MERCHANTS BANCORP/IN (MBIN) Fundamental Analysis & Valuation

NASDAQ:MBIN • US58844R1086

41.53 USD
-0.24 (-0.57%)
At close: Mar 6, 2026
41.53 USD
0 (0%)
After Hours: 3/6/2026, 4:31:07 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Forecast Earnings Financials Ownership News

This MBIN fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

Fundamental Rating

3

MBIN gets a fundamental rating of 3 out of 10. The analysis compared the fundamentals against 97 industry peers in the Financial Services industry. Both the profitability and financial health of MBIN have multiple concerns. MBIN has a correct valuation and a medium growth rate.


Dividend Valuation Growth Profitability Health

3

1. MBIN Profitability Analysis

1.1 Basic Checks

  • MBIN had positive earnings in the past year.
  • In the past year MBIN had a positive cash flow from operations.
  • In the past 5 years MBIN has always been profitable.
  • MBIN had negative operating cash flow in 4 of the past 5 years.
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 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 500M -500M -1B

1.2 Ratios

  • MBIN's Return On Assets of 1.03% is in line compared to the rest of the industry. MBIN outperforms 44.33% of its industry peers.
  • Looking at the Return On Equity, with a value of 8.98%, MBIN is in line with its industry, outperforming 50.52% of the companies in the same industry.
Industry RankSector Rank
ROA 1.03%
ROE 8.98%
ROIC N/A
ROA(3y)1.28%
ROA(5y)1.44%
ROE(3y)11.54%
ROE(5y)13.15%
ROIC(3y)N/A
ROIC(5y)N/A
MBIN Yearly ROA, ROE, ROICMBIN Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 5 10 15 20

1.3 Margins

  • MBIN has a better Profit Margin (28.95%) than 82.47% of its industry peers.
  • MBIN's Profit Margin has declined 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) 28.95%
GM N/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3Y-16.4%
PM growth 5Y-11.62%
GM growth 3YN/A
GM growth 5YN/A
MBIN Yearly Profit, Operating, Gross MarginsMBIN Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 10 20 30 40

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1

2. MBIN Health Analysis

2.1 Basic Checks

  • MBIN does not have a ROIC to compare to the WACC, probably because it is not profitable.
  • Compared to 1 year ago, MBIN has more shares outstanding
  • The number of shares outstanding for MBIN has been increased compared to 5 years ago.
  • Compared to 1 year ago, MBIN has a worse debt to assets ratio.
MBIN Yearly Shares OutstandingMBIN Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 10M 20M 30M 40M
MBIN Yearly Total Debt VS Total AssetsMBIN Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 5B 10B 15B

2.2 Solvency

  • MBIN has a debt to FCF ratio of 6.58. This is a slightly negative value and a sign of low solvency as MBIN would need 6.58 years to pay back of all of its debts.
  • MBIN has a Debt to FCF ratio of 6.58. This is comparable to the rest of the industry: MBIN outperforms 54.64% of its industry peers.
  • A Debt/Equity ratio of 0.07 indicates that MBIN is not too dependend on debt financing.
  • The Debt to Equity ratio of MBIN (0.07) is better than 77.32% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.07
Debt/FCF 6.58
Altman-Z N/A
ROIC/WACCN/A
WACC18.71%
MBIN Yearly LT Debt VS Equity VS FCFMBIN Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 1B -1B 2B 3B

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 2016 2017 2018 2019 2020 2021 2022 2023 2024 20M 40M 60M

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

4

3. MBIN Growth Analysis

3.1 Past

  • MBIN shows a strong negative growth in Earnings Per Share. In the last year the EPS decreased by -38.35%.
  • Measured over the past 5 years, MBIN shows a small growth in Earnings Per Share. The EPS has been growing by 0.19% on average per year.
  • The Revenue has been growing slightly by 1.60% in the past year.
  • The Revenue has been growing by 14.15% on average over the past years. This is quite good.
EPS 1Y (TTM)-38.35%
EPS 3Y-4.53%
EPS 5Y0.19%
EPS Q2Q%-30.81%
Revenue 1Y (TTM)1.6%
Revenue growth 3Y15.31%
Revenue growth 5Y14.15%
Sales Q2Q%-4.38%

3.2 Future

  • MBIN is expected to show quite a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 18.28% yearly.
  • The Revenue is expected to grow by 6.45% on average over the next years.
EPS Next Y34.94%
EPS Next 2Y22.84%
EPS Next 3Y18.28%
EPS Next 5YN/A
Revenue Next Year9.24%
Revenue Next 2Y6.45%
Revenue Next 3Y6.45%
Revenue Next 5YN/A

