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MERCHANTS BANCORP/IN (MBIN) Stock Fundamental Analysis

NASDAQ:MBIN - Nasdaq - US58844R1086 - Common Stock - Currency: USD

31.49  -0.93 (-2.87%)

Fundamental Rating

3

We assign a fundamental rating of 3 out of 10 to MBIN. MBIN was compared to 99 industry peers in the Financial Services industry. MBIN has a bad profitability rating. Also its financial health evaluation is rather negative. MBIN has a correct valuation and a medium growth rate.


Dividend Valuation Growth Profitability Health

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3

1. Profitability

1.1 Basic Checks

MBIN had positive earnings in the past year.
In the past year MBIN has reported a negative cash flow from operations.
Each year in the past 5 years MBIN has been profitable.
In the past 5 years MBIN reported 4 times negative operating cash flow.
MBIN Yearly Net Income VS EBIT VS OCF VS FCFMBIN Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 500M -500M -1B

1.2 Ratios

MBIN has a Return On Assets (1.32%) which is comparable to the rest of the industry.
The Return On Equity of MBIN (11.47%) is comparable to the rest of the industry.
Industry RankSector Rank
ROA 1.32%
ROE 11.47%
ROIC N/A
ROA(3y)1.5%
ROA(5y)1.61%
ROE(3y)13.43%
ROE(5y)15.73%
ROIC(3y)N/A
ROIC(5y)N/A
MBIN Yearly ROA, ROE, ROICMBIN Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 5 10 15 20

1.3 Margins

MBIN's Profit Margin of 38.21% is amongst the best of the industry. MBIN outperforms 86.87% of its industry peers.
MBIN's Profit Margin has been stable in the last couple of years.
MBIN does not have Operating Margin and Gross Margin available, so we won't be analyzing them here.
Industry RankSector Rank
OM N/A
PM (TTM) 38.21%
GM N/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3Y-3.71%
PM growth 5Y1.01%
GM growth 3YN/A
GM growth 5YN/A
MBIN Yearly Profit, Operating, Gross MarginsMBIN Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 10 20 30 40

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1

2. Health

2.1 Basic Checks

MBIN does not have a ROIC to compare to the WACC, probably because it is not profitable.
The number of shares outstanding for MBIN has been increased compared to 1 year ago.
MBIN has more shares outstanding than it did 5 years ago.
MBIN has about the same debt/assets ratio as last year.
MBIN Yearly Shares OutstandingMBIN Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 10M 20M 30M 40M
MBIN Yearly Total Debt VS Total AssetsMBIN Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 5B 10B 15B

2.2 Solvency

MBIN has a Debt/Equity ratio of 0.07. This is a healthy value indicating a solid balance between debt and equity.
The Debt to Equity ratio of MBIN (0.07) is better than 80.81% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.07
Debt/FCF N/A
Altman-Z N/A
ROIC/WACCN/A
WACC19.78%
MBIN Yearly LT Debt VS Equity VS FCFMBIN Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 1B -1B 2B

2.3 Liquidity

Industry RankSector Rank
Current Ratio N/A
Quick Ratio N/A
MBIN Yearly Current Assets VS Current LiabilitesMBIN Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 20M 40M 60M

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4

3. Growth

3.1 Past

The earnings per share for MBIN have decreased strongly by -12.87% in the last year.
The Earnings Per Share has been growing by 31.91% on average over the past years. This is a very strong growth
The Revenue has been growing slightly by 5.36% in the past year.
Measured over the past years, MBIN shows a very strong growth in Revenue. The Revenue has been growing by 31.68% on average per year.
EPS 1Y (TTM)-12.87%
EPS 3Y9.85%
EPS 5Y31.91%
EPS Q2Q%-42.22%
Revenue 1Y (TTM)5.36%
Revenue growth 3Y15.5%
Revenue growth 5Y31.68%
Sales Q2Q%-13.13%

