MBIN Fundamental Analysis - MERCHANTS BANCORP/IN

Fundamental Rating

Overall MBIN gets a fundamental rating of 3 out of 10. We evaluated MBIN against 102 industry peers in the Financial Services industry. MBIN may be in some trouble as it scores bad on both profitability and health. MBIN is not valued too expensively and it also shows a decent growth rate.

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1. Profitability

1.1 Basic Checks

MBIN had positive earnings in the past year.

MBIN had a negative operating cash flow in the past year.

Each year in the past 5 years MBIN has been profitable.

MBIN had negative operating cash flow in 4 of the past 5 years.

1.2 Ratios

MBIN has a Return On Assets (1.09%) which is in line with its industry peers.

MBIN has a Return On Equity (9.58%) which is in line with its industry peers.

		Industry Rank	Sector Rank
ROA	1.09%
ROE	9.58%
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

1.3 Margins

MBIN has a Profit Margin of 31.31%. This is amongst the best in the industry. MBIN outperforms 81.37% of its industry peers.

MBIN's Profit Margin has been stable in the last couple of years.

The Operating Margin and Gross Margin are not available for MBIN so they could not be analyzed.

		Industry Rank	Sector Rank
OM	N/A
PM (TTM)	31.31%
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

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ROA

ROE

ROIC

Operating and Profit Margin

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2. Health

2.1 Basic Checks

MBIN does not have a ROIC to compare to the WACC, probably because it is not profitable.

MBIN has more shares outstanding than it did 1 year ago.

The number of shares outstanding for MBIN has been increased compared to 5 years ago.

MBIN has about the same debt/assets ratio as last year.

2.2 Solvency

A Debt/Equity ratio of 0.15 indicates that MBIN is not too dependend on debt financing.

MBIN has a better Debt to Equity ratio (0.15) than 71.57% of its industry peers.

		Industry Rank	Sector Rank
Debt/Equity	0.15
Debt/FCF	N/A
Altman-Z	N/A

ROIC/WACCN/A

WACC19.65%

2.3 Liquidity

		Industry Rank	Sector Rank
Current Ratio	N/A
Quick Ratio	N/A

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WACC

Debt/Equity

How to determine the health of a company

Altman-Z score

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3. Growth

3.1 Past

MBIN shows a strong negative growth in Earnings Per Share. In the last year the EPS decreased by -28.85%.

MBIN shows a strong growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 31.91% yearly.

MBIN shows a small growth in Revenue. In the last year, the Revenue has grown by 4.49%.

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)-28.85%

EPS 3Y9.85%

EPS 5Y31.91%

EPS Q2Q%-59.73%

Revenue 1Y (TTM)4.49%

Revenue growth 3Y15.5%

Revenue growth 5Y31.68%

Sales Q2Q%-4%

3.2 Future

The Earnings Per Share is expected to decrease by -2.52% on average over the next years.

MBIN is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 6.96% yearly.

EPS Next Y-47.08%

EPS Next 2Y-9.96%

EPS Next 3Y-2.52%

EPS Next 5YN/A

Revenue Next Year3.9%

Revenue Next 2Y5.87%

Revenue Next 3Y6.96%

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.

When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.

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4. Valuation

4.1 Price/Earnings Ratio

Based on the Price/Earnings ratio of 6.90, the valuation of MBIN can be described as very cheap.

Compared to the rest of the industry, the Price/Earnings ratio of MBIN indicates a rather cheap valuation: MBIN is cheaper than 87.25% of the companies listed in the same industry.

The average S&P500 Price/Earnings ratio is at 26.84. MBIN is valued rather cheaply when compared to this.

A Price/Forward Earnings ratio of 6.28 indicates a rather cheap valuation of MBIN.

Based on the Price/Forward Earnings ratio, MBIN is valued cheaply inside the industry as 83.33% of the companies are valued more expensively.

MBIN's Price/Forward Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 22.48.

		Industry Rank	Sector Rank
PE	6.9
Fwd PE	6.28

4.2 Price Multiples

		Industry Rank	Sector Rank
P/FCF	N/A
EV/EBITDA	N/A

4.3 Compensation for Growth

A cheap valuation may be justified as MBIN's earnings are expected to decrease with -2.52% in the coming years.

PEG (NY)N/A

PEG (5Y)0.22

EPS Next 2Y-9.96%

EPS Next 3Y-2.52%

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5. Dividend

5.1 Amount

MBIN has a Yearly Dividend Yield of 1.23%.

MBIN's Dividend Yield is comparable with the industry average which is at 4.24.

With a Dividend Yield of 1.23, MBIN pays less dividend than the S&P500 average, which is at 2.32.

		Industry Rank	Sector Rank
Dividend Yield	1.23%

5.2 History

The dividend of MBIN is nicely growing with an annual growth rate of 13.71%!

MBIN has been paying a dividend for over 5 years, so it has already some track record.

MBIN has not decreased its dividend in the past 5 years, so it has a somewhat stable track record.

