Merchants Bancorp — Earnings Quality Grade F
MBIN · Financial Services
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 44 days, change -2 days YoY
AR growth -1.9% vs revenue growth 1.5%
Revenue 1.5%, CFFO 59.1%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth 92.6% is >2x revenue growth 1.5%
Insufficient data
Insufficient data
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
FCF < 50% of Net Income for 3 years
Accruals ratio = 2.9%. Low accruals
Cash $0.2B covers only 6% of debt $3.8B
Balance Sheet Health
Goodwill+Intangibles $0.2B = 10% of equity. Manageable
Insufficient data
Insufficient data
No write-off data
Acquisition Risk
FCF after acquisitions negative for 3 years
Goodwill+Intangibles change 14% YoY. Normal
Manipulation Score
Insufficient data
Portfolio monitoring
Monitor MBIN continuously
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Altman Z-Score — Not Applicable
Merchants Bancorp is a financial company. Z-Score is designed for non-financial companies.
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25