Merchants Bank was founded in 1849 and is headquartered in South Burlington, US

Merchants Bank has an office in South Burlington

South Burlington, US (HQ)

275 Kennedy Dr

Merchants Bank's revenue was reported to be $18.7 m in Q1, 2017

USD

## Revenue (Q1, 2017) | 18.7 m |

## Gross profit (Q1, 2017) | 17.5 m |

## Gross profit margin (Q1, 2017), % | 94% |

## Net income (Q1, 2017) | 3.6 m |

## EBIT (Q1, 2017) | 14.2 m |

## Market capitalization (12-May-2017) | 345.2 m |

## Closing share price (12-May-2017) | 49.7 |

## Cash (31-Mar-2017) | 59.8 m |

Merchants Bank's current market capitalization is $345.2 m.

USD | FY, 2013^{} | FY, 2014^{} | FY, 2015^{} | FY, 2016^{} |
---|---|---|---|---|

## Revenue | 54 m | 51 m | 52.1 m | 72.4 m |

## Revenue growth, % | (6%) | 2% | 39% | |

## Cost of goods sold | 4.1 m | 4.5 m | ||

## Gross profit | 48.1 m | 67.9 m | ||

## Gross profit Margin, % | 92% | 94% | ||

## Operating expense total | 44 m | 47.3 m | ||

## EBIT | 48.1 m | 55.2 m | ||

## EBIT margin, % | 92% | 76% | ||

## Pre tax profit | 15.8 m | 19.6 m | ||

## Income tax expense | 3.2 m | 4.7 m | ||

## Net Income | 15.1 m | 12.1 m | 12.6 m | 14.9 m |

USD | Q2, 2014^{} | Q3, 2014^{} | Q1, 2015^{} | Q2, 2015^{} | Q3, 2015^{} | Q1, 2016^{} | Q2, 2016^{} | Q3, 2016^{} | Q1, 2017^{} |
---|---|---|---|---|---|---|---|---|---|

## Revenue | 15.5 m | 16.5 m | 17.8 m | 18.2 m | 18.1 m | 18.7 m | |||

## Cost of goods sold | 1 m | 968 k | 1.2 m | 1.1 m | 1.1 m | 1.2 m | |||

## Gross profit | 14.5 m | 15.5 m | 16.7 m | 17.1 m | 16.9 m | 17.5 m | |||

## Gross profit Margin, % | 93% | 94% | 94% | 94% | 94% | 94% | |||

## Sales and marketing expense | 137 k | 148 k | 192 k | 207 k | 196 k | 120 k | |||

## General and administrative expense | 1.8 m | 1.8 m | 1.9 m | 1.7 m | 1.7 m | 1.8 m | |||

## Operating expense total | 1.9 m | 1.9 m | 2.1 m | 1.9 m | 1.9 m | 1.9 m | |||

## EBIT | 11.7 m | 12.1 m | 13.7 m | 13.8 m | 13.8 m | 14.2 m | |||

## EBIT margin, % | 76% | 73% | 77% | 76% | 76% | 76% | |||

## Pre tax profit | 3.9 m | 4.8 m | 4.5 m | 6 m | 5 m | 5 m | |||

## Income tax expense | 801 k | 925 k | 1 m | 1.7 m | 1.1 m | 1.4 m | |||

## Net Income | 6.8 m | 9.6 m | 3.3 m | 6.5 m | 10.3 m | 3.5 m | 7.9 m | 11.8 m | 3.6 m |

USD | FY, 2013^{} | FY, 2014^{} | FY, 2015^{} | FY, 2016^{} |
---|---|---|---|---|

## Cash | 115.5 m | 154.5 m | 150.2 m | 83 m |

## Accounts Receivable | 384.5 m | |||

## Inventories | 1.5 b | |||

## Goodwill | 7 m | 7 m | ||

## Total Assets | 1.7 b | 1.7 b | 2 b | 2.1 b |

## Accounts Payable | 1.5 b | |||

## Total Debt | 40 m | |||

## Total Liabilities | 1.9 b | |||

## Additional Paid-in Capital | 37.1 m | 37.4 m | 55.1 m | 55.8 m |

## Retained Earnings | 95.7 m | 100.7 m | 106.2 m | 113.4 m |

## Total Equity | 119.6 m | 125.8 m | 148.1 m | 156.5 m |

## Debt to Equity Ratio | 0.3 x | |||

## Debt to Assets Ratio | 0 x | |||

## Financial Leverage | 14.4 x | 13.7 x | 13.7 x | 13.2 x |

USD | Q2, 2014^{} | Q3, 2014^{} | Q1, 2015^{} | Q2, 2015^{} | Q3, 2015^{} | Q1, 2016^{} | Q2, 2016^{} | Q3, 2016^{} | Q1, 2017^{} |
---|---|---|---|---|---|---|---|---|---|

