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Merchants Bancorp

MBINL
46
Banks - Regional · Financial Services
Price
$24.90
+0.05 (+0.20%)
Market Cap
$2.55B
Exchange
NASDAQ
Winston Score
46
Winston is serious
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
Weak
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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. It operates through three segments: Multi-family Mortgage Banking, Mortgage Warehousing, and Banking.

Score breakdown

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Bank Quality

Not applicable for this business.

Growth

Sales YoY
-3.1%
Shrinking sales (-3.1% 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)
5.0x
Attractive valuation — P/E 5.0

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward
+0.5
GROWING
Earnings roughly flat

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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
N/A
Data not available

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