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$24.21

Favorite Metrics

Price vs S&P 500 (26W)41.63%

Price vs S&P 500 (4W)7.34%

Market Capitalization$2.17B

P/E Ratio (Annual)9.90x

Indicated Dividend Yield (Annual)0.94%

All Metrics

Book Value / Share (Quarterly)$49.70

P/TBV (Annual)0.76x

Indicated Dividend (Annual)$0.40

Cash Flow / Share (Quarterly)$-8.21

Payout Ratio (TTM)27.16%

Price vs S&P 500 (YTD)34.94%

EPS (TTM)$4.76

10-Day Avg Trading Volume0.19M

EPS Excl Extra (TTM)$4.76

EPS (Annual)$4.77

Dividend / Share (Annual)$1.30

ROI (Annual)9.27%

P/E Basic Excl Extra (TTM)9.90x

EPS Growth (5Y)-5.33%

P/E Normalized (Annual)9.90x

ROA (Last FY)1.12%

EBITD / Share (TTM)$5.82

ROE (5Y Avg)15.00%

Cash Flow / Share (Annual)$-8.21

P/B Ratio0.95x

P/B Ratio (Quarterly)0.69x

Net Income / Employee (Annual)$0

ROA (TTM)1.14%

EPS Growth QoQ (YoY)-29.16%

EV / EBITDA (TTM)8.40x

EPS Incl Extra (Annual)$4.77

3-Month Avg Trading Volume0.29M

52-Week Price Return46.85%

P/E Incl Extra (TTM)9.90x

Tangible BV / Share (Quarterly)$44.96

52-Week High$48.50

EPS Excl Extra (Annual)$4.77

CapEx CAGR (5Y)57.78%

Tangible BV CAGR (5Y)23.24%

26-Week Price Return45.62%

13-Week Price Return34.50%

Total Debt / Equity (Annual)0.04x

Enterprise Value$2,245.007

Book Value / Share Growth (5Y)12.00%

3-Month Return Std Dev43.72%

Net Income / Employee (TTM)$0

EBITDA CAGR (5Y)1.73%

EBITDA Interim CAGR (5Y)-1.48%

ROE (Last FY)9.59%

EPS Basic Excl Extra (Annual)$4.77

P/FCF (TTM)13.10x

EV / Free Cash Flow (TTM)244.87x

Total Debt / Equity (Quarterly)0.04x

EPS Incl Extra (TTM)$4.76

ROI (TTM)9.15%

Dividend Growth Rate (5Y)9.49%

Tangible BV / Share (Annual)$44.96

Forward P/E8.98x

Price vs S&P 500 (52W)17.02%

P/E Ratio (TTM)9.90x

EPS Growth TTM (YoY)-33.13%

Year-to-Date Return37.58%

5-Day Price Return-1.43%

EPS Normalized (Annual)$4.77

ROA (5Y Avg)1.64%

Month-to-Date Return9.21%

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)9.90x

LT Debt / Equity (Quarterly)0.04x

EPS Basic Excl Extra (TTM)$4.76

P/TBV (Quarterly)0.76x

Payout Ratio (Annual)27.16%

P/B Ratio (Annual)0.69x

Dividend / Share (TTM)$1.29

Book Value / Share (Annual)$49.70

Price vs S&P 500 (13W)33.81%

Dividend Yield (TTM)2.74%

Beta1.21x

P/FCF (Annual)2.24x

ROE (TTM)9.89%

52-Week Low$27.25

Analyst Recommendations

Jan 2026

Feb 2026

Mar 2026

Apr 2026

4.00

Industry Peers — State Banks(184)

Symbol	P/B Ratio (Quarterly)	ROE (TTM)	ROA (TTM)	Net Interest Coverage (TTM)	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	0.69x	9.89%	1.14%	—	$24.21
ITUBItau Unibanco Holding S.A. American Depositary Shares	2.03x	20.76%	1.50%	—	$9.33
BNSBank of Nova Scotia	1.45x	10.41%	0.62%	—	$75.00
BKBank of New York Mellon Corporation	1.83x	12.66%	1.20%	—	$134.84
FITBFifth Third Bancorp	1.42x	11.96%	1.19%	—	$49.52
FITBIFifth Third Bancorp Depositary Shares	1.42x	11.96%	1.19%	—	$25.32
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	1.42x	11.96%	1.19%	—	$25.83
FITBOFifth Third Bancorp Depositary Shares each representing a 1/1000th ownership interest in a share of Non-Cumulative Perpetual Preferred Stock, Series K	1.42x	11.96%	1.19%	—	$19.38
FITBPFifth Third Bancorp Depositary Shares each representing 1/40th share of Fifth Third 6.00% Non-Cumulative Perpetual Class B Preferred Stock, Series A	1.42x	11.96%	1.19%	—	$24.05
BBDBanco Bradesco S.A. American Depositary Shares (Each representing one Preferred Shares)	1.04x	9.84%	0.81%	—	$4.15
BBDOBanco Bradesco S.A. American Depositary Shares (Each representing one Common Share, no par value)	1.04x	9.84%	0.81%	—	$3.72

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).