Stock fact sheet · data as of
Merchants Bancorp (MBINM): fair value, margin of safety and Wheel Score
Ticker symbol MBINM · Financial Services · Banks - Regional · United States · Depositary preferred shares · Value
MBINM is not Merchants Bancorp's common stock: it is a depositary share of its preferred stock - each one a fraction of a single preferred share. Preferred shares pay a set dividend and rank ahead of the common stock if the company fails, but usually carry no vote and do not share in the company's growth the same way. The valuation models on this page are built for common stock and say little about a preferred share. The common stock trades as MBIN (common stock).
Is MBINM undervalued?
MBINM has a margin of safety of 71%: the stock closed at 25.06 on 5 Nov 2026 against a GLS average fair value of 87.58. 5 of the 7 valuation models that produced a number sit above the price. Our scans treat a discount this large as a strong starting point for a cash-secured put, not as a verdict - the fair value is a model output, and a wide gap can mean the models are missing something the market knows.
There is a wide gap between DDM (6.33) and DCF (351.24). When the models are this far apart the "fair value" is really a range, and the margin of safety above should be read with that range in mind.
Ranked against every other company we cover, MBINM is clearly cheaper than it is fast-growing, so the nightly engine files it under Value (value score 83, growth score 31, out of 100).
Nine valuation models for MBINM
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | 351.24 | +1302% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 91.91 | +267% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 57.30 | +129% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 15.45 | -38% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 54.64 | +118% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | - | - | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10%; no value tonight |
| Payback Time | - | - | Eight years of compounded free cash flow: the price at which the business pays for itself; no value tonight |
| DDM | 6.33 | -75% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 36.20 | +44% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -55.23 | -320% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 0.0000 | -100% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
Merchants Bancorp scores only 4 of 9 on the Piotroski F-score, which fails the "Piotroski 6 or more" Wheel Trade Filter. A reading this low means several of the basic tests - positive earnings, positive operating cash flow, falling debt, no new share issuance - are not met. A GLS Moat score of 8.8/10 puts MBINM among the more durable businesses we track: over up to ten years its returns on capital have stayed high, its margins steady and its balance sheet sound.
Returns on capital are thin or negative - ROIC 3.6%, ROE 9.6%, ROA 1.1% - with debt at 1.68 times equity and negative free cash flow.
The dividend yield is 0.80% with a payout ratio of 19% - a small yield that leaves most of the earnings in the business.
Institutional ownership scores 5/10, insider activity 1/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 4 / 9 | ROIC | 3.6% |
|---|---|---|---|
| GLS Moat | 8.8 / 10 | ROE | 9.6% |
| Debt / equity | 1.68 | ROA | 1.1% |
| Free-cash-flow yield | -23.2% | Payout ratio | 19% |
| Institutions | 5 / 10 | Insiders · Congress | 1 · 5 / 10 |
Wheel Score 34: No options
No options are listed on Merchants Bancorp in our nightly snapshot, so it fails the first Wheel Trade Filter (options that actually trade) (it reads 34, under 70) and is left out of every options scan; the fair value and health figures above are still useful for a plain stock position.
Volume runs at 12k shares a day on a market cap of $2.4B, with a beta of 1.16; the Stability part of the Wheel Score rates that fair.
