Merchants Bancorp
Financial ratios & Valuation

Historical Multiples (2015 – 2023)

2015 2016 2017 2018 2019 2020 2021 2022 2023 TTM Median
Valuation Ratios
Price/Earnings ratio
12.4710.708.119.117.314.395.994.776.595.505.85
Price/Sales ratio
5.194.353.964.243.412.333.162.453.521.382.87
Price/Book Value ratio
2.381.711.201.350.860.971.170.711.080.850.92
Price/Cash Flow ratio
2.99-2.36-2.522.81-0.45-0.90-27.671.07-5.16-2.36-0.67
Price/Free Cash Flow ratio
3.02-2.32-2.493.04-0.44-0.90-25.761.08-5.05-2.30-0.67
Price/Earnings Growth ratio
N/A1.200.14-2.300.890.030.24-0.780.250.150.46
Dividend Yield
1.19%1.75%1.79%1.78%3.04%2.98%2.29%3.62%2.63%0.99%3.01%
Profitability Indicator Ratios
Gross Profit Margin
100%100%100%100%100%100%100%100%100%132.84%100%
Operating Profit Margin
70.86%68.63%69.84%63.03%63.39%73.32%71.48%68.96%66.58%52.92%68.36%
Pretax Profit Margin
69.27%67.22%69.01%62.27%61.73%71.62%70.86%68.15%66.58%32.87%66.67%
Net Profit Margin
41.67%40.63%48.91%46.59%46.73%53.13%52.77%51.43%53.44%25.19%49.93%
Effective Tax Rate
39.84%39.54%29.13%25.17%24.28%25.81%25.52%24.53%19.73%23.34%25.05%
Return on Assets
1.25%1.21%1.61%1.61%1.21%1.87%2.01%1.74%1.64%1.62%1.41%
Return On Equity
19.15%16.05%14.88%14.92%11.82%22.27%19.65%15.05%16.41%16.54%13.37%
Return on Capital Employed
2.15%2.07%2.31%2.20%1.64%3.15%2.80%2.34%2.05%3.46%1.92%
Liquidity Ratios
Current Ratio
N/AN/AN/AN/AN/AN/AN/AN/AN/A34.1817.09
Quick Ratio
68.8181.96101.9098.81247.240.5910.0328.41N/A34.18140.71
Cash ratio
16.6416.6313.2410.1577.470.103.447.53N/A1.8138.79
Days of Sales Outstanding
24.6524.0327.1837.40N/AN/AN/A6.39KN/A3.14KN/A
Days of Inventory outstanding
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Operating Cycle
N/AN/AN/AN/AN/AN/AN/AN/AN/A3.14KN/A
Days of Payables Outstanding
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Cash Conversion Cycle
N/AN/AN/AN/AN/AN/AN/AN/AN/A3.14KN/A
Debt Ratios
Debt Ratio
0.020.000.000.000.000.120.080.070.000.190.00
Debt Equity Ratio
0.380.000.000.000.021.520.870.650.081.840.01
Long-term Debt to Capitalization
0.170.000.000.000.020.600.460.380.070.640.01
Total Debt to Capitalization
0.270.000.000.000.020.600.460.390.070.640.01
Interest Coverage Ratio
N/AN/AN/AN/A1.134.14N/AN/AN/A1.441.29
Cash Flow to Debt Ratio
2.05-92.91-147.1884.23-73.46-0.70-0.041.01-2.45-0.195.38
Company Equity Multiplier
15.3113.179.239.229.7411.899.768.649.969.6110.82
Cash Flow Ratios
Operating Cash Flow / Sales Ratio
1.73-1.83-1.571.50-7.59-2.57-0.112.28-0.68-0.58-3.04
Free Cash Flow / Operating Cash Flow Ratio
0.981.011.010.921.011.001.070.991.021.020.96
Cash Flow Coverage Ratio
2.05-92.91-147.1884.23-73.46-0.70-0.041.01-2.45-0.195.38
Short Term Coverage Ratio
4.73N/AN/AN/AN/AN/AN/A32.52N/AN/AN/A
Dividend Payout Ratio
14.87%18.78%14.53%16.24%22.31%13.11%13.75%17.32%17.37%16.03%19.17%