Merchants Bancorp Financial Ratios — MBIN Stock

Profitability (USD)

	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	- -	20.49	20.87	16.85	16.6	31.99	29.62	21.95	22.49	20.57	10.77
Return on Assets (%)	- -	1.33	1.79	1.73	1.51	2.25	2.17	1.84	1.89	1.79	1.14
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	0.45	0.36	0.27	0.34	0.52	0.55	0.51	0.57	0.51	0.45	0.51
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	71.13	70.05	70.03	62.27	61.95	71.05	71.3	66.2	62.2	63.37	38.95
Profit Margin (%)	42.79	42.35	49.63	46.6	46.91	52.71	53.1	49.96	49.92	48.04	32.3
Net Income to Common Margin (%)	42.79	39.79	46.61	44.13	41.32	48.48	48.22	44.05	43.72	42.8	26.24
Effective Tax Rate (%)	39.84	39.54	29.13	25.17	24.29	25.82	25.52	24.53	19.74	24.19	17.07
Dvd Payout Ratio (%)	14.88	13.56	9	11.56	11.8	5.54	5.02	6.24	5.66	5.7	10.33
Sustainable Growth Rate (%)	- -	17.71	18.99	14.9	14.64	30.22	28.14	20.58	21.22	19.4	9.66

Credit (USD)

API ChatGPT

	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	57	57	57	195	181	1,236	1,174	940	964	4,336	3,843
ST Debt	25	25	25	33	7	- -	300	30	- -	- -	- -
LT Debt	32	32	32	162	175	1,236	874	910	964	4,336	3,843
Total Debt/EBITDA	191	205.06	191.26	423.98	212.96	651.92	535.81	378.43	338.05	1,438.66	1,108.97
Net Debt/EBITDA	-1,293.39	-1,398.18	-1,023.33	-306.01	-381.77	557.12	64.51	287.42	133.14	1,280.53	1,047.73
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	6.1	6.08	9.63	9.78	6.92	6.2	7.05	7.69	7.1	8.36	8.89
Long-Term Debt/Equity (%)	21.92	15.52	8.6	38.53	26.75	152.48	75.64	62.37	56.68	193.29	168.48
Long-Term Debt/Capital (%)	15.78	12.13	7.44	26.31	20.95	60.4	37.5	37.77	36.14	65.9	62.75
Long-Term Debt/Total Assets (%)	1.43	1.18	0.93	4.18	2.74	12.81	7.75	7.22	5.69	23.06	19.76
Total Debt/Equity (%)	38.79	27.63	15.41	46.4	27.75	152.48	101.61	64.42	56.68	193.29	168.48
Total Debt/Capital (%)	27.92	21.6	13.32	31.68	21.74	60.4	50.37	39.01	36.14	65.9	62.75
Total Debt/Total Assets (%)	2.53	2.1	1.67	5.03	2.85	12.81	10.41	7.45	5.69	23.06	19.76
Net Debt to Equity	-262.69	-188.42	-82.43	-33.49	-49.76	130.31	12.23	48.93	22.32	172.05	159.17
Net Debt/Capital (%)	161.62	213.83	-461.94	-50.3	-99.17	56.59	10.89	32.7	18.23	63.24	61.42
EBITDA	- -	- -	- -	- -	1	2	2	2	3	3	3
EBITDA-CapEx	-1	-2	-2	-15	-13	-2	-1	-6	-5	-15	-32
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

API ChatGPT

	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	6.1	6.08	9.63	9.78	6.92	6.2	7.05	7.69	7.1	8.36	8.89
Long-Term Debt/Equity (%)	21.92	15.52	8.6	38.53	26.75	152.48	75.64	62.37	56.68	193.29	168.48
Long-Term Debt/Capital (%)	15.78	12.13	7.44	26.31	20.95	60.4	37.5	37.77	36.14	65.9	62.75
Long-Term Debt/Total Assets (%)	1.43	1.18	0.93	4.18	2.74	12.81	7.75	7.22	5.69	23.06	19.76
Total Debt/Equity (%)	38.79	27.63	15.41	46.4	27.75	152.48	101.61	64.42	56.68	193.29	168.48
Total Debt/Capital (%)	27.92	21.6	13.32	31.68	21.74	60.4	50.37	39.01	36.14	65.9	62.75
Total Debt/Total Assets (%)	2.53	2.1	1.67	5.03	2.85	12.81	10.41	7.45	5.69	23.06	19.76
CFO/Total Liabilities	5.58	-5.96	-5.81	5.9	-21.98	-9.9	-0.49	8.75	-2.34	-5.04	-1.99
CFO/CapEx	81.21	-58.48	-88.08	13.18	-89.9	-241.48	-13.5	110.66	-47.34	-45.42	-9.63
Altman's Z-Score	0.1	0.11	0.2	0.23	0.15	0.16	0.2	0.19	0.19	0.2	0.2

