US · MBIN
Merchants Bancorp
- Sector
- Financial Services · Banks - Regional
- Headquarters
- Carmel, IN 46032
- Website
- merchantsbancorp.com
Price · as of 2025-12-31
$46.60
Market cap 1.94B
Valuation summary
Four models, one snapshot. Upside is target ÷ current − 1.
| Valuation method | Value, $ | Upside, % |
|---|---|---|
| Artificial Intelligence(AI) | $78.68 | +68.84% |
| Intrinsic Value(DCF) | $21.92 | -52.96% |
| Graham-Dodd Method(GD) | $53.96 | +15.8% |
| Graham Formula(GF) | $13.23 | -71.61% |
Valuation history
Annual price (USD per share) overlaid with each model's fair value. Y-axis is log scale.
| Year | Price | AI | DCF | Graham-Dodd | Graham Formula |
|---|---|---|---|---|---|
| 2011 | |||||
| 2012 | |||||
| 2013 | |||||
| 2014 | |||||
| 2015 | |||||
| 2016 | $8.78 | $29.11 | |||
| 2017 | $13.65 | $39.52 | $853.79 | $15.31 | $78.09 |
| 2018 | $12.23 | $106.18 | $319.23 | $13.12 | $59.95 |
| 2019 | $11.21 | $200.46 | $64.00 | $17.78 | $78.50 |
| 2020 | $27.60 | $30.18 | $651.93 | $31.14 | $264.75 |
| 2021 | $26.59 | $49.94 | $27.51 | $41.85 | $118.25 |
| 2022 | $24.96 | $619.08 | $127.39 | $45.67 | $189.41 |
| 2023 | $43.70 | $71.54 | $16,824.20 | $54.46 | $654.39 |
| 2024 | $38.23 | $49.74 | $4,934.48 | $68.44 | $205.65 |
| 2025 | $43.36 | $78.68 | $38.13 | $53.96 | $13.23 |
AI valuation
Our deep-learning model estimates Merchants Bancorp's (MBIN) per-share fair value from quarterly fundamentals, sector trend, and historical valuation patterns.
- AI fair value
- $78.68
- Current price
- $46.60
- AI upside
- +68.84%
Methodology and confidence bands appear in the dedicated valuation theory section. The AI score is an estimate, not a recommendation.
Intrinsic value (DCF)
Open DCF calculatorThree textbook valuation models, recomputed daily from the latest financial statements. The DCF uses our Chepakovich model. Graham-Dodd and Graham Formula are conservative reference points.
DCF
$21.92
-52.96% upside
Graham-Dodd
$53.96
+15.8% upside
Graham Formula
$13.23
-71.61% upside
Peer comparison
Same-industry comparables, ranked by market cap.
| Basic Info | Model Valuation | Core Valuation | Profitability | Leverage & Liquidity | Growth | Cash Flow | Dividends | Enterprise Value | Risk | ||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Ticker | Company Name | Price | Market Cap | AI Upside | DCF Upside | GD Upside | GF Upside | P/E | P/B | P/S | EV/EBITDA | PEG | P/TBV | Gross Margin | Operating Margin | Net Margin | ROE | ROIC | ROA | Debt/Equity | Interest Coverage | Current Ratio | Quick Ratio | Net Debt/EBITDA | EPS Growth | Sales Growth | FCF Growth | FCF Yield | Op Cash Flow Ratio | Cash ROIC | Dividend Yield | Dividend Payout | Shareholder Yield | EV/EBIT | EV/FCF | EV/Sales | Altman Z-Score |
| MBIN | Merchants Bancorp | $46.60 | 1.94B | +69% | -53% | +16% | -72% | 9.09 | 0.87 | 1.46 | 18.77 | — | 0.88 | 41.29% | 19.32% | 16.02% | 9.67% | 3.89% | 1.14% | 1.68 | 0.39 | 1.61 | 1.61 | 14.51 | -4000.00% | -565.00% | -6003.00% | -17.16% | -0.05 | -6.06% | 2.99% | 27.20% | 4.63% | 18.77 | -14.51 | 3.63 | 0.57 |
| FRME | First Merchants Corporati… | $39.08 | 2.46B | -37% | -10% | -29% | -22% | 10.05 | 0.92 | 2.16 | 6.17 | 72.92 | 1.30 | 60.96% | 24.67% | 21.52% | 9.47% | 12.33% | 1.21% | 0.41 | 0.67 | 0.20 | 0.20 | 3.17 | 1378.00% | -32.00% | 655.00% | 12.49% | 0.04 | 15.48% | 3.73% | 37.50% | 5.80% | 6.87 | 6.28 | 1.70 | -0.11 |
| GABC | German American Bancorp, … | $41.34 | 1.55B | -1% | +321% | -56% | +347% | 13.69 | 1.33 | 3.16 | 11.47 | 168.50 | 2.05 | 70.17% | 28.74% | 23.11% | 12.00% | 21.95% | 1.53% | 0.16 | 1.11 | 0.06 | 0.06 | 0.79 | 813.00% | 5454.00% | -9777.00% | 0.13% | 0.00 | 0.39% | 2.81% | 38.40% | 4.69% | 11.47 | 793.24 | 3.30 | 0.08 |
