MBINL

MKT CAP:$1B

Merchants Bancorp

Market Cap

$1B

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

Financials·Banks - Regional·🇺🇸·NASDAQ

Stock Price

$24.14+$1.16 (+5.05%)

Apr 23, 2026

Company Details

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

CEO

Michael F. Petrie

IPO Date

Nov 19, 2024

Website

investors.merchantsbancorp.com

Key Metrics TTM

Revenue

$1.3B

— YoY

Net Income

$219M

EPS (Diluted)

$3.78

Free Cash Flow

$68M

Revenue / Share

$28.72

Gross Margin

42.5%

Operating Margin

5.6%

Net Margin

16.6%

FCF Margin

5.2%

P/S

0.8x

P/E

5.1x

Earnings Reports

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

$302M-14.9%EPS $0.97

Q2 2025

Aug 11, 2025

$354MEPS $0.60

Q1 2025

May 9, 2025

$310MEPS $0.93

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 24	$355M	$142M	$81M
Q4 24	$380M	$190M	$128M
Q1 25	$310M	$137M	$76M
Q2 25	$354M	$125M	$49M
Q3 25	$302M	$141M	-$125M
Q4 25	$355M	$158M	$74M

Valuation

Quarter	P/S	P/E
Q3 24	—	—
Q4 24	—	—
Q1 25	—	—
Q2 25	0.7x	4.1x
Q3 25	0.8x	4.2x
Q4 25	0.8x	4.8x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 24	-$493M	-$497M
Q4 24	-$10M	-$16M
Q1 25	$148M	$141M
Q2 25	-$121M	-$114M
Q3 25	$30M	$41M
Q4 25	$0	$0

Capital Expenditures

Quarter	CapEx
Q3 24	$5M
Q4 24	$6M
Q1 25	$7M
Q2 25	$7M
Q3 25	$11M
Q4 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 25	-14.9%	+56.3%
Q4 25	-6.6%	+11.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
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
Q3 24	$44M
Q4 24	$44M
Q1 25	$3M
Q2 25	$3M
Q3 25	$37M
Q4 25	$3M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 24	$509M	$0	$509M
Q2 24	$504M	$0	$504M
Q3 24	$602M	$953M	$1.6B
Q4 24	$477M	$90M	$567M
Q1 25	$16M	$961M	$977M
Q2 25	$15M	$936M	$952M
Q3 25	$12M	$885M	$897M
Q4 25	$16M	$865M	$881M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 24	0	—	—
Q4 24	0	—	—
Q1 25	46M	—	—
Q2 25	46M	+0.0%	—
Q3 25	46M	+0.0%	—
Q4 25	46M	+0.1%	—

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 24	—	—
Q4 24	—	—
Q1 25	—	—
Q2 25	—	—
Q3 25	—	—
Q4 25	$482.5K	735

Revenue / Employee