Also trades as: MBINL (NASDAQ) · $vol 1M · MBINO (NASDAQ) · $vol 0M · MBINM (NASDAQ) · $vol 0M · MBINN (NASDAQ) · $vol 0M · MBINP (NASDAQ) · $vol 0M

$45.99

-0.55 (-1.18%)

Weekly Expected Move ±5.5%

$39 $42 $44 $47 $49

NASDAQ · Financial Services · Banks - Regional · Alpha Radar Neutral · Power 45 · $2.1B mcap · 21M float · 0.926% daily turnover · Short 84% of daily vol

Edge Score

Quantitative competitive moat analysis scoring five pillars of durable advantage — cost leadership, brand intangibles, switching costs, network effects, and efficient scale — using industry percentile rankings on a 0–100 scale.

NO EDGE

34.9 / 100

NoneWeakNarrowWide

Primary source: Cost Advantage · ROIC: 4.4% · 5Y Avg: 10.2%

Cost Advantage ★

Intangibles

Switching Cost

Network Effect

Scale

The Edge Score quantifies a company's competitive moat using five pillars: Cost Advantage (20%, operating margin and SG&A efficiency vs industry peers), Intangible Assets (25%, gross margin premium, R&D intensity, brand pricing power), Switching Costs (25%, revenue stability, earnings consistency, customer retention proxied by operating leverage), Network Effects (15%, revenue growth with expanding margins, market share dominance), and Efficient Scale (15%, market concentration, ROIC sustainability). Each pillar is scored 0–100 using industry percentile rankings, then weighted into a composite. Wide ≥ 70, Narrow ≥ 55, Weak ≥ 40, None < 40. MBIN has No discernible competitive edge (34.9/100). The business operates without significant structural advantages. The primary source of advantage is Cost Advantage. ROIC of 4.4% suggests modest returns relative to capital deployed.

Analyst Insights

Wall Street analyst consensus based on price targets and buy/sell/hold recommendations from institutional research coverage over the trailing 12 months.

Analyst Price Targets

$51

Low

$54

Avg Target

$58

High

Based on 2 analysts since Apr 28, 2026 earnings

Analyst Recommendations

Strong Buy: 0Buy: 5Hold: 2Sell: 0Strong Sell: 0

Rating Summary

ConsensusBuy

Avg Target$54.50

Analysts2

Price Target Change History

Date	Firm	Analyst	Old	New	Change	Upside @ Call	Stock@Call
2026-04-30	Raymond James	—	$33	$51	+18	+10.9%	$46.00
2026-04-29	Piper Sandler	—	Initiated	$58	—	+23.2%	$47.07
2025-10-30	UBS	—	Initiated	$42	—	+32.3%	$31.75
2025-09-29	Morgan Stanley	—	$54	$39	-15	+21.7%	$32.05
2024-09-09	Morgan Stanley	Manan Gosalia	Initiated	$54	—	+24.5%	$43.38
2022-05-02	Raymond James	—	Initiated	$33	—	+40.3%	$23.52

Financial Rating

Composite financial health rating (A+ to F) based on discounted cash flow valuation, return on equity, return on assets, debt-to-equity leverage, and relative P/E and P/B multiples.

B-

May 22, 2026

DCF

ROE

ROA

D/E

P/E

P/B

The Financial Rating evaluates six fundamental factors — discounted cash flow (DCF) valuation, return on equity (ROE), return on assets (ROA), debt-to-equity leverage (D/E), and relative price-to-earnings (P/E) and price-to-book (P/B) multiples — each scored 1–5. MBIN receives an overall rating of B-. Strongest factors: ROA (4/5). Areas of concern: DCF (1/5), D/E (1/5).

Rating Change History

Date	From	To
2026-04-30	B	B-
2026-04-21	B+	B
2026-04-01	B-	B+
2026-03-30	B	B-
2026-01-30	B+	B
2026-01-03	B	B+

InsiderStreet Scorecard

Proprietary multi-factor scorecard rating companies across seven fundamental dimensions — profitability, balance sheet strength, earnings quality, growth, value, momentum, and safety — each scored 0–100.

★ ★ ★ ★ ★ 9 Grade D

Profitability

Balance Sheet

Earnings Quality

Growth

Value

Momentum

Safety

Cash Flow

The InsiderStreet Scorecard rates companies across eight dimensions: Profitability (margins, ROA, ROE), Balance Sheet (leverage, liquidity, coverage), Earnings Quality (accruals, cash conversion), Growth (revenue and earnings trajectory), Value (P/E, P/B, earnings yield, Graham criteria), Momentum (revenue and earnings acceleration), Safety (Altman Z-Score risk adjustment), and Cash Flow (operating cash flow quality, FCF conversion, cash coverage). The overall score blends 35% quality, 35% value, and 30% momentum, with a penalty for distress-zone Altman scores. MBIN scores highest in Value (95/100) and lowest in Momentum (0/100). A grade of D flags significant fundamental concerns across multiple dimensions.

Risk & Quality Signals

Academic financial models used by institutional investors to assess bankruptcy risk, earnings manipulation, financial strength, and credit quality.

