MB
$48.51
+0.90
(+1.89%)
As of Oct 20, 2026, 12:08 PM EDT · cached
Price history
Merchants Bancorp (MBIN) is trading up at $48.51 (+1.89%), as of the latest quote. It is a Russell 2000 constituent in the Financials sector.
IPO: October 27, 2017 · $16.00 offering · NASDAQ · View IPO details →
Merchants Bancorp revenue & net income history (FY2016–FY2025)
RevenueNet incomeNet margin (right axis, %)
| FY2016Dec 2016 | FY2017Dec 2017 | FY2018Dec 2018 | FY2019Dec 2019 | FY2020Dec 2020 | FY2021Dec 2021 | FY2022Dec 2022 | FY2023Dec 2023 | FY2024Dec 2024 | FY2025Dec 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $82.5M | $114.3M | $139.6M | $169.4M | $351.6M | $435.3M | $444.5M | $562.7M | $670.7M | $681.4M |
| Growth (year over year) | +19.4% | +38.6% | +22.1% | +21.4% | +107.6% | +23.8% | +2.1% | +26.6% | +19.2% | +1.6% |
| Net income | $33.1M | $54.7M | $62.9M | $77.3M | $180.5M | $227.1M | $219.7M | $279.2M | $320.4M | $218.8M |
| Net margin | 40.2% | 47.9% | 45.1% | 45.7% | 51.3% | 52.2% | 49.4% | 49.6% | 47.8% | 32.1% |
| EPS (diluted) | $0.98 | $1.52 | $1.38 | $1.58 | $3.85 | $4.76 | $4.47 | $5.64 | $6.30 | $3.78 |
| Balance sheet | ||||||||||
| Cash and equivalents | $445.7M | $359.5M | $336.5M | $506.7M | $179.7M | $1.03B | $226.2M | $584.4M | $476.6M | $212.2M |
| Total assets | $2.72B | $3.39B | $3.88B | $6.37B | $9.65B | $11.3B | $12.6B | $17.0B | $18.8B | $19.4B |
| Total liabilities | $2.51B | $3.03B | $3.46B | $5.72B | $8.83B | $10.1B | $11.2B | $15.3B | $16.6B | $17.2B |
| Long-term debt | $57.0M | $56.6M | $195.5M | $181.4M | $1.35B | $1.03B | — | — | — | — |
| Shareholders' equity | $206.3M | $367.5M | $421.2M | $653.7M | $810.6M | $1.16B | $1.46B | $1.70B | $2.24B | $2.28B |
| Cash flow | ||||||||||
| Operating cash flow | −$149.8M | −$175.9M | $204.3M | −$1.26B | −$874.9M | −$49.2M | $975.8M | −$356.4M | −$835.3M | −$341.2M |
| Capital expenditure | $1.20M | $788.0K | $9.20M | $14.0M | $3.62M | $3.65M | $6.76M | $7.53M | $18.4M | $20.9M |
| Free cash flow | −$151.0M | −$176.7M | $195.1M | −$1.27B | −$878.5M | −$52.9M | $969.0M | −$363.9M | −$853.7M | −$362.2M |
| Dividends paid | $6.22M | $7.95M | $10.2M | $17.3M | $23.7M | $31.2M | $38.1M | $48.5M | $51.2M | $59.4M |
| Share buybacks | — | — | — | — | — | — | $3.94M | — | — | — |
RevenueNet incomeNet margin (right axis, %)
| Q3 FY24†Sep 2024 | Q4 FY24†Dec 2024 | Q1 FY25†Mar 2025 | Q2 FY25†Jun 2025 | Q3 FY25†Sep 2025 | Q4 FY25†Dec 2025 | Q1 FY26†Mar 2026 | Q2 FY26†Jun 2026 | |
|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||
| Revenue | $149.6M | $193.8M | $145.9M | $179.2M | $171.1M | $185.3M | $175.2M | $182.2M |
| Growth (year over year) | −2.6% | +22.0% | −13.1% | +12.4% | +14.4% | −4.4% | +20.1% | +1.7% |
| Net income | $61.3M | $95.7M | $58.2M | $38.0M | $54.7M | $67.8M | $67.7M | $78.3M |
| Net margin | 41.0% | 49.4% | 39.9% | 21.2% | 32.0% | 36.6% | 38.6% | 43.0% |
| EPS (diluted) | $1.17 | $1.84 | $0.93 | $0.60 | $0.97 | $1.28 | $1.25 | $1.48 |
| Balance sheet | ||||||||
| Cash and equivalents | $601.9M | $476.6M | $521.3M | $647.2M | $598.0M | $212.2M | $83.2M | $314.7M |
| Total assets | $18.7B | $18.8B | $18.8B | $19.1B | $19.4B | $19.4B | $20.3B | $21.2B |
| Total liabilities | $16.7B | $16.6B | $16.6B | $17.0B | $17.1B | $17.2B | $18.0B | $18.8B |
| Shareholders' equity | $1.94B | $2.24B | $2.16B | $2.18B | $2.23B | $2.28B | $2.33B | $2.39B |
| Cash flow | ||||||||
| Operating cash flow | −$492.6M | −$9.98M | $148.0M | −$121.2M | $29.8M | −$397.9M | −$597.3M | $213.3M |
| Capital expenditure | $4.53M | $6.28M | $6.86M | $4.50M | $5.78M | $3.80M | $1.15M | $2.44M |
| Free cash flow | −$497.2M | −$16.3M | $141.2M | −$125.7M | $24.0M | −$401.7M | −$598.5M | $210.9M |
| Dividends paid | $11.9M | $14.8M | $14.9M | $14.9M | $14.9M | $14.9M | $15.3M | $15.3M |
| Share buybacks | — | — | — | — | — | — | $3.00M | $0 |
From Merchants Bancorp's 10-K and 10-Q filings with the SEC; its fiscal year ends in December. Each period shows the latest figure the company has reported for it, including restatements. Net margin is our own calculation from those reported figures (net income ÷ revenue); it is left blank where revenue is zero or missing. † Quarter derived from the company's year-to-date or full-year totals. Filings on SEC EDGAR →
About Merchants Bancorp
- Headquarters
- Carmel, Indiana From SEC filings, Oct 2026
Recent News (2)
More Financials stocks
- ACGL Arch Capital Group
- AFL Aflac
- AIG American International Group
- AIZ Assurant
- AJG Arthur J. Gallagher & Co.
- ALL Allstate
- AMP Ameriprise Financial
- AON Aon plc