Merchants Bancorp financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Merchants Bancorp files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Interest expense	19	27.8	50.6	89.7	58.6	33.9	162	630
Interest income	2.29	4.43	9.26	11.5	2.93	0.82	4.04	11.6	17.9	14
Pre-tax income	54.8	77.2	84	102	243	305	291	348	423	264
Income tax	21.7	22.5	21.2	24.8	62.8	77.8	71.4	68.7	102	45
Net income	33.1	54.7	62.9	77.3	181	227	220	279	320	219
EPS, basic	0.98	1.52	1.39	1.58	3.85	4.78	4.49	5.66	6.32	3.78
EPS, diluted	0.98	1.52	1.38	1.58	3.85	4.76	4.47	5.64	6.30	3.78
Shares, basic (weighted)	31.7	33.8	43	43.1	43.1	43.2	43.2	43.2	44.9	45.9
Shares, diluted (weighted)	31.7	33.9	43.1	43.1	43.2	43.3	43.3	43.3	45	45.9
Dividend per share	0.13	0.13	0.16	0.19	0.21	0.24	0.28	0.32	0.36	0.40

Balance sheet

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	446	360	337	507	180	1,033	226	584	477	212
Property, plant and equipment	4.85	5.35	15.1	29.3	29.8	31.2	35.4	42.3	58.6	73.9
Lease right-of-use assets							11	10.1	8.33	6.01
Goodwill	0.52	3.9	17.5	15.8	15.8	15.8	15.8	15.8	8.01	8.01
Intangible assets		1.51	3.54	3.8	2.28	1.71	1.19	0.74	0.06	0.04
Total assets	2,719	3,393	3,884	6,372	9,645	11,279	12,615	16,953	18,806	19,449
Total liabilities	2,512	3,026	3,463	5,718	8,835	10,123	11,155	15,251	16,562	17,168
Total debt	57	56.6	195	181	1,348	1,034
Retained earnings	145	192	245	305	462	657	833	1,064	1,331	1,486
Other comprehensive income	-0.63	-1.01	-0.31	0.46	0.37	-1.45	-10.5	-2.49	-0.13	-0.03
Shareholders' equity	206	367	421	654	811	1,155	1,460	1,701	2,243	2,281
Total equity	206	367	421	654	811	1,155	1,460	1,701	2,243	2,281
Total liabilities and equity	2,719	3,393	3,884	6,372	9,645	11,279	12,615	16,953	18,806	19,449
Shares outstanding	31.7	43	43	28.7	43.1	43.2	43.1	43.2	45.8	45.9

Cash flow statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	33.1	54.7	62.9	77.3	181	227	220	279	320	219
Depreciation and amortization	0.28	0.3	0.46	0.85	1.9	2.19	2.49	2.85	3.01	3.47
Deferred income tax	-1.44	-2.42	2.31	-0.98	-0.69	5.31	4.73	-2.44	4.63	7.78
Cash from operations	-150	-176	204	-1,257	-875	-49.2	976	-356	-835	-341
Capital expenditures	-1.2	-0.79	-9.2	-14	-3.62	-3.65	-6.76	-7.53	-18.4	-20.9
Purchases of investments		-200	-47	-647	-597	-221	-51.2	-1,292	-784	-744
Sales and maturities of investments	211	117	188	652	613	138	14	490	897	871
Cash from investing	-265	-523	-509	-958	-2,532	-474	-2,863	-3,260	-874	-196
Debt issued			1,089	8,917	61,088	31,471	65,778	95,570	166,317	323,575
Debt repaid			-932	-8,908	-59,924	-31,788	-65,885	-95,700	-162,866	-324,034
Stock issued		106							97.7
Share buybacks							-3.94
Dividends paid	-6.22	-7.95	-10.2	-17.3	-23.7	-31.2	-38.1	-48.5	-51.2	-59.4
Cash from financing	414	613	282	2,385	3,080	1,376	1,081	3,975	1,602	273
Net change in cash	-1.1	-86.2	-23	170	-327	853	-806	358	-108	-264
Free cash flow	-151	-177	195	-1,271	-879	-52.9	969	-364	-854	-362
Interest paid	17.8	26.8	49.3	81.9	69.1	33.9	140	610	789	693
Income taxes paid	22.2	27.1	17	19.3	57.3	78.8	66.5	67.4	79.6	47.6

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $52.10 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Effective tax rate	16.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	11.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.3%	Net income / average total assets.

Growth

Metric	Value	How it is calculated
Net income growth, 1y	-31.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-0.1%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	3.9%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-40.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-5.4%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-0.4%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	11.1%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	12.6%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	13.8%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	1.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	16.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	23.0%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	3.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	15.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	15.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	2.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	2.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	1.3%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Liabilities / assets	88.7%	Total liabilities / total assets.
Goodwill and intangibles / assets	0.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	$2.39B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
FCF conversion	-284.9%	Free cash flow / net income, when net income is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$5.84	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
FCF per share	-$16.64	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$16.35	Cash from operations / diluted weighted shares.
Book value per share	$52.03	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$51.86	Tangible book value / shares outstanding.
Cash per share	$6.84	(Cash + short-term investments) / shares outstanding.
Payout ratio	22.5%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$2.39B	Share price x shares outstanding.
Enterprise value	$2.08B	Market cap + total debt - cash - short-term investments.
P/E	8.91x	Market cap / net income. Only when net income is positive.
P/B	1.00x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.00x	Market cap / tangible book value, when positive.
FCF yield	-32.0%	Free cash flow / market cap.
Earnings yield	11.2%	Net income / market cap (the inverse of P/E).
Dividend yield	2.5%	Dividends paid over the period / market cap.
Shareholder yield	2.5%	(Dividends paid + share buybacks) / market cap.

Was Merchants Bancorp profitable in fiscal 2025?

Yes. Net income was $218.8M, a net margin of -.

How much free cash flow did Merchants Bancorp generate in fiscal 2025?

Cash from operations of $341.2M minus capital expenditures of $20.9M left free cash flow of -$362.2M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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