Altman-B Score

2.48

Grey Zone

Piotroski F-Score

4/9

✓ ✗ ✗ ✗ ✓ ✓ ✗ ✓ ✗

Beneish M-Score

115.80

Possible Manipulator

Ohlson O-Score

-6.07

Bankruptcy prob: 0.2%

Low Risk

Credit Rating

BBB+

Score: 60.3/100

Trend: Improving

Earnings Quality

25/100

OCF/NI: -4.66x

Accruals: 6.8%

The Altman-B Score replaces the traditional Z-Score for banks and financial institutions. It weights equity-to-assets, return on assets, retained earnings, market value coverage, and cash reserves — metrics that better capture bank solvency than manufacturing-oriented ratios. MBIN scores 2.48, placing it in the Grey Zone (safe > 3.0, distress < 1.5). Financial distress is possible and warrants monitoring. The Piotroski F-Score (2000) is a 9-point binary checklist — four profitability tests (positive ROA, positive cash flow, improving ROA, cash flow exceeding net income), three leverage tests (declining debt ratio, improving current ratio, no share dilution), and two efficiency tests (improving gross margin, improving asset turnover). Each pass scores 1 point. MBIN scores 4/9, indicating moderate financial health — some areas of strength offset by weaknesses in others. The Beneish M-Score (1999) is an 8-variable model that detects earnings manipulation by comparing year-over-year changes in receivables, gross margins, asset quality, sales growth, depreciation, SG&A, leverage, and accruals. Scores above −1.78 statistically resemble past manipulators. MBIN's score of 115.80 exceeds the −1.78 red flag threshold — this does not confirm manipulation but indicates the earnings profile resembles past manipulators statistically. The Ohlson O-Score (1980) is a 9-variable logistic regression that estimates bankruptcy probability using firm size, leverage, working capital, current ratio, profitability (ROA), cash flow coverage, negative equity flag, consecutive losses flag, and earnings trajectory. The raw score is converted to a probability via logistic transformation. MBIN's implied 0.2% bankruptcy probability is well within safe territory. Our Credit Rating model scores companies on five weighted components — solvency (30%), earning power (25%), leverage (20%), liquidity (15%), and cash flow quality (10%) — then blends the absolute score with sector and industry peer rankings. For companies with large buyback programs, equity is adjusted by adding back cumulative 5-year repurchases (capped at 80% of FCF generated) to avoid penalizing shareholder-friendly capital allocation. MBIN receives an estimated rating of BBB+ (score: 60.3/100), with a improving trend. The Earnings Quality score measures how well reported earnings are backed by real cash. It evaluates the operating cash flow to net income ratio (OCF/NI ≥ 1.0 means every dollar of earnings is cash-backed) and the accruals ratio (the gap between earnings and cash flow relative to assets — lower is better). MBIN's score of 25/100 is low — reported earnings may not be fully supported by cash flows.

Valuation

Key valuation multiples comparing the stock's market price to its earnings, revenue, book value, and cash flows. Lower multiples may indicate relative undervaluation versus peers.

P/E

9.25x

PEG

-0.37x

P/S

1.54x

P/B

0.91x

P/FCF

-1.81x

P/OCF

—

EV/EBITDA

18.07x

EV/Revenue

3.61x

EV/EBIT

18.17x

EV/FCF

-4.52x

Earnings Yield

11.56%

FCF Yield

-55.35%

Shareholder Yield

3.19%

Graham Number

$74.41

Equity-based multiples (P/E, P/B, P/FCF) compare the stock price to per-share fundamentals and are affected by capital structure. Enterprise value multiples (EV/EBITDA, EV/Revenue, EV/FCF) strip out debt and cash, making them more useful for cross-company comparisons regardless of how companies are financed. The Graham Number — √(22.5 × EPS × Book Value) — is Benjamin Graham's formula for the maximum price a defensive investor should pay. At 9.3x earnings, MBIN trades at a deep value multiple. An earnings yield of 11.6% exceeds typical risk-free rates, suggesting equities are being compensated for risk. Graham's intrinsic value formula yields $74.41 per share, suggesting a potential 62% margin of safety at the current price.

DuPont Decomposition (5-Factor)

The 5-factor DuPont framework breaks Return on Equity into its component drivers — tax efficiency, interest burden, operating profitability, asset utilization, and financial leverage — to reveal what truly drives shareholder returns.

Tax Burden

0.840

NI / EBT

Interest Burden

1.000

EBT / EBIT

EBIT Margin

0.198

EBIT / Rev

Asset Turnover

0.072

Rev / Assets

Equity Multiplier

8.456

Assets / Equity

ROE

10.1%

The 5-factor DuPont identity decomposes ROE as: Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Equity Multiplier = ROE. This reveals whether returns are driven by operating performance, financial leverage, or tax efficiency — three very different sources of profitability. MBIN's ROE of 10.1% is driven by financial leverage (equity multiplier: 8.46x). Note: high leverage means ROE is amplified by debt rather than operational performance.

Graham-Dodd Adjusted Valuation

Our adaptation of Graham's growth formula (Fair P/E = 8.5 + 2g) from The Intelligent Investor. The classic version relies on analyst growth projections, which can be unreliable. This adjusted model substitutes the company's realized 3-year EPS CAGR — a backward-looking, verifiable measure of actual earnings power — grounding the valuation in demonstrated performance rather than forecasts.

Adj. Growth Rate

0.00%

Fair P/E

8.50x

Intrinsic Value

$42.18

Price/Value

1.02x

Margin of Safety

-1.73%

Premium

1.73%

Assessment

Overvalued

Graham's classic formula uses analyst-projected growth to estimate a fair P/E (8.5 + 2g). Our adjusted version replaces that projection with MBIN's realized 0.0% 3-year EPS CAGR — what the company actually delivered, not what analysts hope for. MBIN trades at a 2% premium to its adjusted intrinsic value of $42.18, suggesting the market is pricing in future growth beyond what historical earnings support. The adjusted fair P/E of 8.5x compares to the current market P/E of 9.3x.

