$18.97

+0.16 (+0.85%)

Weekly Expected Move ±2.1%

$18 $19 $19 $19 $20

NASDAQ · Financial Services · Banks - Regional · Tech Score Sell · Power 44 · $225.6M mcap · 9M float · 1.17% daily turnover · Short 39% 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.

WEAK EDGE

40.9 / 100

NoneWeakNarrowWide

Primary source: Network Effects · ROIC: 6.9% · 5Y Avg: 7.4%

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. MRBK shows a Weak competitive edge (40.9/100) — limited structural advantages that may face competitive pressure. The primary source of advantage is Network Effects. ROIC of 6.9% 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

$23

Low

$23

Avg Target

$23

High

Based on 1 analyst since Jul 30, 2026 earnings

Analyst Recommendations

Strong Buy: 0Buy: 3Hold: 1Sell: 0Strong Sell: 0

Rating Summary

ConsensusBuy

Avg Target$23.00

Analysts1

Price Target Change History

Date	Firm	Analyst	Old	New	Change	Upside @ Call	Stock@Call
2026-08-04	D.A. Davidson	Peter Winter	$17	$23	+6	+16.4%	$19.76
2026-05-05	Piper Sandler	—	$22	$21	-1	+17.0%	$17.95
2026-02-03	Piper Sandler	—	$19	$22	+3	+14.2%	$19.26
2025-12-03	Piper Sandler	Manuel Navas	$15	$19	+4	+18.4%	$16.05
2024-10-29	D.A. Davidson	Manuel Navas	Initiated	$17	—	+24.6%	$13.64
2024-10-29	Piper Sandler	Frank Schiraldi	$13	$15	+2	+10.0%	$13.64
2024-07-30	Piper Sandler	Frank Schiraldi	Initiated	$13	—	+12.3%	$11.58

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.

A-

Oct 02, 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. MRBK receives an overall rating of A-. Strongest factors: DCF (5/5), ROE (4/5), ROA (4/5). Areas of concern: D/E (2/5).

Rating Change History

Date	From	To
2026-10-01	B+	A-
2026-09-02	A-	B+
2026-07-31	B+	A-
2026-07-30	A-	B+
2026-06-24	B+	A-
2026-06-23	A-	B+
2026-06-22	B+	A-
2026-06-18	A-	B+
2026-06-17	B+	A-
2026-06-15	A-	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.

★ ★ ★ ★ ★ 42 Grade B

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. MRBK scores highest in Earnings Quality (83/100) and lowest in Balance Sheet (22/100). A grade of B indicates above-average fundamentals with room for improvement in select areas.

Risk & Quality Signals

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

Altman-B Score

1.61

Grey Zone

Piotroski F-Score

6/9

✓ ✓ ✓ ✗ ✓ ✓ ✗ ✓ ✗

Beneish M-Score

-3.27

Unlikely Manipulator

Ohlson O-Score

-4.28

Bankruptcy prob: 1.4%

Low Risk

Credit Rating

Score: 42.5/100

Trend: Improving

Earnings Quality

75/100

OCF/NI: 0.83x

Accruals: 0.2%

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. MRBK scores 1.61, 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. MRBK scores 6/9, 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. MRBK's score of -3.27 falls below this threshold, suggesting earnings are unlikely to be manipulated. 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. MRBK's implied 1.4% 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. MRBK receives an estimated rating of BB (score: 42.5/100), 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). MRBK's score of 75/100 is high — cash flows strongly support reported earnings.

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

9.03x

PEG

0.32x

P/S

1.10x

P/B

1.10x

P/FCF

12.62x

P/OCF

12.10x

EV/EBITDA

12.92x

EV/Revenue

1.91x

EV/EBIT

12.38x

EV/FCF

20.21x

Earnings Yield

9.99%

FCF Yield

7.92%

Shareholder Yield

2.53%

Graham Number

$27.52

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 9.0x earnings, MRBK trades at a deep value multiple. An earnings yield of 10.0% exceeds typical risk-free rates, suggesting equities are being compensated for risk. Graham's intrinsic value formula yields $27.52 per share, suggesting a potential 45% 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

0.773

NI / EBT

Interest Burden

1.000

EBT / EBIT

EBIT Margin

0.154

EBIT / Rev

Asset Turnover

0.080

Rev / Assets

Equity Multiplier

13.333

Assets / Equity

ROE

12.7%

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. MRBK's ROE of 12.7% is driven by financial leverage (equity multiplier: 13.33x). 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.