| LKFN | Lakeland Financial Corpor… | $58.09 | 1.48B | +23% | -29% | -14% | -57% | 14.54 | 1.97 | 3.56 | 11.86 | 138.94 | 1.98 | 60.99% | 29.78% | 24.51% | 14.29% | 23.02% | 1.51% | 0.24 | 0.82 | 0.03 | 0.03 | 0.97 | 1047.00% | -193.00% | -4163.00% | 3.64% | 0.01 | 12.20% | 0.00% | 0.00% | 0.00% | 12.31 | 28.22 | 3.67 | -0.61 |
| LOB | Live Oak Bancshares, Inc. | $36.27 | 1.66B | +15% | +125% | -20% | +28% | 16.79 | 1.30 | 1.40 | 6.92 | 550.72 | 1.30 | 42.68% | 9.60% | 8.34% | 8.14% | -50.69% | 0.64% | 0.11 | 0.20 | 0.05 | 0.05 | -4.41 | 305.00% | 1967.00% | -1502.00% | 37.48% | 0.05 | -318.95% | 0.42% | 7.00% | 0.42% | 8.72 | 1.60 | 0.84 | -0.79 |
| NBHC | National Bank Holdings Co… | $39.99 | 1.51B | -21% | -17% | -39% | -54% | 14.17 | 1.12 | 2.66 | 4.13 | — | 1.51 | 69.18% | 24.44% | 18.76% | 8.15% | 18.22% | 1.11% | 0.05 | 0.83 | 0.27 | 0.27 | -2.10 | -747.00% | -175.00% | 979.00% | 8.53% | 0.05 | 20.63% | 2.97% | 42.00% | 25.88% | 4.76 | 5.13 | 1.16 | -0.01 |
| SRCE | 1st Source Corporation | $67.01 | 1.64B | -46% | +37% | -14% | +27% | 10.45 | 1.30 | 2.76 | 1.88 | 50.93 | 1.39 | 70.32% | 34.18% | 26.38% | 13.27% | 72.43% | 1.76% | 0.27 | 1.23 | 12.62 | 12.62 | 1.27 | 2052.00% | 520.00% | 1771.00% | 12.91% | 1.77 | 97.42% | 2.32% | 24.30% | 3.16% | 1.97 | 1.89 | 0.67 | 0.62 |
| STBA | S&T Bancorp, Inc. | $41.81 | 1.6B | -9% | -13% | -40% | -28% | 12.34 | 1.13 | 2.91 | 11.44 | 466.07 | 1.52 | 69.43% | 29.54% | 23.61% | 9.44% | 12.62% | 1.37% | 0.18 | 1.01 | 0.03 | 0.00 | 1.58 | 265.00% | 63.00% | -2437.00% | 7.78% | 0.03 | 12.11% | 3.19% | 39.40% | 5.38% | 11.44 | 14.91 | 3.38 | -0.39 |
| STEL | Stellar Bancorp, Inc. | $37.66 | 1.93B | +27% | -9% | -14% | -80% | 19.06 | 1.18 | 3.29 | -2.28 | — | 1.78 | 69.31% | 21.43% | 17.25% | 6.28% | -20.51% | 0.95% | 0.02 | 0.74 | 0.02 | 0.42 | -2.97 | -744.00% | -467.00% | -2419.00% | 4.95% | 0.02 | -19.34% | 0.00% | 0.00% | 0.00% | -2.28 | -3.01 | -0.49 | -0.30 |
| TCBK | TriCo Bancshares | $47.78 | 1.55B | +36% | -16% | +5% | -23% | 12.91 | 1.18 | 2.94 | -1.18 | 186.62 | 1.54 | 75.85% | 31.73% | 22.79% | 9.54% | 29.90% | 1.25% | 0.08 | 1.41 | 0.44 | 0.44 | -0.27 | 692.00% | 178.00% | -10000.00% | 0.00% | 0.00 | 0.00% | 0.00% | 0.00% | 7.70% | -1.27 | — | -0.40 | 0.03 |
| WAFD | WaFd, Inc. | $31.16 | 2.38B | +7% | +11% | -9% | -40% | 11.31 | 0.84 | 1.81 | 3.68 | 217.42 | 0.98 | 50.90% | 20.54% | 16.03% | 7.49% | 15.33% | 0.83% | 0.60 | 0.42 | 0.15 | 0.15 | 3.87 | 520.00% | -158.00% | -4977.00% | 8.15% | 0.01 | 14.12% | 3.88% | 43.90% | 7.87% | 3.80 | 5.29 | 0.78 | -0.62 |
About Merchants Bancorp
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 low-income housing tax credit and debt funds. The Mortgage Warehousing segment funds agency eligible residential loans, including origination, purchase, and sale in the secondary market, as well as commercial loans to non-depository financial institutions. The Banking segment offers a range of financial products and services to consumers and businesses, such as various types of deposit products, as well as multi-family construction and bridge, commercial real estate, commercial and industrial, agricultural, residential mortgage, and consumer loan products. This segment also provides single-family mortgage lending; construction, bridge, and lot financing; first-lien home equity lines of credit; and small business administration lending products and services. Merchants Bancorp was founded in 1990 and is headquartered in Carmel, Indiana.
- CEO
- Michael F. Petrie
- Employees
- 663
- Beta
- 1.26
Disclaimer: Information on this page is provided for educational purposes only and does not constitute investment advice. Upside computed as ($21.92 ÷ $46.60) − 1 = -52.96% (DCF, example).