Merchants Bancorp - Public Comps and Valuation Multiples

Merchants Bancorp Overview

About Merchants Bancorp

Merchants Bancorp is a United States based bank holding company. It operates multiple lines of business focusing on FHA (Federal Housing Administration) multi-family housing and healthcare facility financing and servicing, retail and correspondent residential mortgage banking, and traditional community banking. The business segments of the company are: Multi-family Mortgage Banking which originates and services government-sponsored mortgages for multi-family and healthcare facilities; Mortgage Warehousing segment which funds agency-eligible residential loans as well as commercial loans to nondepository financial institutions; and the Banking segment, which generates maximum revenue, and provides various financial products and services to consumers and businesses.

Founded

1990

HQ

Employees

663

Website

merchantsbankofindiana.com

Sectors

Commercial Banking

Financials

LTM Revenue $662M

Last FY EBITDA n/a

EV

$5.9B

Valuation Multiples

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Merchants Bancorp Financials

As of September 2025, Merchants Bancorp reported last 12-month revenue of $662M.

In the same period, Merchants Bancorp achieved $203M in LTM net income.

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Merchants Bancorp P&L

In the most recent fiscal year, Merchants Bancorp reported revenue of $667M.

Merchants Bancorp expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$662M	XXX	$667M	XXX	XXX	XXX
Gross Profit	n/a	XXX	n/a	XXX	XXX	XXX
Gross Margin	n/a	XXX	n/a	XXX	XXX	XXX
EBITDA	n/a	XXX	n/a	XXX	XXX	XXX
EBITDA Margin	n/a	XXX	n/a	XXX	XXX	XXX
EBIT	$360M	XXX	n/a	XXX	XXX	XXX
EBIT Margin	54%	XXX	n/a	XXX	XXX	XXX
Net Profit	$203M	XXX	$320M	XXX	XXX	XXX
Net Margin	31%	XXX	48%	XXX	XXX	XXX
Net Debt	XXX	XXX	$3.9B	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Merchants Bancorp including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $662M.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$662M	Analyst estimates available to subscribers	$667M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	n/a	Analyst estimates available to subscribers	n/a	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	n/a	Analyst estimates available to subscribers	NaN% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	n/a	Analyst estimates available to subscribers	n/a	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	n/a	Analyst estimates available to subscribers	NaN% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$360M	Analyst estimates available to subscribers	n/a	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	54.4% EBIT margin	Analyst estimates available to subscribers	n/a	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$203M	Analyst estimates available to subscribers	$320M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	30.7% net profit margin	Analyst estimates available to subscribers	48.0% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$3.9B	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Merchants Bancorp

This financial data table provides comprehensive performance metrics for Merchants Bancorp, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Merchants Bancorp generated $662M in revenue over the last twelve months.
Net income over the last twelve months reached $203M.

Fiscal Year Performance

In the most recent fiscal year, Merchants Bancorp reported $667M in total revenue.
The company maintained a gross profit margin of NaN% in the most recent fiscal year.
EBITDA margin for the fiscal year was NaN%.
Net profit margin reached 48.0% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Merchants Bancorp. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Merchants Bancorp Stock Performance

Merchants Bancorp has current market cap of $1.5B, and EV of $5.9B.

Market Cap Evolution

Merchants Bancorp Stock Data

As of October 2, 2025, Merchants Bancorp's stock price is $32.

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$5.9B	$1.5B	XXX	XXX	XXX	XXX	$4.22

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Merchants Bancorp Valuation Multiples

Merchants Bancorp's trades at 8.8x EV/Revenue multiple, and n/a EV/EBITDA.

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Merchants Bancorp Financial Valuation Multiples

As of October 2, 2025, Merchants Bancorp has market cap of $1.5B and EV of $5.9B.

Equity research analysts estimate Merchants Bancorp's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Merchants Bancorp has a P/E ratio of 7.2x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$1.5B	XXX	$1.5B	XXX	XXX	XXX
EV (current)	$5.9B	XXX	$5.9B	XXX	XXX	XXX
EV/Revenue	8.8x	XXX	8.8x	XXX	XXX	XXX
EV/EBITDA	n/a	XXX	n/a	XXX	XXX	XXX
EV/EBIT	16.2x	XXX	n/a	XXX	XXX	XXX
EV/Gross Profit	n/a	XXX	n/a	XXX	XXX	XXX
P/E	7.2x	XXX	4.6x	XXX	XXX	XXX
EV/FCF	n/a	XXX	-6.9x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Merchants Bancorp Margins & Growth Rates

Merchants Bancorp's last 12 month revenue growth is 6%

Merchants Bancorp's revenue per employee in the last FY averaged $1.0M, while opex per employee averaged n/a for the same period.

Merchants Bancorp's rule of 40 is unknown (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Merchants Bancorp's rule of X is unknown (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Merchants Bancorp Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	6%	XXX	3%	XXX	XXX	XXX
EBITDA Margin	n/a	XXX	n/a	XXX	XXX	XXX
EBITDA Growth	n/a	XXX	n/a	XXX	XXX	XXX
Rule of 40	n/a	XXX	n/a	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	n/a	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$1.0M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	n/a	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	n/a	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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