Two adjustments we make, and why. Growth is capped at 15%. Graham defined g as expected growth over the next seven to ten years, not last year's rate. Across US companies since 1994 the median realized 7-year EPS growth is 5–8% regardless of how fast a company grew beforehand, and of 4,457 company-quarters that grew faster than 200%, none sustained it. Uncapped, the formula assigned fair multiples in the hundreds to companies that had never held that rate — and scored worse than simply reading the P/E. Capped, it carries real information. The verdict has three states, not two. Tested over 377,249 stock-months, this ratio only separates outcomes at its extremes: below 0.25 beat the universe by 1.3 points a year, above 3.0 lagged by 2.7, and everything in between sat inside a one-point band. Rather than call two-thirds of the market "undervalued" on a threshold of 1.0, we say Neutral where the model cannot tell — which is most of the time.

Adj. Growth Rate

5.95%

Fair P/E

20.39x

Intrinsic Value

$40.82

Price/Value

0.49x

Margin of Safety

50.93%

Premium

-50.93%

Assessment

Neutral

Graham's classic formula uses analyst-projected growth to estimate a fair P/E (8.5 + 2g). Our adjusted version replaces that projection with MRBK's realized 5.9% 3-year EPS CAGR, capped at 15% — demonstrated performance rather than forecasts, held to a rate companies have historically sustained. MRBK trades at a -51% premium to its adjusted intrinsic value of $40.82, suggesting the market is pricing in future growth beyond what historical earnings support. The adjusted fair P/E of 20.4x compares to the current market P/E of 9.0x.

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

$18.97

Median 1Y

$20.74

5th Pctile

$12.33

95th Pctile

$34.93

Ann. Volatility

33.2%

Analyst Target

$23.00

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
Christopher J. Annas - Chairman, President and CEO	$622,000	$264,000	$1,677,997
Denise Lindsay – Chief Financial Officer and EVP	$396,000	$132,000	$900,453
Clarence A. Martindell - EVP, Commercial Real Estate Lending	$290,000	$79,200	$519,064

CEO Pay Ratio

10:1

CEO-to-Employee Pay Ratio

CEO Total Comp: $1,677,997

Avg Employee Cost (SGA/emp): $170,813

Employees: 327

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

327

+1.6% YoY

Revenue / Employee

$628,422

Rev: $205,494,000

Profit / Employee

$66,777

NI: $21,836,000

SGA / Employee

$170,813

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	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	Q2'26	Current
ROE	25.4%	23.2%	20.6%	18.5%	16.1%	13.7%	13.1%	12.3%	11.3%	8.5%	7.6%	6.7%	7.0%	9.9%	9.6%	10.8%	11.4%	11.8%	12.8%	12.7%	12.73%
ROA	2.1%	2.1%	1.7%	1.6%	1.4%	1.2%	1.0%	0.9%	0.8%	0.6%	0.5%	0.5%	0.5%	0.7%	0.7%	0.8%	0.8%	0.9%	0.9%	1.0%	0.95%
ROIC	1.3%	55.2%	64.9%	32.0%	46.0%	15.4%	11.6%	8.8%	8.6%	9.0%	6.6%	4.9%	7.1%	6.8%	11.0%	8.0%	8.4%	12.7%	7.0%	6.9%	6.94%
ROCE	16.1%	20.5%	17.4%	16.4%	14.3%	12.4%	5.7%	5.8%	5.3%	6.3%	4.0%	3.2%	3.7%	8.7%	5.4%	6.2%	9.7%	1.2%	8.4%	1.3%	1.27%
Gross Margin	93.5%	95.2%	91.8%	89.9%	83.6%	72.1%	61.0%	59.4%	57.9%	45.9%	48.1%	49.1%	52.4%	54.4%	47.1%	54.6%	57.0%	57.9%	63.3%	58.6%	58.63%
Operating Margin	30.4%	28.0%	22.8%	25.1%	22.5%	16.0%	13.6%	13.7%	12.0%	1.6%	7.9%	9.2%	12.2%	14.2%	6.8%	13.9%	16.3%	17.4%	12.7%	14.8%	14.76%
Net Margin	23.3%	21.8%	17.8%	19.5%	17.5%	12.8%	10.7%	10.8%	9.2%	1.3%	5.9%	7.0%	9.3%	10.5%	5.2%	10.7%	12.5%	13.4%	9.9%	11.5%	11.46%
EBITDA Margin	26.7%	25.6%	24.6%	30.2%	17.5%	17.9%	14.8%	13.5%	15.6%	2.9%	12.9%	9.0%	10.4%	16.2%	7.5%	14.4%	15.9%	15.2%	13.0%	14.8%	14.76%
FCF Margin	74.1%	1.0%	71.2%	65.4%	74.2%	62.7%	46.5%	23.4%	18.8%	10.1%	14.2%	3.5%	9.1%	4.6%	15.4%	18.2%	13.7%	11.0%	3.6%	9.4%	9.43%
OCF Margin	75.0%	1.0%	74.5%	69.3%	78.7%	64.9%	48.8%	25.1%	20.0%	11.2%	16.2%	5.2%	9.6%	4.9%	14.8%	18.0%	14.5%	11.8%	4.4%	9.8%	9.84%
ROE 3Y Avg	snapshot only																				9.57%
ROE 5Y Avg	snapshot only																				11.88%
ROA 3Y Avg	snapshot only																				0.71%
ROIC 3Y Avg	snapshot only																				4.79%
ROIC Economic	snapshot only																				6.80%
Cash ROA	snapshot only																				0.78%
Cash ROIC	snapshot only																				5.74%
CROIC	snapshot only																				5.50%
NOPAT Margin	snapshot only																				11.89%
Pretax Margin	snapshot only																				15.39%
R&D / Revenue	snapshot only																				0.00%
SGA / Revenue	snapshot only																				30.77%
SBC / Revenue	snapshot only																				0.54%