Dividend Growth(5Y)13.71%

Div Incr Years7

Div Non Decr Years7

5.3 Sustainability

MBIN pays out 27.18% of its income as dividend. This is a sustainable payout ratio.

DP27.18%

EPS Next 2Y-9.96%

EPS Next 3Y-2.52%

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MERCHANTS BANCORP/IN

NASDAQ:MBIN (9/3/2025, 8:00:01 PM)

After market: 32.14 0 (0%)

32.14

-0.22 (-0.68%)

Chartmill FA Rating

GICS SectorFinancials

GICS IndustryGroupFinancial Services

GICS IndustryFinancial Services

Earnings (Last)07-28 2025-07-28/amc

Earnings (Next)10-27 2025-10-27/amc

Inst Owners33.55%

Inst Owner Change181.57%

Ins Owners40.15%

Ins Owner Change0.91%

Market Cap1.47B

Analysts80

Price Target39.1 (21.66%)

Short Float %3.32%

Short Ratio3.96

Dividend

		Industry Rank	Sector Rank
Dividend Yield	1.23%

Yearly Dividend1.14

Dividend Growth(5Y)13.71%

DP27.18%

Div Incr Years7

Div Non Decr Years7

Ex-Date09-15 2025-09-15 (0.1)

Surprises & Revisions

EPS beat(2)0

Avg EPS beat(2)-33.06%

Min EPS beat(2)-47.48%

Max EPS beat(2)-18.65%

EPS beat(4)1

Avg EPS beat(4)-11.33%

Min EPS beat(4)-47.48%

Max EPS beat(4)40.24%

EPS beat(8)4

Avg EPS beat(8)1.17%

EPS beat(12)6

Avg EPS beat(12)0.66%

EPS beat(16)9

Avg EPS beat(16)3.78%

Revenue beat(2)0

Avg Revenue beat(2)-10.98%

Min Revenue beat(2)-15.12%

Max Revenue beat(2)-6.84%

Revenue beat(4)1

Avg Revenue beat(4)-3.69%

Min Revenue beat(4)-15.12%

Max Revenue beat(4)19.63%

Revenue beat(8)4

Avg Revenue beat(8)1.19%

Revenue beat(12)6

Avg Revenue beat(12)1.26%

Revenue beat(16)9

Avg Revenue beat(16)3.57%

PT rev (1m)-6.5%

PT rev (3m)-5.74%

EPS NQ rev (1m)0%

EPS NQ rev (3m)-37.78%

EPS NY rev (1m)-27.01%

EPS NY rev (3m)-35.94%

Revenue NQ rev (1m)0%

Revenue NQ rev (3m)-6.98%

Revenue NY rev (1m)2.9%

Revenue NY rev (3m)3.22%

Valuation

		Industry Rank	Sector Rank
PE	6.9
Fwd PE	6.28
P/S	2.21
P/FCF	N/A
P/OCF	N/A
P/B	0.68
P/tB	0.74
EV/EBITDA	N/A

EPS(TTM)4.66

EY14.5%

EPS(NY)5.12

Fwd EY15.92%

FCF(TTM)-10.84

FCFYN/A

OCF(TTM)-10.36

OCFYN/A

SpS14.57

BVpS47.61

TBVpS43.22

PEG (NY)N/A

PEG (5Y)0.22

Profitability

		Industry Rank	Sector Rank
ROA	1.09%
ROE	9.58%
ROCE	N/A
ROIC	N/A
ROICexc	N/A
ROICexgc	N/A
OM	N/A
PM (TTM)	31.31%
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 Rank	Sector Rank
Debt/Equity	0.15
Debt/FCF	N/A
Debt/EBITDA	N/A
Cap/Depr	720.79%
Cap/Sales	3.33%
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

WACC19.65%

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)-28.85%

EPS 3Y9.85%

EPS 5Y31.91%

EPS Q2Q%-59.73%

EPS Next Y-47.08%

EPS Next 2Y-9.96%

EPS Next 3Y-2.52%

EPS Next 5YN/A

Revenue 1Y (TTM)4.49%

Revenue growth 3Y15.5%

Revenue growth 5Y31.68%

Sales Q2Q%-4%

Revenue Next Year3.9%

Revenue Next 2Y5.87%

Revenue Next 3Y6.96%

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 1Y-11.42%

FCF growth 3YN/A

FCF growth 5YN/A

OCF growth 1Y-7.55%

OCF growth 3YN/A

OCF growth 5YN/A

MERCHANTS BANCORP/IN (MBIN) Stock Fundamental Analysis

1. Profitability

1.1 Basic Checks

1.2 Ratios

1.3 Margins

More info and screens

2. Health

2.1 Basic Checks

2.2 Solvency

2.3 Liquidity

More info and screens

3. Growth

3.1 Past

3.2 Future

3.3 Evolution

More info and screens

4. Valuation

4.1 Price/Earnings Ratio

4.2 Price Multiples

4.3 Compensation for Growth

More info and screens

5. Dividend

5.1 Amount

5.2 History

5.3 Sustainability

More info and screens