MBIN - Merchants Bancorp
Price:
--
--
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CONSENSUS:
Buy
DETAILS
|
PRICE TARGET:
$54.50
DETAILS
HIGH:
$58.00
LOW:
$51.00
MEDIAN:
$54.50
CONSENSUS:
$54.50
UPSIDE:
16.50%
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | |||||||||||
| Revenue | 1,365.2 | 1,447.1 | 1,189.1 | 602.1 | 461.6 | 401.2 | 254.6 | 185.5 | 138.0 | 97.2 | 80.6 |
| Cost of Revenue | 801.5 | 804.4 | 670.0 | 179.6 | 38.9 | 70.5 | 93.6 | 55.2 | 30.3 | 19.9 | 15.2 |
| Gross Profit | 563.7 | 642.7 | 519.1 | 422.5 | 422.7 | 330.7 | 160.9 | 130.3 | 107.7 | 77.3 | 65.4 |
| Operating Expenses | |||||||||||
| R&D Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| SG&A Expenses | 177.2 | 156.9 | 121.8 | 92.5 | 88.4 | 65 | 40.8 | 33.3 | 22.4 | 15.5 | 13.0 |
| Other Expenses | 122.7 | 63.2 | 49.4 | 38.8 | 29.3 | 22.3 | 17.9 | 13.0 | 8.1 | 7.0 | 5.1 |
| Operating Expenses | 299.9 | 220.0 | 171.2 | 131.3 | 117.7 | 87.3 | 58.8 | 46.3 | 30.5 | 22.5 | 18.2 |
| Operating Income | |||||||||||
| Operating Income | 263.8 | 422.6 | 347.9 | 291.1 | 304.9 | 243.4 | 102.1 | 84.0 | 77.2 | 54.8 | 47.2 |
| Interest Expense | 683.8 | 780.1 | 629.7 | 162.3 | 33.9 | 58.6 | 89.7 | 50.6 | 27.8 | 19.0 | 14.3 |
| Interest Income | 1,200.9 | 1,302.7 | 1,077.8 | 480.8 | 311.9 | 282.8 | 212.0 | 140.6 | 94.4 | 72.9 | 56.3 |
| Profitability | |||||||||||
| EBITDA | 267.3 | 425.7 | 350.8 | 293.6 | 307.1 | 245.3 | 103.0 | 84.5 | 77.5 | 55.1 | 47.5 |
| EBIT | 263.8 | 422.6 | 347.9 | 291.1 | 304.9 | 243.4 | 102.1 | 84.0 | 77.2 | 54.8 | 47.2 |
| Income Before Tax | 263.8 | 422.6 | 347.9 | 291.1 | 304.9 | 243.4 | 102.1 | 84.0 | 77.2 | 54.8 | 47.2 |
| Income Tax Expense | 45.0 | 102.3 | 68.7 | 71.4 | 77.8 | 62.8 | 24.8 | 21.2 | 22.5 | 21.7 | 18.8 |
| Net Income | 218.8 | 320.4 | 279.2 | 219.7 | 227.1 | 180.5 | 77.3 | 62.9 | 54.7 | 33.1 | 28.4 |
| Per Share Data | |||||||||||
| EPS (Basic) | 3.78 | 6.32 | 5.66 | 4.49 | 4.78 | 3.85 | 1.58 | 1.39 | 1.52 | 0.98 | 0.90 |
| EPS (Diluted) | 3.78 | 6.30 | 5.64 | 4.47 | 4.76 | 3.85 | 1.58 | 1.38 | 1.52 | 0.98 | 0.90 |
| Shares Outstanding | 45.9 | 44.9 | 43.2 | 43.2 | 43.2 | 43.1 | 43.1 | 43.0 | 33.8 | 31.7 | 31.6 |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Assets | ||||||||||
| Cash & Cash Equivalents | 15.8 | 476.6 | 584.4 | 226.2 | 1,032.6 | 179.7 | 506.7 | 336.5 | 359.5 | 445.7 |
| Short-Term Investments | 865.1 | 90.0 | 1,113.7 | 323.3 | 310.6 | 269.8 | 290.2 | 331.1 | 408.4 | 325.9 |
| Net Receivables | 11,033.2 | 83.4 | 91.3 | 56.3 | 24.1 | 21.8 | 18.4 | 13.8 | 8.3 | 5.4 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 11,914.1 | 650.0 | 1,789.5 | 605.8 | 1,367.3 | 471.3 | 815.3 | 681.4 | 776.2 | 776.9 |
| Non-Current Assets | ||||||||||
| Property, Plant & Equipment | 73.9 | 58.6 | 42.3 | 35.4 | 31.2 | 29.8 | 29.3 | 15.1 | 5.4 | 4.9 |
| Goodwill | 8.0 | 8.0 | 15.8 | 15.8 | 15.8 | 15.8 | 15.8 | 17.5 | 3.9 | 0.5 |
| Intangible Assets | 0.0 | 190.0 | 159.2 | 147.4 | 112.1 | 84.9 | 78.2 | 81.4 | 67.6 | 53.7 |
| Long-Term Investments | 18,371.7 | 17,108.4 | 14,587.4 | 11,610.7 | 9,623.8 | 8,916.8 | 5,106.3 | 2,877.9 | 2,361.7 | 1,700.0 |
