Stock fact sheet · data as of
Merchants Bancorp (MBINN): fair value, margin of safety and Wheel Score
Financial Services · Banks - Regional · United States · Value
Is MBINN undervalued?
MBINN has a margin of safety of 78%: the stock closed at 18.97 on 16 Oct 2026 against a GLS average fair value of 86.53. 6 of the 7 valuation models that produced a number sit above the price. Our screens 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.
The 7 models disagree widely: DDM gives 6.33 while DCF gives 346.11. A spread that wide means the average is sensitive to which methods you trust; the model table below shows where each one lands, and the Quote page lets you switch any of them off.
The nightly engine files MBINN under Value: positive earnings at a P/E of 18 or less.
Nine valuation models for MBINN
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 | 346.11 | +1725% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 82.80 | +336% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 69.08 | +264% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 25.69 | +35% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 50.50 | +166% | 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 | -67% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 25.18 | +33% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -43.87 | -331% | 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
Financial health is weak: MBINN passes 4 of the nine Piotroski tests. Our screens drop the stock at the health rule; a low score is often the reason a stock looks cheap on the valuation models. The GLS Moat score is low at 3.0 out of 10, which says the ten-year record of revenue, earnings, margins and returns on capital has been inconsistent - growth and shocks rather than steady compounding.
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 0.88% with a payout ratio of 22% - a small yield that leaves most of the earnings in the business.
Institutional ownership scores 1/10, 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 | 3.0 / 10 | ROE | 9.6% |
| Debt / equity | 1.68 | ROA | 1.1% |
| Free-cash-flow yield | -25.3% | Payout ratio | 22% |
| Institutions | 1 / 10 | Insiders · Congress | 1 · 5 / 10 |
Wheel Score 39: No options
MBINN has no listed options in the nightly snapshot, so there is nothing to sell and the stock cannot be wheeled however good the business; the Wheel Score is capped at 39 and shown as "No options" (39 here). The valuation and quality numbers still apply to owning the shares outright.
Volume runs at 1k shares a day on a market cap of $2.3B, with a beta of 1.16; the Stability part of the Wheel Score gives that 9 of 20.
| Part | Points | From | |
|---|---|---|---|
| Value | 25 / 25 | 78% margin of safety | |
| Health | 9 / 20 | Piotroski 4/9 | |
| Moat | 5 / 15 | moat 3.0/10 | |
| Premium | 0 / 20 | no option data | |
| Stability | 9 / 20 | 1k shares/day, $2.3B cap, beta 1.16 |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls; it is updated nightly and is not a recommendation. The walkthrough lesson shows how the score fits into a trade, start to finish.
Upcoming events
Merchants Bancorp reports earnings on 22 Oct 2026 (after the close) - inside the 14-day window the Sunday Scan avoids, because a put sold now would carry the report's gap risk.
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 |
|---|---|---|---|---|---|
| FIISO Financial Institutions, Inc. 8.48% SRB1 PFD B | 115.65 | 77.38 | -49% | 31No options | $2.3B |
| MBINL Merchants Bancorp | 23.14 | 91.88 | +75% | 39No options | $2.3B |
| NTB The Bank of N.T. Butterfield & Son Limited | 58.28 | 119.02 | +51% | 73Good | $2.3B |
| MBINM Merchants Bancorp | 24.92 | 94.16 | +74% | 39No options | $2.3B |
| MBIN Merchants Bancorp | 48.95 | 125.01 | +61% | 68Good | $2.2B |
| BBT Beacon Financial Corp. | 27.49 | 30.11 | +9% | 71Good | $2.3B |
| SYBT Stock Yards Bancorp, Inc. | 75.27 | 75.81 | +1% | 63Fair | $2.3B |
| OFG OFG Bancorp | 52.13 | 66.55 | +22% | 76Good | $2.2B |
| NWBI Northwest Bancshares, Inc. | 14.89 | 13.04 | -14% | 61Fair | $2.2B |
| EFSC Enterprise Financial Services Corp | 59.27 | 80.50 | +26% | 82Prime | $2.1B |
| WAFD WaFd, Inc. | 28.91 | 40.88 | +29% | 79Good | $2.1B |
| WAFDP WaFd, Inc. | 14.90 | 33.53 | +56% | 39No options | $2.1B |
⚖ Compare MBINN with 7 of them All Financial Services stocks →
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Start free See the Sunday ScanQuestions about MBINN
Is MBINN undervalued right now?
By the GLS models, yes: at 18.97 the stock is 78% below the average fair value of 86.53 (data as of 16 Oct 2026). Whether the discount is deserved is the question to research next.
What is the Wheel Score of MBINN and what does it mean?
MBINN has no listed options in our nightly snapshot, so it cannot be wheeled; its Wheel Score is capped at 39 and shown as "No options".
What is the GLS fair value for MBINN?
86.53 per share as of 16 Oct 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 22 Oct 2026 (after the close), 6 days from the data date of 16 Oct 2026. The Calendars page lists every upcoming report with its time of day.
Does MBINN have listed options, and how liquid are they?
No. The nightly options snapshot found no listed contracts on MBINN, so the wheel strategy cannot be run on it and the Wheel Score is capped at 39.