Stocks · Financial Services · Banks - Regional
Merchants Bancorp MBIN
$49.72 -0.46% Close, Oct 5, 2026 · NASDAQ · Market cap $2.29B
High risk
Next earnings report: Oct 27, 2026
Scroll or pinch to zoom, drag to move. Daily prices adjusted for splits. Markers: E = earnings (green beat, red miss), S = split, D = dividend.
Three things to know
- Net debt is 13.1× EBITDA, a high level of leverage.
- The shares trade at 10.0× trailing earnings, higher than 86% of the company's own readings over the past five years.
- The stock is in an uptrend: above its 200-day average for 210 trading days, with the 50-day average above the 200-day.
PromtFinance scores
Each score is a percentile within the Financial Services sector (0–100). Under each score: how the stock ranks in its sector on every component. As of Oct 6, 2026.
Growth27Very weak
How fast revenue, earnings and cash flow are growing.
- Revenue growth (TTM, YoY)Bottom 15%
- EPS growth (TTM, YoY)Bottom 37%
- Revenue growth, 3-year CAGRTop 15%
- Revenue growth accelerationBottom 28%
Quality14Very weak
Returns on capital, margins, earnings quality and balance-sheet strength.
- Return on invested capitalBottom 46%
- Gross marginBottom 18%
- Operating marginBottom 48%
- Cash conversion (OCF / net income)Bottom 2%
- Accruals (lower is better)Bottom 10%
- Net debt / EBITDA (lower is better)Bottom 8%
- Interest coverBottom 23%
Value30Weak
How cheap the shares are relative to earnings, cash flow and their own history.
- Earnings yieldTop 16%
- Free-cash-flow yieldBottom 5%
- EBITDA / enterprise valueBottom 41%
- Sales / enterprise valueBottom 25%
- P/E vs own 5-year history (lower is better)Bottom 18%
Momentum78Positive
Strength and persistence of the price trend, including versus the S&P 500.
- 12-month return excluding last monthTop 4%
- 6-month returnTop 35%
- 1-year return vs S&P 500Top 5%
- Distance from 52-week highBottom 44%
- Trend checklist (0–4)Top 48%
Revisions88Strong
Earnings surprises and analyst sentiment (estimate-revision history is being collected).
- Average EPS surprise, last 4 quartersTop 13%
- Consecutive EPS beatsTop 29%
- Share of analysts rating BuyTop 38%
- Upside to consensus price targetTop 34%
Stability11Very weak
Low volatility, shallow drawdowns, low market sensitivity and modest leverage.
- Volatility, 60 days (lower is better)Bottom 28%
- Maximum drawdown, 3 yearsBottom 21%
- Beta vs S&P 500 (lower is better)Bottom 28%
- Net debt / EBITDA (lower is better)Bottom 8%
What changed
Latest four quarters versus the same period a year earlier (growth: versus one quarter earlier).
| Measure | Before | Now | |
|---|---|---|---|
| Revenue growth (YoY) | -2.4% | -6.4% | ↓ |
| EPS growth (YoY) | -24.6% | 9.5% | ↑ |
| Gross margin | 42.5% | 45.4% | ↑ |
| Operating margin | 23.9% | 21.1% | ↓ |
| FCF margin | -35.6% | -43.5% | ↓ |
Fundamental momentum
| Measure | Now (TTM) | Year / quarter before | Sector rank | |
|---|---|---|---|---|
| Revenue growth (TTM, YoY) | -6.4% | -2.4% | ↓ | Bottom 15% |
| EPS growth (TTM, YoY) | 9.5% | -24.6% | ↑ | Bottom 37% |
| Gross margin | 45.4% | 42.5% | ↑ | Bottom 18% |
| Operating margin | 21.1% | 23.9% | ↓ | Bottom 48% |
| Net margin | 20.5% | 18.1% | ↑ | — |
| Free-cash-flow margin | -43.5% | -35.6% | ↓ | — |
| Return on invested capital | 1.1% | — | Bottom 46% | |
| Revenue growth, 3-year CAGR | 31.4% | — | Top 15% |
Quality of earnings and balance sheet
- Cash conversion (OCF / net income)Above 1× means profits are backed by cash.
- -2.00×
- Accruals (net income − OCF) / assetsLower is better; high accruals can signal weaker earnings quality.
- 3.8%
- Stock-based compensation / revenueA cost to shareholders through dilution.