Profitability Trends

Historical profitability ratios tracking how efficiently the company converts revenue into returns for shareholders over time.

Leverage & Solvency Trends

Debt and liquidity metrics showing the company's financial leverage and ability to meet short-term and long-term obligations.

Efficiency & Working Capital Trends

Operating efficiency metrics measuring how quickly the company converts inventory to sales, collects receivables, and manages its cash conversion cycle.

Growth Trends (YoY %)

Year-over-year growth rates for key financial metrics, showing the trajectory of revenue, earnings, and cash flow generation.

Earnings Stability

R-squared of linear regression measuring how predictably revenue, earnings, and margins follow a trend over the trailing 5 years. 1.0 = perfectly predictable; lower values indicate erratic or cyclical behavior.

Monte Carlo Price Simulation

Geometric Brownian Motion with 1,000 antithetic paths over 1 year, seeded from 1800 days of historical volatility. Percentile bands show the range of statistically plausible outcomes — this is a statistical model, not a forecast.

Current Price

$45.99

Median 1Y

$50.35

5th Pctile

$25.41

95th Pctile

$99.83

Ann. Volatility

41.8%

Analyst Target

$54.50

25th–75th percentile 5th–95th percentile Median path Historical Analyst target

Executive Compensation

C-suite compensation breakdown including salary, stock awards, options, and incentive pay. The CEO-to-employee pay ratio and Gini coefficient measure pay distribution fairness.

C-Suite Compensation

Executive	Salary	Stock	Total
Michael R. Dury President and Chief Executive Officer of Merchants Capital	$330,000	$100	$6,647,758
Michael F. Petrie Chairman of the Board and Chief Executive Officer	$1,000,000	$750,106	$2,534,695
Michael J. Dunlap President and Chief Operating Officer of the Company and President and Chief Executive Officer of Merchants Bank	$975,000	$731,360	$2,452,110
Martin A. Schroeter President – Warehouse Lending	$450,000	$—	$1,364,500
Sean A. Sievers Executive Vice President and Chief Financial Officer	$625,000	$330,739	$1,108,268

CEO Pay Ratio

28:1

CEO-to-Employee Pay Ratio

CEO Total Comp: $6,647,758

Avg Employee Cost (SGA/emp): $241,078

Employees: 735

C-Suite Pay Equality (Gini)

CEO Compensation Mix

Workforce & Productivity

Workforce efficiency metrics measuring revenue, profit, and R&D spend per employee — key indicators of operational leverage and human capital productivity.

Employees

735

+10.9% YoY

Revenue / Employee

$1,857,468

Rev: $1,365,239,000

Profit / Employee

$297,646

NI: $218,770,000

SGA / Employee

$241,078

Avg labor cost proxy

Scaling Efficiency

All Ratios & Metrics

Complete fundamental data with up to 20 periods of history, sparkline trends, and current values across 13 categories and 130+ financial metrics.

Profitability

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
ROE	31.2%	31.6%	23.1%	21.9%	22.2%	22.2%	16.8%	17.2%	18.0%	19.8%	17.7%	19.7%	20.4%	19.1%	16.2%	14.8%	12.8%	12.5%	9.7%	10.1%	10.09%
ROA	2.8%	2.9%	2.2%	2.1%	2.1%	2.1%	1.8%	1.9%	2.0%	2.2%	1.9%	2.1%	2.2%	2.0%	1.8%	1.6%	1.4%	1.4%	1.1%	1.2%	1.19%
ROIC	14.3%	14.5%	23.0%	21.8%	22.1%	22.1%	11.9%	12.1%	12.7%	14.0%	28.9%	32.2%	33.3%	31.2%	5.3%	4.8%	4.2%	4.1%	4.2%	4.4%	4.35%
ROCE	13.8%	14.0%	15.3%	14.4%	14.5%	14.5%	11.6%	11.8%	11.7%	12.9%	12.0%	13.5%	14.5%	13.6%	6.1%	5.6%	4.9%	4.6%	1.7%	1.7%	1.73%
Gross Margin	92.5%	91.8%	89.8%	88.4%	81.6%	68.6%	54.5%	47.7%	39.0%	44.8%	43.8%	45.8%	41.4%	39.9%	50.1%	44.3%	35.3%	40.9%	44.4%	50.4%	50.44%
Operating Margin	67.1%	67.8%	60.0%	61.1%	56.6%	47.8%	36.8%	32.6%	23.9%	32.1%	28.8%	32.3%	27.6%	22.9%	33.7%	24.7%	13.8%	18.8%	20.8%	26.6%	26.59%
Net Margin	49.7%	50.5%	45.5%	45.8%	42.4%	36.1%	28.1%	24.5%	22.7%	24.6%	22.4%	24.6%	21.3%	17.3%	25.2%	18.8%	10.7%	15.9%	19.1%	21.4%	21.36%
EBITDA Margin	67.7%	68.3%	60.4%	61.6%	57.1%	48.1%	37.1%	32.9%	24.1%	32.3%	29.0%	32.5%	27.8%	23.2%	33.9%	24.9%	14.0%	19.0%	20.8%	26.6%	26.59%
FCF Margin	3.0%	-13.1%	-11.5%	2.1%	1.2%	4.2%	1.6%	-87.2%	-50.9%	-1.9%	-32.5%	-35.6%	-13.0%	-9.0%	-59.0%	-23.3%	-35.6%	0.7%	-12.5%	-79.8%	-79.80%
OCF Margin	3.0%	-11.9%	-10.7%	2.1%	1.2%	4.2%	1.6%	-86.6%	-50.4%	-1.9%	-31.8%	-34.9%	-12.1%	-7.9%	-57.7%	-21.6%	-34.0%	3.4%	-10.0%	-77.7%	-77.75%
ROE 3Y Avg	snapshot only																				13.77%
ROE 5Y Avg	snapshot only																				15.06%
ROA 3Y Avg	snapshot only																				1.52%
ROIC 3Y Avg	snapshot only																				7.13%
ROIC Economic	snapshot only																				3.74%
Cash ROA	snapshot only																				-5.47%
Cash ROIC	snapshot only																				-20.30%
CROIC	snapshot only																				-20.84%
NOPAT Margin	snapshot only																				16.67%
Pretax Margin	snapshot only																				19.84%
R&D / Revenue	snapshot only																				0.00%
SGA / Revenue	snapshot only																				7.68%
SBC / Revenue	snapshot only																				0.00%

