MBIN
$48.42+1.70%
Merchants BancorpStock · FinancialsRussell 2000 · 0.04% of IWMNasdaq Composite · 0.008% of ONEQUS Stock Market · 0.001% of VTIRussell 3000 · 0.001% of IWV
MBIN financial statements
The full income statement, balance sheet, and cash-flow statement for Merchants Bancorp (MBIN), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.
Shares outstanding (point-in-time)
2024-06 45.8M2024-09 45.8M2024-12 45.9M2025-03 45.9M2025-06 45.9M2025-09 45.9M2025-12 46.0M2026-03 45.9M2026-06 45.9M+0.4% over 8 periods
SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.
PeriodRangeOrderChangeFiguresAs-reported fiscal years.
| Line item | Trend | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Income Statement | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 681M+1.6% | 671M+19.2% | 563M+26.6% | 444M+2.1% | 435M+23.8% | ||
| Noninterest income | 164M+11.0% | 148M+29.2% | 115M-8.9% | 126M-20.0% | 157M+23.4% | |
| Amortization of intangibles | — | — | — | — | 218K+0.0% | |
| Noninterest expense | 300M+34.0% | 224M+28.2% | 175M+28.3% | 136M+8.5% | 125M+30.0% | |
| Provision for credit losses | 118M+385.0% | 24.3M-39.7% | 40.2M+132.6% | 17.3M+245.1% | 5.01M-57.7% | |
| Interest expense | — | — | 630M+288.0% | 162M+378.8% | 33.9M-42.2% | |
| Interest & investment income | 1.20B-7.8% | 1.30B+20.9% | 1.08B+124.2% | 481M+54.2% | 312M+10.3% | |
| Net interest income | 517M-1.1% | 523M+16.6% | 448M+40.7% | 319M+14.6% | 278M+24.0% | |
| Pre-tax income | 264M-37.6% | 423M+21.5% | 348M+19.5% | 291M-4.5% | 305M+25.3% | |
| Income tax | 45.0M-56.0% | 102M+48.9% | 68.7M-3.8% | 71.4M-8.2% | 77.8M+23.9% | |
| 219M-31.7% | 320M+14.7% | 279M+27.1% | 220M-3.3% | 227M+25.8% | ||
| Net income to common | 174M-38.8% | 284M+16.0% | 245M+26.2% | 194M-6.1% | 206M+24.2% | |
| $3.78-40.0% | $6.30+11.7% | $5.64+26.2% | $4.47-6.1% | $4.76+23.6% | ||
| EPS (basic) | $3.78-40.2% | $6.32+11.7% | $5.66+26.1% | $4.49-6.1% | $4.78+24.2% | |
| Weighted-avg shares (basic) | 45.9M+2.3% | 44.9M+3.8% | 43.2M+0.1% | 43.2M-0.0% | 43.2M+0.1% | |
| Weighted-avg shares (diluted) | 45.9M+2.1% | 45.0M+3.8% | 43.3M+0.1% | 43.3M-0.0% | 43.3M+0.4% | |
| Dividends per share | $1.60+11.1% | $1.44+12.5% | $1.28+14.3% | $1.12+366.7% | $0.24+14.3% | |
| Balance Sheet | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Cash & equivalents | 212M-55.5% | 477M-18.4% | 584M+158.4% | 226M-78.1% | 1.03B+474.5% | |
| 19.4B+3.4% | 18.8B+10.9% | 17.0B+34.4% | 12.6B+11.9% | 11.3B+16.9% | ||
| Property, plant & equipment | 73.9M+26.1% | 58.6M+38.4% | 42.3M+19.5% | 35.4M+13.5% | 31.2M+4.9% | |
| Operating lease right-of-use | 6.01M-27.9% | 8.33M-17.2% | 10.1M-8.3% | 11.0M | — | |
| Goodwill | 8.01M+0.0% | 8.01M-49.4% | 15.8M+0.0% | 15.8M+0.0% | 15.8M+0.0% | |
| Intangible assets | 36.0K-39.0% | 59.0K-92.0% | 742K-37.4% | 1.19M-30.5% | 1.71M-25.2% | |
| 17.2B+3.7% | 16.6B+8.6% | 15.3B+36.7% | 11.2B+10.2% | 10.1B+14.6% | ||
| Long-term debt | — | — | — | — | 1.03B-23.3% | |
| Operating lease liability (total) | 7.26M-21.9% | 9.30M-17.3% | 11.3M-6.2% | 12.0M | — | |
| 2.28B+1.7% | 2.24B+31.9% | 1.70B+16.5% | 1.46B+26.3% | 1.16B+42.5% | ||
| Common stock | 243M+1.2% | 240M+71.2% | 140M+1.9% | 138M+0.2% | 138M+1.3% | |