Valuation

Metric	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	Q2'26	Current
P/E Ratio	4.06	5.39	5.63	5.72	6.22	7.23	6.44	5.26	5.89	10.85	8.73	10.50	12.02	9.22	9.99	7.89	8.92	9.48	9.54	10.01	9.033
P/S Ratio	0.86	1.20	1.19	1.19	1.19	1.21	0.95	0.67	0.63	0.85	0.59	0.61	0.72	0.76	0.81	0.71	0.88	1.01	1.11	1.19	1.101
P/B Ratio	0.94	1.16	1.11	1.05	1.03	1.03	0.85	0.65	0.65	0.91	0.65	0.68	0.81	0.88	0.93	0.81	0.96	1.04	1.14	1.19	1.098
P/FCF	1.17	1.20	1.68	1.82	1.61	1.93	2.05	2.86	3.38	8.44	4.14	17.63	7.91	16.69	5.26	3.90	6.43	9.17	31.38	12.62	12.623
P/OCF	1.15	1.16	1.60	1.72	1.52	1.87	1.96	2.67	3.17	7.62	3.64	11.71	7.49	15.70	5.46	3.96	6.07	8.52	25.48	12.10	12.096
EV/EBITDA	0.48	2.19	1.60	2.65	1.85	5.06	5.70	6.86	6.01	6.82	6.37	9.06	7.58	9.10	6.13	7.87	8.33	6.56	12.30	12.92	12.921
EV/Revenue	0.12	0.57	0.44	0.71	0.45	1.12	1.12	1.08	0.92	0.79	0.71	0.91	0.67	1.11	0.67	0.97	1.14	0.88	1.80	1.91	1.905
EV/EBIT	0.43	1.96	1.60	2.63	1.82	5.25	5.91	6.67	6.72	7.82	8.15	11.89	8.51	10.06	6.24	8.11	8.76	6.37	11.89	12.38	12.381
EV/FCF	0.16	0.57	0.62	1.08	0.61	1.79	2.41	4.62	4.91	7.79	5.00	26.20	7.38	24.28	4.37	5.31	8.33	8.02	50.74	20.21	20.209
Earnings Yield	24.7%	18.5%	17.8%	17.5%	16.1%	13.8%	15.5%	19.0%	17.0%	9.2%	11.5%	9.5%	8.3%	10.8%	10.0%	12.7%	11.2%	10.6%	10.5%	10.0%	9.99%
FCF Yield	85.8%	83.3%	59.7%	54.8%	62.1%	51.8%	48.7%	35.0%	29.6%	11.9%	24.2%	5.7%	12.6%	6.0%	19.0%	25.6%	15.5%	10.9%	3.2%	7.9%	7.92%
PEG Ratio	snapshot only																				0.322
Price/Tangible Book	snapshot only																				1.210
EV/OCF	snapshot only																				19.365
EV/Gross Profit	snapshot only																				3.223
Acquirers Multiple	snapshot only																				12.381
Shareholder Yield	snapshot only																				2.53%
Graham Number	snapshot only																				$27.52

