Merchants Bancorp

Merchants Bancorp

MBINยทNASDAQ

$45.56

-1.6%
Financial ServicesBanks - Regional

Merchants Bancorp operates as the diversified bank holding company in the United States. The company operates through Multi-family Mortgage Banking, Mortgage Warehousing, and Banking segments. The Multi-family Mortgage Banking segment originates and services government sponsored mortgages for multi-family and healthcare facilities. This segment also offers customized loan products for independent living, assisted living, memory care, and skilled nursing projects; and operates as a syndicator of low-income housing tax credit and debt funds. The Mortgage Warehousing segment funds agency eligible residential loans, including origination, purchase, and sale in the secondary market, as well as commercial loans to non-depository financial institutions. The Banking segment offers a range of financial products and services to consumers and businesses, such as various types of deposit products, as well as multi-family construction and bridge, commercial real estate, commercial and industrial, agricultural, residential mortgage, and consumer loan products. This segment also provides single-family mortgage lending; construction, bridge, and lot financing; first-lien home equity lines of credit; and small business administration lending products and services. Merchants Bancorp was founded in 1990 and is headquartered in Carmel, Indiana.

At a Glance

Live Snapshot
Market Cap$2.09B
EPS3.7800
P/E Ratio12.05
Earnings Date07/27/2026
3Y-135.0%
5Y-61.0%
10Y+128.0%
3Y-93.0%
5Y-92.0%
10Y-26.0%
3Y-75.0%
5Y-91.0%
10Y-34.0%
MBIN

Merchants Bancorp Cash Conversion Engine

MBIN ยท NASDAQ
Net Income218.77M
Depreciation & Amortization3.46M
Stock-Based Compensation0.00
Change in Working Capital1.87M
Others-565.35M
Capital Expenditures-35.42M
Free Cash Flow-376.67M

Cash Flow Quality Analysis

FCF Conversion Rate

-172.2%

Negative free cash flow despite positive earnings raises concerns about cash generation ability or heavy capital requirements.

CapEx Intensity

-10.4%

Asset-light business model. Low capital requirements leave more cash available for shareholders and growth investments.

FCF Growth Trend

+55.9%

Strong FCF growth demonstrates improving cash generation and business momentum. Positive signal for sustainability.

Working Capital Impact

+$1.87M

Working capital inflow boosted cash flow. Efficient management of receivables, inventory, and payables contributing positively.

Cash Flow Quality Insight

Cash flow concerns: Despite profitability, the company is burning cash. Review working capital management, CapEx levels, and sustainability of current operations.

Merchants Bancorp Cash Flow Statement

MBIN โ€ข NASDAQ

Merchants Bancorp Cash Flow StatementDec 2025Dec 2024Dec 2023Dec 2022Dec 2021Dec 2020Dec 2019Dec 2018Dec 2017Dec 2016Dec 2015
OPERATING ACTIVITIES
218.8M
320.4M
279.2M
219.7M
227.1M
180.5M
77.3M
62.9M
54.7M
33.1M
28.4M
3.5M
3M
2.9M
2.5M
2.2M
1.9M
852K
461K
296K
278K
301K
0.0
4.6M
-2.4M
4.7M
5.3M
-692K
-978K
2.3M
-2.4M
-1.4M
482K
-565.3M
-811.9M
-636M
350.3M
-50.5M
-973.8M
-1.2B
167.1M
-235.9M
-139.8M
116M
(47.6M)
(79.6M)
(67.4M)
(66.5M)
(78.8M)
(57.3M)
(19.3M)
(17M)
(27.1M)
(22.2M)
(19.5M)
1.9M
-351.4M
-70K
398.6M
-233.3M
-82.8M
-86.1M
-28.4M
7.5M
-41.9M
-26.8M
-341.2M
-835.3M
-356.4M
975.8M
-49.2M
-874.9M
-1.3B
204.3M
-175.9M
-149.8M
118.3M
INVESTING ACTIVITIES
(0.0)
-18.4M
-7.5M
-6.8M
-3.6M
-3.6M
-14M
-9.2M
-788K
-1.2M
-322K
(0.0)
-170.6M
(0.0)
(0.0)
-464K
(0.0)
(0.0)
-14.3M
(363K)
(0.0)
(0.0)
(39K)
-992.8M
-1.6B
-1.3B
-232.4M
-601M
-648.7M
-50.9M
-202.3M
-301.5M
-361.1M
870.9M
1.1B
699.2M
159.1M
176.6M
627.6M
689.6M
194.7M
116.5M
218.3M
328.8M
-1.1B
-829.3M
-2.3B
-1.7B
-414.3M
-2.6B
-984.6M
-629.4M
-436.9M
-180.9M
-316.7M
-195.7M
-874.3M
-3.3B
-2.9B
-474.3M
-2.5B
-957.7M
-509.1M
-523.1M
-265.3M
-349.3M
FINANCING ACTIVITIES
0.0
97.7M
0.0
-3.9M
0.0
0.0
0.0
0.0
106.2M
0.0
3.9M
-546.7M
3.4B
33.1M
-103.6M
-314.3M
1.2B
-14M
137.7M
-394K
-485K
9.6M
-59.4M
-51.2M
-48.5M
-38.1M
-31.2M
-23.7M
-17.3M
-10.2M
-8M
-6.2M
-4.2M
(0.0)
(0.0)
(0.0)
-3.9M
(0.0)
(0.0)
-21.9M
-700K
(0.0)
(0.0)
(0.0)
878.7M
-1.9B
4B
1.1B
1.6B
1.9B
2.2B
155M
514.9M
389.1M
428.8M
272.5M
1.6B
4B
1.1B
1.4B
3.1B
2.4B
282.5M
612.8M
414M
448.2M
CASH FLOW SUMMARY
-264.4M
-107.8M
358.3M
-806.5M
852.9M
-327M
170.2M
-23M
-86.2M
-1.1M
217.1M
476.6M
584.4M
226.2M
1B
179.7M
506.7M
336.5M
359.5M
445.7M
446.8M
229.7M
212.2M
476.6M
584.4M
226.2M
1B
179.7M
506.7M
336.5M
359.5M
445.7M
446.8M
-376.7M
-853.7M
-363.9M
967M
-52.9M
-878.5M
-1.3B
188.8M
-177.9M
-152.3M
116.9M

SEC Filings

MBIN - Filing history and reports

Filing TypeFiling DatePeriod EndingFiscal YearActions
8-K

8-K 2026

N/A

May 21, 2026
May 21, 2026
2026
10-Q

10-Q 2026 Q1

Q1

May 07, 2026
March 31, 2026
2026
8-K

8-K 2026

N/A

April 28, 2026
April 28, 2026
2026
DEF 14A

DEF 14A 2026

N/A

April 10, 2026
May 21, 2026
2026
10-K

10-K 2025 FY

FY

February 27, 2026
December 31, 2025
2025
8-K

8-K 2026

N/A

February 19, 2026
February 19, 2026
2026
8-K

8-K 2026

N/A

January 28, 2026
January 28, 2026
2026
8-K

8-K 2025

N/A

November 19, 2025
November 19, 2025
2025
10-Q

10-Q 2025 Q3

Q3

November 07, 2025
September 30, 2025
2025
8-K

8-K 2025

N/A

October 28, 2025
October 28, 2025
2025
Showing 1 to 10 of 156 filings