Merchants Bancorp MBINO NASDAQ

Merchants Bancorp (MBINO) reported declining year-over-year revenue growth of -5.9% through 2025-12 (TTM revenue vs prior-year TTM). Net income showed earnings decline of -31.7% YoY, reaching $68M in the latest quarter. The net profit margin is 19.1%, which is high. The company has maintained profitability in all 4 quarters. The gross margin is 41.2% (moderate), down 3.1pp vs the prior year. With a $1B market cap, MOAT composite score of 58/100 (moderate competitive position).

Criteria proven by this page:

• GROWTH (73/100, Fail) — revenue or earnings are not growing
• PAST (100/100, Pass) — proving consistent earnings. Looking at the full 11-year annual history, the company was profitable in 11 of 11 years — a perfect long-term track record
• INCOME (70/100, Pass) — proves strong profitability and pricing power
• MOAT (58/100, Partial) — some competitive advantages are present but not dominant

Overall SharesGrow Score: 74/100 with 5/7 criteria passed.