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MERCHANTS BANCORP/IN (MBIN) Stock Fundamental Analysis

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

31.66  -0.36 (-1.12%)

After market: 31.66 0 (0%)

Fundamental Rating

3

MBIN gets a fundamental rating of 3 out of 10. The analysis compared the fundamentals against 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.


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

The Return On Assets of MBIN (1.32%) is comparable to the rest of the industry.
Looking at the Return On Equity, with a value of 11.47%, MBIN is in line with its industry, outperforming 53.47% of the companies in the same 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

Looking at the Profit Margin, with a value of 38.21%, MBIN belongs to the top of the industry, outperforming 87.13% of the companies in the same industry.
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.
Compared to 5 years ago, MBIN has more shares outstanding
The debt/assets ratio for MBIN has remained at the same level compared to a year ago.
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

A Debt/Equity ratio of 0.07 indicates that MBIN is not too dependend on debt financing.
With an excellent Debt to Equity ratio value of 0.07, MBIN belongs to the best of the industry, outperforming 80.20% of the companies in the same industry.
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

MBIN shows a strong negative growth in Earnings Per Share. In the last year the EPS decreased by -12.87%.
Measured over the past years, MBIN shows a very strong growth in Earnings Per Share. The EPS has been growing by 31.91% on average per year.
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

MBIN is expected to show a decrease in Earnings Per Share. In the coming years, the EPS will decrease by -5.32% yearly.
Based on estimates for the next years, MBIN will show a small growth in Revenue. The Revenue will grow by 4.28% on average per year.
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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5

4. Valuation

4.1 Price/Earnings Ratio

The Price/Earnings ratio is 5.70, which indicates a rather cheap valuation of MBIN.
Compared to the rest of the industry, the Price/Earnings ratio of MBIN indicates a rather cheap valuation: MBIN is cheaper than 87.13% of the companies listed in the same industry.
When comparing the Price/Earnings ratio of MBIN to the average of the S&P500 Index (25.91), we can say MBIN is valued rather cheaply.
The Price/Forward Earnings ratio is 5.82, which indicates a rather cheap valuation of MBIN.
Compared to the rest of the industry, the Price/Forward Earnings ratio of MBIN indicates a rather cheap valuation: MBIN is cheaper than 82.18% of the companies listed in the same industry.
Compared to an average S&P500 Price/Forward Earnings ratio of 21.85, MBIN is valued rather cheaply.
Industry RankSector Rank
PE 5.7
Fwd PE 5.82
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

MBIN's earnings are expected to decrease with -5.32% in the coming years. This may justify a cheaper valuation.
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

With a Yearly Dividend Yield of 1.20%, MBIN has a reasonable but not impressive dividend return.
The stock price of MBIN dropped by -23.66% in the last 3 months. With lower prices the dividend yield is higher, but it may be a sign investors do not trust the long term dividend.
MBIN's Dividend Yield is comparable with the industry average which is at 4.88.
Compared to an average S&P500 Dividend Yield of 2.36, MBIN's dividend is way lower than the S&P500 average.
Industry RankSector Rank
Dividend Yield 1.2%

5.2 History

On average, the dividend of MBIN grows each year by 13.84%, which is quite nice.
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 Years6
Div Non Decr Years6
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 (5/22/2025, 5:38:36 PM)

After market: 31.66 0 (0%)

31.66

-0.36 (-1.12%)

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-68.99%
Ins Owners35.19%
Ins Owner Change0.39%
Market Cap1.45B
Analysts80
Price Target41.48 (31.02%)
Short Float %2.66%
Short Ratio3.76
Dividend
Industry RankSector Rank
Dividend Yield 1.2%
Yearly Dividend1.15
Dividend Growth(5Y)13.84%
DP21.56%
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)10.79%
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)-18.12%
PT rev (3m)-20%
EPS NQ rev (1m)-8.41%
EPS NQ rev (3m)-11.26%
EPS NY rev (1m)-4.78%
EPS NY rev (3m)-8.26%
Revenue NQ rev (1m)-7.58%
Revenue NQ rev (3m)-7.58%
Revenue NY rev (1m)-7.2%
Revenue NY rev (3m)-7.86%
Valuation
Industry RankSector Rank
PE 5.7
Fwd PE 5.82
P/S 2.24
P/FCF N/A
P/OCF N/A
P/B 0.67
P/tB 0.74
EV/EBITDA N/A
EPS(TTM)5.55
EY17.53%
EPS(NY)5.44
Fwd EY17.18%
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