What is the 13F Pro Quality Score for MBIN?

13F Pro ranks Merchants Bancorp (MBIN) on the 13F Pro Quality Score, a 0–100 composite of 32 fundamental signals including return on invested capital, free cash flow consistency, balance-sheet strength, earnings quality, growth durability, and valuation discipline. The score refreshes after each 10-K and 10-Q filing on SEC EDGAR. View MBIN's current score at https://13fpro.ai/research/MBIN (free sign-up required for the full ranking).

Which hedge funds own the most MBIN stock?

Based on the most recent Form 13F-HR filings on SEC EDGAR, the largest reported institutional holders of MBIN include Elser Financial Planning,, BlackRock,, DIMENSIONAL FUND ADVISORS. Holdings are reported quarterly within 45 days of quarter-end and updated on https://13fpro.ai/research/MBIN as soon as new 13F filings post.

Where does 13F Pro source MBIN data?

All Merchants Bancorp fundamentals and ownership data come directly from SEC EDGAR. Merchants Bancorp files with the SEC under CIK 1629019. 13F Pro ingests XBRL financial facts from 10-K and 10-Q filings, Form 13F-HR institutional holdings, and Form 4 insider transactions, with no third-party rewrites or estimates.

What sector is MBIN in?

Merchants Bancorp (MBIN) is classified in the Financials sector. 13F Pro publishes sector-level fund flow analysis and quality leaders at https://13fpro.ai/research/sector/financials.

How often is MBIN research updated on 13F Pro?

MBIN's fundamentals refresh within hours of each new 10-K or 10-Q filing on SEC EDGAR. Institutional ownership updates after each quarterly 13F filing window. Insider transactions update after each Form 4 filing. The 13F Pro Quality Score recalculates after every fundamentals refresh.

Merchants Bancorp(MBIN)Stock Analysis

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13F Pro Quality Score

Not in ranked universe

Pending next ranking run

This company passes all size and coverage filters but hasn't been included in the latest quarterly ranking run. Rankings refresh on Jan 1, Apr 1, Jul 1, Oct 1.

Financial data, filings, and institutional holdings below are still tracked in full — only the proprietary quality composite is unavailable for this name.

MBIN Stock Analysis & AI Quality Score

AI stock analysis and institutional research for Merchants Bancorp (MBIN), a Financials sector company. MBIN is not currently included in 13F Pro's AI-ranked quality universe — this company passes all size and coverage filters but hasn't been included in the latest quarterly ranking run. rankings refresh on jan 1, apr 1, jul 1, oct 1. Based on the latest XBRL financial filings (Q1 2026), Merchants Bancorp reports quarterly revenue of $175.2M, net income of $67.7M, an operating margin of 48.1%. Top institutional holders of MBIN by reported 13-F value include Elser Financial Planning,, BlackRock,, DIMENSIONAL FUND ADVISORS, based on the most recent SEC filings. MBIN trades on the Nasdaq exchange and files with the SEC under CIK 1629019. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate MBIN daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for Merchants Bancorp directly from SEC EDGAR.

Revenue

Q1 2026

$175.2M

Net Income

Q1 2026

$67.7M

Free Cash Flow

Q1 2026

$-598.5M

Operating Margin

Q1 2026

48.1%

Revenue & Net Income

Earnings Per Share

Key Financials Over Time

Export Financial Table · Pro+

Net Income

-0.4% YoY

$218.8MFY 2025

FY19 $77.3MFY20 $180.5MFY22 $219.7MFY25 $218.8M

EPS (Diluted)

-15.4% YoY

$3.78FY 2025

FY19 $0.35FY20 $0.86FY22 $4.47FY25 $3.78

Total Assets

+54.2% YoY

$19.45BFY 2025

FY19 $6.37BFY20 $9.65BFY22 $12.62BFY25 $19.45B

Total Debt

+313.0% YoY

$3.84BFY 2025

FY19 $181.4MFY20 $1.35BFY22 $930.4MFY25 $3.84B

Op. Cash Flow

-135.0% YoY

$-341.2MFY 2025

FY19 $-1.26BFY20 $-874.9MFY22 $975.8MFY25 $-341.2M

Metric	FY 2025	FY 2022	FY 2020	FY 2019	FY 2018	FY 2017
Net Income	$218.8M -0.4%	$219.7M +21.7%	$180.5M +133.5%	$77.3M +23.0%	$62.9M +15.0%	$54.7M
EPS (Diluted)	$3.78 -15.4%	$4.47 +422.4%	$0.86 +143.7%	$0.35 -23.7%	$0.46 -9.2%	$0.51
Total Assets	$19.45B +54.2%	$12.62B +30.8%	$9.65B +51.4%	$6.37B +64.0%	$3.88B +14.5%	$3.39B
Total Debt	$3.84B +313.0%	$930.4M -31.0%	$1.35B +643.1%	$181.4M -7.2%	$195.5M +245.3%	$56.6M
Operating Cash Flow	$-341.2M -135.0%	$975.8M +211.5%	$-874.9M +30.4%	$-1.26B -715.2%	$204.3M +216.2%	$-175.9M

AI Insight: MBIN Financial Trends

Net income has nearly halved from Q4 2024's $96M peak to $68M in Q1 2026, while total debt has surged 312% since Q2 2024 to $4,773M.

