Merchants Bancorp (MBIN)
In fiscal 2025 capital spending exceeded operating cash flow by $362.2M. At September 30, 2026 it held $319.8M in cash. Its latest periodic report to the SEC is the quarterly report (10-Q) filed on November 6, 2026.
Key facts about Merchants Bancorp
- Net worth
- Merchants Bancorp has a market value (market cap) of $2.5B at the latest share price, and shareholders' equity of $2.5B on its balance sheet at September 30, 2026. A company's "net worth" usually means one of these: what the market pays for all its shares, or its assets minus its liabilities.
- Cash flow
- In fiscal 2025 operations used $341.2M of cash.
- Latest report
- The latest periodic report (quarterly report, 10-Q) was filed with the SEC on November 6, 2026 and covers the period to September 30, 2026. Open on SEC EDGAR
- Next earnings report
- Merchants Bancorp's next report is expected around January 27, 2027. That is an estimate from its filing rhythm, not a date the company has announced.
- Dividend
- Merchants Bancorp declared dividends of $0.40 per share in fiscal 2025, a yield of 0.75% at the current price.
What Merchants Bancorp does
Merchants Bancorp is registered with the SEC under industry code SIC 6022 (State Commercial Banks). Its shares trade on NASDAQ under the ticker MBIN.
Revenue and profit by year
Key figures
| Fiscal year | Revenue | Net income | Diluted EPS | Free cash flow |
|---|---|---|---|---|
| 2025 | n/a | $218.8M | $3.78 | -$362.2M |
| 2024 | n/a | $320.4M | $6.30 | -$853.7M |
| 2023 | n/a | $279.2M | $5.64 | -$363.9M |
| 2022 | n/a | $219.7M | $4.47 | $969M |
| 2021 | n/a | $227.1M | $4.76 | -$52.9M |
| 2020 | n/a | $180.5M | $3.85 | -$878.5M |
Earnings: every quarter and the next report date
Full financial statements: income, balance sheet and cash flow
Dividends
Merchants Bancorp declared $0.40 per share in fiscal 2025. At the current price that is a yield of 0.75%. It paid out $59.4M in cash dividends, 27% of its net income.
| Fiscal year | Per share | Paid out | Of profit |
|---|---|---|---|
| 2025 | $0.40 | $59.4M | 27% |
| 2024 | $0.36 | $51.2M | 16% |
| 2023 | $0.32 | $48.5M | 17% |
| 2022 | $0.28 | $38.1M | 17% |
| 2021 | $0.24 | $31.2M | 14% |
| 2020 | $0.21 | $23.7M | 13% |
Latest SEC filings
What Merchants Bancorp has filed recently, newest first. Each links to the original document on SEC EDGAR.
- November 6, 2026
- October 28, 2026
- August 20, 2026Other event 8-K
- August 7, 2026
- July 28, 2026
- May 21, 2026
- May 7, 2026
- April 28, 2026
- April 27, 2026Passive stake (5% or more) SCHEDULE 13G
- April 22, 2026
Insider trades
What the people running Merchants Bancorp did with its shares, from the Form 4 filings they must send the SEC within two business days.
No insider bought or sold shares on the open market in the last 90 days. The 9 reported changes were pay in shares, option exercises, shares withheld for tax or gifts.
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| November 5, 2026 | Dury Michael R.CEO of Merchants Capital | Gave as a gift | 9,500 | - |
| October 30, 2026 | Dunlap Michael J.President, COO, Director | Gave as a gift | 3,700 | - |
| August 20, 2026 | Juster AndrewDirector | Received as pay | 328 | $17.5K |
| August 20, 2026 | Curless Michael SDirector | Received as pay | 328 | $17.5K |
| August 20, 2026 | Sellers Anne E.Director | Received as pay | 328 | $17.5K |
| August 20, 2026 | O'Brien Patrick D.Director | Received as pay | 328 | $17.5K |
| August 20, 2026 | Catchings TamikaDirector | Received as pay | 328 | $17.5K |
| August 20, 2026 | Dinwiddie ThomasDirector | Received as pay | 328 | $17.5K |
Who owns MBIN
Three views from three kinds of SEC filings, each with its own date. They overlap and are not added up.
5% holders
| Holder | Of class | Filed |
|---|---|---|
| Michael F. Petrie13G, passive with 4 related filers | 27.4% | April 6, 2026 |
| Randall D. Rogers, Jr.13G, passive with 4 related filers | 8.3% | April 6, 2026 |
Largest institutional holders
Insiders
19 insiders reported holding 4,020,857 shares in total, about $214.8M at the last price.
| Holder | Shares |
|---|---|
| Petrie Michael F.Chairman and CEO, Director, 10% owner | 2,578,965727,013 held indirectly |
| Kaercher Julia L.Director | 727,103727,103 held indirectly |
| Dunlap Michael J.President, COO, Director | 208,496 |
| O'Brien Patrick D.Director | 120,049 |
| Dury Michael R.CEO of Merchants Capital | 111,202 |
| Koors Jerry F.Merchants Mortgage President | 45,106 |
| Langford Kevin TChief Administrative Officer | 36,433 |
| Oznick Terry ASVP, General Counsel | 31,374 |
| Evans Scott A.Lynn Market President, Director | 27,556 |
| Juster AndrewDirector | 26,500 |
Questions about MBIN
What does Merchants Bancorp do?
Merchants Bancorp is a company in the Finance sector, listed on NASDAQ as MBIN. Its shares trade on NASDAQ under the ticker MBIN.
What is Merchants Bancorp's net worth?
Merchants Bancorp has a market value (market cap) of $2.5B at the latest share price, and shareholders' equity of $2.5B on its balance sheet at September 30, 2026. A company's "net worth" usually means one of these: what the market pays for all its shares, or its assets minus its liabilities.
Is Merchants Bancorp profitable?
Yes. Over the twelve months to September 30, 2026 it reported net income of $319.1M.
When did Merchants Bancorp last report?
Its most recent periodic report is the quarterly report (10-Q) filed on November 6, 2026. It covers the period to September 30, 2026.
When is Merchants Bancorp's next earnings report?
Merchants Bancorp's next report is expected around January 27, 2027. That is an estimate from its filing rhythm, not a date the company has announced.
Does Merchants Bancorp pay a dividend?
Yes. Merchants Bancorp declared dividends of $0.40 per share in fiscal 2025, a yield of 0.75% at the current price.
Similar companies
Compare MBIN with
Follow MBIN
Get an email when Merchants Bancorp files with the SEC: results, executive changes, material agreements and annual reports.
Where the numbers come from
Financial figures are the values Merchants Bancorp tagged in its own SEC filings (XBRL), taken from the latest filing for each period, so restatements replace older figures. Revenue, profit and cash flow are for full fiscal years unless marked as the last twelve months, which is the sum of the four most recent quarters. Where a company reports only the full year, the fourth quarter is the year minus the first three.
Prices are delayed end-of-day market data in the listing currency, and market cap moves with the price. P/E is shown only when earnings per share are positive. Nothing here is investment advice.