Leverage & Solvency

Metric	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	Q2'26	Current
Current Ratio	0.18	0.19	0.18	0.18	0.17	0.17	0.23	0.18	0.18	0.17	0.15	0.15	0.15	0.09	0.14	0.10	0.06	0.19	1.02	0.20	0.203
Quick Ratio	0.18	0.19	0.18	0.18	0.17	0.17	0.23	0.18	0.18	0.17	0.15	0.15	0.15	0.09	0.14	0.10	0.06	0.19	1.00	0.20	0.203
Debt/Equity	0.40	0.49	0.49	0.64	0.42	1.06	1.79	1.53	1.47	1.21	1.22	1.46	1.16	1.02	1.09	1.06	0.99	0.90	0.84	0.77	0.770
Net Debt/Equity	-0.81	-0.61	-0.70	-0.43	-0.64	-0.07	0.15	0.40	0.30	-0.07	0.14	0.33	-0.05	0.40	-0.16	0.29	0.28	-0.13	0.70	0.72	0.715
Debt/Assets	0.04	0.05	0.04	0.05	0.03	0.08	0.12	0.11	0.10	0.09	0.09	0.10	0.08	0.07	0.07	0.08	0.07	0.07	0.07	0.06	0.061
Debt/EBITDA	1.46	1.97	1.91	2.72	2.02	5.60	10.18	9.98	9.29	9.86	9.94	13.02	11.63	7.23	8.71	7.55	6.66	6.45	5.63	5.22	5.221
Net Debt/EBITDA	-2.98	-2.43	-2.74	-1.82	-3.06	-0.39	0.85	2.61	1.88	-0.56	1.10	2.96	-0.54	2.85	-1.25	2.08	1.90	-0.94	4.69	4.85	4.850
Interest Coverage	5.14	5.50	5.00	4.40	2.85	1.50	0.87	0.55	0.38	0.25	0.21	0.17	0.18	0.26	0.26	0.30	0.33	0.36	0.41	0.42	0.422
Equity Multiplier	11.13	10.36	11.62	11.87	12.71	13.45	14.57	14.33	14.38	14.21	14.34	14.48	14.26	13.91	14.60	14.10	13.51	12.92	12.71	12.66	12.661
Cash Ratio	snapshot only																				0.104
Debt Service Coverage	snapshot only																				0.404
Cash to Debt	snapshot only																				0.071
FCF to Debt	snapshot only																				0.122
Defensive Interval	snapshot only																				89.2 days

Efficiency & Turnover

Metric	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	Q2'26	Current
Asset Turnover	0.10	0.09	0.08	0.08	0.07	0.07	0.07	0.07	0.08	0.08	0.08	0.08	0.08	0.09	0.08	0.08	0.08	0.08	0.08	0.08	0.080
Inventory Turnover	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	4.45	—	—
Receivables Turnover	35.53	30.41	28.05	25.83	23.45	21.09	21.92	23.43	21.32	20.20	20.12	20.53	19.85	20.47	19.66	20.04	19.60	19.87	0.19	19.50	19.503
Payables Turnover	8.11	16.00	13.80	75.05	14.08	17.42	15.06	16.52	13.47	11.71	13.67	13.53	12.97	11.22	12.39	13.15	13.55	27.34	23.42	13.25	13.253
DSO	10	12	13	14	16	17	17	16	17	18	18	18	18	18	19	18	19	18	1919	19	18.7 days
DIO	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	82	0	0.0 days
DPO	45	23	26	5	26	21	24	22	27	31	27	27	28	33	29	28	27	13	16	28	27.5 days
Cash Conversion Cycle	-35	-11	-13	9	-10	-4	-8	-7	-10	-13	-9	-9	-10	-15	-11	-10	-8	5	1986	-9	-8.8 days
Fixed Asset Turnover	snapshot only																				16.476
Cash Velocity	snapshot only																				18.281
Capital Intensity	snapshot only																				12.655

Growth (YoY)

Metric	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	Q2'26	Current
Revenue	39.9%	5.9%	-15.1%	-22.7%	-24.9%	-18.2%	-6.2%	8.9%	22.9%	29.2%	28.6%	21.0%	17.9%	17.1%	12.8%	12.5%	8.9%	4.1%	4.1%	0.7%	0.72%
Net Income	79.1%	34.6%	-9.2%	-21.9%	-32.2%	-38.6%	-34.4%	-33.5%	-31.0%	-39.4%	-41.5%	-44.4%	-34.3%	23.4%	35.1%	73.3%	79.0%	33.6%	50.3%	32.9%	32.89%
EPS	75.7%	31.6%	-10.9%	-21.8%	-30.3%	-35.4%	-29.5%	-27.1%	-26.5%	-36.2%	-39.1%	-43.6%	-33.6%	21.6%	32.2%	69.3%	74.2%	29.1%	41.6%	24.6%	24.61%
FCF	1.9%	2.0%	4.1%	2.5%	-24.9%	-48.8%	-38.8%	-61.1%	-68.9%	-79.2%	-60.6%	-82.0%	-42.7%	-47.0%	21.5%	4.9%	63.3%	1.5%	-75.9%	-47.9%	-47.92%
EBITDA	64.7%	26.4%	5.5%	-16.2%	-26.8%	-30.1%	-33.0%	-35.8%	-22.5%	-33.0%	-26.9%	-22.7%	-31.7%	23.9%	10.4%	37.3%	67.7%	14.5%	39.3%	20.8%	20.80%
Op. Income	80.4%	34.1%	-10.1%	-23.0%	-33.5%	-39.7%	-35.2%	-34.4%	-31.6%	-39.2%	-40.7%	-42.7%	-32.1%	28.4%	38.9%	74.9%	79.0%	30.4%	46.6%	29.9%	29.90%
OCF Growth	snapshot only																				-44.90%
Asset Growth	snapshot only																				3.28%
Equity Growth	snapshot only																				15.05%
Debt Growth	snapshot only																				-16.43%
Shares Change	snapshot only																				6.65%
Dividend Growth	snapshot only																				2.99%

