Merchants Bancorp

MBIN

Banks - Regional · Financial Services

Price

$55.13

+0.28 (+0.51%)

Market Cap

$2.53B

Exchange

NASDAQ

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 13, 2026 · filings through Jun 30, 2026

How the score breaks down

Growth

Mixed

Valuation

Strong

Dividends

Good

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Share count rising — dilution

+6.0% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 43.3M (2021) → 45.9M (2025)

Winston Score History

The full picture

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.

Politician Trades

1 trades / 12mo

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

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Score breakdown

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Bank Quality

Not applicable for this business.

Growth

Sales YoY

-9.7%

Shrinking sales (-9.7% YoY)

EPS YoY

+9.2%

Earnings growing (+9.2% YoY)

Single-digit earnings growth — steady but not exciting.

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Capital Strength

Not applicable for this business.

Asset Quality

Not applicable for this business.

Valuation

P/E Ratio (TTM)

11.1x

Attractive valuation — P/E 11.1

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

P/E vs Forward

+1.2

GROWING

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

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Dividends

Dividend Yield

0.76%

Small dividend — 0.76% yield

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

Dividend Growth

+10.5%

Dividend growing fast (10.5% YoY)

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