FB Financial vs Merchants Bancorp
Merchants Bancorp is the larger business, with $681m of revenue in fiscal 2025 against $560m for FB Financial (1.2 times as much). FB Financial grew faster (22.9% against 1.6%). Merchants Bancorp kept more of each dollar of sales as profit: a net margin of 32.1% against 21.9%.
| Latest fiscal year | FB FinancialFBK, 2025 | Merchants BancorpMBIN, 2025 |
|---|---|---|
| Revenue | $560m | $681m |
| Revenue growth | 22.9% | 1.6% |
| Net income | $123m | $219m |
| Operating margin | — | — |
| Net margin | 21.9% | 32.1% |
| Return on equity | 7.0% | 9.7% |
| Free cash flow | $147m | −$362m |
| Cash | $1.16bn | $212m |
| Total debt | $213m | $3.84bn |
| Debt to equity | — | — |
| Dividend per share | $0.76 | — |
| Dividend yield | 1.6% | 2.5% |
| Share buybacks | $156m | — |
| Employees | 1,594 | 735 |
| Market value | $2.72bn | $2.40bn |
| Price vs our value range | — | — |
| Moat score | 60 (Moderate) | 76 (Strong) |
| Insider trades, 12 months | 2 buys, 3 sales | 0 buys, 34 sales |