Growth (CAGR)

Metric	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	Q2'26	Current
Revenue 3Y	33.4%	29.3%	24.5%	21.1%	17.6%	16.1%	15.9%	13.8%	8.9%	3.8%	0.8%	0.6%	2.9%	7.4%	10.8%	14.0%	16.5%	16.4%	14.7%	11.1%	11.09%
Revenue 5Y	—	—	—	—	—	48.7%	31.9%	23.0%	17.0%	18.0%	18.4%	18.5%	18.7%	18.8%	17.7%	14.9%	10.7%	6.4%	3.7%	2.9%	2.90%
EPS 3Y	84.2%	65.3%	52.9%	48.3%	39.8%	31.5%	26.7%	11.9%	-3.4%	-18.4%	-27.4%	-31.5%	-30.2%	-20.5%	-17.2%	-11.4%	-5.2%	0.1%	4.5%	5.9%	5.95%
EPS 5Y	—	—	—	—	—	1.1%	70.4%	45.1%	26.2%	13.2%	9.0%	6.0%	6.0%	12.1%	10.4%	6.0%	0.8%	-3.2%	-6.4%	-7.5%	-7.48%
Net Income 3Y	82.3%	63.4%	51.5%	46.4%	37.0%	27.7%	22.7%	9.0%	-5.7%	-20.6%	-29.6%	-33.9%	-32.5%	-22.8%	-19.6%	-13.8%	-6.8%	0.0%	5.9%	8.6%	8.60%
Net Income 5Y	—	—	—	—	—	1.4%	67.1%	41.4%	23.1%	10.2%	6.0%	3.0%	3.1%	9.3%	7.9%	4.5%	-0.3%	-3.8%	-6.7%	-7.8%	-7.83%
EBITDA 3Y	65.7%	51.6%	46.3%	44.4%	30.2%	24.0%	18.8%	3.7%	-2.2%	-16.0%	-19.7%	-25.3%	-27.1%	-16.6%	-18.5%	-12.0%	-3.9%	-1.7%	4.0%	8.7%	8.67%
EBITDA 5Y	—	—	—	—	—	98.1%	56.5%	33.5%	20.9%	10.3%	9.0%	8.4%	3.1%	9.6%	6.3%	3.5%	1.4%	-3.4%	-4.5%	-7.1%	-7.13%
Gross Profit 3Y	38.2%	35.2%	30.7%	27.2%	23.1%	18.4%	14.6%	7.7%	-0.8%	-9.9%	-15.3%	-17.4%	-17.0%	-12.4%	-9.6%	-5.8%	-2.2%	0.7%	5.0%	5.9%	5.92%
Gross Profit 5Y	—	—	—	—	—	48.2%	29.1%	18.0%	10.2%	9.2%	8.7%	8.0%	8.0%	8.9%	7.9%	5.5%	1.5%	-2.8%	-4.7%	-5.6%	-5.57%
Op. Income 3Y	74.3%	64.0%	51.9%	46.6%	37.1%	27.4%	22.3%	8.4%	-6.4%	-21.1%	-29.8%	-33.9%	-32.4%	-22.2%	-18.9%	-13.1%	-5.9%	0.6%	6.5%	9.2%	9.20%
Op. Income 5Y	—	—	—	—	—	75.8%	51.1%	33.9%	19.2%	10.1%	6.1%	3.5%	3.7%	10.0%	8.5%	5.0%	-0.0%	-3.8%	-6.8%	-8.0%	-8.05%
FCF 3Y	3.5%	1.6%	73.9%	58.4%	1.7%	57.8%	—	—	—	—	—	-37.3%	-48.8%	-61.6%	-33.6%	-25.5%	-33.7%	-34.9%	-51.3%	-17.9%	-17.95%
FCF 5Y	—	—	—	—	—	—	—	—	84.7%	12.6%	4.9%	-22.5%	28.1%	-15.4%	—	—	—	—	—	-5.4%	-5.42%
OCF 3Y	2.3%	1.5%	74.7%	59.6%	1.6%	57.7%	—	—	—	—	—	-29.3%	-48.1%	-61.3%	-35.3%	-27.3%	-33.7%	-34.0%	-48.7%	-18.7%	-18.65%
OCF 5Y	—	—	—	—	—	—	—	—	54.1%	11.3%	7.0%	-16.5%	25.8%	-15.0%	—	—	—	—	—	-5.6%	-5.60%
Assets 3Y	22.5%	19.8%	21.2%	20.6%	19.5%	21.5%	19.6%	11.8%	8.3%	9.3%	9.6%	11.2%	10.7%	11.7%	11.4%	10.7%	9.8%	7.5%	5.0%	5.5%	5.52%
Assets 5Y	—	—	—	—	—	19.2%	20.3%	18.5%	18.4%	17.6%	17.4%	17.4%	16.2%	15.7%	14.2%	9.7%	7.6%	8.3%	8.1%	8.7%	8.70%
Equity 3Y	14.0%	14.7%	12.1%	10.9%	8.7%	8.3%	9.0%	7.0%	5.6%	3.7%	3.7%	2.0%	1.9%	1.2%	3.2%	4.5%	7.5%	8.9%	9.9%	10.0%	9.98%
Book Value 3Y	15.2%	16.1%	13.1%	12.3%	10.9%	11.5%	12.6%	9.8%	8.2%	6.5%	6.9%	5.7%	5.4%	4.2%	6.3%	7.4%	9.3%	9.0%	8.3%	7.3%	7.29%
Dividend 3Y	1.3%	87.3%	7.1%	5.9%	8.1%	7.2%	-18.2%	-19.1%	-19.3%	-17.7%	6.9%	6.3%	4.9%	2.9%	3.2%	3.0%	1.9%	0.5%	0.4%	0.7%	0.66%

