MERCHANTS BANCORP/IN(NASDAQ:MBIN) stock Fundamental Analysis

Fundamental Rating

Taking everything into account, MBIN scores 3 out of 10 in our fundamental rating. MBIN was compared to 101 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.

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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.

In the past 5 years MBIN has always been profitable.

In the past 5 years MBIN reported 4 times negative operating cash flow.

1.2 Ratios

MBIN has a Return On Assets of 1.51%. This is comparable to the rest of the industry: MBIN outperforms 46.53% of its industry peers.

Looking at the Return On Equity, with a value of 12.64%, MBIN is in line with its industry, outperforming 57.43% of the companies in the same industry.

		Industry Rank	Sector Rank
ROA	1.51%
ROE	12.64%
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's Profit Margin of 42.29% is amongst the best of the industry. MBIN outperforms 87.13% 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 Rank	Sector Rank
OM	N/A
PM (TTM)	42.29%
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

MBIN has a Debt/Equity ratio of 0.10. This is a healthy value indicating a solid balance between debt and equity.

MBIN has a better Debt to Equity ratio (0.10) than 78.22% of its industry peers.

		Industry Rank	Sector Rank
Debt/Equity	0.1
Debt/FCF	N/A
Altman-Z	N/A

ROIC/WACCN/A

WACC20.52%

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

The Earnings Per Share has grown by an nice 11.88% over the past 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 grown by 19.19% in the past year. This is quite good.

The Revenue has been growing by 31.68% on average over the past years. This is a very strong growth!

EPS 1Y (TTM)11.88%

EPS 3Y9.85%

EPS 5Y31.91%

EPS Q2Q%17.09%

Revenue 1Y (TTM)19.19%

Revenue growth 3Y15.5%

Revenue growth 5Y31.68%

Sales Q2Q%27.45%

3.2 Future

Based on estimates for the next years, MBIN will show a decrease in Earnings Per Share. The EPS will decrease by -4.08% on average per year.

Based on estimates for the next years, MBIN will show a small growth in Revenue. The Revenue will grow by 4.99% on average per year.

EPS Next Y-13.25%

EPS Next 2Y-2.83%

EPS Next 3Y-4.08%

EPS Next 5YN/A

Revenue Next Year8.46%

Revenue Next 2Y7.58%

Revenue Next 3Y4.99%

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.

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4. Valuation

4.1 Price/Earnings Ratio

With a Price/Earnings ratio of 4.87, the valuation of MBIN can be described as very cheap.

Based on the Price/Earnings ratio, MBIN is valued cheaper than 93.07% of the companies in the same industry.

MBIN's Price/Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 27.85.

With a Price/Forward Earnings ratio of 5.61, the valuation of MBIN can be described as very cheap.

89.11% of the companies in the same industry are more expensive than MBIN, based on the Price/Forward Earnings ratio.

Compared to an average S&P500 Price/Forward Earnings ratio of 20.77, MBIN is valued rather cheaply.

		Industry Rank	Sector Rank
PE	4.87
Fwd PE	5.61

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 -4.08% in the coming years.

PEG (NY)N/A

PEG (5Y)0.15

EPS Next 2Y-2.83%

EPS Next 3Y-4.08%

More info and screens

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5. Dividend

5.1 Amount

MBIN has a Yearly Dividend Yield of 1.30%. Purely for dividend investing, there may be better candidates out there.

In the last 3 months the price of MBIN has falen by -26.73%. A price decline artificially increases the dividend yield. It may be a sign investors do not expect the dividend to last.

MBIN's Dividend Yield is comparable with the industry average which is at 4.92.

Compared to an average S&P500 Dividend Yield of 2.45, MBIN's dividend is way lower than the S&P500 average.

		Industry Rank	Sector Rank
Dividend Yield	1.3%

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.

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 Years6

Div Non Decr Years6

5.3 Sustainability

18.04% of the earnings are spent on dividend by MBIN. This is a low number and sustainable payout ratio.

