Merchants Financial Statements From 2010 to 2026

Merchants Bancorp Balance Sheet		Trends
Current Value Last Year Historical Average  10 Year Trend Total Assets 10.7 B 19.4 B 7.6 B Slightly volatile Short and Long Term Debt Total 4 B 3.8 B 1.1 B Slightly volatile Total Current Liabilities 5.3 B 7.4 B 4.1 B Slightly volatile Total Stockholder Equity 1.1 B 2.3 B 784.3 M Slightly volatile Other Liabilities 167.4 M 159.4 M 70.7 M Slightly volatile Net Tangible Assets 1.1 B 1.1 B 499.9 M Slightly volatile Property Plant And Equipment Net 77.6 M 73.9 M 25.1 M Slightly volatile Retained Earnings 1.6 B 1.5 B 528.9 M Slightly volatile Accounts Payable 12.2 B 11.6 B 4.7 B Slightly volatile Cash 15.1 M 15.8 M 403.5 M Slightly volatile Non Current Assets Total 77.8 M 81.9 M 3.7 B Slightly volatile Other Assets 6.6 B 7.5 B 5.1 B Slightly volatile Long Term Debt 5.2 B 5 B 1.1 B Slightly volatile Cash And Short Term Investments 919.3 M 880.9 M 801.1 M Slightly volatile Net Receivables 11.6 B 11 B 1.4 B Slightly volatile Good Will 12 M 8 M 7.9 M Slightly volatile Common Stock Total Equity 117.8 M 158.4 M 88.8 M Slightly volatile Common Stock Shares Outstanding 44.8 M 45.9 M 38.3 M Slightly volatile Short Term Investments 458.3 M 865.1 M 371.4 M Slightly volatile Liabilities And Stockholders Equity 10.7 B 19.4 B 7.6 B Slightly volatile Non Current Liabilities Total 5.6 B 5.3 B 1.2 B Slightly volatile Total Liabilities 8.8 B 17.2 B 6.3 B Slightly volatile Long Term Investments 2.1 B 3.5 B 1.6 B Slightly volatile Property Plant And Equipment Gross 87 M 82.8 M 28.6 M Slightly volatile Preferred Stock Total Equity 603.3 M 574.5 M 215.9 M Slightly volatile Total Current Assets 12.5 B 11.9 B 2.3 B Slightly volatile Short Term Debt 992.1 M 944.9 M 295.2 M Slightly volatile Intangible Assets 113.3 M 218.5 M 96.4 M Slightly volatile Common Stock 148.1 M 243.3 M 101.7 M Slightly volatile Property Plant Equipment 21.3 M 40.8 M 18.1 M Slightly volatile Earning Assets 2.2 B 3.6 B 2.3 B Slightly volatile Long Term Debt Total 781.1 M 1.1 B 461.2 M Slightly volatile Net Invested Capital 7.1 B 6.8 B 1.9 B Slightly volatile Non Current Liabilities Other 93.1 M 176.8 M 72.8 M Slightly volatile Capital Stock 559.9 M 1 B 387.4 M Slightly volatile
Merchants Bancorp Income Statement		Trends
Current Value Last Year Historical Average  10 Year Trend Tax Provision 123.5 M 117.6 M 48.4 M Slightly volatile Net Interest Income 631.1 M 601 M 210.6 M Slightly volatile Interest Income 1.6 B 1.5 B 426.8 M Slightly volatile Depreciation And Amortization 3.6 M 3.5 M 1.4 M Slightly volatile Interest Expense 718 M 683.8 M 196.4 M Slightly volatile Selling General Administrative 186.1 M 177.2 M 63.4 M Slightly volatile Selling And Marketing Expenses 141.8 M 135 M 56.6 M Slightly volatile Total Revenue 1.4 B 1.4 B 474 M Slightly volatile Gross Profit 344.3 M 563.7 M 242 M Slightly volatile Other Operating Expenses 1.2 B 1.1 B 312.2 M Slightly volatile Operating Income 223.9 M 263.8 M 158.8 M Slightly volatile Net Income From Continuing Ops 386.9 M 368.4 M 138.8 M Slightly volatile EBIT 510.3 M 486 M 188.7 M Slightly volatile EBITDA 225.4 M 263.8 M 159.8 M Slightly volatile Cost Of Revenue 841.6 M 801.5 M 217.5 M Slightly volatile Total Operating Expenses 314.9 M 299.9 M 94.7 M Slightly volatile Income Before Tax 223.9 M 263.8 M 158.8 M Slightly volatile Net Income Applicable To Common Shares 233.9 M 222.8 M 105.3 M Slightly volatile Net Income 170.2 M 218.8 M 118.5 M Slightly volatile Income Tax Expense 53.7 M 45 M 40.3 M Slightly volatile Preferred Stock And Other Adjustments 16.3 M 29.9 M 12 M Slightly volatile Reconciled Depreciation 1.9 M 3.5 M 1.3 M Slightly volatile
Merchants Bancorp Cash Flow Statement		Trends
Current Value Last Year Historical Average  10 Year Trend Begin Period Cash Flow 478.3 M 672.1 M 391 M Slightly volatile Depreciation 3.6 M 3.5 M 1.4 M Slightly volatile Dividends Paid 61.8 M 58.8 M 22.4 M Slightly volatile Capital Expenditures 22.2 M 21.1 M 7.5 M Slightly volatile Net Income 386.9 M 368.4 M 140 M Slightly volatile Total Cash From Financing Activities 1.7 B 1.8 B 1.2 B Slightly volatile End Period Cash Flow 505.4 M 548.1 M 463.7 M Pretty Stable
Financial Ratios		Trends
