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

Simplified Detailed

	FY'25	FY'24	FY'23	FY'22
Profitability
Net margin	32.1%-15.7pp	47.8%-1.9pp	49.6%+0.2pp	49.4%-2.7pp
Free cash flow margin	-53.2%+81.0pp	-134.1%—	——	——
Returns
Return on equity	9.7%-6.6pp	16.2%-1.4pp	17.7%+0.9pp	16.8%-6.3pp
Return on assets	1.1%-0.6pp	1.8%-0.1pp	1.9%0.0pp	1.8%-0.3pp
Efficiency
Asset turnover	0×0.0×	0×0.0×	0×0.0×	0×0.0×
Leverage
Debt-to-equity	1.7×-0.3×	2×+1.4×	0.6×-0.1×	0.6×-0.2×
Debt-to-assets	0.2×0.0×	0.2×+0.2×	0.1×0.0×	0.1×0.0×
Per Share
Book value per share	$49.64-0.4%	$49.85+27.0%	$39.24+16.5%	$33.70+26.4%
Valuation
Market capitalization	$1.56B-6.4%	$1.67B-9.4%	$1.84B+75.6%	$1.05B+15.4%
Enterprise value	$5.2B-6.9%	$5.59B+150%	$2.23B+26.5%	$1.76B+94.0%
Price / earnings	7.1×+1.9×	5.2×-1.4×	6.6×+1.8×	4.8×+0.8×
Price / sales	2.3×-0.2×	2.5×-0.8×	3.3×+0.9×	2.4×+0.3×
Price / book	0.7×-0.1×	0.7×-0.3×	1.1×+0.4×	0.7×-0.1×
EV / sales	7.6×-0.7×	8.3×+4.4×	4×0.0×	4×+1.9×
Free cash flow yield	-23.2%+30.7pp	-53.9%—	——	——
Earnings yield	14%-5.2pp	19.2%+4.0pp	15.2%-5.8pp	21%-4.0pp
Dividend yield	3.8%+0.7pp	3.1%+0.4pp	2.6%-1.0pp	3.6%+0.2pp

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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.