| Other Non-Current Assets | (18,371.7) | 790.6 | 358.3 | 200.0 | 128.4 | 126.8 | 327.1 | 210.9 | 178.4 | 182.5 |
| Total Non-Current Assets | 81.9 | 18,155.7 | 15,163.1 | 12,009.5 | 9,911.3 | 9,174.1 | 5,556.6 | 3,202.7 | 2,616.9 | 1,941.6 |
| Total Assets | 19,448.9 | 18,805.7 | 16,952.5 | 12,615.2 | 11,278.6 | 9,645.4 | 6,371.9 | 3,884.2 | 3,393.1 | 2,718.5 |
| Current Liabilities | ||||||||||
| Account Payables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.8 |
| Short-Term Debt | 3,762.3 | 0 | 0 | 30 | 300 | 0 | 6.5 | 33.1 | 25 | 25 |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 0 | 11,920.0 | 14,061.5 | 10,071.3 | 8,982.6 | 7,408.1 | 5,478.1 | 3,231.1 | 2,943.6 | 2,428.6 |
| Total Current Liabilities | 3,762.3 | 11,920.0 | 14,061.5 | 10,101.3 | 9,282.6 | 7,408.1 | 5,484.6 | 3,264.2 | 2,968.6 | 2,455.4 |
| Non-Current Liabilities | ||||||||||
| Long-Term Debt | 82.6 | 4,336.1 | 964.1 | 910.4 | 874.0 | 1,236.0 | 174.9 | 162.3 | 31.6 | 32.0 |
| Deferred Tax Liabilities | 33.9 | 25.3 | 19.9 | 19.6 | 19.2 | 20.4 | 16.9 | 15.4 | 12.4 | 17.4 |
| Other Non-Current Liabilities | 13,284.4 | 281.0 | 205.9 | 124.1 | (52.5) | 170.3 | 41.8 | 20.9 | 13.1 | 7.4 |
| Total Non-Current Liabilities | 13,405.9 | 4,642.4 | 1,190.0 | 1,054.1 | 840.6 | 1,426.7 | 233.6 | 198.7 | 57.1 | 56.8 |
| Total Liabilities | 17,168.2 | 16,562.4 | 15,251.4 | 11,155.5 | 10,123.2 | 8,834.8 | 5,718.2 | 3,462.9 | 3,027.8 | 2,512.2 |
| Stockholders' Equity | ||||||||||
| Common Stock | 243.3 | 240.3 | 140.4 | 137.8 | 137.6 | 135.9 | 135.6 | 135.1 | 134.9 | 20.1 |
| Retained Earnings | 1,486.2 | 1,331.0 | 1,063.6 | 832.9 | 657.1 | 461.7 | 305.0 | 244.9 | 192.0 | 145.3 |
| Accumulated Other Comprehensive Income | (0.0) | (0.1) | (2.5) | (10.5) | (1.5) | 0.4 | 0.5 | (0.3) | (1.0) | (0.6) |
| Total Stockholders' Equity | 2,280.8 | 2,243.3 | 1,701.1 | 1,459.7 | 1,155.4 | 810.6 | 653.7 | 421.2 | 367.5 | 206.3 |
| Total Liabilities & Equity | 19,448.9 | 18,805.7 | 16,952.5 | 12,615.2 | 11,278.6 | 9,645.4 | 6,371.9 | 3,884.2 | 3,393.1 | 2,718.5 |
| Debt Metrics | ||||||||||
| Total Debt | 3,842.6 | 4,336.1 | 964.1 | 940.4 | 1,174.0 | 1,236.0 | 181.4 | 195.5 | 56.6 | 57.0 |
| Net Debt | 3,826.7 | 3,859.5 | 379.7 | 714.2 | 141.3 | 1,056.3 | (325.3) | (141.1) | (302.9) | (388.7) |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||||
| Net Income | 218.8 | 320.4 | 279.2 | 219.7 | 227.1 | 180.5 | 77.3 | 62.9 | 54.7 | 33.1 |
| Depreciation & Amortization | 0 | 3.0 | 2.9 | 2.5 | 2.2 | 1.9 | 0.9 | 0.5 | 0.3 | 0.3 |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Working Capital | 1.9 | (351.4) | (0.1) | 398.6 | (233.3) | (82.8) | (86.1) | (28.4) | 7.5 | (41.9) |
| Other Non-Cash Items | (370.0) | (811.9) | (636.0) | 350.3 | (50.5) | (973.8) | (1,248.1) | 167.1 | (235.9) | (139.8) |
| Operating Cash Flow | (149.4) | (835.3) | (356.4) | 975.8 | (49.2) | (874.9) | (1,257.0) | 204.3 | (175.9) | (149.8) |
| Investing Activities | ||||||||||
| Capital Expenditure | (20.9) | (18.4) | (7.5) | (8.8) | (3.6) | (3.6) | (14.0) | (15.5) | (2.0) | (2.6) |