Valuation

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
P/E Ratio	4.74	4.70	5.77	5.30	4.35	4.43	4.64	4.88	4.58	4.54	6.49	5.92	5.53	6.73	5.17	5.77	5.97	5.91	7.16	8.65	9.254
P/S Ratio	2.38	2.38	2.84	2.53	2.00	1.85	1.69	1.53	1.23	1.12	1.52	1.40	1.28	1.44	1.14	1.20	1.08	1.05	1.15	1.44	1.543
P/B Ratio	1.33	1.34	1.14	0.99	0.82	0.83	0.70	0.75	0.74	0.80	1.06	1.08	1.05	1.20	0.74	0.75	0.67	0.65	0.69	0.87	0.906
P/FCF	0.79	-18.16	-24.81	1.21	1.73	0.45	1.05	-1.75	-2.42	-0.60	-4.69	-3.93	-9.89	-16.01	-1.94	-5.16	-3.03	140.97	-9.22	-1.81	-1.807
P/OCF	0.79	—	—	1.20	1.71	0.44	1.05	—	—	—	—	—	—	—	—	—	—	31.21	—	—	—
EV/EBITDA	6.01	5.96	3.72	3.35	2.66	2.73	4.81	4.95	4.95	4.80	3.07	2.83	2.48	3.28	12.74	14.06	15.64	16.29	17.01	18.07	18.069
EV/Revenue	4.11	4.10	2.47	2.16	1.64	1.53	2.34	2.07	1.68	1.50	0.91	0.84	0.75	0.92	3.75	3.89	3.78	3.77	3.32	3.61	3.605
EV/EBIT	6.05	6.00	3.75	3.38	2.68	2.75	4.85	4.99	5.00	4.84	3.10	2.85	2.50	3.30	12.83	14.17	15.78	16.44	17.16	18.17	18.171
EV/FCF	1.37	-31.28	-21.61	1.03	1.42	0.37	1.46	-2.38	-3.29	-0.80	-2.79	-2.36	-5.82	-10.24	-6.35	-16.71	-10.60	505.81	-26.66	-4.52	-4.517
Earnings Yield	21.1%	21.3%	17.3%	18.9%	23.0%	22.6%	21.5%	20.5%	21.8%	22.0%	15.4%	16.9%	18.1%	14.8%	19.4%	17.3%	16.8%	16.9%	14.0%	11.6%	11.56%
FCF Yield	1.3%	-5.5%	-4.0%	82.7%	57.8%	2.2%	94.8%	-57.1%	-41.4%	-1.7%	-21.3%	-25.5%	-10.1%	-6.2%	-51.6%	-19.4%	-33.0%	0.7%	-10.8%	-55.4%	-55.35%
Price/Tangible Book	snapshot only																				0.868
EV/Gross Profit	snapshot only																				8.465
Acquirers Multiple	snapshot only																				18.171
Shareholder Yield	snapshot only																				3.19%
Graham Number	snapshot only																				$74.41