Growth Quality

Metric	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	Q2'26	Current
Revenue Stability	0.92	0.89	0.68	0.57	0.46	0.76	0.67	0.66	0.64	0.64	0.56	0.58	0.67	0.82	0.93	0.98	0.90	0.66	0.43	0.43	0.428
Earnings Stability	0.93	0.95	0.85	0.80	0.69	0.71	0.57	0.47	0.32	0.12	0.04	0.00	0.01	0.02	0.08	0.15	0.28	0.37	0.41	0.35	0.352
Margin Stability	0.93	0.92	0.92	0.92	0.92	0.94	0.91	0.88	0.85	0.82	0.80	0.77	0.75	0.75	0.74	0.74	0.73	0.74	0.75	0.74	0.743
Rev. Growth Consistency	1.00	1.00	0.00	0.00	0.00	0.00	0.00	0.50	0.50	0.50	0.50	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.000
Earn. Growth Consistency	1.00	1.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.50	0.50	0.50	0.50	1.00	1.00	1.00	1.000
FCF Positive Streak	0	0	0	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
Earnings Persistence	0.50	0.86	0.96	0.91	0.87	0.85	0.86	0.87	0.88	0.84	0.83	0.82	0.86	0.91	0.86	0.50	0.50	0.87	0.50	0.87	0.868
Earnings Smoothness	0.43	0.71	0.90	0.75	0.62	0.52	0.59	0.60	0.63	0.51	0.48	0.43	0.59	0.79	0.70	0.46	0.43	0.71	0.60	0.72	0.718
ROE Trend	0.11	0.08	0.03	0.01	-0.03	-0.06	-0.08	-0.09	-0.09	-0.10	-0.09	-0.09	-0.07	-0.02	-0.01	0.01	0.02	0.02	0.04	0.03	0.035
Gross Margin Trend	0.13	0.12	0.10	0.07	0.02	-0.06	-0.16	-0.24	-0.29	-0.33	-0.32	-0.30	-0.27	-0.19	-0.13	-0.07	-0.02	0.01	0.06	0.08	0.079
FCF Margin Trend	1.30	1.40	1.13	0.90	0.96	0.65	0.21	-0.17	-0.55	-0.71	-0.45	-0.41	-0.37	-0.32	-0.15	0.05	-0.00	0.04	-0.11	-0.01	-0.014
Sustainable Growth Rate	19.0%	16.9%	13.8%	11.7%	9.0%	6.8%	9.9%	8.9%	7.7%	4.9%	4.0%	3.2%	3.5%	6.5%	6.3%	7.5%	8.2%	8.7%	9.7%	9.5%	9.50%
Internal Growth Rate	1.6%	1.5%	1.2%	1.0%	0.8%	0.6%	0.8%	0.7%	0.6%	0.4%	0.3%	0.2%	0.2%	0.5%	0.4%	0.5%	0.6%	0.7%	0.7%	0.7%	0.72%

