MBIN Fundamental Analysis - MERCHANTS BANCORP/IN

Fundamental Rating

We assign a fundamental rating of 3 out of 10 to MBIN. MBIN was compared to 99 industry peers in the Financial Services industry. Both the profitability and financial health of MBIN have multiple concerns. MBIN has a decent growth rate and is not valued too expensively. Finally MBIN also has an excellent dividend rating.

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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.

MBIN had positive earnings in each of the past 5 years.

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

1.2 Ratios

With a Return On Assets value of 1.10%, MBIN perfoms like the industry average, outperforming 48.00% of the companies in the same industry.

Looking at the Return On Equity, with a value of 9.61%, MBIN is in line with its industry, outperforming 53.00% of the companies in the same industry.

		Industry Rank	Sector Rank
ROA	1.1%
ROE	9.61%
ROIC	N/A

ROA(3y)1.5%

ROA(5y)1.61%

ROE(3y)13.44%

ROE(5y)15.73%

ROIC(3y)N/A

ROIC(5y)N/A

1.3 Margins

MBIN has a Profit Margin of 31.42%. This is amongst the best in the industry. MBIN outperforms 83.00% 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)	31.42%
GM	N/A

OM growth 3YN/A

OM growth 5YN/A

PM growth 3Y-3.67%

PM growth 5Y1.04%

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.

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.

2.2 Solvency

MBIN has a Debt/Equity ratio of 0.15. This is a healthy value indicating a solid balance between debt and equity.

With a decent Debt to Equity ratio value of 0.15, MBIN is doing good in the industry, outperforming 71.00% of the companies in the same industry.

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

ROIC/WACCN/A

WACC18.05%

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 for MBIN have decreased strongly by -28.85% in the last year.

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 4.49% in the past year.

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

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

MBIN is expected to show a decrease in Earnings Per Share. In the coming years, the EPS will decrease by -2.52% yearly.

The Revenue is expected to grow by 6.00% on average over the next years.

EPS Next Y-47.08%

EPS Next 2Y-9.98%

EPS Next 3Y-2.52%

EPS Next 5YN/A

Revenue Next Year3.84%

Revenue Next 2Y5.86%

Revenue Next 3Y6%

Revenue Next 5YN/A

3.3 Evolution

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

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

MBIN is valuated cheaply with a Price/Earnings ratio of 6.63.

89.00% of the companies in the same industry are more expensive than MBIN, based on the Price/Earnings ratio.

Compared to an average S&P500 Price/Earnings ratio of 27.40, MBIN is valued rather cheaply.

A Price/Forward Earnings ratio of 6.04 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 81.00% of the companies listed in the same industry.

MBIN's Price/Forward Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 22.94.

		Industry Rank	Sector Rank
PE	6.63
Fwd PE	6.04

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)0.21

EPS Next 2Y-9.98%

EPS Next 3Y-2.52%

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5. Dividend

5.1 Amount

With a Yearly Dividend Yield of 7.35%, MBIN is a good candidate for dividend investing.

MBIN's Dividend Yield is rather good when compared to the industry average which is at 4.62. MBIN pays more dividend than 89.00% of the companies in the same industry.

MBIN's Dividend Yield is rather good when compared to the S&P500 average which is at 2.36.

		Industry Rank	Sector Rank
Dividend Yield	7.35%

5.2 History

On average, the dividend of MBIN grows each year by 13.71%, 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)13.71%

Div Incr Years7

Div Non Decr Years7

5.3 Sustainability

27.14% of the earnings are spent on dividend by MBIN. This is a low number and sustainable payout ratio.

DP27.14%

EPS Next 2Y-9.98%

EPS Next 3Y-2.52%

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MERCHANTS BANCORP/IN

NASDAQ:MBIN (10/17/2025, 8:26:45 PM)

After market: 30.91 0 (0%)

30.91

-0.3 (-0.98%)

Chartmill FA Rating

GICS SectorFinancials

GICS IndustryGroupFinancial Services

GICS IndustryFinancial Services

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

Earnings (Next)10-23 2025-10-23/amc

Inst Owners34.24%

Inst Owner Change-0.03%

Ins Owners40.17%

Ins Owner Change1.04%

Market Cap1.42B

Analysts80

Price Target39.1 (26.5%)

Short Float %6.68%

Short Ratio9.29

Dividend

		Industry Rank	Sector Rank
Dividend Yield	7.35%

Yearly Dividend1.14

Dividend Growth(5Y)13.71%

DP27.14%

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)0%

PT rev (3m)-5.74%

EPS NQ rev (1m)0.38%

EPS NQ rev (3m)-25.47%

EPS NY rev (1m)0%

EPS NY rev (3m)-27.01%

Revenue NQ rev (1m)0%

Revenue NQ rev (3m)-0.52%

Revenue NY rev (1m)-0.05%

Revenue NY rev (3m)2.84%

Valuation

		Industry Rank	Sector Rank
PE	6.63
Fwd PE	6.04
P/S	2.12
P/FCF	N/A
P/OCF	N/A
P/B	0.65
P/tB	0.72
EV/EBITDA	N/A

EPS(TTM)4.66

EY15.08%

EPS(NY)5.11

Fwd EY16.54%

FCF(TTM)-10.82

FCFYN/A

OCF(TTM)-10.35

OCFYN/A

SpS14.57

BVpS47.59

TBVpS43.21

PEG (NY)N/A

PEG (5Y)0.21

Profitability

		Industry Rank	Sector Rank
ROA	1.1%
ROE	9.61%
ROCE	N/A
ROIC	N/A
ROICexc	N/A
ROICexgc	N/A
OM	N/A
PM (TTM)	31.42%
GM	N/A
FCFM	N/A

ROA(3y)1.5%

ROA(5y)1.61%

ROE(3y)13.44%

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-3.67%

PM growth 5Y1.04%

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	695.13%
Cap/Sales	3.2%
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

WACC18.05%

ROIC/WACCN/A

Cap/Depr(3y)405.6%

Cap/Depr(5y)314.85%

Cap/Sales(3y)2%

Cap/Sales(5y)1.57%

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-9.98%

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 Year3.84%

Revenue Next 2Y5.86%

Revenue Next 3Y6%

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-11.15%

FCF growth 3YN/A

FCF growth 5YN/A

OCF growth 1Y-7.46%

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