## Cash | 101.7 m | 119.7 m | 67.9 m | 40.6 m | 111.5 m | 80.6 m | 59.5 m | 78.7 m | 59.8 m |

## Inventories | 1.1 b | 1.2 b | 1.2 b | 1.2 b | 1.3 b | 1.4 b | 1.4 b | 1.5 b | 1.5 b |

## Goodwill | 6.9 m | 6.9 m | 7 m | 7 m | |||||

## Total Assets | 1.6 b | 1.6 b | 1.7 b | 1.7 b | 1.8 b | 2 b | 1.9 b | 2 b | 2 b |

## Accounts Payable | 1.3 b | 1.3 b | 1.3 b | 1.3 b | 1.4 b | 1.5 b | 1.5 b | 1.5 b | 1.5 b |

## Additional Paid-in Capital | 37.2 m | 37.2 m | 37.4 m | 37.5 m | 37.5 m | 55.2 m | 55.3 m | 55.4 m | 56.6 m |

## Retained Earnings | 98.9 m | 100 m | 102.3 m | 103.6 m | 105.7 m | 107.8 m | 110.2 m | 112.2 m | 115.1 m |

## Total Equity | 125 m | 125.7 m | 128.5 m | 129 m | 132.6 m | 152.6 m | 156.3 m | 158.3 m | 158.6 m |

## Financial Leverage | 12.9 x | 13.1 x | 13.2 x | 13 x | 13.7 x | 12.9 x | 12.1 x | 12.6 x | 12.8 x |

USD | FY, 2013^{} | FY, 2014^{} | FY, 2015^{} | FY, 2016^{} |
---|---|---|---|---|

## Net Income | 15.1 m | 12.1 m | 12.6 m | 14.9 m |

## Depreciation and Amortization | 2.2 m | 2.5 m | 2.1 m | 2.1 m |

## Accounts Receivable | 369 k | 369 k | ||

## Accounts Payable | 42 k | 42 k | ||

## Cash From Operating Activities | 22.6 m | 15.9 m | 20.1 m | 22.2 m |

## Cash From Investing Activities | 6.6 m | 36.7 m | (143.4 m) | (122.3 m) |

## Long-term Borrowings | (80 k) | (83 k) | (1.6 m) | |

## Dividends Paid | (6.4 m) | (7.1 m) | (7.1 m) | (7.7 m) |

## Cash From Financing Activities | 9 m | (13.7 m) | 119 m |

USD | Q2, 2014^{} | Q3, 2014^{} | Q1, 2015^{} | Q2, 2015^{} | Q3, 2015^{} | Q1, 2016^{} | Q2, 2016^{} | Q3, 2016^{} | Q1, 2017^{} |
---|---|---|---|---|---|---|---|---|---|

## Net Income | 6.8 m | 9.6 m | 3.3 m | 6.5 m | 10.3 m | 3.5 m | 7.9 m | 11.8 m | 3.6 m |

## Depreciation and Amortization | 1.3 m | 1.9 m | 523 k | 1.1 m | 1.7 m | 542 k | 1.1 m | 1.6 m | 481 k |

## Cash From Operating Activities | 11.5 m | 15.6 m | 5.5 m | 11.2 m | 15.7 m | 5.8 m | 13 m | 20.2 m | 3.6 m |

## Cash From Investing Activities | 100.5 m | 75.5 m | (59.3 m) | (71 m) | (141.5 m) | (10.5 m) | 31.5 m | (48.6 m) | 18.4 m |

## Long-term Borrowings | (41 k) | (62 k) | (20 k) | (41 k) | (62 k) | (1.6 m) | (21 k) | ||

## Dividends Paid | (3.5 m) | (5.3 m) | (1.8 m) | (3.5 m) | (5.3 m) | (1.9 m) | (3.8 m) | (5.8 m) | (1.9 m) |

## Cash From Financing Activities | (125.7 m) | (86.9 m) | (32.8 m) | (54 m) | 82.8 m | (64.8 m) | (43 m) | (45.2 m) |

USD | Y, 2017 |
---|---|

## Revenue/Employee | 64.2 k |

## Financial Leverage | 12.8 x |