Working Capital (USD)

API ChatGPT

	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	- -	15.7	16.09	12.18	10.24	17.07	18.65	10.94	7.58	7.63	8.2
Days Sales Outstanding	- -	23.26	22.68	29.96	35.63	21.38	19.58	33.35	48.16	47.82	44.52
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

API ChatGPT

	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	- -	- -	444	573	566	794	1,362	1,050	1,840	1,636	1,562
- Cash & Cash Equivalents	447	446	360	337	507	180	1,033	226	584	477	212
+ Preferred Equity and Hybrid Capital	10	42	42	42	213	213	362	500	500	672	551
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	57	57	57	195	181	1,236	1,174	940	964	4,336	3,843
Enterprise Value	-634	-673	-226	142	163	1,793	1,555	1,940	1,606	5,187	5,084
Total Capital	206	264	425	617	835	2,046	2,331	2,411	2,668	6,580	6,123
Total Debt/Capital (%)	27.92	21.6	13.32	31.68	21.74	60.4	50.37	39.01	36.14	65.9	62.75
Total Debt / EV	-0.09	-0.08	-0.25	1.37	1.11	0.69	0.75	0.48	0.6	0.84	0.76
EV/Sales	- -	- -	- -	1.05	0.99	5.24	3.64	4.41	2.87	7.78	7.51
EV/EBITDA	- -	- -	- -	308.66	191.21	945.83	709.81	780.79	563.15	1,721.12	1,467.22
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	0.7	- -	- -	- -	1.99	- -	- -	- -
EV/Free Cash Flow to Firm	- -	- -	- -	0.65	- -	- -	- -	1.97	- -	- -	- -
Diluted Market Cap	- -	- -	444	573	567	795	1,367	1,053	1,846	1,641	1,565
Diluted Enterprise Value	-379	-347	183	474	454	2,064	1,870	2,267	2,725	6,173	5,746
EV per Share	- -	- -	- -	3.31	3.78	41.59	36.02	44.95	37.16	115.65	110.83
TTM Sales	66	78	110	135	165	343	428	440	559	667	677
TTM EBITDA	- -	- -	- -	- -	1	2	2	2	3	3	3
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	118	-150	-176	204	-1,257	-875	-49	976	-356	-835	-341
TTM Free Cash Flow to Firm	120	-147	-174	220	-1,243	-871	-46	985	-349	-817	-306

Multiples (USD)