Leverage & Solvency

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Current Ratio	0.06	0.06	0.15	0.15	0.15	0.15	0.06	0.06	0.06	0.06	0.13	0.13	0.13	0.13	0.05	0.05	0.05	0.05	3.17	3.17	3.167
Quick Ratio	0.06	0.06	0.15	0.15	0.15	0.15	0.06	0.06	0.06	0.06	0.13	0.13	0.13	0.13	0.05	0.05	0.05	0.05	3.17	3.17	3.167
Debt/Equity	1.52	1.52	1.02	1.02	1.02	1.02	0.64	0.64	0.64	0.64	0.57	0.57	0.57	0.57	1.93	1.93	1.93	1.93	1.68	1.68	1.685
Net Debt/Equity	0.97	0.97	-0.15	-0.15	-0.15	-0.15	0.27	0.27	0.27	0.27	-0.43	-0.43	-0.43	-0.43	1.68	1.68	1.68	1.68	1.30	1.30	1.299
Debt/Assets	0.13	0.13	0.10	0.10	0.10	0.10	0.07	0.07	0.07	0.07	0.06	0.06	0.06	0.06	0.23	0.23	0.23	0.23	0.20	0.20	0.198
Debt/EBITDA	3.98	3.93	3.82	4.05	4.01	4.03	3.20	3.13	3.17	2.88	2.75	2.46	2.28	2.43	10.19	11.18	12.84	13.51	14.44	14.07	14.068
Net Debt/EBITDA	2.53	2.50	-0.55	-0.58	-0.58	-0.58	1.33	1.30	1.32	1.20	-2.09	-1.87	-1.74	-1.85	8.86	9.72	11.16	11.75	11.13	10.84	10.843
Interest Coverage	8.76	9.55	9.00	7.86	6.34	3.36	1.79	1.13	0.74	0.61	0.55	0.55	0.56	0.50	0.54	0.51	0.46	0.45	0.39	0.41	0.411
Equity Multiplier	11.90	11.90	9.76	9.76	9.76	9.76	8.64	8.64	8.64	8.64	9.97	9.97	9.97	9.97	8.38	8.38	8.38	8.38	8.53	8.53	8.527
Cash Ratio	snapshot only																				0.234
Debt Service Coverage	snapshot only																				0.413
Cash to Debt	snapshot only																				0.229
FCF to Debt	snapshot only																				-0.284
Defensive Interval	snapshot only																				13961.9 days

Efficiency & Turnover

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Asset Turnover	0.06	0.06	0.04	0.04	0.05	0.05	0.05	0.06	0.07	0.09	0.08	0.09	0.09	0.10	0.08	0.08	0.08	0.08	0.07	0.07	0.072
Inventory Turnover	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Receivables Turnover (trade)	22.63	22.82	20.12	19.62	20.66	22.68	14.98	17.85	21.83	26.05	16.11	17.86	18.83	19.14	16.56	16.06	16.00	15.88	0.25	0.25	0.246
Payables Turnover	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
DSO (trade)	16	16	18	19	18	16	24	20	17	14	23	20	19	19	22	23	23	23	1490	1482	1481.9 days
DIO	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0.0 days
DPO	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	—
Cash Conversion Cycle (trade)	16	16	18	19	18	16	24	20	17	14	23	20	19	19	22	23	23	23	1490	1482	—
Fixed Asset Turnover	snapshot only																				18.518
Cash Velocity	snapshot only																				1.554
Capital Intensity	snapshot only																				14.206

Growth (YoY)

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Revenue	39.1%	24.1%	15.1%	1.6%	4.4%	13.6%	30.4%	59.4%	85.1%	1.0%	97.5%	83.8%	58.5%	35.0%	21.7%	6.4%	0.6%	-1.8%	-5.9%	-2.4%	-2.43%
Net Income	96.6%	53.6%	25.8%	-1.2%	-4.6%	-6.0%	-3.3%	4.3%	8.3%	18.9%	27.1%	38.7%	36.7%	16.7%	14.7%	-6.3%	-21.5%	-18.4%	-31.7%	-21.7%	-21.71%
EPS	95.8%	53.1%	25.3%	-1.4%	-4.6%	-5.9%	-3.0%	4.5%	8.4%	18.6%	26.6%	38.1%	32.4%	10.2%	8.5%	-11.3%	-23.6%	-18.4%	-31.8%	-21.9%	-21.86%
FCF	1.6%	92.5%	94.0%	2.3%	-59.8%	37.1%	19.3%	-1.7%	-1.8%	-1.9%	-1.4%	24.9%	59.7%	93.5%	-1.2%	30.5%	-1.8%	1.1%	80.1%	-2.3%	-2.35%
EBITDA	99.0%	54.0%	25.2%	-2.2%	-5.8%	-7.4%	-4.4%	3.6%	1.4%	11.9%	19.5%	30.5%	42.3%	21.8%	21.4%	-1.0%	-20.1%	-19.2%	-37.5%	-29.6%	-29.59%
Op. Income	99.6%	54.4%	25.3%	-2.4%	-5.9%	-7.5%	-4.5%	3.5%	1.3%	11.9%	19.5%	30.7%	42.6%	21.9%	21.5%	-1.0%	-20.2%	-19.4%	-37.6%	-29.4%	-29.42%
OCF Growth	snapshot only																				-2.51%
Asset Growth	snapshot only																				3.42%
Equity Growth	snapshot only																				1.67%
Debt Growth	snapshot only																				-11.38%
Shares Change	snapshot only																				0.18%
Dividend Growth	snapshot only																				12.03%

Growth (CAGR)