| Retained earnings | 1.49B+11.7% | 1.33B+25.1% | 1.06B+27.7% | 833M+26.7% | 657M+42.3% | |
| Accumulated other comprehensive income | -33.0K+75.2% | -133K+94.7% | -2.49M+76.4% | -10.5M-623.6% | -1.45M-488.8% | |
| Total liabilities & equity | 19.4B+3.4% | 18.8B+10.9% | 17.0B+34.4% | 12.6B+11.9% | 11.3B+16.9% | |
| Common shares issued | 45.9M+0.3% | 45.8M+5.8% | 43.2M+0.3% | 43.1M-0.2% | 43.2M+0.1% | |
| Common shares outstanding | 45.9M+0.3% | 45.8M+5.8% | 43.2M+0.3% | 43.1M-0.2% | 43.2M+0.1% | |
| Shares outstanding (cover) | 46.0M+0.2% | 45.9M+5.8% | 43.3M+0.2% | 43.2M-0.1% | 43.3M+0.2% | |
| Cash Flow | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| -341M+59.1% | -835M-134.4% | -356M-136.5% | 976M+2082.6% | -49.2M+94.4% | ||
| Depreciation & amortization | 3.46M+15.0% | 3.01M+5.7% | 2.85M+14.8% | 2.48M+3.2% | 2.41M+14.0% | |
| Intangible amortization | — | — | — | — | 218K+0.0% | |
| Deferred income taxes | 7.78M+68.0% | 4.63M+289.6% | -2.44M-151.6% | 4.73M-10.9% | 5.31M+867.3% | |
| -196M+77.6% | -874M+73.2% | -3.26B-13.9% | -2.86B-503.6% | -474M+81.3% | ||
| Capital expenditure | 20.9M+13.9% | 18.4M+144.3% | 7.53M+11.3% | 6.76M+85.5% | 3.65M+0.6% | |
| Free cash flow | -362M+57.6% | -854M-134.6% | -364M-137.6% | 969M+1933.1% | -52.9M+94.0% | |
| Acquisitions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Sales/maturities of investments | 871M-2.9% | 897M+83.3% | 490M+3400.2% | 14.0M-89.9% | 138M-77.5% | |
| Other investing activities | -7.90M+22.8% | -10.2M-428.6% | -1.94M+55.9% | -4.39M-987.9% | -404K-2476.5% | |
| 273M-83.0% | 1.60B-59.7% | 3.97B+267.8% | 1.08B-21.5% | 1.38B-55.3% | ||
| Long-term debt issued | 324B+94.6% | 166B+74.0% | 95.6B+45.3% | 65.8B+109.0% | 31.5B-48.5% | |
| Long-term debt repaid | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Common stock issued | 0.00-100.0% | 97.7M | 0.00 | 0.00 | 0.00 | |
| Common stock repurchased | 0.00 | 0.00 | 0.00-100.0% | 3.94M | 0.00 | |
| Dividends paid | 59.4M+16.1% | 51.2M+5.5% | 48.5M+27.4% | 38.1M+21.9% | 31.2M+32.0% | |
| Net change in cash | -264M-145.2% | -108M-130.1% | 358M+144.4% | -806M-194.6% | 853M+360.8% | |
| Interest paid | 693M-12.2% | 789M+29.4% | 610M+334.4% | 140M+314.1% | 33.9M-50.9% | |
| Income taxes paid | 47.6M-40.1% | 79.6M+18.1% | 67.4M+1.3% | 66.5M-15.6% | 78.8M+37.4% | |
| Valuation Ratios | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Market cap | 1.57B-6.4% | 1.67B-9.2% | 1.84B+75.6% | 1.05B-23.2% | 1.37B+71.7% | |
| P/E | 7.2×+37.1% | 5.2×-26.6% | 7.1×+47.7% | 4.8×-19.9% | 6.0×+36.5% | |
| P/S | 2.3×-7.9% | 2.5×-29.3% | 3.5×+47.6% | 2.4×-23.9% | 3.1×+38.7% | |
| P/B | 0.7×-7.9% | 0.7×-33.9% | 1.1×+51.9% | 0.7×-37.2% | 1.2×+20.4% | |
| P/FCF | — | — | — | 0.5× | — | |
| Earnings yield | 14.0%-27.1% | 19.2%+36.2% | 14.1%-32.3% | 20.8%+24.9% | 16.6%-26.7% | |
| FCF yield | — | — | — | 206.6% | — | |
| Dividend yield | 4.7%+19.0% | 3.9%+31.3% | 3.0%-34.7% | 4.6%+505.5% | 0.76%-33.3% | |
| Source filing | 10-K | 10-K | 10-K | 10-K | 10-K |
About this data
Source: MBIN’s SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn’t file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all MBIN filings on SEC EDGAR → Not investment advice.