Stock fact sheet · data as of
Merchants Bancorp (MBINN): fair value, margin of safety and Wheel Score
Ticker symbol MBINN · Financial Services · Banks - Regional · United States · Depositary preferred shares · Value
MBINN 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 MBINN undervalued?
MBINN has a margin of safety of 77%: the stock closed at 18.80 on 5 Nov 2026 against a GLS average fair value of 81.74. 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.
The 7 models disagree widely: DDM gives 6.33 while DCF gives 351.20. 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.
Ranked against every other company we cover, MBINN is clearly cheaper than it is fast-growing, so the nightly engine files it under Value (value score 84, growth score 31, out of 100).
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 | 351.20 | +1768% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 91.91 | +389% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 42.98 | +129% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 11.59 | -38% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 40.99 | +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 | -66% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 27.15 | +44% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -40.29 | -314% | 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 scans drop the stock at the health filter; a low score is often the reason a stock looks cheap on the valuation models. The GLS Moat score is 8.8 out of 10 - high returns on capital, steady margins and growth that held up through bad years point to a durable business.
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 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 | 8.8 / 10 | ROE | 9.6% |
| Debt / equity | 1.68 | ROA | 1.1% |
| Free-cash-flow yield | -23.2% | Payout ratio | 19% |
| Institutions | 1 / 10 | Insiders · Congress | 1 · 5 / 10 |
Wheel Score 34: 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. It fails the first Wheel Trade Filter (options that actually trade), so the score stays under 70 and is shown as "No options" (34 here). The valuation and quality numbers still apply to owning the shares outright.
Volume runs at 6k shares a day on a market cap of $2.5B, 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 | 77% 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, $2.5B 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 |
|---|---|---|---|---|---|
| MBINL Merchants Bancorp | 23.35 | 85.98 | +73% | 33No options | $2.5B |
| MBIN Merchants Bancorp | 53.43 | 114.03 | +53% | 52Fair | $2.5B |
| BUSE First Busey Corporation | 29.37 | 34.23 | +14% | 36Weak | $2.4B |
| 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 |
| MBINM Merchants Bancorp | 25.06 | 87.58 | +71% | 34No options | $2.4B |
| SYBT Stock Yards Bancorp, Inc. | 81.53 | 84.45 | +3% | 38Weak | $2.5B |
| NWBI Northwest Bancshares, Inc. | 15.84 | 15.06 | -5% | 37Weak | $2.3B |
| EFSCP Enterprise Financial Services Corp | 16.34 | 33.30 | +51% | 35No options | $2.3B |
| FRME First Merchants Corporation | 41.89 | 71.06 | +41% | 50Fair | $2.6B |
| BBT Beacon Financial Corp. | 31.34 | 50.55 | +38% | 72Good | $2.6B |
| BBAR Banco BBVA Argentina S.A. | 11.18 | 99.28 | +89% | 79Good | $2.3B |
⚖ Compare MBINN with 7 of them All Financial Services stocks →
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Start free See the Sunday ScanQuestions about MBINN
Is MBINN the same as Merchants Bancorp stock?
No. MBINN 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 MBINN undervalued right now?
By the GLS models, yes: at 18.80 the stock is 77% below the average fair value of 81.74 (data as of 5 Nov 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; 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 MBINN?
81.74 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 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 stays under 70.