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Revenue 3Y	53.9%	38.4%	35.5%	33.6%	33.0%	32.7%	33.2%	35.0%	39.0%	41.6%	43.6%	43.8%	45.2%	45.6%	46.4%	46.1%	43.4%	38.7%	31.3%	24.0%	24.04%
Revenue 5Y	—	—	—	—	—	—	71.3%	55.0%	47.7%	43.4%	45.0%	47.5%	47.2%	44.7%	41.6%	36.9%	33.8%	30.3%	27.7%	25.3%	25.32%
EPS 3Y	64.4%	50.7%	53.1%	54.2%	54.3%	51.3%	41.5%	34.8%	26.5%	19.6%	15.5%	12.5%	11.0%	7.2%	10.1%	8.6%	3.1%	2.2%	-2.1%	-1.5%	-1.46%
EPS 5Y	—	—	—	—	—	—	58.4%	44.6%	35.7%	30.8%	34.5%	39.5%	39.4%	35.3%	31.2%	24.6%	15.4%	9.0%	2.6%	-0.3%	-0.29%
Net Income 3Y	64.7%	50.6%	53.4%	54.5%	54.4%	51.4%	41.6%	35.0%	26.7%	19.7%	15.6%	12.6%	12.2%	9.3%	12.2%	10.6%	5.1%	4.2%	-0.1%	0.6%	0.55%
Net Income 5Y	—	—	—	—	—	—	61.0%	44.7%	35.8%	30.7%	34.7%	39.8%	40.4%	37.0%	32.9%	26.1%	16.9%	10.3%	3.9%	0.9%	0.93%
EBITDA 3Y	70.6%	54.7%	53.8%	54.3%	54.2%	51.2%	41.8%	34.9%	23.9%	16.9%	12.7%	9.7%	10.8%	8.1%	11.5%	10.2%	4.9%	3.3%	-3.2%	-3.1%	-3.10%
EBITDA 5Y	—	—	—	—	—	—	68.3%	48.5%	36.5%	30.9%	32.9%	37.8%	39.5%	36.3%	32.8%	26.0%	16.7%	9.4%	1.6%	-1.6%	-1.63%
Gross Profit 3Y	64.6%	49.4%	48.0%	47.3%	46.5%	44.4%	38.0%	31.9%	25.0%	19.1%	16.2%	13.9%	14.2%	13.0%	15.0%	14.9%	12.6%	12.2%	9.9%	10.4%	10.42%
Gross Profit 5Y	—	—	—	—	—	—	68.1%	48.2%	36.8%	30.7%	31.8%	35.1%	35.8%	34.0%	31.9%	26.8%	21.3%	15.9%	11.1%	8.5%	8.47%
Op. Income 3Y	70.5%	54.6%	53.7%	54.2%	54.1%	51.1%	41.8%	35.0%	23.9%	16.9%	12.7%	9.7%	10.8%	8.0%	11.5%	10.2%	4.8%	3.2%	-3.2%	-3.0%	-3.00%
Op. Income 5Y	—	—	—	—	—	—	68.1%	48.4%	36.4%	30.8%	32.9%	37.8%	39.5%	36.3%	32.8%	26.0%	16.7%	9.4%	1.6%	-1.6%	-1.61%
FCF 3Y	—	—	—	44.6%	—	—	—	—	—	—	—	—	—	—	—	—	—	-83.2%	—	—	—
FCF 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
OCF 3Y	—	—	—	42.3%	—	—	—	—	—	—	—	—	—	—	—	—	—	-72.2%	—	—	—
OCF 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Assets 3Y	41.7%	41.7%	42.7%	42.7%	42.7%	42.7%	25.6%	25.6%	25.6%	25.6%	20.7%	20.7%	20.7%	20.7%	18.6%	18.6%	18.6%	18.6%	15.5%	15.5%	15.52%
Assets 5Y	—	—	—	—	—	—	30.0%	30.0%	30.0%	30.0%	34.3%	34.3%	34.3%	34.3%	24.2%	24.2%	24.2%	24.2%	15.1%	15.1%	15.06%
Equity 3Y	30.2%	30.2%	40.0%	40.0%	40.0%	40.0%	30.7%	30.7%	30.7%	30.7%	28.0%	28.0%	28.0%	28.0%	24.8%	24.8%	24.8%	24.8%	16.0%	16.0%	16.04%
Book Value 3Y	29.9%	30.2%	39.7%	39.7%	39.9%	39.8%	30.6%	30.6%	30.5%	30.5%	27.8%	27.8%	26.7%	25.6%	22.4%	22.4%	22.4%	22.3%	13.7%	13.7%	13.72%
Dividend 3Y	0.1%	7.3%	9.4%	11.9%	8.8%	6.1%	6.7%	6.9%	9.4%	11.6%	8.2%	5.6%	1.7%	-1.8%	-0.1%	1.0%	3.0%	4.9%	3.0%	1.8%	1.78%