| Acquisitions | (28.4) | (170.6) | 0 | 0 | (0.5) | 0 | 0 | (14.3) | 0.4 | 0 |
| Purchases of Investments | (1,196.4) | (992.8) | (1,603.9) | (1,318.6) | (232.4) | (601.0) | (648.7) | (50.9) | (202.3) | (301.5) |
| Sales/Maturities of Investments | 1,251.8 | 1,136.8 | 699.2 | 159.1 | 176.6 | 627.6 | 689.6 | 194.7 | 116.5 | 218.3 |
| Other Investing Activities | (379.1) | (829.3) | (2,347.9) | (1,696.6) | (414.3) | (2,555.2) | (984.6) | (629.4) | (436.9) | (180.9) |
| Investing Cash Flow | (387.6) | (874.3) | (3,260.1) | (2,862.9) | (474.3) | (2,532.2) | (957.7) | (509.1) | (523.1) | (265.3) |
| Financing Activities | ||||||||||
| Net Debt Issuance | (546.7) | 3,421.2 | 33.1 | (103.6) | (314.3) | 1,166.8 | (14.0) | 137.7 | (0.4) | (0.5) |
| Stock Repurchased | 0 | 0 | 0 | (3.9) | 0 | 0 | 0 | (0.7) | 0 | 0 |
| Dividends Paid | (59.4) | (51.2) | (48.5) | (38.1) | (31.2) | (23.7) | (17.3) | (10.2) | (8.0) | (6.2) |
| Other Financing Activities | 878.7 | (1,911.6) | 3,990.1 | 1,088.7 | 1,572.4 | 1,937.0 | 2,245.1 | 155.0 | 514.9 | 389.1 |
| Financing Cash Flow | 272.5 | 1,601.7 | 3,974.7 | 1,080.6 | 1,376.4 | 3,080.1 | 2,384.9 | 282.5 | 612.8 | 414.0 |
| Cash Position | ||||||||||
| Net Change in Cash | (264.4) | (107.8) | 358.3 | (806.5) | 852.9 | (327.0) | 170.2 | (23.0) | (86.2) | (1.1) |
| Cash at Beginning | 476.6 | 584.4 | 226.2 | 1,032.6 | 179.7 | 506.7 | 336.5 | 359.5 | 445.7 | 446.8 |
| Cash at End | 212.2 | 476.6 | 584.4 | 226.2 | 1,032.6 | 179.7 | 506.7 | 336.5 | 359.5 | 445.7 |
| Free Cash Flow | (170.3) | (853.7) | (363.9) | 967.0 | (52.9) | (878.5) | (1,271.0) | 188.8 | (177.9) | (152.3) |
| Key Metrics | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||
| Revenue | 1,365.2 | 1,447.1 | 1,189.1 | 602.1 | 461.6 | 401.2 | 254.6 | 185.5 | 138.0 | 97.2 | 80.6 |
| Gross Profit | 563.7 | 642.7 | 519.1 | 422.5 | 422.7 | 330.7 | 160.9 | 130.3 | 107.7 | 77.3 | 65.4 |
| Operating Income | 263.8 | 422.6 | 347.9 | 291.1 | 304.9 | 243.4 | 102.1 | 84.0 | 77.2 | 54.8 | 47.2 |
| Net Income | 218.8 | 320.4 | 279.2 | 219.7 | 227.1 | 180.5 | 77.3 | 62.9 | 54.7 | 33.1 | 28.4 |
| EPS (Diluted) | 3.78 | 6.30 | 5.64 | 4.47 | 4.76 | 3.85 | 1.58 | 1.38 | 1.52 | 0.98 | 0.90 |
| Balance Sheet | |||||||||||
| Cash & Equivalents | 15.8 | 476.6 | 584.4 | 226.2 | 1,032.6 | 179.7 | 506.7 | 336.5 | 359.5 | 445.7 | |
| Total Assets | 19,448.9 | 18,805.7 | 16,952.5 | 12,615.2 | 11,278.6 | 9,645.4 | 6,371.9 | 3,884.2 | 3,393.1 | 2,718.5 | |
| Total Debt | 3,842.6 | 4,336.1 | 964.1 | 940.4 | 1,174.0 | 1,236.0 | 181.4 | 195.5 | 56.6 | 57.0 | |
| Stockholders' Equity | 2,280.8 | 2,243.3 | 1,701.1 | 1,459.7 | 1,155.4 | 810.6 | 653.7 | 421.2 | 367.5 | 206.3 | |
| Cash Flow | |||||||||||
| Operating Cash Flow | (149.4) | (835.3) | (356.4) | 975.8 | (49.2) | (874.9) | (1,257.0) | 204.3 | (175.9) | (149.8) | |
| Capital Expenditure | (20.9) | (18.4) | (7.5) | (8.8) | (3.6) | (3.6) | (14.0) | (15.5) | (2.0) | (2.6) | |
| Free Cash Flow | (170.3) | (853.7) | (363.9) | 967.0 | (52.9) | (878.5) | (1,271.0) | 188.8 | (177.9) | (152.3) | |