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MBIN · Merchants Bancorp · Financials

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$48.97 -0.09 (-0.17%) At close · Oct 23
Market Cap
$2.25B
Shares
45.94M
Volume · Oct 23 115.48K Avg daily vol (3M) 185.24K

Income-statement, balance-sheet and cash-flow figures from SEC filings, plus a debt profile anchored in the latest 10-K and updated by each 10-Q and debt exhibit.

Revenue
$681.45M +1.6%
FY2025 Revenue FY2015–FY2025
Net Income
$218.77M -31.7%
FY2025 Net Income FY2015–FY2025
Diluted EPS
$3.78 -40%
FY2025 Diluted EPS FY2015–FY2025
Operating Cash Flow
-$341.25M +59.1%
FY2025 Operating Cash Flow FY2015–FY2025

Chart any reported metric, KPI or segment over time — the full statement history lives here

Line Item TTM FY2025 FY2024 FY2023 FY2022 FY2021 FY2020 FY2019 FY2018 FY2017 FY2016 FY2015
$713.82M $681.45M $670.73M $562.74M $444.49M $435.33M $351.62M $169.39M $139.56M $114.28M $82.48M $69.06M
$1.17B $1.2B $1.3B $1.08B $480.83M $311.89M $282.79M $212M $140.56M $94.39M $72.94M $56.35M
$531.33M $517.06M $522.62M $448.07M $318.55M $277.99M $224.15M $122.3M $89.97M $66.6M $53.97M $42.06M
$182.49M $164.39M $148.11M $114.67M $125.94M $157.33M $127.47M $47.09M $49.59M $47.68M $28.5M $27.01M
— — — — — $218K $218K $218K $218K $82K $0 $0
$642.5M $683.79M $780.1M $629.73M $162.28M $33.89M $58.64M $89.7M $50.59M $27.79M $18.97M $14.29M
$322.56M $263.8M $422.64M $347.91M $291.14M $304.93M $243.36M $102.13M $84.03M $77.16M $54.8M $47.18M
$53.97M $45.03M $102.26M $68.67M $71.42M $77.83M $62.82M $24.81M $21.15M $22.48M $21.67M $18.8M
$268.59M $218.77M $320.39M $279.23M $219.72M $227.1M $180.53M $77.33M $62.87M $54.68M $33.13M $28.38M
— 32.1% 47.77% 49.62% 49.43% 52.17% 51.34% 45.65% 45.05% 47.85% 40.17% 41.1%
$228.74M $173.55M $283.65M $244.56M $193.74M $206.23M $166.06M $68.11M $59.54M $51.35M $31.13M $28.38M
$267.63M $218.87M $322.74M $287.27M $210.65M $225.28M $180.45M $78.1M $63.81M $54.31M $32.73M $28.34M
USD/shares $4.98 $3.78 $6.32 $5.66 $4.49 $4.78 $3.85 $1.58 $1.39 $1.52 $0.98 $0.90
USD/shares $4.98 $3.78 $6.30 $5.64 $4.47 $4.76 $3.85 $1.58 $1.38 $1.52 $0.98 $0.90
shares — 45.87M 44.86M 43.22M 43.16M 43.17M 43.11M 43.06M 43.04M 33.83M 31.67M 31.61M
shares — 45.94M 45M 43.35M 43.32M 43.33M 43.17M 43.12M 43.09M 33.85M 31.67M 31.61M
Italic rows are computed from reported lines — open a row's info icon for its formula. Values reflect the latest filing (restatements included); per-share figures on today's split basis. Click a value for its source filing. TTM: trailing twelve months through the latest reported quarter — flows sum the last four quarters, balances take the latest. 3Y/5Y/10Y columns are trailing CAGR from the newest fiscal year; blank where an endpoint is missing or negative.

Capital Returned to Shareholders

Cash spent on share repurchases and dividends per fiscal year, as reported on the cash-flow statement. Across FY2015–FY2025: $3.94M in buybacks, $297.93M in dividends.

Debt Profile

Reported borrowing balances, repayment dates and agreement terms, with links to the underlying filings.

Reported debt balances

Each amount keeps its reported scope. Related balance-sheet measures appear under the borrowing they describe.