Growth Quality

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Revenue Stability	0.99	0.97	0.97	0.91	0.93	0.96	0.99	0.94	0.87	0.80	0.79	0.80	0.84	0.87	0.88	0.88	0.89	0.89	0.87	0.86	0.859
Earnings Stability	0.86	0.88	0.94	0.89	0.88	0.86	0.92	0.88	0.88	0.89	0.92	0.89	0.90	0.89	0.91	0.80	0.62	0.61	0.32	0.22	0.218
Margin Stability	0.85	0.84	0.84	0.83	0.84	0.85	0.86	0.82	0.78	0.77	0.75	0.72	0.69	0.67	0.68	0.68	0.67	0.67	0.67	0.65	0.652
Rev. Growth Consistency	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	0.00	0.00	0.00	0.000
Earn. Growth Consistency	1.00	1.00	1.00	0.00	0.00	0.00	0.00	0.50	0.50	0.50	0.50	1.00	1.00	1.00	1.00	0.00	0.00	0.00	0.00	0.00	0.000
FCF Positive Streak	0	0	0	1	1	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Earnings Persistence	0.50	0.50	0.90	1.00	0.98	0.98	0.99	0.98	0.97	0.92	0.89	0.85	0.85	0.93	0.94	0.97	0.91	0.93	0.87	0.91	0.913
Earnings Smoothness	0.35	0.58	0.77	0.99	0.95	0.94	0.97	0.96	0.92	0.83	0.76	0.68	0.69	0.85	0.86	0.93	0.76	0.80	0.62	0.76	0.756
ROE Trend	0.12	0.10	0.03	-0.02	-0.04	-0.07	-0.06	-0.07	-0.07	-0.06	-0.01	0.01	0.01	-0.01	-0.01	-0.04	-0.06	-0.07	-0.06	-0.06	-0.056
Gross Margin Trend	0.23	0.22	0.19	0.14	0.08	-0.03	-0.17	-0.29	-0.39	-0.40	-0.37	-0.32	-0.25	-0.21	-0.13	-0.08	-0.05	-0.01	-0.03	-0.01	-0.012
FCF Margin Trend	8.62	4.52	3.47	5.45	3.10	5.31	2.76	-2.24	-2.59	-3.88	-1.07	-0.97	-0.45	-1.24	-1.23	0.38	-0.04	0.99	0.33	-0.50	-0.504
Sustainable Growth Rate	27.6%	27.7%	19.9%	18.5%	18.7%	18.6%	13.9%	14.0%	14.6%	16.1%	14.6%	16.6%	17.3%	16.1%	13.7%	12.1%	10.0%	9.5%	7.0%	7.4%	7.44%
Internal Growth Rate	2.6%	2.6%	1.9%	1.8%	1.8%	1.8%	1.5%	1.6%	1.6%	1.8%	1.6%	1.8%	1.9%	1.7%	1.5%	1.3%	1.1%	1.1%	0.8%	0.9%	0.89%

Cash Flow Quality

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
OCF/Net Income	5.99	-0.24	-0.22	4.42	2.55	9.98	4.44	-2.77	-1.87	-7.53	-1.35	-1.48	-0.52	-0.37	-2.61	-1.04	-1.88	0.19	-0.62	-4.66	-4.663
FCF/OCF	1.00	1.10	1.07	0.99	0.99	1.00	0.99	1.01	1.01	1.00	1.02	1.02	1.07	1.15	1.02	1.08	1.05	0.22	1.25	1.03	1.026
FCF/Net Income	snapshot only																				-4.786
OCF/EBITDA	snapshot only																				-3.897
CapEx/Revenue	1.2%	1.2%	0.8%	1.7%	1.7%	1.7%	1.5%	0.5%	0.5%	0.4%	0.6%	0.7%	0.9%	1.1%	1.3%	1.6%	1.6%	2.6%	2.5%	2.1%	2.06%
CapEx/Depreciation	snapshot only																				18.343
Accruals Ratio	-0.14	0.04	0.03	-0.07	-0.03	-0.19	-0.06	0.07	0.06	0.18	0.04	0.05	0.03	0.03	0.06	0.03	0.04	0.01	0.02	0.07	0.068
Sloan Accruals	snapshot only																				1.015
Cash Flow Adequacy	snapshot only																				-12.090
Earnings Quality Score	snapshot only																				0.250

Dividends & Buybacks

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Dividend Yield	2.4%	2.6%	2.4%	3.0%	3.6%	3.6%	3.7%	3.8%	4.2%	4.1%	2.7%	2.7%	2.7%	2.4%	3.1%	3.2%	3.7%	4.1%	3.8%	3.0%	0.89%
Dividend/Share	$0.61	$0.67	$0.72	$0.78	$0.79	$0.80	$0.88	$0.96	$1.03	$1.11	$1.12	$1.13	$1.09	$1.06	$1.11	$1.16	$1.23	$1.29	$1.29	$1.30	$0.41
Payout Ratio	11.6%	12.4%	13.8%	15.7%	15.7%	15.9%	17.3%	18.5%	19.0%	18.6%	17.4%	15.7%	15.1%	16.0%	16.0%	18.3%	22.3%	24.1%	27.2%	26.2%	26.23%
FCF Payout Ratio	1.9%	—	—	3.6%	6.2%	1.6%	3.9%	—	—	—	—	—	—	—	—	—	—	5.8%	—	—	—
Total Payout Ratio	75.1%	75.0%	97.4%	36.6%	36.3%	36.5%	17.3%	18.5%	19.0%	18.6%	17.4%	15.7%	15.1%	16.0%	16.0%	18.3%	22.3%	24.1%	27.2%	27.5%	27.55%
Div. Increase Streak	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
Chowder Number	0.03	0.26	0.34	0.44	0.33	0.23	0.26	0.26	0.35	0.44	0.30	0.21	0.11	0.03	0.09	0.12	0.20	0.27	0.20	0.15	0.151
Buyback Yield	13.4%	13.3%	14.5%	3.9%	4.8%	4.7%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.2%	0.15%
Net Buyback Yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.2%	0.15%
Total Shareholder Return	2.4%	2.6%	2.4%	3.0%	3.6%	3.6%	3.7%	3.8%	4.2%	4.1%	2.7%	2.7%	2.7%	2.4%	3.1%	3.2%	3.7%	4.1%	3.8%	3.2%	3.19%

