Merchants Bancorp
Research Merchants Bancorp (MBIN) on Bullrun: valuation model: 6.6% overvalued, market cap USD 2.46B, P/E 10.8, dividend yield 0.8%. Explore financials, valuation history, model signals, and stock context.
Key Metrics
- TickerMBIN
- ExchangeNASDAQ
- CountryUnited States
- SectorFinancial Services
- IndustryBanks-Regional
- CurrencyUSD
- Valuation signal6.6% overvalued
- Market capUSD 2.46B
- P/E10.8
- Dividend yield0.8%
- Financial periodQ2 2026
- RevenueUSD 181.04M
- Net incomeUSD 78.30M
- Free cash flowUSD 210.87M
Valuation Snapshot
Bullrun's latest valuation model marks Merchants Bancorp as 6.6% overvalued; latest market cap is USD 2.46B; P/E is 10.8; dividend yield is 0.8%.
Peer valuation comparison
Latest P/E is 10.75x versus a Financial Services sector median of 13.84x (22.3% below).
Latest dividend yield is 0.79% versus a Financial Services sector median of 3.86% (79.5% below).
Five-year financial history
| Year | Revenue | Net income | Free cash flow | Gross margin | Diluted EPS | Cash | Total debt | Equity |
|---|---|---|---|---|---|---|---|---|
| FY2025 | USD 677.24M | USD 218.77M | -USD 362.19M | n/a | 3.78 | USD 212.20M | USD 3.84B | USD 2.28B |
| FY2024 | USD 666.97M | USD 320.39M | -USD 853.67M | n/a | 6.3 | USD 476.61M | USD 4.34B | USD 2.24B |
| FY2023 | n/a | USD 279.23M | -USD 363.93M | n/a | 5.64 | USD 584.42M | USD 964.13M | USD 1.70B |
| FY2022 | n/a | USD 219.72M | USD 969.01M | n/a | 4.47 | USD 226.16M | USD 97.28M | USD 1.46B |
Valuation history
| Year | Snapshot date | Market cap | P/E | Dividend yield | Annual dividend/share |
|---|---|---|---|---|---|
| 2026 | 2026-08-25 | USD 2.46B | 10.8 | 0.8% | 0.42 |
| 2025 | 2025-12-31 | USD 1.56B | 9.0 | 1.2% | 0.4 |
| 2024 | 2024-12-31 | USD 1.67B | 5.8 | 1.0% | 0.36 |
| 2023 | 2023-12-29 | USD 1.84B | 8.2 | 0.8% | 0.32 |
| 2022 | 2022-12-30 | USD 1.05B | 5.4 | 1.2% | 0.28 |
| 2021 | 2021-12-31 | USD 1.36B | 6.6 | 0.8% | 0.24 |
Dividend history
Latest trailing dividend snapshot: annual dividend/share 0.42 USD, yield 0.8%.
| Year | Dividends/share |
|---|---|
| FY2025 | 0.4 USD |
| FY2024 | 0.36 USD |
| FY2023 | 0.32 USD |
| FY2022 | 0.28 USD |
About Merchants Bancorp
Merchants Bancorp operates as the diversified bank holding company in the United States. It operates through three segments: Multi-family Mortgage Banking, Mortgage Warehousing, and Banking. The Multi-family Mortgage Banking segment engages in the mortgage banking, which originates, and services government sponsored mortgages, including bridge financing products to refinance, acquire, or reposition multi-family housing projects, and construction lending for housing development and healthcare facilities financing.
Related stock research
Other Financial Services stocks
Frequently asked questions
Is Merchants Bancorp overvalued or undervalued?
Bullrun's valuation model currently marks Merchants Bancorp as 6.6% overvalued.
What is Merchants Bancorp's market cap?
Merchants Bancorp's market capitalization is USD 2.46B.
What is Merchants Bancorp's P/E ratio?
Merchants Bancorp's price-to-earnings (P/E) ratio is 10.8.
Does Merchants Bancorp pay a dividend?
Merchants Bancorp has a dividend yield of 0.8%.
What does Merchants Bancorp do?
Merchants Bancorp operates as the diversified bank holding company in the United States. It operates through three segments: Multi-family Mortgage Banking, Mortgage Warehousing, and Banking. The Multi-family Mortgage Banking segment engages in the mortgage banking, which originates, and services government sponsored mortgages, including bridge financing products to refinance, acquire, or reposition multi-family housing projects, and construction lending for housing development and healthcare facilities financing.