MBIN

MKT CAP:$2B

Merchants Bancorp

Market Cap

$2B

Financial Services·Banks - Regional·🇺🇸 United States·NASDAQ

Financials·Banks - Regional·🇺🇸·NASDAQ

Stock Price

$48.96+$15.78 (+47.56%)

Apr 24, 2026

Company Details

Merchants Bancorp operates as the diversified bank holding company in the United States. The company operates through Multi-family Mortgage Banking, Mortgage Warehousing, and Banking segments. The Multi-family Mortgage Banking segment origi...

CEO

Michael F. Petrie

IPO Date

Oct 27, 2017

Website

www.merchantsbancorp.com

Key Metrics TTM

Revenue

$1.4B

-5.9% YoY

Net Income

$219M

EPS (Diluted)

$3.78

Free Cash Flow

-$170M

Revenue / Share

$29.62

Gross Margin

41.2%

Operating Margin

19.4%

Net Margin

16.1%

FCF Margin

-12.5%

P/S

1.7x

P/E

10.3x

Earnings Reports

Q1 2026

Apr 27, 2026

PENDING

FY 2025

Feb 27, 2026

$1.4B-5.7%EPS $3.78

Q4 2025

Feb 27, 2026

$355M-6.6%EPS $1.28

Q3 2025

Nov 7, 2025

$344M-3.1%EPS $0.97

Q2 2025

Aug 11, 2025

$354M-1.4%EPS $0.60

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$109M	$97M	$67M
Q2 22	$127M	$104M	$72M
Q3 22	$162M	$111M	$77M
Q4 22	$203M	$111M	$75M
Q1 23	$225M	$107M	$73M
Q2 23	$287M	$112M	$69M
Q3 23	$332M	$148M	$107M
Q4 23	$346M	$151M	$99M
Q1 24	$354M	$162M	$114M
Q2 24	$359M	$149M	$99M
Q3 24	$355M	$142M	$81M
Q4 24	$380M	$190M	$128M
Q1 25	$310M	$137M	$76M
Q2 25	$354M	$125M	$49M
Q3 25	$344M	$141M	$65M
Q4 25	$355M	$158M	$74M

Valuation

Quarter	P/S	P/E
Q1 22	2.7x	5.7x
Q2 22	2.1x	4.5x
Q3 22	2.0x	4.7x
Q4 22	1.8x	4.8x
Q1 23	1.5x	4.9x
Q2 23	1.3x	4.7x
Q3 23	1.1x	4.6x
Q4 23	1.5x	6.5x
Q1 24	1.4x	6.0x
Q2 24	1.3x	5.8x
Q3 24	1.5x	6.8x
Q4 24	1.2x	5.2x
Q1 25	1.2x	5.8x
Q2 25	1.1x	6.0x
Q3 25	1.1x	6.0x
Q4 25	1.1x	7.0x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$1.3B	$1.3B
Q2 22	-$421M	-$422M
Q3 22	$959M	$958M
Q4 22	-$858M	-$859M
Q1 23	-$302M	-$303M
Q2 23	-$241M	-$243M
Q3 23	-$550M	-$550M
Q4 23	$714M	$710M
Q1 24	-$384M	-$386M
Q2 24	$51M	$46M
Q3 24	-$493M	-$497M
Q4 24	-$10M	-$16M
Q1 25	$148M	$141M
Q2 25	-$121M	-$126M
Q3 25	$30M	$11M
Q4 25	-$193M	-$196M

Capital Expenditures

Quarter	CapEx
Q1 22	$6M
Q2 22	$1M
Q3 22	$1M
Q4 22	$583.0K
Q1 23	$1M
Q2 23	$2M
Q3 23	$516.0K
Q4 23	$4M
Q1 24	$2M
Q2 24	$5M
Q3 24	$5M
Q4 24	$6M
Q1 25	$7M
Q2 25	$5M
Q3 25	$19M
Q4 25	$4M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	-9.6%	+15.6%
Q2 22	+23.1%	+62.5%
Q3 22	+39.9%	+127.3%
Q4 22	+67.5%	+164.4%
Q1 23	+105.4%	+255.8%
Q2 23	+125.6%	+295.6%
Q3 23	+104.7%	+165.9%
Q4 23	+69.9%	+91.6%
Q1 24	+57.5%	+58.4%
Q2 24	+24.9%	+18.8%
Q3 24	+6.9%	+21.3%
Q4 24	+9.9%	+2.4%
Q1 25	-12.4%	-2.6%
Q2 25	-1.4%	+17.5%
Q3 25	-3.1%	+2.1%
Q4 25	-6.6%	+11.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A
Q1 22	$22M
Q2 22	$23M
Q3 22	$24M
Q4 22	$24M
Q1 23	$24M
Q2 23	$30M
Q3 23	$31M
Q4 23	$37M
Q1 24	$35M
Q2 24	$34M
Q3 24	$44M
Q4 24	$44M
Q1 25	$44M
Q2 25	$3M
Q3 25	$54M
Q4 25	$46M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$412M	$314M	$726M
Q2 22	$258M	$337M	$595M
Q3 22	$324M	$322M	$646M
Q4 22	$226M	$323M	$550M
Q1 23	$370M	$680M	$1.0B
Q2 23	$377M	$648M	$1.0B
Q3 23	$407M	$625M	$1.0B
Q4 23	$584M	$1.1B	$1.7B
Q1 24	$509M	$1.1B	$1.6B
Q2 24	$541M	$1.0B	$1.6B
Q3 24	$602M	$953M	$1.6B
Q4 24	$477M	$90M	$567M
Q1 25	$521M	$706M	$1.2B
Q2 25	$647M	$677M	$1.3B
Q3 25	$598M	$650M	$1.2B
Q4 25	$16M	$865M	$881M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	43M	-0.1%	+0.2%
Q2 22	43M	-0.1%	+0.1%
Q3 22	43M	-0.2%	-0.1%
Q4 22	43M	+0.0%	-0.3%
Q1 23	43M	+0.0%	-0.2%
Q2 23	43M	+0.0%	-0.1%
Q3 23	43M	+0.1%	+0.2%
Q4 23	43M	+0.2%	+0.4%
Q1 24	43M	+0.1%	+0.4%
Q2 24	45M	+2.8%	+3.2%
Q3 24	46M	+2.7%	+5.9%
Q4 24	46M	+0.0%	+5.7%
Q1 25	46M	-0.0%	+5.6%
Q2 25	46M	+0.0%	+2.8%
Q3 25	46M	+0.0%	+0.0%
Q4 25	46M	+0.1%	+0.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$227.4K	481
Q2 22	$264.6K	481
Q3 22	$336.9K	481
Q4 22	$365.7K	556
Q1 23	$404.2K	556
Q2 23	$516.3K	556
Q3 23	$596.6K	556
Q4 23	$559.1K	618
Q1 24	$573.0K	618
Q2 24	$580.3K	618
Q3 24	$573.7K	618
Q4 24	$572.8K	663
Q1 25	$467.7K	663
Q2 25	$533.5K	663
Q3 25	$518.1K	663
Q4 25	$482.5K	735

Revenue / Employee