DuPont Factors

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Tax Burden (NI/EBT)	0.74	0.74	0.74	0.75	0.75	0.75	0.75	0.75	0.80	0.80	0.80	0.80	0.77	0.77	0.76	0.76	0.76	0.78	0.83	0.84	0.840
Interest Burden (EBT/EBIT)	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.000
EBIT Margin	0.68	0.68	0.66	0.64	0.61	0.56	0.48	0.41	0.34	0.31	0.29	0.29	0.30	0.28	0.29	0.27	0.24	0.23	0.19	0.20	0.198
Asset Turnover	0.06	0.06	0.04	0.04	0.05	0.05	0.05	0.06	0.07	0.09	0.08	0.09	0.09	0.10	0.08	0.08	0.08	0.08	0.07	0.07	0.072
Equity Multiplier	10.94	10.94	10.64	10.64	10.64	10.64	9.14	9.14	9.14	9.14	9.35	9.35	9.35	9.35	9.07	9.07	9.07	9.07	8.46	8.46	8.456

Per Share

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
EPS (Diluted TTM)	$5.27	$5.35	$5.23	$4.96	$5.03	$5.03	$5.08	$5.19	$5.45	$5.97	$6.43	$7.16	$7.21	$6.58	$6.98	$6.35	$5.51	$5.37	$4.76	$4.96	$4.96
Book Value/Share	$18.72	$18.71	$26.62	$26.65	$26.66	$26.71	$33.73	$33.72	$33.71	$33.67	$39.17	$39.14	$38.06	$37.05	$48.85	$48.86	$48.84	$48.84	$49.61	$49.58	$50.74
Tangible Book/Share	$16.39	$16.39	$23.68	$23.70	$23.71	$23.75	$29.96	$29.95	$29.94	$29.91	$35.14	$35.11	$34.14	$33.24	$44.54	$44.55	$44.53	$44.53	$49.43	$49.41	$49.41
Revenue/Share	$10.48	$10.57	$10.64	$10.38	$10.94	$12.02	$13.91	$16.57	$20.25	$24.15	$27.38	$30.33	$31.10	$30.77	$31.51	$30.56	$30.44	$30.20	$29.62	$29.76	$29.81
FCF/Share	$31.43	$-1.38	$-1.22	$21.75	$12.62	$50.02	$22.34	$-14.44	$-10.31	$-45.10	$-8.89	$-10.80	$-4.03	$-2.77	$-18.59	$-7.11	$-10.84	$0.22	$-3.69	$-23.75	$-23.79
OCF/Share	$31.55	$-1.26	$-1.13	$21.92	$12.81	$50.22	$22.55	$-14.35	$-10.21	$-45.00	$-8.71	$-10.60	$-3.76	$-2.42	$-18.19	$-6.61	$-10.36	$1.02	$-2.96	$-23.14	$-23.17
Cash/Share	$10.38	$10.38	$30.95	$30.98	$31.00	$31.05	$12.70	$12.69	$12.69	$12.68	$39.10	$39.07	$37.99	$36.99	$12.34	$12.34	$12.34	$12.34	$19.16	$19.15	$0.43
EBITDA/Share	$7.17	$7.26	$7.08	$6.69	$6.75	$6.74	$6.79	$6.93	$6.85	$7.52	$8.08	$9.01	$9.45	$8.65	$9.27	$8.45	$7.35	$6.99	$5.79	$5.94	$5.94
Debt/Share	$28.54	$28.54	$27.05	$27.07	$27.09	$27.14	$21.73	$21.72	$21.71	$21.69	$22.20	$22.18	$21.57	$21.00	$94.42	$94.44	$94.41	$94.40	$83.58	$83.54	$83.54
Net Debt/Share	$18.16	$18.16	$-3.90	$-3.90	$-3.91	$-3.91	$9.03	$9.03	$9.03	$9.02	$-16.90	$-16.89	$-16.42	$-15.99	$82.08	$82.10	$82.07	$82.07	$64.42	$64.39	$64.39

Academic Models

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Altman-B Score	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	2.483
Altman Z-Prime	snapshot only																				3.213
Piotroski F-Score	7	4	6	5	5	7	6	4	5	4	5	5	6	4	5	3	2	4	3	4	4
Beneish M-Score	-2.84	-2.07	-2.34	-2.64	-2.41	-2.90	-1.31	-0.50	-0.36	-0.18	-1.52	-1.63	-1.80	-1.76	-2.27	-2.40	-2.07	-2.50	126.76	115.80	115.801
Ohlson O-Score	snapshot only																				-6.066
ROIC (Greenblatt)	snapshot only																				3.30%
Net-Net WC	snapshot only																				$-114.23
EVA	snapshot only																				$-295981900.00

Credit

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Credit Rating	snapshot only																				BBB+
Credit Score	74.38	49.01	56.48	82.24	77.38	82.47	85.74	61.03	60.93	61.12	62.83	63.23	63.12	63.18	58.82	57.07	49.58	49.97	58.92	60.32	60.317
Credit Grade	snapshot only																				8
Credit Trend	snapshot only																				3.248
Implied Spread (bps)	snapshot only																				225.000
Industry Credit Rank	snapshot only																				45
Sector Credit Rank	snapshot only																				49

MBIN NASDAQ

Edge Score

Analyst Insights

Financial Rating

InsiderStreet Scorecard

Risk & Quality Signals

Valuation

DuPont Decomposition (5-Factor)

Graham-Dodd Adjusted Valuation

Profitability Trends

Leverage & Solvency Trends

Efficiency & Working Capital Trends

Growth Trends (YoY %)

Earnings Stability

Monte Carlo Price Simulation

Executive Compensation

C-Suite Compensation

CEO Pay Ratio

C-Suite Pay Equality (Gini)

CEO Compensation Mix

Workforce & Productivity

Scaling Efficiency

Sign in to InsiderStreet