Cash Flow Quality

Metric	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	Q2'26	Current
OCF/Net Income	3.52	4.64	3.52	3.32	4.10	3.88	3.29	1.97	1.86	1.42	2.40	0.90	1.61	0.59	1.83	2.00	1.47	1.11	0.37	0.83	0.827
FCF/OCF	0.99	0.97	0.96	0.94	0.94	0.97	0.95	0.93	0.94	0.90	0.88	0.66	0.95	0.94	1.04	1.01	0.94	0.93	0.81	0.96	0.958
FCF/Net Income	snapshot only																				0.793
OCF/EBITDA	snapshot only																				0.667
CapEx/Revenue	0.9%	3.4%	3.3%	3.9%	4.5%	2.2%	2.3%	1.7%	1.2%	1.1%	2.0%	1.8%	0.5%	0.3%	0.5%	0.2%	0.8%	0.8%	0.8%	0.4%	0.41%
Accruals Ratio	-0.05	-0.08	-0.04	-0.04	-0.04	-0.03	-0.02	-0.01	-0.01	-0.00	-0.01	0.00	-0.00	0.00	-0.01	-0.01	-0.00	-0.00	0.01	0.00	0.002
Sloan Accruals	snapshot only																				0.717
Cash Flow Adequacy	snapshot only																				2.872
Earnings Quality Score	snapshot only																				0.750

Dividends & Buybacks

Metric	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	Q2'26	Current
Dividend Yield	6.2%	5.0%	5.8%	6.4%	7.1%	6.9%	3.8%	5.2%	5.3%	3.9%	5.4%	5.0%	4.1%	3.7%	3.5%	3.9%	3.1%	2.7%	2.6%	2.5%	2.87%
Dividend/Share	$0.74	$0.78	$0.81	$0.85	$0.91	$0.93	$0.43	$0.46	$0.47	$0.50	$0.50	$0.50	$0.50	$0.49	$0.49	$0.49	$0.49	$0.48	$0.49	$0.51	$0.55
Payout Ratio	25.0%	27.2%	32.6%	36.9%	44.0%	50.1%	24.7%	27.2%	31.2%	42.4%	47.0%	52.9%	49.4%	34.3%	34.9%	30.7%	27.9%	26.0%	24.5%	25.3%	25.35%
FCF Payout Ratio	7.2%	6.1%	9.7%	11.8%	11.4%	13.4%	7.9%	14.8%	17.9%	33.0%	22.3%	88.8%	32.5%	62.0%	18.4%	15.2%	20.1%	25.1%	80.7%	32.0%	31.97%
Total Payout Ratio	40.0%	35.7%	42.4%	58.1%	84.0%	1.1%	1.0%	1.0%	77.8%	74.6%	60.1%	52.9%	49.4%	34.3%	34.9%	30.7%	27.9%	26.0%	24.5%	25.3%	25.35%
Div. Increase Streak	1	1	1	1	1	1	0	0	0	0	0	0	0	0	1	1	1	0	1	1	1
Chowder Number	11.16	5.40	0.25	0.21	0.26	0.20	-0.47	-0.46	-0.46	-0.45	0.17	0.13	0.08	0.03	0.04	0.04	0.04	0.04	0.08	0.12	0.124
Buyback Yield	3.7%	1.6%	1.7%	3.7%	6.4%	8.2%	12.0%	14.2%	7.9%	3.0%	1.5%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.00%
Net Buyback Yield	-1.5%	1.6%	1.7%	3.7%	6.4%	8.2%	12.0%	14.2%	7.9%	2.9%	1.4%	-0.2%	-0.2%	-0.1%	-0.3%	-0.3%	-2.0%	-3.8%	-3.5%	-3.4%	-3.38%
Total Shareholder Return	4.7%	6.6%	7.5%	10.1%	13.5%	15.1%	15.8%	19.4%	13.2%	6.8%	6.7%	4.8%	4.0%	3.6%	3.2%	3.5%	1.2%	-1.1%	-0.9%	-0.9%	-0.85%

DuPont Factors

Metric	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	Q2'26	Current
Tax Burden (NI/EBT)	0.76	0.77	0.77	0.78	0.78	0.78	0.78	0.79	0.78	0.78	0.77	0.76	0.76	0.75	0.75	0.76	0.76	0.77	0.77	0.77	0.773
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	0.28	0.29	0.27	0.27	0.25	0.21	0.19	0.16	0.14	0.10	0.09	0.08	0.08	0.11	0.11	0.12	0.13	0.14	0.15	0.15	0.154
Asset Turnover	0.10	0.09	0.08	0.08	0.07	0.07	0.07	0.07	0.08	0.08	0.08	0.08	0.08	0.09	0.08	0.08	0.08	0.08	0.08	0.08	0.080
Equity Multiplier	12.13	11.19	11.87	11.53	11.90	11.85	13.07	13.09	13.56	13.84	14.45	14.41	14.32	14.06	14.47	14.28	13.87	13.38	13.58	13.33	13.333

