Merchants Bancorp (MBIN) vs Upstart Holdings, Inc. (UPST)
A side-by-side comparison of Merchants Bancorp and Upstart Holdings, Inc. across valuation, profitability, dividends, and growth — built entirely from reported fundamentals, as of October 6, 2026. Differences are shown without an overall score or investment verdict.
Total return — MBIN vs UPST
growth of $100 · dividends reinvested · last 6yMBIN vs UPST: by the numbers
- •MBIN is the larger company ($2.29B vs $2.28B market cap).
- •MBIN trades at the lower trailing earnings multiple (10.03 vs 46.66 P/E), one valuation lens rather than an overall verdict.
- •MBIN converts more revenue to profit (20.51% vs 4.69% net margin).
- •MBIN grew revenue faster over the past five years (23.60% vs 22.79% CAGR).
- •MBIN pays a dividend (0.86% yield), while UPST has no payments in the available dividend history.
Metrics side by side
Valuation
| Metric | MBIN | UPST |
|---|---|---|
| P/E ratio | 10.03 | 46.66 |
| Forward P/E | 8.96 | 35.20 |
| PEG ratio | N/A | 3.25 |
| P/S ratio | 1.75 | 1.78 |
| P/B ratio | 1.25 | 2.86 |
Profitability
| Metric | MBIN | UPST |
|---|---|---|
| Operating margin | 21.15% | 4.80% |
| Net margin | 20.51% | 4.69% |
| ROE | 11.22% | 7.57% |
Merchants Bancorp: Gross margin is not shown for a lender or insurer: its revenue is interest, premiums and fees rather than the sale of goods, so there is no cost of goods sold to measure it against.
Upstart Holdings, Inc.: Gross margin is not shown for a lender or insurer: its revenue is interest, premiums and fees rather than the sale of goods, so there is no cost of goods sold to measure it against.
Dividends
| Metric | MBIN | UPST |
|---|---|---|
| Dividend yield | 0.86% | N/A |
| Payout ratio | 8.63% | N/A |
Growth (annualized)
| Metric | MBIN | UPST |
|---|---|---|
| Revenue CAGR (5Y) | 23.60% | 22.79% |
| EPS CAGR (5Y) | -0.37% | 15.71% |
| Total return CAGR (5Y) | 13.50% | -39.34% |
Frequently asked
- Which has the lower trailing P/E, MBIN or UPST?
- MBIN has the lower trailing P/E: MBIN trades at 10.03 and UPST at 46.66. P/E is one valuation measure and does not by itself establish which business is cheaper.
- Which has grown faster, MBIN or UPST?
- Over the past five years, MBIN grew revenue faster — MBIN at a 23.60% CAGR versus UPST at 22.79%.
- Does MBIN or UPST pay a bigger dividend?
- MBIN pays a dividend (0.86% yield), while UPST has no payments in the available dividend history.
- Is MBIN or UPST more profitable?
- MBIN runs the higher net margin — MBIN at 20.51% versus UPST at 4.69%.
- How have MBIN and UPST total returns compared?
- Over the past 5 years, MBIN delivered 13.50% and UPST delivered -39.34% annualized total return. Past performance doesn't predict future results.
Go deeper
Dig into the metrics
Merchants Bancorp & Upstart appear in these rankings
Figures are sourced from reported fundamentals and the latest end-of-day price. This comparison is informational only and is not investment advice. Past performance does not predict future results. See our methodology. Compiled by TGMCharts Research · data verified October 6, 2026.