Merchants Ban (MBIN) Stock Analysis & Winston Score

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

Winston Score History

Politician Trades

1 trades / 12mo

0 Congressional buys and 1 sell on MBIN in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+2.3% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+34.4% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

58.2%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

~0 months

$20M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

Merchants Ban has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

50.4%

Healthy — 50.4% gross margin

Operating Margin

26.6%

Excellent — 26.6% operating margin

ROCE

1.2%

Weak — 1.2% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

-2.4%

Shrinking sales (-2.4% YoY)

EPS YoY

-24.9%

Earnings shrinking (-24.9% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

-466%

Weak — only -466% of profit becomes cash

FCF Margin

-79.8%

Burning cash (-79.8%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

2.05

Heavy debt load (2.05)

Interest Cover

0.41x

Dangerous — barely covers interest (0.4x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

P/E Ratio (TTM)

11.6x

no trend

Attractive valuation — P/E 11.6

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

+2.1

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend Yield

0.86%

no trend

Small dividend — 0.86% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

+10.5%

no trend

Dividend growing fast (10.5% YoY)

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