- 0.0%
- Receivables growth vs revenue growthReceivables growing much faster than sales can be a warning.
- +6.0 pp
- Net debt / EBITDABelow 1× is conservative; above 3× is high leverage.
- 13.09×
- Interest cover (operating income / interest)How many times operating profit covers interest.
- 0.4×
Shareholder returns
- Dividend yield (dividends paid, TTM)
- 2.63%
- Net buyback yield (TTM)
- 0.13%
- Shareholder yield
- 2.76%
- Share count change, 1 year
- +0.2%
- Share count change, 3-year CAGR
- +2.0%
Shareholder yield = dividends + net buybacks over the last four quarters, divided by market cap.
Based on the four quarters through Jun 30, 2026 (filed Aug 7, 2026).
Earnings and expectations
Earnings momentum
- Consecutive EPS beats
- 4
- Beats in the last 8 reports
- 5 of 8
- Average EPS surprise, last 4
- +22.0%
- Average 2-day reaction, last 8
- +0.6%
- Positive 20 days after report
- 3 of 8
Analysts
- Consensus price target
- $60.00
- Target vs current price
- +20.7%
- Analysts with a rating
- 7
- Share rating Buy or Strong Buy
- 57%
- Consensus rating
- Buy
How the stock reacted to recent reports
| Report date | EPS surprise | 2 days | 5 days | 20 days | 60 days |
|---|---|---|---|---|---|
| Jul 28, 2026 | +21.3% | +0.8% | +15.2% | +11.8% | — |
| Apr 28, 2026 | +7.8% | -0.3% | -7.8% | -6.0% | -6.2% |
| Jan 28, 2026 | +36.2% | -1.1% | +19.0% | +22.5% | +40.7% |
| Oct 28, 2025 | +22.8% | +0.1% | -3.1% | -3.2% | +7.7% |
| Jul 28, 2025 | -46.4% | +1.1% | -15.9% | -4.0% | -9.3% |
| Apr 28, 2025 | -25.6% | +3.6% | -3.5% | -3.0% | +9.5% |
| Jan 28, 2025 | +42.3% | -1.8% | +0.9% | +2.1% | -19.5% |
| Oct 28, 2024 | -17.6% | +2.2% | -15.5% | -4.4% | -9.2% |
Returns from the close before each report. Past reactions do not determine future ones.
Earnings history
| Report date | EPS | Estimate | Surprise | Revenue |
|---|---|---|---|---|
| Jul 28, 2026 | $1.48 | $1.22 | +21.3% | $182.2M |
| Apr 28, 2026 | $1.25 | $1.16 | +7.8% | $175.2M |
| Jan 28, 2026 | $1.28 | $0.94 | +36.2% | $185.3M |
| Oct 28, 2025 | $0.97 | $0.79 | +22.8% | $169.8M |
| Jul 28, 2025 | $0.60 | $1.12 | -46.4% | $178.1M |
| Apr 28, 2025 | $0.93 | $1.25 | -25.6% | $145.1M |
| Jan 28, 2025 | $1.85 | $1.30 | +42.3% | $193.1M |
| Oct 28, 2024 | $1.17 | $1.42 | -17.6% | $148.4M |
Valuation in context
| Multiple | Now | 5-year median | 5-year percentile | Sector rank (cheapness) |
|---|---|---|---|---|
| P/E (trailing) | 10.0× | 6.4× | 86th | Top 16% |
| P/E (forward) | 8.9× | — | — | — |
| EV / EBITDA | 20.1× | — | — | Bottom 41% |
| EV / Sales | 5.01× | — | — | Bottom 25% |
| Free-cash-flow yield | -24.81% | — | — | Bottom 5% |
| Earnings yield | 10.02% | — | — | Top 16% |
P/E over the past five years
Range 4.8× – 11.4× since Jun 30, 2021. Each point: price on the filing date divided by trailing-twelve-month EPS known then.
What moved the stock over the past year
- Price return, 1 year
- +55.5%
- Earnings per share growth (TTM)
- +9.5%
- Change in P/E multiple
- +60.4%
Most of the move came from a change in the valuation multiple.
