8%-0.3pp	4.1%+0.3pp	3.7%+0.6pp	3.2%+0.1pp

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Where do Merchants Bancorp's ratios come from?: Every ratio is computed from Merchants Bancorp's SEC filings — trailing-twelve-month flows over period-end balances. Valuation multiples combine those fundamentals with market data, recomputed each period. Switch between quarterly, annual, and TTM, or open any ratio for its full history and peer comparisons.