• Net income declined sharply from $96M in Q4 2024 to $38M in Q2 2025, with only a partial recovery to $68M in Q1 2026.

• Total debt ballooned from $1,159M in Q2 2024 to $4,773M in Q1 2026, a 312% increase over six quarters.

• Equity has grown modestly but steadily from $1,888M in Q2 2024 to $2,330M in Q1 2026, up 23%.

• Operating cash flow has been persistently volatile and negative in four of the last six quarters, including -$597M in Q1 2026.

⚠ Debt-to-equity ratio has deteriorated from 0.6x in Q2 2024 to 2.0x in Q1 2026 — rising leverage warrants close monitoring.

⚠ Deeply negative operating cash flow of -$597M in Q1 2026 is the worst in the observed period; sustainability is a key concern.

⚠ Whether Q3 2025's debt reduction to $2,903M was structural or temporary remains unclear, given Q1 2026's renewed climb to $4,773M.

AI Insight: MBIN Ratio Trends

MBIN's profitability has structurally compressed since Q2 2024, with ROE roughly halving from 16.2% to ~11% and ROIC falling from 13.0% to 4.8% in Q1 2026.

• ROE fell sharply from 16.2% in Q2 2024 to a trough of 7.0% in Q2 2025, recovering partially to 11.6% in Q1 2026.

• ROIC collapsed from 13.0% in Q2 2024 to 3.1% in Q2 2025, stabilizing at 4.8% in Q1 2026 — well below prior peaks.

• ROA followed a similar pattern: 1.7% in Q2 2024, bottoming at 0.8% in Q2 2025, and recovering modestly to 1.3% in Q1 2026.

• D/E spiked from 0.61 in Q2 2024 to 2.05 in Q1 2026, indicating significantly higher leverage over the period.

⚠ D/E reached 2.05 in Q1 2026, matching the TTM level — rising leverage with compressed ROIC raises balance sheet risk.

⚠ ROE and ROA have partially recovered from Q2 2025 troughs; sustaining improvement above 12% ROE is a key inflection to monitor.

⚠ ROIC at 4.8% remains far below Q2 2024's 13.0%; a sustained recovery would signal normalized earnings power returning.

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Available Research

13F Pro tracks comprehensive data for Merchants Bancorp including:

SEC EDGAR filings (10-K, 10-Q, 8-K)

XBRL financial facts (revenue, EPS, margins)

Insider transactions (Form 4)

Institutional 13F holdings

Quality rankings (32 signals)

AI analyst debates & daily meetings

Historical financial trends

Peer comparison & sector analysis

Top Institutional Holders of MBIN

Elser Financial Planning, Inc
$1.2B26,983,101 sh
BlackRock, Inc.
$173.8M4,050,918 sh
DIMENSIONAL FUND ADVISORS LP
$75.5M1,758,985 sh
Doma Perpetual Capital Management LLC
$47.9M1,115,594 sh
NOMURA ASSET MANAGEMENT INTERNATIONAL INC.
$46.9M1,093,004 sh
STATE STREET CORP
$44.5M1,034,632 sh
VANGUARD CAPITAL MANAGEMENT LLC
$42.9M1,000,776 sh
AMERICAN CENTURY COMPANIES INC
$31.9M742,635 sh
GEODE CAPITAL MANAGEMENT, LLC
$31.1M725,435 sh
ROYCE & ASSOCIATES LP
$24.3M567,267 sh

Fund	Value	Shares
Elser Financial Planning, Inc	$1.2B	26,983,101
BlackRock, Inc.	$173.8M	4,050,918
DIMENSIONAL FUND ADVISORS LP	$75.5M	1,758,985
Doma Perpetual Capital Management LLC	$47.9M	1,115,594
NOMURA ASSET MANAGEMENT INTERNATIONAL INC.	$46.9M	1,093,004
STATE STREET CORP	$44.5M	1,034,632
VANGUARD CAPITAL MANAGEMENT LLC	$42.9M	1,000,776
AMERICAN CENTURY COMPANIES INC	$31.9M	742,635
GEODE CAPITAL MANAGEMENT, LLC	$31.1M	725,435
ROYCE & ASSOCIATES LP	$24.3M	567,267

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Is MBIN a good stock to buy?

13F Pro's AI-powered analysis of Merchants Bancorp (MBIN) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Financials sector (listed on Nasdaq). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for MBIN are available on the MBIN stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing.

Which hedge funds own MBIN?

Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling MBIN. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of Merchants Bancorp's investment landscape.