Current Value Last Year Historical Average  10 Year Trend Price To Sales Ratio 1.09 1.1444 2.9479 Slightly volatile Dividend Yield 0.0185 0.0117 0.0195 Slightly volatile PTB Ratio 1.29 0.685 1.5383 Slightly volatile Days Sales Outstanding 3.1 K 2.9 K 376 Slightly volatile Book Value Per Share 52.21 49.7204 20.0643 Slightly volatile Capex To Depreciation 9.54 7.02 7.4987 Very volatile PB Ratio 1.29 0.685 1.5383 Slightly volatile ROIC 0.0453 0.0477 0.0981 Slightly volatile Net Income Per Share 2.89 4.7692 2.771 Slightly volatile Payables Turnover 7.76 10.01 9.8564 Slightly volatile Sales General And Administrative To Revenue 0.17 0.1298 0.1559 Slightly volatile Capex To Revenue 0.0273 0.0146 0.0224 Very volatile Cash Per Share 22.87 19.2036 21.3201 Very volatile Interest Coverage 0.37 0.3858 2.6509 Slightly volatile Payout Ratio 0.0797 0.0839 0.15 Slightly volatile Days Payables Outstanding 42.31 37.72 37.643 Slightly volatile ROE 0.18 0.0959 0.1693 Slightly volatile PE Ratio 8.17 7.1417 8.9577 Slightly volatile Return On Tangible Assets 0.0126 0.0113 0.0147 Slightly volatile Earnings Yield 0.12 0.14 0.1268 Slightly volatile Intangibles To Total Assets 4.0E-4 4.0E-4 0.0168 Slightly volatile Current Ratio 1.69 1.6074 0.3962 Slightly volatile Tangible Book Value Per Share 52.02 49.5457 17.8961 Slightly volatile Receivables Turnover 0.12 0.1237 14.4707 Slightly volatile Graham Number 76.7 73.0432 35.8229 Slightly volatile Shareholders Equity Per Share 52.21 49.7204 20.068 Slightly volatile Debt To Equity 1.77 1.6848 0.7435 Slightly volatile Capex Per Share 0.39 0.37 0.1658 Slightly volatile Revenue Per Share 31.25 29.7621 11.0234 Slightly volatile Interest Debt Per Share 104 98.6749 27.4885 Slightly volatile Debt To Assets 0.21 0.1976 0.0747 Slightly volatile Price Earnings Ratio 8.17 7.1417 8.9577 Slightly volatile Operating Cycle 3.1 K 2.9 K 376 Slightly volatile Price Book Value Ratio 1.29 0.685 1.5383 Slightly volatile Days Of Payables Outstanding 42.31 37.72 37.643 Slightly volatile Dividend Payout Ratio 0.0797 0.0839 0.15 Slightly volatile Pretax Profit Margin 0.18 0.1932 0.4822 Slightly volatile Operating Profit Margin 0.18 0.1932 0.4822 Slightly volatile Effective Tax Rate 0.3 0.1707 0.3083 Slightly volatile Company Equity Multiplier 11.39 8.5274 11.8723 Slightly volatile Long Term Debt To Capitalization 0.66 0.6275 0.324 Slightly volatile Total Debt To Capitalization 0.66 0.6275 0.3747 Slightly volatile Return On Capital Employed 0.0208 0.0219 0.1551 Slightly volatile Debt Equity Ratio 1.77 1.6848 0.7435 Slightly volatile Ebit Per Revenue 0.18 0.1932 0.4822 Slightly volatile Quick Ratio 1.69 1.6074 0.3962 Slightly volatile Net Income Per E B T 0.58 0.8293 0.6847 Slightly volatile Cash Ratio 0.002 0.0021 0.1199 Slightly volatile Days Of Sales Outstanding 3.1 K 2.9 K 376 Slightly volatile Free Cash Flow Operating Cash Flow Ratio 0.81 0.92 0.9842 Slightly volatile Price To Book Ratio 1.29 0.685 1.5383 Slightly volatile Fixed Asset Turnover 14.8 18.4669 18.8135 Pretty Stable Debt Ratio 0.21 0.1976 0.0747 Slightly volatile Price Sales Ratio 1.09 1.1444 2.9479 Slightly volatile Return On Assets 0.0124 0.0112 0.0144 Slightly volatile Asset Turnover 0.0398 0.0702 0.045 Slightly volatile Net Profit Margin 0.15 0.1602 0.3274 Slightly volatile Gross Profit Margin 0.75 0.4129 0.7212 Slightly volatile Price Fair Value 1.29 0.685 1.5383 Slightly volatile Return On Equity 0.18 0.0959 0.1693 Slightly volatile
Merchants Bancorp Valuation Data		Trends
Current Value Last Year Historical Average  10 Year Trend Market Cap 942.6 M 1.4 B 1 B Slightly volatile Enterprise Value 4.3 B 4.9 B 5.3 B Slightly volatile

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Pair Trading with Merchants Bancorp

One of the main advantages of trading using pair correlations is that every trade hedges away some risk. Because there are two separate transactions required, even if Merchants Bancorp position performs unexpectedly, the other equity can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Merchants Bancorp will appreciate offsetting losses from the drop in the long position's value.When determining whether Merchants Bancorp is a strong investment it is important to analyze Merchants Bancorp's competitive position within its industry, examining market share, product or service uniqueness, and competitive advantages. Beyond financials and market position, potential investors should also consider broader economic conditions, industry trends, and any regulatory or geopolitical factors that may impact Merchants Bancorp's future performance. For an informed investment choice regarding Merchants Stock, refer to the following important reports:

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