DP18.04%

EPS Next 2Y-2.83%

EPS Next 3Y-4.08%

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MERCHANTS BANCORP/IN

NASDAQ:MBIN (5/1/2025, 9:15:41 PM)

Premarket: 30.82 +0.1 (+0.33%)

30.72

+0.64 (+2.13%)

Chartmill FA Rating

GICS SectorFinancials

GICS IndustryGroupFinancial Services

GICS IndustryFinancial Services

Earnings (Last)04-24 2025-04-24/amc

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

Inst Owners92.62%

Inst Owner Change-56.64%

Ins Owners35.19%

Ins Owner Change1.08%

Market Cap1.41B

Analysts80

Price Target48.96 (59.38%)

Short Float %2.6%

Short Ratio4.13

Dividend

		Industry Rank	Sector Rank
Dividend Yield	1.3%

Yearly Dividend1.15

Dividend Growth(5Y)13.84%

DP18.04%

Div Incr Years6

Div Non Decr Years6

Ex-Date03-14 2025-03-14 (0.1)

Surprises & Revisions

EPS beat(2)1

Avg EPS beat(2)10.39%

Min EPS beat(2)-19.45%

Max EPS beat(2)40.24%

EPS beat(4)2

Avg EPS beat(4)10.81%

Min EPS beat(4)-19.45%

Max EPS beat(4)40.24%

EPS beat(8)5

Avg EPS beat(8)9.13%

EPS beat(12)7

Avg EPS beat(12)7.87%

EPS beat(16)10

Avg EPS beat(16)9.87%

Revenue beat(2)1

Avg Revenue beat(2)3.6%

Min Revenue beat(2)-12.42%

Max Revenue beat(2)19.63%

Revenue beat(4)2

Avg Revenue beat(4)4.68%

Min Revenue beat(4)-12.42%

Max Revenue beat(4)19.63%

Revenue beat(8)5

Avg Revenue beat(8)4.41%

Revenue beat(12)7

Avg Revenue beat(12)4.32%

Revenue beat(16)10

Avg Revenue beat(16)6.01%

PT rev (1m)-7.99%

PT rev (3m)-8.57%

EPS NQ rev (1m)-2.34%

EPS NQ rev (3m)-3.42%

EPS NY rev (1m)-2.19%

EPS NY rev (3m)-0.62%

Revenue NQ rev (1m)0%

Revenue NQ rev (3m)7.02%

Revenue NY rev (1m)-0.78%

Revenue NY rev (3m)5.12%

Valuation

		Industry Rank	Sector Rank
PE	4.87
Fwd PE	5.61
P/S	2.1
P/FCF	N/A
P/OCF	N/A
P/B	0.63
P/tB	0.69
EV/EBITDA	N/A

EPS(TTM)6.31

EY20.54%

EPS(NY)5.47

Fwd EY17.82%

FCF(TTM)-18.61

FCFYN/A

OCF(TTM)-18.21

OCFYN/A

SpS14.62

BVpS48.9

TBVpS44.58

PEG (NY)N/A

PEG (5Y)0.15

Profitability

		Industry Rank	Sector Rank
ROA	1.51%
ROE	12.64%
ROCE	N/A
ROIC	N/A
ROICexc	N/A
ROICexgc	N/A
OM	N/A
PM (TTM)	42.29%
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-Score4

Asset Turnover0.04

Health

		Industry Rank	Sector Rank
Debt/Equity	0.1
Debt/FCF	N/A
Debt/EBITDA	N/A
Cap/Depr	610.19%
Cap/Sales	2.74%
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-Score4

WACC20.52%

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)11.88%

EPS 3Y9.85%

EPS 5Y31.91%

EPS Q2Q%17.09%

EPS Next Y-13.25%

EPS Next 2Y-2.83%

EPS Next 3Y-4.08%

EPS Next 5YN/A

Revenue 1Y (TTM)19.19%

Revenue growth 3Y15.5%

Revenue growth 5Y31.68%

Sales Q2Q%27.45%

Revenue Next Year8.46%

Revenue Next 2Y7.58%

Revenue Next 3Y4.99%

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-134.57%

FCF growth 3YN/A

FCF growth 5YN/A

OCF growth 1Y-134.36%

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