MBINM Fundamental Analysis - MERCHANTS BANCORP - MBIN 8 1/4 PERP

Fundamental Rating

Taking everything into account, MBINM scores 3 out of 10 in our fundamental rating. MBINM was compared to 100 industry peers in the Financial Services industry. Both the profitability and financial health of MBINM have multiple concerns. MBINM has a correct valuation and a medium growth rate.

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1. Profitability

1.1 Basic Checks

In the past year MBINM was profitable.

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

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

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

1.2 Ratios

The Return On Assets of MBINM (1.10%) is comparable to the rest of the industry.

Looking at the Return On Equity, with a value of 9.61%, MBINM 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

The Profit Margin of MBINM (31.42%) is better than 83.00% of its industry peers.

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

MBINM 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)	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

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

The number of shares outstanding for MBINM has been increased compared to 1 year ago.

MBINM has more shares outstanding than it did 5 years ago.

Compared to 1 year ago, MBINM has about the same debt to assets ratio.

2.2 Solvency

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

MBINM has a better Debt to Equity ratio (0.15) than 73.00% of its industry peers.

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

ROIC/WACCN/A

WACC20.69%

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

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

Measured over the past years, MBINM shows a very strong growth in Earnings Per Share. The EPS has been growing by 31.91% on average per year.

Looking at the last year, MBINM shows a small growth in Revenue. The Revenue has grown by 4.49% in the last year.

Measured over the past years, MBINM 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.

Based on estimates for the next years, MBINM will show a small growth in Revenue. The Revenue will grow by 6.00% on average per year.

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.

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

With a Price/Earnings ratio of 5.33, the valuation of MBINM can be described as very cheap.

Based on the Price/Earnings ratio, MBINM is valued cheaply inside the industry as 94.00% of the companies are valued more expensively.

MBINM is valuated cheaply when we compare the Price/Earnings ratio to 27.86, which is the current average of the S&P500 Index.

With a Price/Forward Earnings ratio of 4.86, the valuation of MBINM can be described as very cheap.

MBINM's Price/Forward Earnings ratio is rather cheap when compared to the industry. MBINM is cheaper than 90.00% of the companies in the same industry.

MBINM's Price/Forward Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 23.32.

		Industry Rank	Sector Rank
PE	5.33
Fwd PE	4.86

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 MBINM's earnings are expected to decrease with -2.52% in the coming years.

PEG (NY)N/A

PEG (5Y)0.17

EPS Next 2Y-9.98%

EPS Next 3Y-2.52%

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5. Dividend

5.1 Amount

MBINM has a Yearly Dividend Yield of 8.07%, which is a nice return.

Compared to an average industry Dividend Yield of 5.03, MBINM pays a better dividend. On top of this MBINM pays more dividend than 90.00% of the companies listed in the same industry.

Compared to an average S&P500 Dividend Yield of 2.44, MBINM pays a better dividend.

		Industry Rank	Sector Rank
Dividend Yield	8.07%

5.2 History

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

MBINM has been paying a dividend for less than 5 years, so it still needs to build a track record.

Dividend Growth(5Y)13.71%

Div Incr Years0

Div Non Decr Years2

5.3 Sustainability

27.14% of the earnings are spent on dividend by MBINM. 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 - MBIN 8 1/4 PERP

NASDAQ:MBINM (10/3/2025, 8:00:01 PM)

24.861

-0.06 (-0.24%)

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 ChangeN/A

Ins Owners40.17%

Ins Owner ChangeN/A

Market Cap1.14B

Analysts80

Price Target30.38 (22.2%)

Short Float %0.01%

Short Ratio0.13

Dividend

		Industry Rank	Sector Rank
Dividend Yield	8.07%

Yearly Dividend1.14

Dividend Growth(5Y)13.71%

DP27.14%

Div Incr Years0

Div Non Decr Years2

Ex-Date09-15 2025-09-15 (0.5156)

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)-0.44%

PT rev (3m)-8.28%

EPS NQ rev (1m)0%

EPS NQ rev (3m)-25.75%

EPS NY rev (1m)0%

EPS NY rev (3m)-26.36%

Revenue NQ rev (1m)0%

Revenue NQ rev (3m)-0.52%

Revenue NY rev (1m)-0.05%

Revenue NY rev (3m)3.17%

Valuation

		Industry Rank	Sector Rank
PE	5.33
Fwd PE	4.86
P/S	1.71
P/FCF	N/A
P/OCF	N/A
P/B	0.52
P/tB	0.58
EV/EBITDA	N/A

EPS(TTM)4.66

EY18.74%

EPS(NY)5.11

Fwd EY20.57%

FCF(TTM)-10.82

FCFYN/A

OCF(TTM)-10.35

OCFYN/A

SpS14.57

BVpS47.59

TBVpS43.21

PEG (NY)N/A

PEG (5Y)0.17

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

WACC20.69%

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 - MBIN 8 1/4 PERP (MBINM) 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