3.3 Evolution

  • The EPS growth rate is accelerating: in the next years the growth will be better 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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 200M 400M 600M 800M
MBIN Yearly EPS VS EstimatesMBIN Yearly EPS VS EstimatesYearly EPS VS Estimates 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2 4 6

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5

4. MBIN Valuation Analysis

4.1 Price/Earnings Ratio

  • Based on the Price/Earnings ratio of 10.68, the valuation of MBIN can be described as reasonable.
  • The rest of the industry has a similar Price/Earnings ratio as MBIN.
  • MBIN is valuated cheaply when we compare the Price/Earnings ratio to 26.29, which is the current average of the S&P500 Index.
  • Based on the Price/Forward Earnings ratio of 7.91, the valuation of MBIN can be described as very cheap.
  • Compared to the rest of the industry, the Price/Forward Earnings ratio of MBIN indicates a somewhat cheap valuation: MBIN is cheaper than 69.07% of the companies listed in the same industry.
  • The average S&P500 Price/Forward Earnings ratio is at 24.57. MBIN is valued rather cheaply when compared to this.
Industry RankSector Rank
PE 10.68
Fwd PE 7.91
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

  • Based on the Price/Free Cash Flow ratio, MBIN is valued a bit more expensive than the industry average as 64.95% of the companies are valued more cheaply.
Industry RankSector Rank
P/FCF 81.06
EV/EBITDA N/A
MBIN Per share dataMBIN EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 10 20 30 40

4.3 Compensation for Growth

  • MBIN's low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
  • A more expensive valuation may be justified as MBIN's earnings are expected to grow with 18.28% in the coming years.
PEG (NY)0.31
PEG (5Y)56.31
EPS Next 2Y22.84%
EPS Next 3Y18.28%

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Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

6

5. MBIN Dividend Analysis

5.1 Amount

  • With a Yearly Dividend Yield of 1.00%, MBIN has a reasonable but not impressive dividend return.
  • Compared to an average industry Dividend Yield of 2.24, MBIN has a dividend in line with its industry peers.
  • Compared to an average S&P500 Dividend Yield of 1.82, MBIN's dividend is way lower than the S&P500 average.
Industry RankSector Rank
Dividend Yield 1%

5.2 History

  • On average, the dividend of MBIN grows each year by 13.84%, which is quite nice.
  • MBIN has paid a dividend for at least 10 years, which is a reliable track record.
  • MBIN has not decreased its dividend in the past 5 years, so it has a somewhat stable track record.
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 2026 0 0 0 0 0

5.3 Sustainability

  • 29.82% of the earnings are spent on dividend by MBIN. This is a low number and sustainable payout ratio.
  • The dividend of MBIN is growing, but earnings are growing more, so the dividend growth is sustainable.
DP29.82%
EPS Next 2Y22.84%
EPS Next 3Y18.28%
MBIN Yearly Income VS Free CF VS DividendMBIN Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 500M -500M -1B
MBIN Dividend Payout.MBIN Dividend Payout, showing the Payout Ratio.MBIN Dividend Payout.PayoutRetained Earnings

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MBIN Fundamentals: All Metrics, Ratios and Statistics

MERCHANTS BANCORP/IN

NASDAQ:MBIN (3/6/2026, 4:31:07 PM)

After market: 41.53 0 (0%)

41.53

-0.24 (-0.57%)

Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupFinancial Services
GICS IndustryFinancial Services
Earnings (Last)01-28
Earnings (Next)04-27
Inst Owners35.29%
Inst Owner Change1.33%
Ins Owners40.12%
Ins Owner Change-1.37%
Market Cap1.91B
Revenue(TTM)681.45M
Net Income(TTM)199.75M
Analysts80
Price Target48.28 (16.25%)
Short Float %8.85%
Short Ratio6.46
Dividend
Industry RankSector Rank
Dividend Yield 1%
Yearly Dividend1.15
Dividend Growth(5Y)13.84%
DP29.82%
Div Incr Years7
Div Non Decr Years7
Ex-Date03-13
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)-13.5%
Min EPS beat(2)-47.48%
Max EPS beat(2)20.48%
EPS beat(4)2
Avg EPS beat(4)-1.35%
Min EPS beat(4)-47.48%
Max EPS beat(4)40.24%
EPS beat(8)4
Avg EPS beat(8)0.66%
EPS beat(12)7
Avg EPS beat(12)2.53%
EPS beat(16)9
Avg EPS beat(16)3.68%
Revenue beat(2)1
Avg Revenue beat(2)-2.25%
Min Revenue beat(2)-6.84%
Max Revenue beat(2)2.33%
Revenue beat(4)2
Avg Revenue beat(4)0%
Min Revenue beat(4)-15.12%
Max Revenue beat(4)19.63%
Revenue beat(8)4
Avg Revenue beat(8)0.46%
Revenue beat(12)7
Avg Revenue beat(12)1.66%
Revenue beat(16)9
Avg Revenue beat(16)2.78%
PT rev (1m)14.52%
PT rev (3m)18.33%
EPS NQ rev (1m)0%
EPS NQ rev (3m)-7.85%
EPS NY rev (1m)3.95%
EPS NY rev (3m)3.95%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)-2.4%
Revenue NY rev (1m)1.87%
Revenue NY rev (3m)1.89%
Valuation
Industry RankSector Rank
PE 10.68
Fwd PE 7.91
P/S 2.76
P/FCF 81.06
P/OCF 40.85
P/B 0.86
P/tB 0.95
EV/EBITDA N/A
EPS(TTM)3.89
EY9.37%
EPS(NY)5.25
Fwd EY12.64%
FCF(TTM)0.51
FCFY1.23%
OCF(TTM)1.02
OCFY2.45%
SpS15.03
BVpS48.49
TBVpS43.68
PEG (NY)0.31
PEG (5Y)56.31
Graham Number65.15
Profitability
Industry RankSector Rank
ROA 1.03%
ROE 8.98%
ROCE N/A
ROIC N/A
ROICexc N/A
ROICexgc N/A
OM N/A
PM (TTM) 28.95%
GM N/A
FCFM 3.41%
ROA(3y)1.28%
ROA(5y)1.44%
ROE(3y)11.54%
ROE(5y)13.15%
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
ROICexgc growth 3YN/A
ROICexgc growth 5YN/A
ROICexc growth 3YN/A
ROICexc growth 5YN/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3Y-16.4%
PM growth 5Y-11.62%
GM growth 3YN/A
GM growth 5YN/A
F-Score4
Asset Turnover0.04
Health
Industry RankSector Rank
Debt/Equity 0.07
Debt/FCF 6.58
Debt/EBITDA N/A
Cap/Depr 754.94%
Cap/Sales 3.35%
Interest Coverage N/A
Cash Conversion N/A
Profit Quality 11.77%
Current Ratio N/A
Quick Ratio N/A
Altman-Z N/A
F-Score4
WACC18.71%
ROIC/WACCN/A
Cap/Depr(3y)N/A
Cap/Depr(5y)N/A
Cap/Sales(3y)N/A
Cap/Sales(5y)N/A
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-38.35%
EPS 3Y-4.53%
EPS 5Y0.19%
EPS Q2Q%-30.81%
EPS Next Y34.94%
EPS Next 2Y22.84%
EPS Next 3Y18.28%
EPS Next 5YN/A
Revenue 1Y (TTM)1.6%
Revenue growth 3Y15.31%
Revenue growth 5Y14.15%
Sales Q2Q%-4.38%
Revenue Next Year9.24%
Revenue Next 2Y6.45%
Revenue Next 3Y6.45%
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 1Y118.56%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y142.17%
OCF growth 3YN/A
OCF growth 5YN/A

MERCHANTS BANCORP/IN / MBIN FAQ

What is the fundamental rating for MBIN stock?

ChartMill assigns a fundamental rating of 3 / 10 to MBIN.


Can you provide the valuation status for MERCHANTS BANCORP/IN?

ChartMill assigns a valuation rating of 5 / 10 to MERCHANTS BANCORP/IN (MBIN). This can be considered as Fairly Valued.


How profitable is MERCHANTS BANCORP/IN (MBIN) stock?

MERCHANTS BANCORP/IN (MBIN) has a profitability rating of 3 / 10.


What is the expected EPS growth for MERCHANTS BANCORP/IN (MBIN) stock?

The Earnings per Share (EPS) of MERCHANTS BANCORP/IN (MBIN) is expected to grow by 34.94% in the next year.


Can you provide the dividend sustainability for MBIN stock?

The dividend rating of MERCHANTS BANCORP/IN (MBIN) is 6 / 10 and the dividend payout ratio is 29.82%.