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Merchants Bancorp
Merchants Bancorp (MBIN) is listed on NASDAQ and classified in Banks - Regional, part of the Financial Services sector. It is headquartered in Carmel, United States and has 735 employees. The company is worth $2.24B and trades at 9.8x its earnings of the last twelve months; the median for its sector is 13.2x. Revenue was $681.45M in fiscal 2025, up 1.6% from the year before. Net income was $218.77M. The share price is 14.2% below its 52-week high of $56.87. It pays a dividend yielding 0.90%, and has raised its annual dividend for 7 years in a row in our records. 3 of the 38 superinvestors we track held it at the end of Q2 2026. The largest position belongs to Cliff Asness (AQR Capital Management), at $2.01M. In that quarter, 1 of them opened or added to the position. No open-market insider trades in it were filed over the last 30 days.
Written from the data on this page: SEC filings (13F, Form 4, annual reports) and market prices.
Year by year, from the annual reports; dividends from the payments themselves.
Bars are year-end balances; lines are what happened during the year.
Major managers that reported this stock in their latest 13F.
▲ +60.4% over 5Y.
today you would have $1,733.56▲ +73.4%
Dividends reinvested, splits accounted for. Past prices say what happened, not what will.
The last 9 closed years, each at that year’s closing price and reported numbers.
| Indicator | Median | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Year-end price | $34.06 | $36.47 | $42.58 | $24.32 | $31.55 | $18.42 | $13.14 | $13.31 | $13.12 | |
| P/E | 7.5x | 9.0x | 5.8x | 7.5x | 5.4x | 6.6x | 4.8x | 8.3x | 9.6x | 8.6x |
| P/S | 3.1x | 2.3x | 2.5x | 3.3x |
Seven formulas applied to the reported numbers, each with its assumption next to the result. None of them predicts a price.
Square root of 22.5 × earnings × book value. Blind to intangibles, so it undervalues software and brands.
This formula has no meaning here — usually a loss, negative cash flow, or a missing input.
Median P/E of 13.2 among peers in the sector.
Median P/E of 7.5 across this company’s own years on record.
This formula has no meaning here — usually a loss, negative cash flow, or a missing input.
This formula has no meaning here — usually a loss, negative cash flow, or a missing input.
Companies of similar size in Financial Services, for comparison. The columns are the same ones above, in the same order.
| Stock | Price | P/E | P/B | Dividend yield | ROE | Market cap |
|---|---|---|---|---|---|---|
| NWBINorthwest Bancshares, Inc. | $15.44 | 14.4x | 1.2x | 5.18% | 8.57% | $2.26B |
| EFSCEnterprise Financial Services Corp | $61.01 | 12.0x | 1.1x | 2.20% | 9.60% | $2.21B |
| AGMFederal Agricultural Mortgage Corp | $201.42 | 10.9x | 1.7x | 3.13% | 13.48% | $2.19B |
| WAFDWAFD Inc |
| 2.4x |
| 3.1x |
| 2.3x |
| 3.3x |
| 4.1x |
| 4.9x |
| P/B | 1.0x | 0.7x | 0.7x | 1.1x | 0.7x | 1.2x | 1.0x | 0.9x | 1.4x | 1.5x |
| EPS | $3.78 | $6.30 | $5.64 | $4.47 | $4.76 | $3.85 | $1.58 | $1.38 | $1.52 |
| Dividend yield | 1.15% | 1.17% | 0.99% | 0.75% | 1.15% | 0.76% | 1.16% | 1.42% | 1.20% | 0.25% |
| Payout | 5.71% | 10.58% | 5.71% | 5.67% | 6.26% | 5.04% | 5.54% | 11.81% | 11.59% | 2.19% |
| Profit margin | 47.85% | 32.10% | 47.77% | 49.62% | 49.43% | 52.17% | 51.34% | 45.65% | 45.05% | 47.85% |
| ROE | 14.93% | 9.59% | 14.28% | 16.42% | 15.05% | 19.66% | 22.27% | 11.83% | 14.93% | 14.88% |
Median of the years shown; P/E years above 200x are left out.
This formula has no meaning here — usually a loss, negative cash flow, or a missing input.
The average of the method families that answered, not of the seven numbers: four of the seven start from the same earnings per share.
3 methods answered, across 1 families.
Room for errors in the reported numbers.
+16.3% from the average.
Models, not forecasts, and not investment advice. How each formula works →
| $29.44 |
| 8.8x |
| 0.8x |
| 3.67% |
| 8.47% |
| $2.18B |
| NTBBank of N.T. Butterfield & Son Ltd | $58.65 | 10.3x | 2.0x | 3.41% | 21.14% | $2.31B |
| OFGOFG Bancorp | $51.36 | 9.8x | 1.6x | 2.63% | 16.61% | $2.17B |