Per Share

Metric	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	Q2'26	Current
EPS (Diluted TTM)	$2.96	$2.87	$2.47	$2.31	$2.06	$1.85	$1.74	$1.68	$1.52	$1.18	$1.06	$0.95	$1.01	$1.44	$1.40	$1.61	$1.75	$1.86	$1.99	$2.00	$2.00
Book Value/Share	$12.71	$13.31	$12.59	$12.59	$12.47	$12.99	$13.13	$13.62	$13.65	$14.10	$14.28	$14.56	$14.91	$15.08	$15.14	$15.60	$16.29	$16.83	$16.70	$16.82	$17.27
Tangible Book/Share	$12.36	$12.97	$12.25	$12.25	$12.13	$12.65	$12.79	$13.27	$13.31	$13.76	$13.94	$14.23	$14.57	$14.76	$14.82	$15.28	$15.99	$16.54	$16.42	$16.55	$16.55
Revenue/Share	$13.89	$12.84	$11.66	$11.07	$10.73	$11.06	$11.75	$13.22	$14.07	$15.04	$15.73	$16.23	$16.78	$17.35	$17.36	$17.82	$17.80	$17.46	$17.01	$16.83	$17.28
FCF/Share	$10.30	$12.86	$8.31	$7.24	$7.96	$6.93	$5.47	$3.09	$2.64	$1.52	$2.24	$0.56	$1.53	$0.79	$2.66	$3.25	$2.43	$1.92	$0.60	$1.59	$1.63
OCF/Share	$10.43	$13.29	$8.69	$7.67	$8.45	$7.18	$5.73	$3.31	$2.82	$1.68	$2.55	$0.85	$1.62	$0.84	$2.57	$3.20	$2.58	$2.06	$0.74	$1.66	$1.70
Cash/Share	$15.41	$14.72	$14.91	$13.42	$13.28	$14.73	$21.57	$15.35	$16.01	$18.09	$15.54	$16.43	$18.15	$9.29	$18.92	$11.97	$11.60	$17.32	$2.33	$0.92	$0.95
EBITDA/Share	$3.47	$3.34	$3.21	$2.96	$2.61	$2.46	$2.31	$2.08	$2.16	$1.73	$1.76	$1.63	$1.49	$2.12	$1.90	$2.19	$2.43	$2.34	$2.49	$2.48	$2.48
Debt/Share	$5.06	$6.59	$6.12	$8.04	$5.29	$13.77	$23.52	$20.79	$20.07	$17.11	$17.47	$21.27	$17.34	$15.32	$16.54	$16.54	$16.21	$15.12	$14.03	$12.96	$12.96
Net Debt/Share	$-10.35	$-8.13	$-8.78	$-5.38	$-7.99	$-0.96	$1.95	$5.44	$4.05	$-0.98	$1.93	$4.84	$-0.81	$6.03	$-2.38	$4.56	$4.61	$-2.20	$11.70	$12.04	$12.04

Academic Models

Metric	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	Q2'26	Current
Altman-B Score	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	1.609
Altman Z-Prime	snapshot only																				0.138
Piotroski F-Score	8	8	5	5	5	4	5	5	6	5	6	5	6	6	6	7	7	8	7	6	6
Beneish M-Score	0.61	-0.78	-1.18	-1.65	-1.71	-1.85	-1.82	-1.86	-2.07	-2.20	-2.46	-2.56	-2.51	-2.69	-2.78	-2.84	-4.42	-3.27	22.07	-3.27	-3.269
Ohlson O-Score	snapshot only																				-4.279
Net-Net WC	snapshot only																				$-194.39
EVA	snapshot only																				$-10767800.00

Credit

Metric	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	Q2'26	Current
Credit Rating	snapshot only																				BB
Credit Score	82.92	82.76	78.12	77.60	76.28	71.24	51.66	42.02	39.87	36.43	36.06	29.66	31.86	36.71	38.66	41.31	41.23	47.38	45.07	42.55	42.548
Credit Grade	snapshot only																				12
Credit Trend	snapshot only																				1.241
Implied Spread (bps)	snapshot only																				475.000
Industry Credit Rank	snapshot only																				24
Sector Credit Rank	snapshot only																				27

MRBK 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

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