Merchants Bancorp Depositary Shares Preferred Series C financials
$18.88−1.07%
Close Sep 29, 2026 · split-adjustedRevenue
Net income
Income statement & cash flow
| Fiscal year | FY25 Dec 31 | FY24 Dec 31 | FY23 Dec 31 | FY22 Dec 31 | FY21 Dec 31 |
|---|---|---|---|---|---|
| Revenue | $1.37B | $1.45B | $1.19B | $606.8M | $469.2M |
| Gross profit | $681.4M | $670.7M | $562.7M | $444.5M | $435.3M |
| Gross margin | 49.9% | 46.2% | 47.2% | 73.3% | 92.8% |
| Operating income | $263.8M | $422.6M | $347.9M | $291.1M | $304.9M |
| Net income | $173.6M | $283.7M | $244.6M | $193.7M | $206.2M |
| Net margin | 12.7% | 19.6% | 20.5% | 31.9% | 44.0% |
| Diluted EPS | $3.78 | $6.30 | $5.64 | $4.47 | $4.76 |
| EBITDA | $263.8M | $422.6M | $347.9M | $291.1M | $304.9M |
| Operating cash flow | -$341.2M | -$835.3M | -$356.4M | $975.8M | -$48.8M |
| Free cash flow | -$362.2M | -$853.7M | -$363.9M | $969.0M | -$52.4M |
| Diluted shares | 45.9M | 45.0M | 43.3M | 43.3M | 43.3M |
Balance sheet
| Period end | Dec 31 | Dec 31 | Dec 31 | Dec 31 | Dec 31 |
|---|---|---|---|---|---|
| Cash & equivalents | $15.8M | $11.0M | $15.6M | $22.2M | $14.0M |
| Short-term investments | $3.45B | $3.76B | $3.05B | $1.84B | $1.93B |
| Total debt | $3.84B | $4.39B | $964.1M | $930.4M | $1.03B |
| Total assets | $19.45B | $18.81B | $16.95B | $12.62B | $11.28B |
| Total liabilities | $17.17B | $16.56B | $15.25B | $11.16B | $10.12B |
| Shareholders' equity | $2.28B | $2.24B | $1.70B | $1.46B | $1.16B |
From SEC filings via Massive. Fiscal periods follow the company's own calendar; free cash flow is operating cash flow minus capital expenditure.
Sources: Massive / Polygon daily aggregates (split-adjusted) · SEC filings via Massive · FINRA settlements via Massive · Financial Modeling Prep. Figures are dated where shown; research is informational, not investment advice. Methodology