MBIN
Merchants Bancorp
NASDAQ: MBIN · FINANCIAL SERVICES · BANKS - REGIONAL
$45.00
-9.33% today
Updated 2026-04-29
Market cap
$2.28B
P/E ratio
13.13
P/S ratio
4.05x
EPS (TTM)
$3.78
Dividend yield
0.80%
52W range
$29 – $50
Volume
0.2M
Merchants Bancorp (MBIN) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $80.62M | $97.19M | $137.97M | $185.53M | $254.55M | $401.18M | $461.56M | $602.07M | $1.19B | $1.45B | $1.37B |
| Revenue growth (YoY) | — | +20.6% | +42.0% | +34.5% | +37.2% | +57.6% | +15.1% | +30.4% | +97.5% | +21.7% | -5.7% |
| Cost of revenue | $15.25M | $19.93M | $30.26M | $55.22M | $93.64M | $70.48M | $38.90M | $179.58M | $669.96M | $804.38M | $801.55M |
| Gross profit | $65.37M | $77.26M | $107.71M | $130.31M | $160.91M | $330.70M | $422.66M | $422.49M | $519.10M | $642.69M | $563.69M |
| Gross margin | 81.1% | 79.5% | 78.1% | 70.2% | 63.2% | 82.4% | 91.6% | 70.2% | 43.7% | 44.4% | 41.3% |
| R&D | $0.00 | $0.00 | $0.00 | $0.00 | — | — | — | — | — | — | — |
| SG&A | $13.04M | $15.46M | $22.40M | $33.26M | $40.84M | $65.00M | $88.42M | $92.55M | $121.76M | $156.88M | $177.19M |
| Operating income | $47.18M | $54.80M | $77.16M | $84.03M | $102.13M | $243.36M | $304.93M | $291.14M | $347.91M | $422.64M | $263.80M |
| Operating margin | 58.5% | 56.4% | 55.9% | 45.3% | 40.1% | 60.7% | 66.1% | 48.4% | 29.3% | 29.2% | 19.3% |
| EBITDA | $47.48M | $55.07M | $77.46M | $84.49M | $102.99M | $245.25M | $307.12M | $293.63M | $350.76M | $425.66M | $267.26M |
| EBITDA margin | 58.9% | 56.7% | 56.1% | 45.5% | 40.5% | 61.1% | 66.5% | 48.8% | 29.5% | 29.4% | 19.6% |
| EBIT | $47.18M | $54.80M | $77.16M | $84.03M | $102.13M | $243.36M | $304.93M | $291.14M | $347.91M | $422.64M | $263.80M |
| Interest expense | $14.29M | $18.97M | $27.79M | $50.59M | $89.70M | $58.64M | $33.89M | $162.28M | $629.73M | $780.10M | $683.79M |
| Income tax | $18.80M | $21.67M | $22.48M | $21.15M | $24.80M | $62.82M | $77.83M | $71.42M | $68.67M | $102.26M | $45.03M |
| Effective tax rate | 39.8% | 39.5% | 29.1% | 25.2% | 24.3% | 25.8% | 25.5% | 24.5% | 19.7% | 24.2% | 17.1% |
| Net income | $28.38M | $33.13M | $54.68M | $62.87M | $77.33M | $180.53M | $227.10M | $219.72M | $279.23M | $320.39M | $218.77M |
| Net income growth (YoY) | — | +16.7% | +65.1% | +15.0% | +23.0% | +133.5% | +25.8% | -3.3% | +27.1% | +14.7% | -31.7% |
| Profit margin | 35.2% | 34.1% | 39.6% | 33.9% | 30.4% | 45.0% | 49.2% | 36.5% | 23.5% | 22.1% | 16.0% |