$18.99−0.02 (−0.11%)
At close: Oct 1, 2026, 4:00 PM ET
Merchants Bancorp · Financials
Is this a real, growing, cash-generative business, or a story propped up by accounting?
Business engineSteady: revenue compounds ~11.9%/yr (FY21→FY25), net margin 32.1%; free cash flow runs at −166% of net income. Check the accrual gap. Worth your attention in FY25: Share count (+6.0%). Visible in the receipts below.
The four lines that matter · FY21–FY25
Revenue ($M)▲1.6%
681.4
FY21→FY25CAGR +11.9%/yr
Net income ($M)▼31.7%
218.8
FY21→FY25CAGR −0.9%/yr
Free cash flow ($M)▲57.6%
−362.2
FY21→FY25CAGR —
Diluted EPS▼40.0%
3.78
FY21→FY25CAGR −5.6%/yr
What the receipts whisper · what a headline number hides
Share count
+6.0%
43.3mn → 45.9mn diluted shares since FY21. Rising share count dilutes EPS. Growth must outrun it.
Capex
$20.9M
steady at 3.1% of revenue (+13.9% YoY).
What the income statement says · FY21–FY25
Where every revenue dollar goes · FY25 ($M)
32¢ of every revenue dollar becomes profit.
Margin trend · direction beats level Net
This filer reports no gross profit or operating income line, so those margins are not drawn.
The receipt · income statement · FY21–FY25 USD millions except per-share & ratios · hover a line for its definition
On the latest annual statement the reported earnings per share does not reconcile with net income to common shareholders divided by the reported share count (a factor of 0.7938), so the two figures are on different bases. Both are shown as filed.
| Line item | TTM † | FY25 | FY24 | FY23 | FY22 | FY21 | YoY | CAGR 21→25 |
|---|---|---|---|---|---|---|---|---|
| Revenue & profitability | ||||||||
Revenue | 713.8 | 681.4 | 670.7 | 562.7 | 444.5 | 435.3 | ▲1.6% | +11.9% |
Pretax income | 322.6 | 263.8 | 422.6 | 347.9 | 291.1 | 304.9 | ▼37.6% | −3.6% |
Income tax | 54.0 | 45.0 | 102.3 | 68.7 | 71.4 | 77.8 | ▼56.0% | −12.8% |
Net incomePiotroski ROA ✓feeds Buffett Quality owner earnings | 268.6 | 218.8 | 320.4 | 279.2 | 219.7 | 227.1 | ▼31.7% | −0.9% |
| Per share | ||||||||
Diluted EPSbuyback-sensitive | 4.98 | 3.78 | 6.30 | 5.64 | 4.47 | 4.76 | ▼40.0% | −5.6% |
Diluted shares (mn) | 46.01 | 45.94 | 45.00 | 43.35 | 43.32 | 43.33 | ▲2.1% | +1.5% |
| Margins | ||||||||
Net margin | 37.6% | 32.1% | 47.8% | 49.6% | 49.4% | 52.2% | ▼15.7pp | −20.1pp |
† TTM = trailing four quarters through 2026-06-30.
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These lines feed the tenet checklists: see which gates passTenets →Margins & returns continue as sector-ranked ratiosStatistics →
Annual report filed 2026-02-27 · view filings on SEC EDGAR ↗ · reported currency USD · as-filed figures may be later restated.
Statements normalized in our fundamentals DB · Not investment advice.
Statements normalized in our fundamentals DB · Not investment advice.
Annual and quarterly statements as filed, normalized into one comparable shape · Not investment advice.