COMP <GO>

BUSE vs MBIN // EV/EBITDA & P/E VALUATION

First Busey Corporation (Class A) (NASDAQ) VS. Merchants Bancorp (NASDAQ) • 15-METRIC TALLY: BUSE 4 — MBIN 3

■ METRIC PARITY

LAST: $29.47 (+0.79%) • MKT CAP: $2.45B

valuation

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LAST: $52.00 (+5.84%) • MKT CAP: $2.39B

valuation

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15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (BUSE VS. MBIN) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	BUSE	MBIN	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	—	—	—	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	5.50%	9.60%	-4.10	MBIN	/roic <GO>
EV/EBITDA & P/E Valuation ACTIVE	—	—	—	TIE	/valuation <GO>
Free Cash Flow Yield	7.05%	-15.16%	+22.21	BUSE	/fcf-yield <GO>
Operating Margin	—	—	—	TIE	/operating-margins <GO>
Net Profit Margin	18.80%	—	—	TIE	/net-margins <GO>
Revenue Growth (YoY)	55.70%	—	—	TIE	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	3.71%	2.49%	+1.22	BUSE	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	—	—	—	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	6/9	1/9	+5.00	BUSE	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	39.9	62.1	-22.19	MBIN	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	—	—	—	TIE	/macro-sensitivity <GO>
Forward P/E Multiple	15.2x	10.1x	+5.10	MBIN	/forward-pe <GO>
Enterprise Scale & Market Cap	$2.45B	$2.39B	$62.8M	BUSE	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	BUSE REV	MBIN REV	BUSE GROSS %	MBIN GROSS %	BUSE FCF	MBIN FCF
FY 2025	$719.6M	$0	—	—	$173.0M	-$362.2M
FY 2024	$462.3M	$0	—	—	$171.8M	-$853.7M
FY 2023	$441.8M	$0	—	—	$173.4M	-$356.4M

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

BUSE // BETA —

MBIN // BETA —