MBIN
Merchants BancorpFinancial Services·Banks - Regional
$47.14
$2.2B market cap
Revenue
$671.8M
Free Cash Flow
$-978.0M
Rev Growth
+0.0%
FCF Margin
-145.6%
P/FCF
--
EV/FCF
--
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
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. The Multi-family Mortgage Banking segment originates and services government sponsored mortgages for multi-family and healthcare facilities. This segment also offers customized loan products for independent living, assisted living, memory care, and skilled nursing projects; and operates as a syndicator of
2-Year Price History
$45.99+17.3%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 317.1 | 84.3 | 84.3 | 67.7 | -780.4 | -781.6 | -1.2 | 19.6 | 4,788 | 46.0 | 4.9% | 0.6x | -- |
| Act | 2025-Q4 | 354.7 | 73.9 | 73.9 | 67.9 | -192.6 | -196.4 | -3.8 | 880.9 | 3,850 | 46.0 | 5.9% | 0.4x | -- |
Valuation & Metrics
Market Stats
Price$47.14
Market Cap$2.2B
Enterprise Value$6.9B
P/S Ratio3.2x
P/FCF--
EV/FCF--
FCF Margin (TTM)-145.6%
FCF Yield-45.2%
Dividend Yield (TTM)0.9%
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$671.8M
Net Income$135.6M
Free Cash Flow$-978.0M
Revenue Growth (YoY)+0.0%
EBITDA Margin23.5%
Net Margin20.2%
FCF Margin-145.6%
CapEx % of Revenue0.7%
SBC % of Revenue0.0%
ROIC5.4%
WC Change % Rev1630.9%
Interest Coverage0.5x
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares1.7M
Days to Cover9.8
Change (vs Prior)+3.9%
Need at least 2 settlement dates for chart
Employees
Headcount663
Revenue / Employee$1,013,243
Gross Profit / Employee$478,845
Cash Runway
0.2months
CRITICAL
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
72.9%(+56.6% YoY)
161 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
19.1%(+9.8% YoY)
11 filers
Vanguard, iShares, SPDR
Market makers
0.1%(-0.1% YoY)
4 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| Elser Financial Planning, Inc | $1.18B | $35.95 | −$4.8M | +$1.18B | -0.6% | $2.06B |
| BlackRock, Inc.Passive | $174M | $42.53 | +$93.1M | +$108M | -0.2% | $5.69T |
| DIMENSIONAL FUND ADVISORS LPPassive | $75.5M | $35.34 | +$4.4M | +$15.8M | -0.4% | $480.92B |
| Doma Perpetual Capital Management LLC | $47.9M | $33.77 | +$0 | +$47.9M | -1.7% | $372M |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $46.9M | $33.97 | −$746K | +$46.9M | +1.4% | $58.02B |
| STATE STREET CORPPassive | $44.5M | $40.17 | +$19.8M | +$24.7M | -0.2% | $2.89T |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $42.9M | $42.91 | +$42.9M | +$42.9M | — | $4.04T |
| AMERICAN CENTURY COMPANIES INC | $31.9M | $36.57 | +$2.9M | +$9.9M | +0.7% | $193.48B |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $31.1M | $32.65 | +$431K | +$6.2M | +2.3% | $1.61T |
| ROYCE & ASSOCIATES LP | $24.3M | $38.96 | −$10.3M | −$5.1M | -0.9% | $10.09B |
| VANGUARD PORTFOLIO MANAGEMENT LLCPassive | $19.9M | $42.91 | +$19.9M | +$19.9M | — | $1.91T |
| HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC | $13.0M | $32.84 | −$3.8M | +$80K | -0.1% | $31.89B |
| MORGAN STANLEY | $12.8M | $38.26 | +$1.9M | +$814K | -0.3% | $1.65T |
| NORTHERN TRUST CORPPassive | $12.3M | $34.88 | +$1.3M | +$4.9M | -0.2% | $755.34B |
| BANC FUNDS CO LLC | $12.1M | $28.05 | +$1.6M | −$4.5M | -1.4% | $537M |
| BASSWOOD CAPITAL MANAGEMENT, L.L.C. | $11.7M | $33.39 | +$0 | −$13.0M | -0.2% | $1.96B |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $10.6M | $36.40 | +$577K | +$2.0M | +0.7% | $645.81B |
| Bank of New York Mellon Corp | $10.1M | $36.62 | +$3.1M | +$3.9M | -0.2% | $543.21B |
| Valeo Financial Advisors, LLC | $10.1M | $30.52 | −$387K | +$415K | -0.6% | $4.18B |
| ROYAL BANK OF CANADA | $9.1M | $41.06 | +$296K | −$314K | -0.2% | $526.36B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)BULLISH
Holders
-0.67%
avg per quarter
Holders (ex-self)
-0.52%
excl. this stock
Buyers (this Q)
-0.13%
97 buyers · $0.32B in
Sellers (this Q)
-0.80%
54 sellers · $-0.24B out
alpha coverage: 96% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
-22.7%
how holders react when this stock falls
On quiet Qs
+1.2%
−10% to +10% baseline
On rallies (+10%+)
-11.8%
how they react when this stock rises
Holders' portfolio flow this Q
+860.5%
inflows — adds are organic
Sellers' portfolio flow this Q
+1426.2%
Sellers grew AUM elsewhere — opinionated cut of this stock.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-0.5%
Holder mid (any stock)
+1.5%
Holder rally (any stock)
+0.2%
Biggest decreases this quarter
