Merchants Bancorp Depositary Shares, Each Representing a 1/40thInterest in a Share of 7.25% Fixed Rate Series E Non-CumulativePerpetual Preferred Stock, without par value (MBINL)

Price$24.95

Value ScoreC

Growth ScoreF

Momentum ScoreA

Favorite Metrics

Price vs S&P 500 (26W)39.03%

Price vs S&P 500 (4W)-3.81%

VGM Score51.09

Market Capitalization$2.17B

P/E Ratio (Annual)9.90x

Indicated Dividend Yield (Annual)0.93%

All Metrics

Book Value / Share (Quarterly)$50.73

P/TBV (Annual)0.76x

Indicated Dividend (Annual)$0.44

Cash Flow / Share (Quarterly)$-24.30

Payout Ratio (TTM)26.23%

Price vs S&P 500 (YTD)27.47%

EPS (TTM)$4.97

10-Day Avg Trading Volume0.10M

EPS Excl Extra (TTM)$4.97

EPS (Annual)$4.77

Dividend / Share (Annual)$1.30

ROI (Annual)9.27%

P/E Basic Excl Extra (TTM)9.49x

EPS Growth (5Y)-5.33%

P/E Normalized (Annual)9.90x

ROA (Last FY)1.12%

EBITD / Share (TTM)$6.00

ROE (5Y Avg)15.00%

Cash Flow / Share (Annual)$-8.21

P/B Ratio0.93x

P/B Ratio (Quarterly)0.85x

Net Income / Employee (Annual)$297,600

ROA (TTM)1.17%

EPS Growth QoQ (YoY)16.09%

EV / EBITDA (TTM)9.17x

EPS Incl Extra (Annual)$4.77

3-Month Avg Trading Volume0.28M

52-Week Price Return43.90%

P/E Incl Extra (TTM)9.49x

Tangible BV / Share (Quarterly)$45.73

52-Week High$50.26

EPS Excl Extra (Annual)$4.77

CapEx CAGR (5Y)57.78%

Tangible BV CAGR (5Y)23.24%

26-Week Price Return54.96%

13-Week Price Return7.23%

Total Debt / Equity (Annual)0.04x

Enterprise Value$2.58B

Book Value / Share Growth (5Y)12.00%

3-Month Return Std Dev30.22%

Net Income / Employee (TTM)$310,600

EBITDA CAGR (5Y)1.73%

EBITDA Interim CAGR (5Y)0.24%

ROE (Last FY)9.59%

EPS Basic Excl Extra (Annual)$4.77

P/FCF (TTM)13.11x

EV / Free Cash Flow (TTM)244.87x

Total Debt / Equity (Quarterly)0.18x

EPS Incl Extra (TTM)$4.97

ROI (TTM)9.13%

Dividend Growth Rate (5Y)9.49%

Tangible BV / Share (Annual)$44.96

Forward P/E8.78x

Price vs S&P 500 (52W)15.69%

P/E Ratio (TTM)9.49x

EPS Growth TTM (YoY)-22.26%

Year-to-Date Return38.40%

5-Day Price Return2.50%

EPS Normalized (Annual)$4.77

ROA (5Y Avg)1.64%

Month-to-Date Return1.29%

EBITD / Share (Annual)$5.83

EPS Growth (3Y)-2.03%

LT Debt / Equity (Annual)0.04x

P/CF (TTM)41.04x

ROI (5Y Avg)13.06%

P/E Excl Extra (TTM)9.49x

LT Debt / Equity (Quarterly)0.12x

EPS Basic Excl Extra (TTM)$4.97

P/TBV (Quarterly)0.94x

Payout Ratio (Annual)27.16%

P/B Ratio (Annual)0.69x

Dividend / Share (TTM)$1.30

Book Value / Share (Annual)$49.70

Price vs S&P 500 (13W)-2.51%

Dividend Yield (TTM)2.77%

Beta1.17x

P/FCF (Annual)2.24x

ROE (TTM)10.12%

52-Week Low$28.75

vGradeC

gGradeF

mGradeA

vgmGradeC

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Industry Peers — State Banks(184)

Symbol	Value Score	Growth Score	Momentum Score	Price
MBINLMerchants Bancorp Depositary Shares, Each Representing a 1/40thInterest in a Share of 7.25% Fixed Rate Series E Non-CumulativePerpetual Preferred Stock, without par value	C	F	A	$24.95
BNSBank of Nova Scotia	C	C	B	$78.61
BKBank of New York Mellon Corporation	D	B	A	$137.16
ITUBItau Unibanco Holding S.A. American Depositary Shares	B	D	F	$7.79
DBDeutsche Bank Aktiengesellschaft	B	B	F	$32.19
FITBIFifth Third Bancorp Depositary Shares	D	C	C	$25.71
FITBMFifth Third Bancorp Depositary Shares Representing a 1/40th Ownership Interest in a Share of 6.875% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series M	D	C	C	$26.26
FITBOFifth Third Bancorp Depositary Shares each representing a 1/1000th ownership interest in a share of Non-Cumulative Perpetual Preferred Stock, Series K	D	C	C	$18.52
FITBFifth Third Bancorp	D	C	C	$48.56
STTState Street Corporation	C	C	A	$159.79
BBDBanco Bradesco S.A. American Depositary Shares (Each representing one Preferred Shares)	B	C	F	$3.47

About

Merchants Bancorp is a bank holding company specializing in FHA-backed multi-family housing and healthcare facility financing, supplemented by residential mortgage banking and traditional community banking services. The company operates through three integrated segments: Multi-family Mortgage Banking (government-sponsored mortgage origination and servicing), Mortgage Warehousing (warehouse financing and commercial lending), and Banking (portfolio lending and community banking).