Merchants Bancorp (NASDAQ:MBIN)
Insiders filed in the last 90 days, but none of those trades qualified for scoring — round-trip buys and filings whose price is far off the market are excluded.
Keeps a healthy share of every dollar it sells.
- Revenue
- $1.31B
- Net income
- $268.6M
- Net margin
- 20.5%
Heavily indebted for what it earns.
- Total debt
- $4.28B
- Cash
- $17.9M
- Net debt / EBITDA
- 13.09x
Owes more within a year than it holds to pay it.
- Current assets
- $100.0M
- Current liabilities
- $4.21B
- Current ratio
- 0.02
Consumes cash and must keep raising it.
- Operating cash flow
- -$546.8M
- Free cash flow
- -$569.3M
- FCF margin
- -43.5%
Burning cash with under a year of runway — expect a raise.
- Shares outstanding
- 45.9M
- Share growth (1y)
- 0.1%
- Cash runway
- 0 months
Five pillars — profitability, leverage, liquidity, cash generation, dilution & runway — each scored 0–20 from the company’s own income statement, balance sheet and cash-flow statement, then scaled to 100. A pillar the statements cannot answer is left out rather than guessed; fewer than three and no score is shown.
MBIN Income Statement
| Fiscal Period | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 |
|---|---|---|---|---|---|---|
| Period Ending | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 |
| Revenue | 294.07 M | 317.11 M | 354.67 M | 343.53 M | 353.74 M | 310.10 M |
| Revenue Growth (YoY) | -16.87 % | 2.26 % | -6.61 % | -3.11 % | -1.36 % | -12.42 % |
| Cost of Revenue | 157.54 M | 157.16 M | 197.14 M | 202.96 M | 228.71 M | 172.74 M |
| Gross Profit | 136.54 M | 159.95 M | 157.53 M | 140.57 M | 125.03 M | 137.36 M |
| SG&A Expense | 73.25 M | 2.77 M | 45.76 M | 53.53 M | 3.16 M | 43.65 M |
| R&D Expense | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Operating Expenses | 82.43 M | 75.64 M | 83.64 M | 75.99 M | 76.19 M | 60.87 M |
| Operating Income | 54.10 M | 84.31 M | 73.88 M | 64.58 M | 48.84 M | 76.50 M |
| Pretax Income | 99.78 M | 84.31 M | 73.88 M | 64.58 M | 48.84 M | 76.50 M |
| Tax Provision | 21.48 M | 16.57 M | 6.04 M | 9.88 M | 10.85 M | 18.26 M |
| Net Income | 78.30 M | 67.73 M | 67.85 M | 54.70 M | 37.98 M | 58.24 M |
| EPS (Basic) | 1.48 | 1.25 | 1.28 | 0.97 | 0.60 | 0.93 |
| EPS (Diluted) | 1.48 | 1.25 | 1.28 | 0.97 | 0.60 | 0.93 |
| Shares Outstanding | 45.94 M | 45.93 M | 45.89 M | 45.87 M | 45.88 M | 45.82 M |
Quarterly figures; YoY compares the same fiscal quarter a year earlier. Source: public market data.