MBIN (Merchants Bancorp) Moat Score: 4/10 (As of Jun. 28, 2026)


MBIN Merchants Bancorp MBIN
78 GF Score
Price $49.97
GF Value $42.65
Valuation Modestly Overvalued
! 10 Warning Signs
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What is Merchants Bancorp Moat Score?

Merchants Bancorp MBIN +0.02% 78 Moat Score is 4 as of Jun. 28, 2026. GuruFocus rates MBIN with a GF Score™ of 78/100 and a GF Value™ of $42.65 (Modestly Overvalued). The stock has 10 warning signs investors should review. Among 1,610 Banks companies, Merchants Bancorp ranks better than 86.15% on this metric.

Merchants Bancorp has the Moat Score of 4, which implies that the company might have Narrow Moat - Discernible but modest moat.

Merchants Bancorp has Narrow Moat: Merchants Bancorp has a discernible but modest moat due to its regional market presence and customer relationships. However, it lacks significant network effects, strong brand strength, or regulatory barriers that would strengthen its competitive position.

Moat Score is a ranking system developed by GuruFocus to assess a company's ability to sustain a competitive advantage, rated on a scale from 0 to 10. It takes into account key factors such as market leadership, cost advantages, network effects, customer switching costs, and more.

The company's Moat Score is based on these criteria:

1. Market leadership and sustainable market share
2. Network effects and significant customer switching costs
3. Valuable intellectual property and patents
4. Strong brand strength and deep customer loyalty
5. Durable cost advantages (e.g., economies of scale, proprietary technology)
6. Significant regulatory barriers and exclusive licenses
7. Superior distribution network
8. Strong and sustainable pricing power
9. Consistent and impactful innovation and R&D capabilities

Based on the research, GuruFocus believes Merchants Bancorp might have Narrow Moat - Discernible but modest moat.

Merchants Bancorp  (NAS:MBIN) Moat Score Explanation

The Moat Score ranges from 0 to 10, with 10 as the highest. GuruFocus divided Moat Score into following 8 categories:

Moat Score Moat Level
10Wide Moat - Exceptionally dominant and durable wide moat
8 - 9Wide Moat - Clear and robust wide moat
7Wide Moat - Entry-level wide moat, clearly possessing durable advantages
6Narrow Moat - Strong narrow moat, clearly distinguishable but not wide
5Narrow Moat - Solid narrow moat
4Narrow Moat - Discernible but modest moat
1 - 3No Moat - Very weak/transient advantages
0No Moat - No discernible moat

Merchants Bancorp Moat Score Related Terms

MBIN vs BANR, SYBT, EFSC: Moat Score Comparison

For the Banks - Regional subindustry, Merchants Bancorp's Moat Score, along with its competitors' market caps and Moat Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Merchants Bancorp Moat Score vs Banks Industry

For the Banks industry and Financial Services sector, Merchants Bancorp's Moat Score distribution charts can be found below:

* The bar in red indicates where Merchants Bancorp's Moat Score falls into.


MBIN
78GF Score
Merchants Bancorp MBIN
Moat Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Frequently Asked Questions Learn more about Moat Score →
What does a Moat Score of 4 mean?
Merchants Bancorp (MBIN) has a Moat Score of 4 as of Jun. 28, 2026. Moat Score is a ranking system developed by GuruFocus to assess a company's ability to sustain a competitive advantage, rated on a scale from 0 to 10. It takes into account key factors such as market leadership, cost advantages, network effects, customer switching costs, and more. According to the industry distribution chart, Merchants Bancorp ranks #223 out of 1610 companies in the Banks industry, placing it in the top 13.9%.
Is Merchants Bancorp's Moat Score too high?
Merchants Bancorp's current Moat Score is 4. Based on the distribution chart, Merchants Bancorp ranks #223 out of 1610 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, Merchants Bancorp has a GF Score™ of 78/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Merchants Bancorp's Moat Score compare to BANR and SYBT?
According to the Banks industry distribution chart, Merchants Bancorp ranks #223 out of 1610 companies for Moat Score. This places Merchants Bancorp in the top 14% of its industry — outperforming the majority of peers. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Moat Score for a Banks company?
A good Moat Score depends on the Banks industry context. However, Moat Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Moat Score mean?
A high Moat Score can signal that a stock is expensive relative to its fundamentals. Moat Score is a ranking system developed by GuruFocus to assess a company's ability to sustain a competitive advantage, rated on a scale from 0 to 10. It takes into account key factors such as market leadership, cost advantages, network effects, customer switching costs, and more. Merchants Bancorp's current Moat Score is 4. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Merchants Bancorp stock overvalued right now?
Based on GuruFocus' analysis, Merchants Bancorp (MBIN) is currently considered Modestly Overvalued. The stock's GF Value™ is $42.65, compared to a current price of $49.97 — trading 17.2% above its estimated fair value. The current Moat Score is 4. Merchants Bancorp's overall GF Score™ is 78/100 with 10 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Moat Score calculated?
Moat Score is calculated from a company's financial statements. For Merchants Bancorp (MBIN), the current Moat Score is 4 as of Jun. 28, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Merchants Bancorp (MBIN) Overvalued in 2026?

Based on GuruFocus' analysis, Merchants Bancorp stock appears to be overvalued. The current stock price of $49.97 is trading 17.2% above its estimated GF Value™ of $42.65. GuruFocus considers Merchants Bancorp to be Modestly Overvalued.

Key valuation signals for MBIN:

  • Moat Score: 4
  • GF Value™: $42.65 vs. price of $49.97 (17.2% above fair value)
  • GF Score™: 78/100 with 10 warning signs

No single metric tells the full story. See the MBIN stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Merchants Bancorp Business Description

Other Exchanges MBINN.PFD:USA3KD:Germany
Address 410 Monon Boulevard, Carmel, IN, USA, 46032
Merchants Bancorp is a United States-based bank holding company operating multiple lines of business focused on FHA multi-family housing and healthcare facility financing and servicing, retail and correspondent residential mortgage banking, and traditional community banking. Its segments include Multi-family Mortgage Banking, which originates and services government-sponsored mortgages for multi-family and healthcare facilities; Mortgage Warehousing, which offers mortgage warehouse financing, commercial loans and deposit services; and the Banking segment, which generates maximum revenue and provides portfolio lending for multi-family and healthcare facility loans, residential mortgage banking, agricultural lending, SBA lending and community banking.
78GF Score

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Moat Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$49.97
Price
$42.65
GF Value