Merchants Bancorp (MBIN) Financial Ratios

For fiscal 2025 (fiscal year ended Dec 31, 2025), Merchants Bancorp had a P/E ratio of 9.01 (up from 5.88), return on equity of 9.7% (down from 16.3%), debt-to-equity of 1.69 (down from 1.96) and return on assets of 1.1% (down from 1.8%). Its dividend yield was 1.17% with a payout ratio of 27.2%.

Merchants Bancorp Financial Ratios Analysis

Valuation, profitability, leverage, and liquidity ratios

Income Statement Balance Sheet Cash Flow Ratios

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Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Valuation Ratios
P/E Ratio	9.01	5.88	7.53	5.41	6.61	4.78
Forward P/E	7.50	6.86	7.71	5.73	7.98	5.52
P/S Ratio	2.77	2.58	3.52	2.45	3.17	2.34
P/B Ratio	0.69	0.74	1.08	0.72	1.18	0.98
Price/Tangible Book	0.91	1.07	1.55	1.11	1.76	1.37
Price/FCF	-	-	-	1.08	-	-
Price/OCF	-	-	-	1.07	-	-
PEG Ratio	0.71	0.71	0.71	0.71	-	-
Enterprise Value Ratios
Profitability & Returns
Return on Equity (ROE)	9.67%	16.25%	17.67%	16.80%	23.10%	24.66%
Return on Assets (ROA)	1.14%	1.79%	1.89%	1.84%	2.17%	2.25%
Leverage & Solvency Ratios
Debt/Equity	1.69	1.96	0.58	0.65	0.90	1.67
Debt/FCF	-	-	-	0.98	-	-
Liquidity Ratios
Efficiency Ratios
Yield & Distribution Ratios
Earnings Yield	14.00%	19.20%	15.17%	20.96%	16.67%	22.73%
FCF Yield	-23.17%	-51.15%	-19.77%	92.43%	-3.88%	-110.61%
Dividend Yield	1.17%	0.99%	0.75%	1.15%	0.76%	1.20%
Payout Ratio	27.16%	15.97%	17.37%	17.32%	13.75%	13.11%
Buyback Yield	-2.08%	-3.83%	-0.07%	0.02%	-0.37%	-0.11%
Total Return	-0.91%	-2.84%	0.69%	1.17%	0.40%	1.09%

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Merchants Bancorp Financial Ratios

What is Merchants Bancorp's P/E ratio?

Merchants Bancorp's P/E ratio was 9.01 for fiscal 2025 (period ended Dec 31, 2025). It was 5.88 a year earlier.

What is Merchants Bancorp's return on equity?

Merchants Bancorp's return on equity (ROE) was 9.7% for fiscal 2025 (period ended Dec 31, 2025). It was 16.3% a year earlier.

What is Merchants Bancorp's debt-to-equity ratio?

Merchants Bancorp's debt-to-equity ratio was 1.69 for fiscal 2025 (period ended Dec 31, 2025). It was 1.96 a year earlier.

What is return on equity (ROE)?

Return on equity is net income divided by shareholders' equity. It measures how much profit a company generates from the capital its shareholders have invested. Full definition