3.2 Future

Based on estimates for the next years, MBIN will show a decrease in Earnings Per Share. The EPS will decrease by -5.32% on average per year.
The Revenue is expected to grow by 4.28% on average over the next years.
EPS Next Y-17.4%
EPS Next 2Y-7.16%
EPS Next 3Y-5.32%
EPS Next 5YN/A
Revenue Next Year0.65%
Revenue Next 2Y5.38%
Revenue Next 3Y4.28%
Revenue Next 5YN/A

3.3 Evolution

The EPS growth rate is decreasing: in the next years the growth will be less than in the last years.
The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
MBIN Yearly Revenue VS EstimatesMBIN Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 200M 400M 600M
MBIN Yearly EPS VS EstimatesMBIN Yearly EPS VS EstimatesYearly EPS VS Estimates 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2 4 6

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4. Valuation

4.1 Price/Earnings Ratio

With a Price/Earnings ratio of 5.67, the valuation of MBIN can be described as very cheap.
Based on the Price/Earnings ratio, MBIN is valued cheaply inside the industry as 86.87% of the companies are valued more expensively.
When comparing the Price/Earnings ratio of MBIN to the average of the S&P500 Index (26.60), we can say MBIN is valued rather cheaply.
With a Price/Forward Earnings ratio of 5.79, the valuation of MBIN can be described as very cheap.
MBIN's Price/Forward Earnings ratio is rather cheap when compared to the industry. MBIN is cheaper than 81.82% of the companies in the same industry.
MBIN is valuated cheaply when we compare the Price/Forward Earnings ratio to 22.39, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 5.67
Fwd PE 5.79
MBIN Price Earnings VS Forward Price EarningsMBIN Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

Industry RankSector Rank
P/FCF N/A
EV/EBITDA N/A
MBIN Per share dataMBIN EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 10 20 30 40

4.3 Compensation for Growth

A cheap valuation may be justified as MBIN's earnings are expected to decrease with -5.32% in the coming years.
PEG (NY)N/A
PEG (5Y)0.18
EPS Next 2Y-7.16%
EPS Next 3Y-5.32%

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5

5. Dividend

5.1 Amount

MBIN has a Yearly Dividend Yield of 1.27%.
MBIN's Dividend Yield is comparable with the industry average which is at 4.93.
With a Dividend Yield of 1.27, MBIN pays less dividend than the S&P500 average, which is at 2.39.
Industry RankSector Rank
Dividend Yield 1.27%

5.2 History

The dividend of MBIN is nicely growing with an annual growth rate of 13.84%!
MBIN has been paying a dividend for over 5 years, so it has already some track record.
As MBIN did not decrease their dividend in the past 5 years, we can say the dividend looks stable.
Dividend Growth(5Y)13.84%
Div Incr Years7
Div Non Decr Years7
MBIN Yearly Dividends per shareMBIN Yearly Dividends per shareYearly Dividends per share 2017 2018 2019 2020 2021 2022 2023 2024 2025 0.1 0.2 0.3

5.3 Sustainability

MBIN pays out 21.56% of its income as dividend. This is a sustainable payout ratio.
DP21.56%
EPS Next 2Y-7.16%
EPS Next 3Y-5.32%
MBIN Yearly Income VS Free CF VS DividendMBIN Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 500M -500M -1B
MBIN Dividend Payout.MBIN Dividend Payout, showing the Payout Ratio.MBIN Dividend Payout.PayoutRetained Earnings

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MERCHANTS BANCORP/IN

NASDAQ:MBIN (6/13/2025, 3:11:26 PM)

31.49

-0.93 (-2.87%)

Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupFinancial Services
GICS IndustryFinancial Services
Earnings (Last)04-28 2025-04-28/amc
Earnings (Next)07-28 2025-07-28/amc
Inst Owners92.62%
Inst Owner Change-68.97%
Ins Owners35.19%
Ins Owner Change0.34%
Market Cap1.44B
Analysts80
Price Target41.48 (31.72%)
Short Float %2.47%
Short Ratio3.54
Dividend
Industry RankSector Rank
Dividend Yield 1.27%
Yearly Dividend1.15
Dividend Growth(5Y)13.84%
DP21.56%
Div Incr Years7
Div Non Decr Years7
Ex-Date06-13 2025-06-13 (0.1)
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)10.79%
Min EPS beat(2)-18.65%
Max EPS beat(2)40.24%
EPS beat(4)1
Avg EPS beat(4)-1.16%
Min EPS beat(4)-19.45%
Max EPS beat(4)40.24%
EPS beat(8)5
Avg EPS beat(8)7.68%
EPS beat(12)7
Avg EPS beat(12)6.36%
EPS beat(16)9
Avg EPS beat(16)6.55%
Revenue beat(2)1
Avg Revenue beat(2)2.25%
Min Revenue beat(2)-15.12%
Max Revenue beat(2)19.63%
Revenue beat(4)1
Avg Revenue beat(4)-2.65%
Min Revenue beat(4)-15.12%
Max Revenue beat(4)19.63%
Revenue beat(8)5
Avg Revenue beat(8)3.05%
Revenue beat(12)7
Avg Revenue beat(12)3.23%
Revenue beat(16)9
Avg Revenue beat(16)3.62%
PT rev (1m)0%
PT rev (3m)-22.04%
EPS NQ rev (1m)-19.61%
EPS NQ rev (3m)-22.3%
EPS NY rev (1m)-4.78%
EPS NY rev (3m)-8.26%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)-7.58%
Revenue NY rev (1m)0%
Revenue NY rev (3m)-7.86%
Valuation
Industry RankSector Rank
PE 5.67
Fwd PE 5.79
P/S 2.23
P/FCF N/A
P/OCF N/A
P/B 0.67
P/tB 0.74
EV/EBITDA N/A
EPS(TTM)5.55
EY17.62%
EPS(NY)5.44
Fwd EY17.27%
FCF(TTM)-7.11
FCFYN/A
OCF(TTM)-6.61
OCFYN/A
SpS14.14
BVpS47.1
TBVpS42.79
PEG (NY)N/A
PEG (5Y)0.18
Profitability
Industry RankSector Rank
ROA 1.32%
ROE 11.47%
ROCE N/A
ROIC N/A
ROICexc N/A
ROICexgc N/A
OM N/A
PM (TTM) 38.21%
GM N/A
FCFM N/A
ROA(3y)1.5%
ROA(5y)1.61%
ROE(3y)13.43%
ROE(5y)15.73%
ROIC(3y)N/A
ROIC(5y)N/A
ROICexc(3y)N/A
ROICexc(5y)N/A
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)N/A
ROCE(5y)N/A
ROICexcg growth 3YN/A
ROICexcg growth 5YN/A
ROICexc growth 3YN/A
ROICexc growth 5YN/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3Y-3.71%
PM growth 5Y1.01%
GM growth 3YN/A
GM growth 5YN/A
F-Score3
Asset Turnover0.03
Health
Industry RankSector Rank
Debt/Equity 0.07
Debt/FCF N/A
Debt/EBITDA N/A
Cap/Depr 750.05%
Cap/Sales 3.54%
Interest Coverage N/A
Cash Conversion N/A
Profit Quality N/A
Current Ratio N/A
Quick Ratio N/A
Altman-Z N/A
F-Score3
WACC19.78%
ROIC/WACCN/A
Cap/Depr(3y)409.66%
Cap/Depr(5y)317.29%
Cap/Sales(3y)2.02%
Cap/Sales(5y)1.59%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-12.87%
EPS 3Y9.85%
EPS 5Y31.91%
EPS Q2Q%-42.22%
EPS Next Y-17.4%
EPS Next 2Y-7.16%
EPS Next 3Y-5.32%
EPS Next 5YN/A
Revenue 1Y (TTM)5.36%
Revenue growth 3Y15.5%
Revenue growth 5Y31.68%
Sales Q2Q%-13.13%
Revenue Next Year0.65%
Revenue Next 2Y5.38%
Revenue Next 3Y4.28%
Revenue Next 5YN/A
EBIT growth 1YN/A
EBIT growth 3YN/A
EBIT growth 5YN/A
EBIT Next YearN/A
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y47.8%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y51.16%
OCF growth 3YN/A
OCF growth 5YN/A