| Filter | Wheel Trade Filter | Result | Detail |
|---|---|---|---|
| 1 | Options that actually trade | Fails | no listed options |
| 2 | A real business, not a gamble | Passes | Profitable over the last twelve months - not a speculative stock, fund or note |
| 3 | Below fair value | Passes | Trading below the nine-model average fair value (margin of safety above 0) |
| 4 | Financially healthy | Fails | Piotroski 4/9 (under 6) |
| 5 | Can repay its debt | Passes | Long-term debt repaid from 3 years of operating cash flow or less (6 for real estate and utilities; banks and insurers are not judged on it) |
| 6 | No serious red flags | Passes | Red Flags score 60 or more out of 100 (earnings, margins, debt, analysts, filings and price checked the same way for every stock) |
| 7 | A premium worth selling | Fails | no implied volatility |
| 8 | Big enough | Passes | Market cap $1 billion or more |
| 9 | Not a penny stock | Passes | Share price $5 or more |
| How it ranks | Rating | From | |
|---|---|---|---|
| Value | Strong | 71% below fair value | |
| Premium | Weak | no option data | |
| Moat | Strong | moat 8.8/10 | |
| Health | Fair | Piotroski 4/9 | |
| Red Flags | Fair | not scored yet - half marks | |
| Option trading | Weak | no option volume data | |
| Stability | Fair | beta 1.16, $2.4B company |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls: a stock must pass all 9 Wheel Trade Filters to score 70, and the score then ranks the ones that pass; the Sunday Scan is the top 10. It is updated nightly and is not a recommendation. How the Wheel Score works · the walkthrough lesson shows how it fits into a trade, start to finish.
Upcoming events
The next earnings report is due on 1 Feb 2027, 88 days away - outside the window of a 30-45-day put sold today.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Banks - Regional
The 12 companies below are the closest to Merchants Bancorp by market cap within the Banks - Regional industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| BUSE First Busey Corporation | 29.37 | 34.23 | +14% | 36Weak | $2.4B |
| NWBI Northwest Bancshares, Inc. | 15.84 | 15.06 | -5% | 37Weak | $2.3B |
| MBINN Merchants Bancorp | 18.80 | 81.74 | +77% | 34No options | $2.5B |
| MBINL Merchants Bancorp | 23.35 | 85.98 | +73% | 33No options | $2.5B |
| MBIN Merchants Bancorp | 53.43 | 114.03 | +53% | 52Fair | $2.5B |
| EFSCP Enterprise Financial Services Corp | 16.34 | 33.30 | +51% | 35No options | $2.3B |
| BBAR Banco BBVA Argentina S.A. | 11.18 | 99.28 | +89% | 79Good | $2.3B |
| EFSC Enterprise Financial Services Corp | 63.87 | 64.59 | +1% | 36Weak | $2.3B |
| CLBK Columbia Financial, Inc. | 11.16 | 4.37 | -156% | 20Weak | $2.5B |
| FRMEP First Merchants Corporation | 24.92 | 57.11 | +56% | 35No options | $2.5B |
| SYBT Stock Yards Bancorp, Inc. | 81.53 | 84.45 | +3% | 38Weak | $2.5B |
| WAFD WaFd, Inc. | 30.13 | 45.47 | +34% | 48Weak | $2.2B |
⚖ Compare MBINM with 7 of them All Financial Services stocks →
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Start free See the Sunday ScanQuestions about MBINM
Is MBINM the same as Merchants Bancorp stock?
No. MBINM is not Merchants Bancorp's common stock: it is a depositary share of its preferred stock - each one a fraction of a single preferred share. Preferred shares pay a set dividend and rank ahead of the common stock if the company fails, but usually carry no vote and do not share in the company's growth the same way. The valuation models on this page are built for common stock and say little about a preferred share. The common stock trades as MBIN (common stock).
Is MBINM undervalued right now?
By the GLS models, yes: at 25.06 the stock is 71% below the average fair value of 87.58 (data as of 5 Nov 2026). Whether the discount is deserved is the question to research next.
What is the Wheel Score of MBINM and what does it mean?
MBINM has no listed options in our nightly snapshot, so it cannot be wheeled; it fails the first Wheel Trade Filter (options that actually trade), stays under 70 and is shown as "No options".
What is the GLS fair value for MBINM?
87.58 per share as of 5 Nov 2026 - the simple average of the 7 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does Merchants Bancorp report earnings next?
The next earnings report is due on 1 Feb 2027, 88 days from the data date of 5 Nov 2026. The Calendars page lists every upcoming report with its time of day.
Does MBINM have listed options, and how liquid are they?
No. The nightly options snapshot found no listed contracts on MBINM, so the wheel strategy cannot be run on it and the Wheel Score stays under 70.