Technical state
Trend checklist
- ✗ Price above 20-day average
- ✗ Price above 50-day average
- ✓ Price above 200-day average
- ✓ 50-day average above 200-day
- ✗ MACD histogram positive
Trend quality
- Days above the 50-day average
- 0
- Days above the 200-day average
- 210
- 50-day average slope (20 days)
- +2.3%
- 200-day average slope (20 days)
- +4.1%
- Distance from 50-day average
- -6.0%
- Distance from 200-day average
- +7.6%
- RSI (14)
- 36.5
- Relative volume
- 0.86×
Risk and drawdowns
- Volatility, 60 days (annualized)
- 30.1%
- Volatility vs own 5-year history
- 27th percentile · Normal for this stock
- Beta vs S&P 500 (2 years, weekly)
- 0.89
- Correlation with S&P 500
- 0.36
- Current drawdown from 1-year high
- -10.8%
- Maximum drawdown, 3 years
- -44.5%
Largest declines in the past six years
| From peak | To low | Decline | Length | Recovery |
|---|---|---|---|---|
| Jul 26, 2024 | Aug 1, 2025 | -44.5% | 254 days | 248 days (Jul 29, 2026) |
| Jan 14, 2022 | Jul 14, 2022 | -33.9% | 123 days | 340 days (Nov 17, 2023) |
| May 6, 2021 | Aug 19, 2021 | -22.5% | 73 days | 51 days (Nov 1, 2021) |
| May 13, 2024 | Jun 14, 2024 | -18.0% | 23 days | 20 days (Jul 16, 2024) |
| Jan 30, 2024 | Apr 17, 2024 | -17.9% | 54 days | 12 days (May 3, 2024) |
Declines of 10% or more from a closing high, measured on daily closes.
Financial statements
- Market cap
- $2.29B
- P/E (TTM)
- 10.0
- EPS, diluted (TTM)
- $4.98
- Revenue (TTM)
- $1.31B
- Dividend yield
- 0.86%
- 52-week range
- $30.37 – $56.87
| FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|
| Revenue | $461.6M | $602.1M | $1.19B | $1.45B | $1.37B |
| Gross profit | $422.7M | $422.5M | $519.1M | $642.7M | $563.7M |
| Operating income | $304.9M | $291.1M | $347.9M | $422.6M | $263.8M |
| Net income | $227.1M | $219.7M | $279.2M | $320.4M | $218.8M |
| EPS (diluted) | $4.76 | $4.47 | $5.64 | $6.30 | $3.78 |
| Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $354.6M | $379.8M | $310.1M | $353.7M | $343.5M | $354.7M | $317.1M | $294.1M |
| Net income | $61.3M | $95.7M | $58.2M | $38.0M | $54.7M | $67.8M | $67.7M | $78.3M |
| EPS (diluted) | $1.17 | $1.85 | $0.93 | $0.60 | $0.97 | $1.28 | $1.25 | $1.48 |
| FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|
| Operating cash flow | -$49.2M | $975.8M | -$356.4M | -$835.3M | -$149.4M |
| Capital expenditure | -$3.6M | -$8.8M | -$7.5M | -$18.4M | -$20.9M |
| Free cash flow | -$52.9M | $967.0M | -$363.9M | -$853.7M | -$170.3M |
| Dividends paid | -$31.2M | -$38.1M | -$48.5M | -$51.2M | -$59.4M |
| Net share buybacks | $0 | -$3.9M | $0 | $97.7M | $0 |
Cash outflows are shown as negative numbers.
- Cash and short-term investments
- $17.9M
- Total assets
- $21.23B
- Total liabilities
- $18.84B
- Total debt
- $4.28B
- Net debt
- $4.26B
- Shareholders’ equity
- $2.39B
As of Jun 30, 2026 (filed Aug 7, 2026).
Dividends
| Ex-date | Amount | Paid |
|---|---|---|
| Sep 15, 2026 | $0.11 | Oct 1, 2026 |
| Jun 15, 2026 | $0.11 | Jul 1, 2026 |
| Mar 13, 2026 | $0.11 | Apr 1, 2026 |
| Dec 15, 2025 | $0.10 | Jan 2, 2026 |
| Sep 15, 2025 | $0.10 | Oct 1, 2025 |
| Jun 13, 2025 | $0.10 | Jul 1, 2025 |
| Mar 14, 2025 | $0.10 | Apr 1, 2025 |
| Dec 13, 2024 | $0.09 | Jan 2, 2025 |
Short interest
- Shares sold short
- 2,550,093
- Days to cover
- 12.23
- Change vs previous report
- +40.3%
FINRA short interest, settlement date Sep 15, 2026.
Stock splits
- Jan 18, 2022
- 3-for-2