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Merchants Bancorp key statistics and ratios

In fiscal 2025, Merchants Bancorp had return on equity of 9.7% and a net margin of 32.1%. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Net margin41.1%40.2%47.9%45.1%45.7%51.3%52.2%49.4%49.6%47.8%32.1%37.6%
Return on equity19.2%18.7%19.1%15.9%14.4%24.7%23.1%16.8%17.7%16.2%9.7%11.5%
Return on assets1.3%1.3%1.8%1.7%1.5%2.3%2.2%1.8%1.9%1.8%1.1%1.3%
Effective tax rate39.8%39.5%29.1%25.2%24.3%25.8%25.5%24.5%19.7%24.2%17.1%16.7%
Dividends ÷ net income14.9%18.8%14.5%16.2%22.3%13.1%13.8%17.3%17.4%16.0%27.2%22.5%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Moat

76 /100

Strong moat

How hard Merchants Bancorp's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 19 / 20

    Net income has been a median 1.5% of total assets over 10 years.

  • Durability 20 / 20

    Net margin has been a median 48.6%; its worst year was 37.6%.

  • Discipline 9 / 20

    The diluted share count rose 6.7% over five years.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (81 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

Head to head: BANF vs MBINMBIN vs NWBIFRME vs MBINFBK vs MBIN

More: Regional Banks stocks compared, Financials sector, rankings of US companies

Figures from Merchants Bancorp's SEC filings (10-K and 10-Q), retrieved October 26, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Merchants Bancorp.