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Stocks · Financials · State Commercial Banks

Merchants Bancorp

MBIN Clue Score33
United States Fiscal year ends December CIK 0001629019
$48.92 -1.77% Close, 9 Oct 2026
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Price $48.92 +18.31% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 27 Oct 2017. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
Net income
Fiscal year 2016Net income0.03EPS, diluted1.47Fiscal year 2017Net income0.05 +65.1%EPS, diluted2.28Fiscal year 2018Net income0.06 +15.0%EPS, diluted2.07Fiscal year 2019Net income0.08 +23.0%EPS, diluted1.58Fiscal year 2020Net income0.18 +133.5%EPS, diluted3.85Fiscal year 2021Net income0.23 +25.8%EPS, diluted4.76Fiscal year 2022Net income0.22 −3.3%EPS, diluted4.47Fiscal year 2023Net income0.28 +27.1%EPS, diluted5.64Fiscal year 2024Net income0.32 +14.7%EPS, diluted6.30Fiscal year 2025Net income0.22 −31.7%EPS, diluted3.78
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Net income 0.03 0.05 0.06 0.08 0.18 0.23 0.22 0.28 0.32 0.22
Growth +65.1% +15.0% +23.0% +133.5% +25.8% −3.3% +27.1% +14.7% −31.7%
EPS, diluted 1.47 2.28 2.07 1.58 3.85 4.76 4.47 5.64 6.30 3.78

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow−0.15Capital expenditure−0.00Free cash flow−0.15Dividends paid−0.01Fiscal year 2017Operating cash flow−0.18Capital expenditure−0.00Free cash flow−0.18Dividends paid−0.01Fiscal year 2018Operating cash flow0.20Capital expenditure−0.01Free cash flow0.20Dividends paid−0.01Fiscal year 2019Operating cash flow−1.26Capital expenditure−0.01Free cash flow−1.27 −751.3%Dividends paid−0.02Fiscal year 2020Operating cash flow−0.87Capital expenditure−0.00Free cash flow−0.88Dividends paid−0.02Fiscal year 2021Operating cash flow−0.05Capital expenditure−0.00Free cash flow−0.05Dividends paid−0.03Fiscal year 2022Operating cash flow0.98Capital expenditure−0.01Free cash flow0.97Buybacks−0.00Dividends paid−0.04Fiscal year 2023Operating cash flow−0.36Capital expenditure−0.01Free cash flow−0.36 −137.6%Dividends paid−0.05Fiscal year 2024Operating cash flow−0.84Capital expenditure−0.02Free cash flow−0.85Dividends paid−0.05Fiscal year 2025Operating cash flow−0.34Capital expenditure−0.02Free cash flow−0.36Dividends paid−0.06
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow −0.15 −0.18 0.20 −1.26 −0.87 −0.05 0.98 −0.36 −0.84 −0.34
Capital expenditure −0.00 −0.00 −0.01 −0.01 −0.00 −0.00 −0.01 −0.01 −0.02 −0.02
Free cash flow −0.15 −0.18 0.20 −1.27 −0.88 −0.05 0.97 −0.36 −0.85 −0.36
Growth −751.3% −137.6%
Buybacks n/a n/a n/a n/a n/a n/a −0.00 n/a n/a n/a
Dividends paid −0.01 −0.01 −0.01 −0.02 −0.02 −0.03 −0.04 −0.05 −0.05 −0.06

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash0.45Total debt0.06Net cash (debt)0.39Shareholders’ equity0.21Debt to equity0.28Fiscal year 2017Cash0.36Total debt0.06Net cash (debt)0.30Shareholders’ equity0.37Debt to equity0.15Fiscal year 2018Cash0.34Total debt0.20Net cash (debt)0.14Shareholders’ equity0.42Debt to equity0.46Fiscal year 2019Cash0.51Total debt0.18Net cash (debt)0.33Shareholders’ equity0.65Debt to equity0.28Fiscal year 2020Cash0.18Total debt1.35Net cash (debt)−1.17Shareholders’ equity0.81Debt to equity1.66Fiscal year 2021Cash1.03Total debt1.03Net cash (debt)−0.00Shareholders’ equity1.16Debt to equity0.89Fiscal year 2022Cash0.23Shareholders’ equity1.46Fiscal year 2023Cash0.58Shareholders’ equity1.70Fiscal year 2024Cash0.48Shareholders’ equity2.24Fiscal year 2025Cash0.21Shareholders’ equity2.28
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 0.45 0.36 0.34 0.51 0.18 1.03 0.23 0.58 0.48 0.21
Total debt 0.06 0.06 0.20 0.18 1.35 1.03 n/a n/a n/a n/a
Net cash (debt) 0.39 0.30 0.14 0.33 −1.17 −0.00 n/a n/a n/a n/a
Shareholders’ equity 0.21 0.37 0.42 0.65 0.81 1.16 1.46 1.70 2.24 2.28
Debt to equity 0.28 0.15 0.46 0.28 1.66 0.89 n/a n/a n/a n/a

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Spending
39.5% 29.1% 25.2% 24.3% 25.8% 25.5% 24.5% 19.7% 24.2% 17.1%
Returns
16.1% 14.9% 14.9% 11.8% 22.3% 19.7% 15.1% 16.4% 14.3% 9.6%
1.2% 1.6% 1.6% 1.2% 1.9% 2.0% 1.7% 1.6% 1.7% 1.1%
Balance and payout
0.28 0.15 0.46 0.28 1.66 0.89 n/a n/a n/a n/a
92.4% 89.2% 89.2% 89.7% 91.6% 89.8% 88.4% 90.0% 88.1% 88.3%
18.8% 14.5% 16.2% 22.3% 13.1% 13.8% 17.3% 17.4% 16.0% 27.2%
n/a n/a 5.2% n/a n/a n/a 4.3% n/a n/a n/a