API ChatGPT

	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	- -	- -	-2.55	2.61	-0.46	-0.91	-30	1.07	-5.29	-2.01	-5.12
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	-634	-673	-226	142	163	1,793	1,555	1,940	1,606	5,187	5,084
Low Price	- -	- -	10.85	12.57	9.76	8.25	17.97	21.52	21.5	35.56	27.25
EV/Sales	- -	- -	- -	1.05	0.99	5.24	3.64	4.41	2.87	7.78	7.51
EV/EBITDA	- -	- -	- -	308.66	191.21	945.83	709.81	780.79	563.15	1,721.12	1,467.22
Price/Earnings	- -	- -	8.64	9.62	8.31	4.78	6.61	5.42	7.53	5.73	8.79
Price/Earnings Average	- -	- -	8.21	11.45	7.93	3.38	5.54	5.8	5.05	6.59	8.85
Price/Earnings High	- -	- -	9.65	14.04	10.45	5.34	6.91	7.48	7.76	8.37	11.31
Price/Earnings Low	- -	- -	7.15	9.09	6.17	2.14	3.76	4.79	3.8	5.59	7.03
Price/Book Value	- -	- -	1.36	1.51	1.28	1.33	1.71	1.08	1.53	1.04	0.9
Price/Book Value Average	- -	- -	1.29	1.79	1.23	0.94	1.44	1.16	1.03	1.2	0.91
Price/Book Value High	- -	- -	1.52	2.2	1.62	1.48	1.79	1.49	1.58	1.52	1.16
Price/Book Value Low	- -	- -	1.12	1.42	0.95	0.6	0.98	0.96	0.77	1.02	0.72
Price/Tangible Book Value	- -	- -	1.74	2.04	1.63	1.6	2.05	1.32	1.79	1.19	1.04
Price/Tangible Book Value Average	- -	- -	1.66	2.43	1.56	1.13	1.72	1.41	1.2	1.37	1.05
Price/Tangible Book Value High	- -	- -	1.95	2.98	2.05	1.78	2.14	1.82	1.85	1.74	1.34
Price/Tangible Book Value Low	- -	- -	1.44	1.93	1.21	0.72	1.17	1.17	0.91	1.16	0.83
Price/Sales	- -	- -	4.03	4.25	3.43	2.32	3.19	2.39	3.29	2.45	2.31
Price/Sales Average	- -	- -	3.83	5.05	3.28	1.64	2.67	2.55	2.21	2.82	2.32
Price/Sales High	- -	- -	4.5	6.2	4.32	2.59	3.33	3.29	3.39	3.58	2.97
Price/Sales Low	- -	- -	3.33	4.01	2.55	1.04	1.81	2.11	1.66	2.39	1.85
Price/Cash Flow	- -	- -	-2.52	2.8	-0.45	-0.91	-27.68	1.08	-5.16	-1.96	-4.58
Price/Cash Flow Average	- -	- -	-2.4	3.34	-0.43	-0.64	-23.23	1.15	-3.46	-2.25	-4.61
Price/Cash Flow High	- -	- -	-2.82	4.09	-0.57	-1.01	-28.95	1.49	-5.32	-2.86	-5.89
Price/Cash Flow Low	- -	- -	-2.09	2.65	-0.33	-0.41	-15.77	0.95	-2.61	-1.91	-3.66
Price/Free Cash Flow Average	- -	- -	-2.43	3.1	-0.44	-0.65	-25.18	1.14	-3.55	-2.31	-5.15
Price/Free Cash Flow High	- -	- -	-2.85	3.81	-0.57	-1.02	-31.37	1.48	-5.45	-2.93	-6.58
Price/Free Cash Flow Low	- -	- -	-2.11	2.46	-0.34	-0.41	-17.08	0.95	-2.67	-1.96	-4.09
EV/Sales Average	- -	- -	1.46	4.32	2.59	5.34	3.85	5.31	3.78	9.61	8.5
EV/Sales High	- -	- -	2.13	5.46	3.63	6.29	4.51	6.05	4.96	10.38	9.14
EV/Sales Low	- -	- -	0.96	3.27	1.87	4.74	2.99	4.87	3.23	9.19	8.02
EV/EBITDA Average	-1,260.17	-1,248.61	541.89	1,263.24	502	965.39	751.71	940.33	741.28	2,127.38	1,660.96
EV/EBITDA High	-1,260.17	-1,248.61	791.36	1,598.19	703.19	1,136.8	880.16	1,071.58	973.5	2,296.31	1,786.95
EV/EBITDA Low	-1,260.17	-1,248.61	357.09	957.73	361.06	856.88	583.95	862.27	634.16	2,032.75	1,567.59
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	- -	- -	13.12	13.31	13.14	18.42	31.55	24.32	42.58	36.47	34.06
High Price	- -	- -	14.65	19.43	16.53	20.56	33	33.57	43.89	53.27	43.82
Enterprise Value Average	-379	-347	160	582	428	1,830	1,647	2,337	2,114	6,412	5,755
Enterprise Value High	-379	-347	234	737	599	2,155	1,928	2,663	2,776	6,921	6,192
Enterprise Value Low	-379	-347	106	442	308	1,625	1,279	2,143	1,809	6,127	5,432

Shares Outstanding	41	41	43	43	43	43	43	43	43	46	46
Diluted Weighted Avg Shares	32	32	34	43	43	43	43	43	43	45	46
Basic Weighted Avg Shares	32	32	34	43	43	43	43	43	43	45	46
Revenue per Share	2.09	2.47	3.26	3.14	3.83	7.94	9.9	10.19	12.94	14.87	14.76
EBITDA per Share	0.01	0.01	0.01	0.01	0.02	0.04	0.05	0.06	0.07	0.07	0.08
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	0.9	0.98	1.52	1.38	1.58	3.85	4.78	4.49	5.66	6.36	3.87
Basic EPS from Cont Ops	0.9	1.05	1.62	1.46	1.8	4.19	5.26	5.09	6.46	7.14	4.77
Diluted EPS, GAAP	0.9	0.98	1.52	1.38	1.58	3.85	4.76	4.47	5.64	6.34	3.87
Diluted EPS from Cont Ops	0.9	1.05	1.62	1.46	1.79	4.18	5.24	5.07	6.44	7.12	4.76
Dividend per Share	0.13	0.2	0.24	0.24	0.4	0.55	0.72	0.88	1.12	1.14	1.3
Cash Flow per Share	3.74	-4.73	-5.2	4.75	-29.19	-20.29	-1.14	22.61	-8.25	-18.62	-7.44
Free Cash Flow per Basic Share	3.69	-4.81	-5.26	4.39	-29.52	-20.38	-1.22	22.4	-8.42	-19.03	-8.21
Cash & Equivalents per Share	22.14	24.36	22.7	15.51	18.51	10.43	31.11	12.73	39.29	32.47	19.02
Book Value per Share	4.37	5.22	9.66	8.83	10.23	13.86	18.4	22.49	27.85	35.03	37.7
Tangible Book Value per Share	2.59	3.49	7.52	6.52	8.06	11.53	15.41	18.46	23.75	30.61	32.79

Merchants Bancorp

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)