Loading…
Indiana-based bank specializing in multifamily/mortgage warehouse lending, healthcare facility financing and retail banking.
Indiana-based bank specializing in multifamily/mortgage warehouse lending, healthcare facility financing and retail banking.
Originates multifamily and healthcare loans and sells most to government-backed agencies such as Fannie Mae, Freddie Mac and HUD, booking a gain on each sale and keeping the right to service them for ongoing fees. The bank itself earns interest on warehouse lines it lends to mortgage originators until they sell their loans.
Moat: narrow (process know-how, scale). Niche expertise in government-agency multifamily and warehouse lending is hard to replicate quickly.
Headquarters: Carmel, Indiana, US · Founded: 1990 · Employees: 735
Size Merchants Bancorp (MBIN) is a United States Financials company (Regional Banks) with a market value of $2.38B, the 1690th largest of 3,117 United States companies the cockpit tracks. Shares closed at $51.76 on 6 Nov 2026.
Performance Over six months the shares gained 11.7%, against +5.6% for the median peer and -1.1% for the United States market (cap-weighted) — 3rd highest of 21 in its peer set.
Growth Revenue fell 0.4% over the last twelve months (peer median +3.0%); the operating margin is 52.3% (peer median 36.8%).
Valuation It trades at 1.23× book value against a peer median of 1.20× (10th most expensive of 21).
Price implies The share price implies a return on equity of about 12.6%; Merchants Bancorp delivers 13.6%, so the price asks less than the business earns today.
Next results Next results expected around 1 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $1.38B | $1.37B | $1.44B | $1.18B | $602M |
| Revenue growth | — | -5% | +22% | +96% | — |
| Net income | $319M | $219M | $320M | $279M | $220M |
| Free cash flow | n/a | -$170M | $162M | $169M | $124M |
| Capital expenditure | n/a | $35.4M | $18.4M | $7.53M | $8.82M |
| Total debt | $3.02B | $3.85B | $4.40B | $975M | $942M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Merchants Bancorp MBIN | $2.38B | +12% | 0% | 14% | 1.23× | 12.6% |
| Walker & Dunlop WD | $1.34B | -28% | +9% | 2% | 0.76× | 10.0% |
| PennyMac Financial Services PFSI | $3.41B | -28% | +4% | 6% | 0.78× | 10.2% |
| Customers Bancorp CUBI | $2.82B | +10% | +8% | 14% | 1.29× | 14.7% |
| Texas Capital Bancshares TCBI | $4.39B | +1% | +3% | 10% | 1.34× | 9.8% |
| Arbor Realty Trust ABR | n/a | -78% | n/a | n/a | n/a | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | MBIN | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +3.9% | -0.5% | 8th highest of 21 |
| 6-month return | +11.7% | +5.6% | 3rd highest of 21 |
| Return on equity | 13.6% | 9.8% | 7th highest of 21 |
| Price / book | 1.23× | 1.20× | 10th most expensive of 21 |
| Trailing P/E | 8.5× | 11.6× | 7th cheapest of 21 |
| ROE the price implies | 12.6% | 8.8% | 3rd most demanding of 20 |
| ROE delivered | 13.6% | 9.9% | 7th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Merchants Bancorp MBIN | United States | $2.38B | +12% | 0% | 14% | 1.23× | 12.6% | 13.6% |
| Banco di Desio e della Brianza BDB.MI | Italy | $2.37B | +80% | +2% | 9% | 1.41× | 12.0% | 9.0% |
| First Busey BUSE | United States | $2.33B | +8% | +17% | 10% | 1.03× | 8.8% | 9.8% |
| City Union Bank CUB.NS | India | $2.31B | +8% | +22% | 14% | 1.94× | 29.8% | 14.1% |
| Dah Sing Banking 2356.HK | Hong Kong | $2.45B | +5% | -8% | 8% | 0.53× | 5.5% | 7.5% |
| Juroku Financial Group,Inc 7380.T | Japan | $2.30B | 0% | +16% | 6% | 0.70× | 6.3% | 6.1% |
| Stock Yards Bancorp SYBT | United States | $2.46B | +10% | +10% | 32% | 2.17× | n/a | 32.4% |
| Qingdao Rural Commercial Bank 002958.SZ | China | $2.47B | -2% | -9% | 8% | 0.41× | 2.5% | 7.9% |
| North Pacific Bank 8524.T | Japan | $2.50B | +8% | +25% | 7% | 1.02× | 8.1% | 7.1% |
| Enterprise Financial Services EFSC | United States | $2.21B | +4% | +2% | 10% | 1.20× | 10.2% | 9.6% |
| Banner BANR | United States | $2.55B | +7% | +2% | 10% | 1.20× | 10.1% | 10.0% |
| Beacon Financial BBT | United States | $2.57B | +6% | +74% | 9% | 1.02× | 7.9% | 9.1% |
| Trustmark TRMK | United States | $2.58B | 0% | -4% | 11% | 1.25× | 9.6% | 11.2% |
| Bank of N.T. Butterfield & Son Limited (The) NTB | United States | $2.15B | -3% | 0% | 21% | 1.94× | 12.0% | 21.1% |
| Dongguan Rural Commercial Bank 9889.HK | Hong Kong | $2.63B | -14% | 0% | 7% | 0.29× | 3.7% | 6.6% |
| Western Union WU | United States | $2.15B | -24% | -2% | 44% | 2.35× | 14.3% | 44.0% |
| Xiamen Bank 601187.SS | China | $2.67B | -13% | 0% | 10% | 0.63× | 3.2% | 10.0% |
| First Bancorp FBNC | United States | $2.67B | +10% | +14% | 10% | 1.56× | 12.2% | 9.9% |
| Weihai Bank 9677.HK | Hong Kong | $2.70B | +5% | +6% | 9% | 0.64× | 4.5% | 9.2% |
| 1st Source SRCE | United States | $2.09B | +18% | +4% | 14% | 1.59× | 10.5% | 13.9% |
| Suruga Bank 8358.T | Japan | $2.73B | +10% | +13% | 14% | 1.32× | 8.2% | 13.7% |