Reported balanceAs ofAmountSource
Operating lease liabilities 2026-06-30 USD 15,199,000 10-Q filed 2026-08-07
Other borrowings 2026-06-30 USD 7,934,000 10-Q filed 2026-08-07
Instrument and agreement coverage is incomplete. Additional filings are awaiting review.
1 filing has incomplete source or extraction coverage. Verified observations are shown; missing observations do not establish that debt was unchanged.

Covenants

Covenant terms have not yet been verified for this profile.

The balance figures do not establish whether covenants apply or whether the company complies with them.

Loans, facilities and notes

senior credit linked notes due May 26, 2028

Note · Merchants Bank of Indiana

Reference: senior credit linked notes due May 26, 2028

Active
Original principal
USD 158,000,000
Outstanding
—
Commitment
—
Availability
—
Maturity
May 26, 2028

Last reported interest terms: The Notes accrue interest at a rate equal to SOFR plus 15.50% and interest pays monthly. Reported 2023-03-30 Later filings may not restate these terms; this does not confirm they still apply.

Covenant terms for this agreement are not yet verified.

Documents and filing history
  1. Issuance · 2023-03-30 Original principal USD 158,000,000 Exact source document Parent 8-K filing · 2023-03-30
    On March 30, 2023, Merchants Bank of Indiana (the "Bank"), a wholly owned subsidiary of Merchants Bancorp (the "Company"), issued and sold $158 million aggregate principal amount of senior credit linked notes due May 26, 2028 (the "Notes"). The Notes were issued pursuant to a Note Issuance and Administration Agreement dated March 30, 2023 between the Bank and Computershare Trust Company, N.A. as the securities administrator.
    Issuer evidence: On March 30, 2023, Merchants Bank of Indiana (the "Bank"), a wholly owned subsidiary of Merchants Bancorp (the "Company"), issued and sold $158 million aggregate principal amount of senior credit linked notes due May 26, 2028 (the "Notes"). The Notes were issued pursuant to a Note Issuance and Administration Agreement dated March 30, 2023 between the Bank and Computershare Trust Company, N.A. as the securities administrator.
    Supporting evidence: The Notes accrue interest at a rate equal to SOFR plus 15.50% and interest pays monthly. The principal amount of the Notes will be reduced by a portion of the Bank’s loss on such Loans if one of the following occurs with respect to a Loan: (i) the Bank experiences a realized loss, or (ii) an expected loss is determined for any delinquent loan at the stated maturity date or upon early redemption. However, such reduction will not occur until aggregate realized or expected losses reach more than one percent of the principal balance of the Loans. The Bank has the right to redeem the Notes in full upon the occurrence of certain regulatory events.
    Supporting evidence: On March 30, 2023, Merchants Bank of Indiana (the "Bank"), a wholly owned subsidiary of Merchants Bancorp (the "Company"), issued and sold $158 million aggregate principal amount of senior credit linked notes due May 26, 2028 (the "Notes"). The Notes were issued pursuant to a Note Issuance and Administration Agreement dated March 30, 2023 between the Bank and Computershare Trust Company, N.A. as the securities administrator.
    Supporting evidence: On March 30, 2023, Merchants Bank of Indiana (the "Bank"), a wholly owned subsidiary of Merchants Bancorp (the "Company"), issued and sold $158 million aggregate principal amount of senior credit linked notes due May 26, 2028 (the "Notes"). The Notes were issued pursuant to a Note Issuance and Administration Agreement dated March 30, 2023 between the Bank and Computershare Trust Company, N.A. as the securities administrator.

Price & Valuation

Multiples computed on the strict TTM/EV methodology — today's snapshot against peers, and each ratio recomputed as of past filing dates.

Valuation

EV/Revenue
—
Peer median 17.17×
EV/EBIT
—
P/E (TTM)
9.83×
Peer median 12.26×

Peer medians compare against the 227 similar-size Banks - Regional companies (of 304 listed).

Valuation over time computed as of each quarter's filing date

Key facts CIK 1629019 CUSIP 58844R108 13F (30d) 36 filings 36 filers Visit website Investor relations