MBINMerchants Bancorp
State Commercial Banks
- Revenue
- —
- Operating margin
- —
- EBITDA
- —
- Market cap
- $2.4B
- Employees
- 735
- Net debt / EBITDA
- —
- $3.9B net debt
- AI in 10-K
- 0.9
- mentions per 10K words
Takeover score 2 of 13
Fixable underperformance 1 of 7
- TSR below peersNo0 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$3M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashYes-156% of net incomeCash flow under 80% of net income
- Dilutive SBCNo—Over 10% of revenue
- Payouts exceed cash flowNo-19% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo0% of assetsOver 40% of assets
- Shareholder dissentNo95% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo—Bottom quartile of its SIC industry
- Quiet on AINo0.9 per 10K words · 32nd pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$2.4B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$6M netNet sales over $10M in 12 months
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
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $6M · 34
- Net
- −$6M
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 |