ROYCE & ASSOCIATES LP−$10.3Mα-0.9Elser Financial Planning, Inc−$4.8Mα-0.6MARSHALL WACE, LLPexited−$4.8MQube Research & Technologies Ltdexited−$4.7MMILLENNIUM MANAGEMENT LLCexited−$4.4MHOTCHKIS & WILEY CAPITAL MANAGEMENT LLC−$3.8Mα-0.1Black Maple Capital Management LPexited−$2.8MY-Intercept (Hong Kong) Ltdexited−$2.3MHRT FINANCIAL LPexited−$2.0MDARK FOREST CAPITAL MANAGEMENT LPexited−$1.9M
New buyers this quarter
Top-5 holders · 77.2%
Elser Financial Planning, Inc--
BlackRock, Inc.--
DIMENSIONAL FUND ADVISORS LP--
Doma Perpetual Capital Management LLC--
NOMURA ASSET MANAGEMENT INTERNATIONAL INC.--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
Elser Financial Planning, Inc27.0MDoma Perpetual Capital Management LLC1.1MNOMURA ASSET MANAGEMENT INTERNATIONAL INC.1.1MMACQUARIE GROUP LTD—BASSWOOD CAPITAL MANAGEMENT, L.L.C.274KAMERICAN CENTURY COMPANIES INC743KROYCE & ASSOCIATES LP567KJPMORGAN CHASE & CO29KInvesco Ltd.155KBANC FUNDS CO LLC281K
Analyst Coverage
Analyst Coverage
Price Targets
Last Quarter (2 analysts)$54.501560.0%
Last Year (4 analysts)$47.5080.0%
Current Price$47.14
Analyst Ratings
5
2
Buy: 5Hold: 2Consensus: Buy
Corporate
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Officers & directors
Buys ($, 12mo)
$1.24M
5 txns · 3 insiders · 40,353 sh
Sells ($, 12mo)
$253K
1 txn · 1 insider · 5,500 sh
Major holders (≥10% beneficial owners)
Buys ($, 12mo)
$0
0 txns · 0 insiders · 0 sh
Sells ($, 12mo)
$4.40M
29 txns · 1 insider · 151,072 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-05-06 | SELL | Petrie Michael F. | director, 10 percent owner, officer: Chairman and CEO | 8,334 | $46.86 | $391K | $87.39M |
| 2026-05-05 | SELL | Petrie Michael F. | director, 10 percent owner, officer: Chairman and CEO | 30,696 | $46.75 | $1.44M | $34.41M |
| 2026-02-26 | SELL | Petrie Michael F. | director, 10 percent owner, officer: Chairman and CEO | 28,871 | $32.62 | $942K | $96K |
| 2026-02-25 | SELL | Petrie Michael F. | director, 10 percent owner, officer: Chairman and CEO | 377 | $20.20 | $8K | $340K |
| 2026-02-18 | SELL | Petrie Michael F. | director, 10 percent owner, officer: Chairman and CEO | 1,502 | $20.20 | $30K | $348K |
| 2026-02-17 | SELL | Petrie Michael F. | director, 10 percent owner, officer: Chairman and CEO | 100 | $20.20 | $2K | $378K |
| 2026-02-10 | SELL | Petrie Michael F. | director, 10 percent owner, officer: Chairman and CEO | 4,455 | $20.20 | $90K | $380K |
| 2026-02-10 | SELL | Schroeter Martin A | officer: President-Warehouse Lending | 5,500 | $46.06 | $253K | $501K |
| 2026-02-09 | SELL | Petrie Michael F. | director, 10 percent owner, officer: Chairman and CEO | 14,610 | $20.20 | $295K | $470K |
| 2026-02-06 | SELL | Petrie Michael F. | director, 10 percent owner, officer: Chairman and CEO | 7,149 | $20.20 | $144K | $765K |
| 2026-02-05 | SELL | Petrie Michael F. | director, 10 percent owner, officer: Chairman and CEO | 2,034 | $20.20 | $41K | $909K |
| 2026-02-04 | SELL | Petrie Michael F. | director, 10 percent owner, officer: Chairman and CEO | 6,929 | $20.20 | $140K | $951K |
| 2026-02-03 | SELL | Petrie Michael F. | director, 10 percent owner, officer: Chairman and CEO | 1,383 | $20.20 | $28K | $1.09M |
| 2026-02-02 | SELL | Petrie Michael F. | director, 10 percent owner, officer: Chairman and CEO | 2,404 | $20.20 | $49K | $1.12M |
| 2025-12-12 | SELL | Petrie Michael F. | director, 10 percent owner, officer: Chairman and CEO | 1,380 | $19.00 | $26K | $1.10M |
| 2025-12-11 | SELL | Petrie Michael F. | director, 10 percent owner, officer: Chairman and CEO | 5,336 | $19.00 | $101K | $1.12M |
| 2025-12-10 | SELL | Petrie Michael F. | director, 10 percent owner, officer: Chairman and CEO | 7,541 | $19.00 | $143K | $1.23M |
| 2025-12-08 | SELL | Petrie Michael F. | director, 10 percent owner, officer: Chairman and CEO | 1,129 | $19.03 | $21K | $1.37M |
| 2025-12-05 | SELL | Petrie Michael F. | director, 10 percent owner, officer: Chairman and CEO | 3,159 | $19.14 | $60K | $1.40M |
| 2025-12-04 | SELL | Petrie Michael F. | director, 10 percent owner, officer: Chairman and CEO | 3,109 | $19.14 | $60K | $1.46M |
Order Flow (FINRA, ~3w lag)
6.6%retail-0.5pp
32.8%dark+5.4pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
Merchants Bancorp: Complex Capital Tiering and Preferred Stock Proliferation
Overall Risk
3/10
Fraud
1/10
Dilution
4/10
Insolvency
2/10
Earnings Overstated
2/10
Hidden Liabilities
3/10
Legal
2/10
Audit Warnings
1/10
Hidden Upside
2/10
Contextually Acceptable
9/10