MBIN (Merchants Bancorp) Scaled Net Operating Assets: 0.32 (As of Mar. 2026)


MBIN Merchants Bancorp MBIN
78 GF Score
Price $50.04
GF Value $42.65
Valuation Modestly Overvalued
! 10 Warning Signs
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What is Merchants Bancorp Scaled Net Operating Assets?

Merchants Bancorp MBIN +0.42% 78 Scaled Net Operating Assets is 0.32 as of Mar. 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.

Scaled Net Operating Assets (SNOA) is calculated as the difference between operating assets and operating liabilities, scaled by lagged total assets.

Merchants Bancorp's operating assets for the quarter that ended in Mar. 2026 was $19,623.6 Mil. Merchants Bancorp's operating liabilities for the quarter that ended in Mar. 2026 was $13,358.0 Mil. Merchants Bancorp's Total Assets for the quarter that ended in Dec. 2025 was $19,448.9 Mil. Therefore, Merchants Bancorp's scaled net operating assets (SNOA) for the quarter that ended in Mar. 2026 was 0.32.

MBIN
78GF Score
Merchants Bancorp MBIN
Scaled Net Operating Assets is just one metric. See GF Score™, valuation, warning signs, and more.
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Merchants Bancorp Scaled Net Operating Assets Calculation

Scaled Net Operating Assets (SNOA) is calculated as the difference between operating assets and operating liabilities, scaled by lagged total assets.

Merchants Bancorp's Scaled Net Operating Assets (SNOA) for the fiscal year that ended in Dec. 2025 is calculated as

Scaled Net Operating Assets (SNOA)(A: Dec. 2025 )
=(Operating Assets (A: Dec. 2025 )-Operating Liabilities (A: Dec. 2025 ))/Total Assets (A: Dec. 2024 )
=(19236.741-13325.592)/18805.732
=0.31

where

Operating Assets(A: Dec. 2025 )
=Total Assets - Balance Sheet Cash And Cash Equivalents
=19448.943 - 212.202
=19236.741

Operating Liabilities(A: Dec. 2025 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=17168.184 - 3842.592 - 0
=13325.592

Merchants Bancorp's Scaled Net Operating Assets (SNOA) for the quarter that ended in Mar. 2026 is calculated as

Scaled Net Operating Assets (SNOA)(Q: Mar. 2026 )
=(Operating Assets (Q: Mar. 2026 )-Operating Liabilities (Q: Mar. 2026 ))/Total Assets (Q: Dec. 2025 )
=(19623.603-13357.989)/19448.943
=0.32

where

Operating Assets(Q: Mar. 2026 )
=Total Assets - Balance Sheet Cash And Cash Equivalents
=20321.782 - 698.179
=19623.603

Operating Liabilities(Q: Mar. 2026 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=17991.479 - 4633.49 - 0
=13357.989

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

What does a Scaled Net Operating Assets of 0.32 mean?
Merchants Bancorp (MBIN) has a Scaled Net Operating Assets of 0.32 as of Mar. 2026. Scaled net operating assets equals current-period operating assets less operating liabilities less prior-period total assets. View historical data on Merchants Bancorp and its competitors.
Is Merchants Bancorp's Scaled Net Operating Assets too high?
Merchants Bancorp's current Scaled Net Operating Assets is 0.32. 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 Scaled Net Operating Assets compare to BANR and SYBT?
Merchants Bancorp's Scaled Net Operating Assets of 0.32 can be compared against companies in the Banks industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Scaled Net Operating Assets for a Banks company?
A good Scaled Net Operating Assets depends on the Banks industry context. However, Scaled Net Operating Assets 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 Scaled Net Operating Assets mean?
A high Scaled Net Operating Assets can signal that a stock is expensive relative to its fundamentals. Scaled net operating assets equals current-period operating assets less operating liabilities less prior-period total assets. View historical data on Merchants Bancorp and its competitors. Merchants Bancorp's current Scaled Net Operating Assets is 0.32. 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 $50.04 — trading 17.3% above its estimated fair value. The current Scaled Net Operating Assets is 0.32. 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 Scaled Net Operating Assets calculated?
Scaled Net Operating Assets is calculated from a company's financial statements. For Merchants Bancorp (MBIN), the current Scaled Net Operating Assets is 0.32 as of Mar. 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 $50.04 is trading 17.3% above its estimated GF Value™ of $42.65. GuruFocus considers Merchants Bancorp to be Modestly Overvalued.

Key valuation signals for MBIN:

  • Scaled Net Operating Assets: 0.32
  • GF Value™: $42.65 vs. price of $50.04 (17.3% 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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Scaled Net Operating Assets is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$50.04
Price
$42.65
GF Value