Merchants Bancorp Financial Ratios — MBINL 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	0.11	0.13	0.09	0.1	0.12	0.13	0.12	0.14	0.14

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	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- 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	-670	-431	-403	999	193	890	-234	3,552	3,522
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	-0.08	-0.45	-0.45	1.24	6.09	1.06	-4.11	1.22	1.09
EV/Sales	- -	- -	- -	- -	- -	2.92	0.45	2.02	- -	5.33	5.2
EV/EBITDA	- -	- -	- -	- -	- -	526.98	88.02	358.35	- -	1,178.37	1,016.31
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	0.91	- -	- -	- -
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	0.9	- -	- -	- -
Diluted Market Cap	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Enterprise Value	-379	-347	-261	-99	-113	1,269	503	1,214	879	4,532	4,182
EV per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
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	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	-634	-673	-670	-431	-403	999	193	890	-234	3,552	3,522
Low Price	- -	- -	- -	- -	- -	- -	- -	- -	- -	24.95	21.8
EV/Sales	- -	- -	- -	- -	- -	2.92	0.45	2.02	- -	5.33	5.2
EV/EBITDA	- -	- -	- -	- -	- -	526.98	88.02	358.35	- -	1,178.37	1,016.31
Price/Earnings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Sales Average	- -	- -	- -	- -	- -	3.7	1.18	2.76	1.57	6.79	6.17
EV/Sales High	- -	- -	- -	- -	- -	3.7	1.18	2.76	1.57	6.79	6.17
EV/Sales Low	- -	- -	- -	- -	- -	3.7	1.18	2.76	1.57	6.79	6.17
EV/EBITDA Average	-1,260.17	-1,248.61	-882.86	-215.81	-132.19	669.28	229.8	488.47	308.31	1,503.53	1,206.83
EV/EBITDA High	-1,260.17	-1,248.61	-882.86	-215.81	-132.19	669.28	229.8	488.47	308.31	1,503.53	1,206.83
EV/EBITDA Low	-1,260.17	-1,248.61	-882.86	-215.81	-132.19	669.28	229.8	488.47	308.31	1,503.53	1,206.83
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	- -	- -	- -	- -	- -	- -	- -	- -	- -	25.3	22.73
High Price	- -	- -	- -	- -	- -	- -	- -	- -	- -	25.9	25.75
Enterprise Value Average	-379	-347	-261	-99	-113	1,269	503	1,214	879	4,532	4,182
Enterprise Value High	-379	-347	-261	-99	-113	1,269	503	1,214	879	4,532	4,182
Enterprise Value Low	-379	-347	-261	-99	-113	1,269	503	1,214	879	4,532	4,182

Shares Outstanding	41	41	43	43	43	43	43	43	43	46	46
Diluted Weighted Avg Shares	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic Weighted Avg Shares	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Revenue per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS from Cont Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted EPS, GAAP	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted EPS from Cont Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Free Cash Flow per Basic Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash & Equivalents per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Book Value per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Tangible Book Value per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Merchants Bancorp

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)