MBINMerchants Bancorp
State Commercial Banks
- Revenue
- —
- Operating margin
- —
- EBITDA
- —
- Market cap
- —
- Employees
- —
- Net debt / EBITDA
- —
- $3.9B net debt
- AI in 10-K
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Red flags 1 of 9
- TSR below peersClear—3+ of last 5 years
- High CEO pay despite TSRClear—Median CEO pay ≥ $15M and TSR flag
- Active 13DClear0 filingsActive-intent 13D in 18 months
- Net insider sellingClear$0 netNet sales over $10M in 12 months
- Earnings not backed by cashFired-156% of net incomeCash flow under 80% of net income
- Dilutive SBCClear—Over 10% of revenue
- Payouts exceed cash flowClear-19% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyClear0% of assetsOver 40% of assets
- Shareholder dissentClear—Any vote under 80% support
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Net income | $227M | $220M | $279M | $320M | $219M | 32% |
| Operating cash flow | −$49M | $976M | −$356M | −$835M | −$341M | 59% |
| Capex | $4M | $7M | $8M | $18M | $21M | 14% |
| Buybacks | — | $4M | — | — | — | |
| Dividends | $31M | $38M | $49M | $51M | $59M | 16% |
Deal filings
None.
13D filers
None on file.
Insider trading
No open-market trades in the last 12 months.
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $3M | $3M | 195 | 187 |
| FY2024 | $3M | $4M | 294 | 147 |
| FY2023 | $3M | $5M | 340 | 109 |
| FY2022 | $2M | $2M | 192 | 99 |
| FY2021 | $2M | $2M | 246 | 120 |