Financial health
- Total debt ($3.8B) exceeds cash ($212M); net debt is $3.6B.
Shareholder returns
- Dividends have been paid for 11 consecutive years, consuming 27.2% of earnings.
- The dividend has grown 20.2% per year over the past 5 years.
MBINL Financials Merchants Bancorp
11 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
Net income
ROEROA
Equity
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key annual figures
| FY | Revenue | Net income | Gross M | Op M | ROE | ROA | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|---|---|
| 2025 | — | $219M | — | — | 9.6% | 1.1% | -$362M | $3.8B | $212M |
| 2024 | — | $320M | — | — | 14.3% | 1.7% | -$854M | $4.4B | $477M |
| 2023 | — | $279M | — | — | 16.4% | 1.6% | -$364M | $964M | $584M |
| 2022 | — | $220M | — | — | 15.1% | 1.7% | $969M | $930M | $226M |
| 2021 | — | $227M | — | — | 19.7% | 2.0% | -$53M | $1.0B | $1.0B |
| 2020 | — | $181M | — | — | 22.3% | 1.9% | -$879M | $1.3B | $180M |
| 2019 | — | $77M | — | — | 11.8% | 1.2% | -$1.3B | $181M | $507M |
| 2018 | — | $63M | — | — | 14.9% | 1.6% | $195M | $195M | $337M |
| 2017 | — | $55M | — | — | 14.9% | 1.6% | -$177M | $57M | — |
| 2016 | — | $33M | — | — | 16.1% | 1.2% | -$151M | $57M | — |
| 2015 | — | $28M | — | — | 19.2% | 1.3% | $118M | — | — |
Net income
ROEROA
Equity
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key quarterly figures
| Quarter | Revenue | Net income | Gross M | Op M | ROE | ROA | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|---|---|
| Jun '26 | — | $78M | — | — | 3.3% | 0.4% | $211M | $4.3B | $315M |
| Mar '26 | — | $68M | — | — | 2.9% | 0.3% | -$598M | $4.8B | $83M |
| Dec '25 | — | $68M | — | — | 3.0% | 0.3% | -$402M | $3.8B | $212M |
| Sep '25 | — | $55M | — | — | 2.5% | 0.3% | $24M | $2.9B | $598M |
| Jun '25 | — | $38M | — | — | 1.7% | 0.2% | -$126M | $4.0B | $647M |
| Mar '25 | — | $58M | — | — | 2.7% | 0.3% | $141M | $4.0B | $521M |
| Dec '24 | — | $96M | — | — | 4.3% | 0.5% | -$16M | $4.4B | $477M |
| Sep '24 | — | $61M | — | — | 3.2% | 0.3% | -$497M | $3.6B | $602M |
| Jun '24 | — | $76M | — | — | 4.0% | 0.4% | $46M | $1.2B | $541M |
| Mar '24 | — | $87M | — | — | 4.9% | 0.5% | -$386M | $1.8B | $509M |
| Dec '23 | — | $77M | — | — | 4.6% | 0.5% | $732M | $964M | $584M |
| Sep '23 | — | $82M | — | — | 5.0% | 0.5% | -$550M | $1.7B | $407M |
| Jun '23 | — | $65M | — | — | 4.2% | 0.4% | -$243M | $1.0B | $377M |
| Mar '23 | — | $55M | — | — | 3.6% | 0.4% | -$303M | $1.2B | $370M |
| Dec '22 | — | $57M | — | — | 3.9% | 0.5% | -$859M | $930M | $226M |
| Sep '22 | — | $58M | — | — | 4.1% | 0.5% | $958M | $97M | $324M |
| Jun '22 | — | $54M | — | — | 4.4% | 0.5% | -$422M | $1.4B | $258M |
| Mar '22 | — | $50M | — | — | 4.2% | 0.5% | $1.3B | $880M | $412M |
| Dec '21 | — | $55M | — | — | 4.8% | 0.5% | $338M | $1.0B | $1.0B |
| Sep '21 | — | $59M | — | — | 5.3% | 0.5% | -$659M | $809M | $803M |
Valuation over time
How the market has priced MBINL against its own fundamentals since 2024-11 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
- The price-to-earnings ratio has risen from 4.2× (Nov '24) to 5.2× (Sep '26).
- The dividend yield has risen from 4.1% (Nov '24) to 5.2% (Sep '26).
P/E
Dividend yield %
Frequently asked questions
Is MBINL growing its revenue and profit?
See the revenue and net-income charts above for Merchants Bancorp's multi-year trend.
How much debt does MBINL have?
As of FY2025, Merchants Bancorp reported $3.8B of total debt against $212M of cash.
What is MBINL's profit margin?
In FY2025, gross margin was —, operating margin —, and net margin —.
What is MBINL's P/E ratio?
As of Sep '26, Merchants Bancorp traded at a price-to-earnings ratio of about 5.2× (market cap ÷ latest annual net income). The valuation charts above show how its P/E and dividend yield have moved with the share price. These are computed facts, not advice.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.