profit from every $100 of sales.
$0$100
Merchants Bancorp
$53.56-0.02% today
+67.7% in 1 year
1-year low $30.421-year high $55.72
Trading close to its highest price of the past year.
The essentials
Four questions every investor asks, answered in one line each.
more sales each year, on average, 2022 to 2025.
0%20% a year
You pay $11.25 for every $1 of profit it makes in a year.
CheapExpensive
Not measured for banks and insurers: deposits and policy reserves count as debt, so the usual debt test says nothing about them.
Money in, money out
What Merchants Bancorp sold, what it kept, and what it did with the cash.
Sales went from $440 million in 2022 to $677 million in 2025, with $219 million of profit last year.
SalesProfit
Merchants Bancorp vs. similar companies
Merchants Bancorp grows in the middle of these 5 and is priced in the middle for its profits.
| Company | Profit from $100 of sales | Sales growth a year | Price per $1 of profit |
|---|---|---|---|
| Merchants Bancorp | 11.2× · Cheap | ||
 China Merchants Bank | 7.7× · Cheap | ||
 DBS Group Holdings | 18.5× · Fair price | ||
 UniCredit | 11.6× · Cheap | ||
 HDFC Bank | 18.6× · Fair price |
AI analysis
An AI analyst reads Merchants Bancorp's last five years, its segments, earnings, insiders and peers, and writes the bull case, the bear case and what the price expects.
Run the AI analysisFull statementsIncome, balance sheet and cash flow, year by year
Income statement
| In millions of USD | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| 440 | 559 | 667 | 677 | |
| – | – | – | – | |
| – | – | – | – | |
| – | – | – | – | |
| 220 | 279 | 320 | 219 | |
| 4.47 | 5.64 | 6.30 | 3.78 | |
| – | – | – | – | |
| – | – | – | – | |
| 50.0% | 49.9% | 48.0% | 32.3% |
Balance sheet
| In millions of USD | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total assets | 12,615 | 16,953 | 18,806 | 19,449 |
| Cash | 226 | 584 | 477 | 212 |
| Total debt | 910 | 964 | 4,336 | 3,843 |
| Total liabilities | 11,155 | 15,251 | 16,562 | 17,168 |
| 1,460 | 1,701 | 2,243 | 2,281 | |
| 43 | 43 | 45 | 46 | |
| – | – | – | – | |
| 15.1% | 16.4% | 14.3% | 9.6% |
Cash flow
| In millions of USD | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| 976 | -356 | -835 | -341 | |
| 9 | 8 | 18 | 35 | |
| 967 | -364 | -854 | -377 | |
| Dividends paid | 38 | 49 | 51 | 59 |
| 4 | 0 | 177 | 0 | |
| – | – | – | – |
This is a bank or insurer, so cash-flow and debt ratios are left out: borrowing and lending is the business itself. Price to book and return on equity are the measures that matter here.
Valuation
- 11.2×
- 10.3×
- –
- 0.9×
- 3.6×
- 8.9%
- 0.9%
Profitability
- 32.3%
- 1.1%
- 7.6%
- 10.1%
- 1.1%
Growth
- +15.5%
- −5.4%
- +13.4%
- +1.5%
How it ranks in Financial Services
Each dot is where the company stands among every company over $300M in the sector. Further right is better.
Bottom 27%of 748
Bottom 44%of 603
Top 32%of 873
Top 33%of 883
Bottom 9%of 933
What analysts expect
- Average price target
- $54.50
- Range
- $51.00 – $58.00
- 2 analysts
These targets were collected on May 20, 2026 and our analyst feed has not updated since, so we no longer compare them with today's price.
Recent earnings
Our results feed has not updated since May 21, 2026. Results reported after that are not in this table yet.
| Date | EPS | Expected | Surprise |
|---|---|---|---|
| Apr 28, 2026 | 1.25 | 1.16 | +7.8% |
| Jan 28, 2026 | 1.28 | 0.94 | +36.2% |
| Oct 28, 2025 | 0.97 | 0.79 | +22.8% |
| Jul 28, 2025 | 0.60 | 1.12 | −46.4% |
| Apr 28, 2025 | 0.93 | 1.25 | −25.6% |
| Jan 28, 2025 | 1.85 | 1.30 | +42.3% |
| Oct 28, 2024 | 1.17 | 1.42 | −17.6% |
| Jul 29, 2024 | 1.49 | 1.57 | −5.1% |
0.9%of the share price, paid each year
On $1,000 invested$9a year at today's yield, before tax
+13.4%2020 to 2025
Raised8 yearsin a row, in our data
Paid per share, each year
$0.03 in 2017 → $0.40 in 2025
How safe it looks
27.2% of its profit
Room to growStretchedMore than it earns: -34.9%
News
First Merchants prices $100M subordinated notesSeeking Alpha · Sep 23, 2026The newest story we have is from Sep 23, 2026.
Insider trades
Our insider feed has not updated since May 26, 2026. Trades filed after that are not listed yet.
No insider trades on file.
The seven classic investing rulebooks
1/7Passes 1 of 7. Each bar is how well the company fits that investor's published rules, from 0 to 100; 60 or more counts as a pass.
Warren Buffett
32No pass
Benjamin Graham
67Pass
Philip Fisher
45No pass
Peter Lynch
35No pass
Joel Greenblatt
20No pass
Charlie Munger
33No pass
Terry Smith
27No pass
Questions about Merchants Bancorp
Is Merchants Bancorp a good stock to buy?
A strong, very profitable business, and the price looks low. 1 of the 7 famous investors' published rulebooks we apply pass it. Whether it suits you depends on your goals and the price you pay; invest-like never tells anyone to buy or sell. The AI analysis lays out the case for and against. Read the Merchants Bancorp AI analysis
What does Merchants Bancorp do?
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. It is in Banks - Regional.
Does Merchants Bancorp pay a dividend?
Yes. At today's price the dividend is 0.9% a year, about 27% of its yearly profit. In 2025 it paid out $59.4 million in dividends.
Is Merchants Bancorp stock halal?
No. Merchants Bancorp does not pass our halal screen: its main business, banking, is not permitted. How we check
How has Merchants Bancorp stock done over the past year?
Up 67.7% over the past twelve months, to $53.56. It traded between $30.42 and $55.72 and is 3.9% below its high.
Who are Merchants Bancorp's competitors?
The largest listed companies in the same industry are China Merchants Bank, DBS Group Holdings, UniCredit and HDFC Bank. The peers table on this page compares their profit, growth and price with Merchants Bancorp's.
Prices: daily closes to Nov 11, 2026. Fundamentals: company reports via invest-like data.