Merchants BancorpMBINNASDAQ

Revenue (LTM)

$1.4B

-5.7% YoY

Net Income (LTM)

$219M

-31.7% YoY

Free Cash Flow

$-377M

Revenue CAGR (5Y)

+27.8%

Marginsdeclining

FCF($0.4B)

Profitable

Metric	Dec 21	Dec 22	Dec 23	Dec 24	Dec 25
Revenue	462	602↑30.4%	1,189↑97.5%	1,447↑21.7%	1,365↓5.7%
Gross Profit	423	422↓0.0%	519↑22.9%	643↑23.8%	564↓12.3%
Operating Income	305	291↓4.5%	348↑19.5%	423↑21.5%	264↓37.6%
Net Income	227	220↓3.3%	279↑27.1%	320↑14.7%	219↓31.7%
EBITDA	307	294↓4.4%	351↑19.5%	426↑21.4%	267↓37.2%
EPS Diluted	4.76	4.47↓6.1%	5.64↑26.2%	6.30↑11.7%	3.78↓40.0%

Metric	Dec 21	Dec 22	Dec 23	Dec 24	Dec 25
Cash & Equivalents	1,033	226↓78.1%	584↑158.4%	477↓18.4%	16↓96.7%
Total Current Assets	1,367	606↓55.7%	1,789↑195.4%	650↓63.7%	11,914↑1732.9%
Total Assets	11,279	12,615↑11.9%	16,953↑34.4%	18,806↑10.9%	19,449↑3.4%
Total Current Liabilities	9,283	10,101↑8.8%	14,061↑39.2%	11,920↓15.2%	3,762↓68.4%
Total Liabilities	10,123	11,155↑10.2%	15,251↑36.7%	16,562↑8.6%	17,168↑3.7%
Total Equity	1,155	1,460↑26.3%	1,701↑16.5%	2,243↑31.9%	2,281↑1.7%
Total Debt	1,174	940↓19.9%	964↑2.5%	4,336↑349.7%	3,843↓11.4%
Net Debt	141	714↑405.3%	380↓46.8%	3,860↑916.5%	3,827↓0.8%

Metric	Dec 21	Dec 22	Dec 23	Dec 24	Dec 25
Operating Cash Flow	-49	976↑2082.6%	-356↓136.5%	-835↓134.4%	-341↑59.1%
Capital Expenditure	-4	-9↓141.9%	-8↑14.6%	-18↓144.3%	-35↓92.6%
Free Cash Flow	-53	967↑1929.2%	-364↓137.6%	-854↓134.6%	-377↑55.9%
Stock-Based Comp	0	0	0	0	0
Net Change in Cash	853	-806↓194.6%	358↑144.4%	-108↓130.1%	-264↓145.2%

Values in millions except EPS · Ratios shown as percentages · Click any metric to drill down

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