Merchants Bancorp MBIN Ratios & Valuation
| Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | ||
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Net margin | 32.1%-12.8pp | 32.1%-15.7pp | 35.7%-11.8pp | 37.9%-12.5pp | 44.9%-5.6pp | |
| Free cash flow margin | -155%-97.6pp | -53.2%+81.0pp | 3.4%— | -74.5%— | -57.4%— | |
| Returns | ||||||
| Return on equity | 10.2%-4.6pp | 9.7%-6.6pp | 11.8%-5.1pp | 12.4%-6.3pp | 14.8%-4.2pp | |
| Return on assets | 1.2%-0.4pp | 1.1%-0.6pp | 1.3%-0.4pp | 1.4%-0.5pp | 1.6%-0.3pp | |
| Efficiency | ||||||
| Asset turnover | 0×0.0× | 0×0.0× | 0×0.0× | 0×0.0× | 0×0.0× | |
| Leverage | ||||||
| Debt-to-equity | 2.1×+0.2× | 1.7×-0.3× | 1.3×-0.5× | 1.8×+1.2× | 1.9×+0.8× | |
| Debt-to-assets | 0.2×0.0× | 0.2×0.0× | 0.2×0.0× | 0.2×+0.1× | 0.2×+0.1× | |
| Per Share | ||||||
| Book value per share | $50.66+7.7% | $49.64-0.4% | $48.43+14.7% | $47.56+12.6% | $47.06+15.1% | |
| Valuation | ||||||
| Market capitalization | $1.97B+16.3% | $1.56B-6.4% | $1.46B-27.2% | $1.51B-14.1% | $1.7B-9.3% | |
| Enterprise value | $6.68B+28.8% | $5.2B-6.9% | $3.77B-24.3% | $4.88B+105% | $5.19B+61.7% | |
| Price / earnings | 8.6×+2.8× | 7.1×+1.9× | 5.9×-0.7× | 6×+0.5× | 5.8×-0.2× | |
| Price / sales | 2.8×+0.2× | 2.3×-0.2× | 2.1×-1.0× | 2.3×-0.5× | 2.6×-0.4× | |
| Price / book | 0.8×+0.1× | 0.7×-0.1× | 0.7×-0.4× | 0.7×-0.2× | 0.8×-0.3× | |
| EV / sales | 9.4×+1.4× | 7.6×-0.7× | 5.5×-2.4× | 7.3×+3.6× | 8×+2.8× | |
| Free cash flow yield | -55.9%-33.9pp | -23.2%+30.7pp | 1.6%— | -33%— | -21.9%— | |
| Earnings yield | 11.6%-5.6pp | 14%-5.2pp | 16.9%+1.8pp | 16.8%-1.6pp | 17.2%+0.5pp | |
| Dividend yield | 3%-0.1pp | 3.8%+0.7pp | 4.1%+1.7pp | 3.7%+1.0pp | 3.2%+0.5pp |
Chart any of these lines over time, or line them up against competitors.
Compare these in charts →Questions, answered.
- 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.
