Merchants Bancorp (MBIN) Financials

$52.68

$0.08 (0.15%)

As on 04-Sep-2026 16:00EDT

Market cap

$2,420 Mln

Revenue (TTM)

$1,309 Mln

P/E Ratio

10.6

P/B Ratio

1.3

Div. Yield

0.8 %

Income Statement ($ Mln)	TTM	Dec-25	Dec-24	Dec-23	Dec-22	Dec-21
Operating Revenue	1,309.38	1,365.24	1,447.07	1,189.06	602.07	461.56
Cost of Revenue	714.80	801.55	804.38	669.96	179.58	38.90
Gross Profit	594.58	563.69	642.69	519.10	422.49	422.66
Operating Expenses	317.70	299.89	220.05	171.19	131.35	117.73
Operating Profit (EBIT)	276.88	263.80	422.64	347.91	291.14	304.93
Other Income	--	--	--	--	--	--
Profit before Tax	322.56	263.80	422.64	347.91	291.14	304.93
Provision for Tax	53.97	45.03	102.26	68.67	71.42	77.83
Profit after Tax (Net Income)	268.59	218.77	320.39	279.23	219.72	227.10
Minority Interest	--	--	--	--	--	--
Consolidated Profit	--	--	--	--	193.74	206.23

Liabilities ($ Mln)	TTM	Dec-25	Dec-24	Dec-23	Dec-22	Dec-21
Shareholder's Funds	2,393.80	2,280.76	2,243.31	1,701.08	1,459.74	1,155.41
Minority Interest	--	--	--	--	--	--
Non-Current Liabilities	14,630.42	13,405.87	4,642.45	1,189.97	1,054.14	1,053.12
Current Liabilities	4,205.75	3,762.32	11,919.98	14,061.46	10,101.35	300.00
Total Liabilities	25,435.74	19,448.94	18,805.73	16,952.52	12,615.23	11,278.64

Assets ($ Mln)	TTM	Dec-25	Dec-24	Dec-23	Dec-22	Dec-21
Non-Current Assets	21,130.03	81.94	18,155.71	15,163.06	12,009.46	1,038.98
Current Assets	99.95	11,914.09	650.03	1,789.46	605.76	1,367.35
Total Assets	21,329.94	19,448.94	18,805.73	16,952.52	12,615.23	11,278.64
Total Debt*	4,282.60	3,842.59	4,336.12	964.13	940.39	1,333.95
Net Current Assets	--	--	--	--	--	--

Cashflow ($ Mln)	TTM	Dec-25	Dec-24	Dec-23	Dec-22	Dec-21
Cash From Operating Activities	--	-149.36	-835.28	-356.40	975.77	-49.22
Cash Flow from Investing Activities	--	-387.56	-874.28	-3,260.08	-2,862.85	-474.26
Cash from Financing Activities	--	272.51	1,601.74	3,974.74	1,080.63	1,376.36
Net Cash Inflow / Outflow	--	--	--	--	-806.45	852.89

Financials Ratios	TTM	Dec-25	Dec-24	Dec-23	Dec-22	Dec-21
Adjusted EPS ($)	5.84	4.76	6.98	6.43	5.08	5.23
Cash EPS ($)	--	4.83	7.04	6.49	5.13	5.28
Adjusted Book Value ($)	--	49.61	48.85	39.17	33.73	26.62
Dividend per Share ($)	--	--	--	--	--	--
Cash Flow per Share ($)	--	-3.25	-18.19	-8.21	22.55	-1.13
Free Cash Flow per Share ($)	--	-3.70	-18.59	-8.38	22.34	-1.22

Profitability Ratios	TTM	Dec-25	Dec-24	Dec-23	Dec-22	Dec-21
ROCE (%)	--	3.44	6.93	11.03	8.99	3.50
ROE (%)	11.49	9.67	16.25	17.67	16.80	4.82
ROA (%)	1.28	1.14	1.79	1.89	1.84	2.17
EBIT Margin (%)	17.01	19.32	29.21	29.26	48.36	66.06
Net Margin (%)	20.51	16.02	22.14	23.48	36.49	49.20
Cash Profit Margin (%)	0.00	--	--	--	--	--

Growth Ratios	TTM	Dec-25	Dec-24	Dec-23	Dec-22	Dec-21
Revenue Growth (%)	-6.35	-0.06	0.22	0.97	0.30	0.15
EBIT Growth (%)	-33.41	-37.58	21.48	19.50	-4.52	25.30
Net Profit Growth (%)	6.09	-31.72	14.74	27.09	-3.25	25.80
EPS Growth (%)	5.95	-0.32	0.09	0.27	-0.03	0.25
Book Value Growth (%)	9.39	--	--	--	--	--

Valuation Ratios	TTM	Dec-25	Dec-24	Dec-23	Dec-22	Dec-21
Price / Earnings	10.58	7.16	5.23	6.62	4.79	9.04
Price / Book Value	1.31	0.69	0.75	1.09	0.72	1.78
Dividend Yield (%)	0.80	--	--	--	--	--
EV/EBITDA	--	16.94	12.79	3.18	4.92	6.66
Close Price ($)	50.00	34.06	36.47	42.58	24.32	31.55
High Price ($)	51.47	43.82	53.27	43.89	33.57	33.00
Low Price ($)	28.75	27.25	35.56	21.50	21.52	17.97
Market Cap ($ Cr)	2,420.02	--	--	--	--	--

Solvency Ratios	TTM	Dec-25	Dec-24	Dec-23	Dec-22	Dec-21
Debt to Equity	1.79	1.68	1.93	0.57	0.64	1.15
Short term debt to equity ratio	1.76	1.65	--	0.48	0.02	0.26
Current Ratio	0.02	3.17	0.05	0.13	0.06	4.56
Quick Ratio	0.02	--	--	0.85	-0.63	10.04
Interest Coverage	1.50	0.39	0.54	0.55	1.79	9.00

Operating Efficiency Ratios	TTM	Dec-25	Dec-24	Dec-23	Dec-22	Dec-21
Debtors to sales (%)	6.27	808.15	5.76	7.68	9.34	5.22
Asset Turnover	0.06	0.07	0.08	0.08	0.05	0.04
Receivable days	--	1,487.04	22.05	22.67	24.38	18.15
Inventory Days	--	--	-4,633.21	-879.73	5,423.24	-10,336.05
Payable days	--	--	--	5,490.73	19,377.37	76,941.90
Cash Conversion Cycle	--	--	--	-6,347.79	-13,929.74	-87,259.80

*TTM (Trailing Twelve Months) data based on income statement of last 4 quarters and interim half yearly balance sheet.

Income Statement ($ Mln)