Pricing Log in Create free account
Friday 6 November 2026 Export MBWM’s income statement to Excel — free account

Mercantile Bank Corporation

MBWM Financial Banks Regional

Mercantile Bank Corporation’s revenue for fiscal 2025 (year ended December 2025) was $371.8 million, up 2.74% from fiscal 2024.

Revenue
+6.81%
EPS
−4.79%
Free cash flow
+122.4%
Total debt
−8.19%

Quarter to September 2026, against a year earlier

61.04 0.78 +1.29%
Market cap
$1.0B
P/E
10.8×
Fwd P/E
10.7×
Dividend yield
2.59%
F-score
4/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 3.85%

Capital & Financial Ratios $m

Size
Market Cap 1,040.00
Revenue ttm 391.19
Net income ttm 95.53
Free cash flow ttm 93.25
Net debt Q (181.73)
Valuation
P/E 10.76
Forward P/E 10.70
Price / sales 2.67
Forward P/S Powerpack
Price / FCF 11.19
Price / book 1.40
Financial health
Current ratio Q 0.93
Debt / equity Q 0.60
Interest coverage Q —
Growth
Revenue growth Q +6.81% (above 0%: growing)
Operating income growth Q +5.50% (above 0%: growing)
EPS, this year +1.89%
EPS, next year A +5.17%
Revenue, next year A −24.07% (below 0%: weak)
EPS, past 5 yrs +15.08% (at or above 15%: strong)
EPS, next 5 yrs A +4.53%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 56.58%
10-year low 10-year high
P/S against its own 10 years 51.45%
10-year low 10-year high
P/B against its own 10 years 75.72%
10-year low 10-year high

Dividends raised every year since 2017

Yield
2.59%
Annual rate
1.56
Payout ratio
27.8%
Growth, 2017–25
+9.23%/yr
  1. 0.74 ’17
  2. 0.93 ’18 +26
  3. 1.06 ’19 +14
  4. 1.12 ’20 +6
  5. 1.18 ’21 +5
  6. 1.26 ’22 +7
  7. 1.34 ’23 +6
  8. 1.42 ’24 +6
  9. 1.50 ’25 +6
  10. 1.58 ’26e +5
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 131 393 473 628
Receivables — — — —
Inventory — — — —
Other — — — —
4,403 4,955 5,254 5,547
2023 2024 2025 Q'26
Payables 3,901 4,698 5,284 5,612
ST’ Debt — — — —
Other — — — —
4,225 4,941 5,643 5,972

Compound Annual Growth %

10y 5y 3y
Sales 11.22% 13.95% 20.23%
Cash Flow (6.71%) (13.85%) (46.87%)
Earnings 12.63% 14.99% 13.28%
Book Value 8.06% 10.42% 17.98%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.35 Actual 1.42

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 1.37 1.40 Beat by 0.03
Q1 FY26 1.33 1.46 Beat by 0.13
Q2 FY26 1.34 1.53 Beat by 0.19
Q3 FY26 1.35 1.42 Beat by 0.07
Q4 FY26 1.39 — Reports 19 January 2027

EPS $

Mar Jun Sep Dec Year
’26 1.32 1.50 1.39 — —
’25 1.21 1.39 1.46 1.40 5.47
’24 1.34 1.17 1.22 1.22 4.93
’23 1.31 1.27 1.30 1.25 5.13
’22 0.73 0.74 1.01 1.37 3.85
’21 0.87 1.12 0.95 0.74 3.69
’20 0.65 0.54 0.66 0.87 2.71
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 97 98 103 — —
’25 89 93 96 93 372
’24 88 89 93 93 362
’23 67 74 80 82 304
’22 45 47 55 66 214
’21 48 50 51 50 200
’20 44 48 49 52 193
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 28 15 47 — —
’25 (3) (8) 23 6 18
’24 40 9 (8) 60 101
’23 18 19 36 (7) 67
’22 28 22 33 37 120
’21 (1) 24 (3) 45 65
’20 (10) (3) 29 22 38
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 27 15 46 — —
’25 (5) (10) 20 5 11
’24 39 8 (14) 59 93
’23 16 17 35 (8) 60
’22 28 22 31 36 117
’21 (3) 22 (4) 44 59
’20 (13) (4) 26 20 29
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 139 145 161 185 193 200 214 304 362 372 391 +11.5% 282 303 319 (4.9%)
Gross margin, % 90.97 89.07 86.40 81.76 86.53 90.27 88.97 74.36 63.96 65.26 69.43 (25.7) pt
EBT 47 46 52 60 55 74 76 103 98 103 113 +9.2%
EBT margin, % 33.61 31.88 32.19 32.63 28.35 36.91 35.43 33.84 27.16 27.84 29.00 (5.8) pt
Net income 32 31 42 49 44 59 61 82 80 89 96 +12.0%
Per share, $
Per share, $ Revenue 8.56 8.77 9.70 11.29 11.89 12.49 13.49 18.95 22.43 22.90 22.63 +11.5%
Earnings 1.96 1.90 2.53 3.01 2.71 3.69 3.85 5.13 4.93 5.47 5.61 +12.1%
Cash flow 2.12 2.35 3.72 2.73 2.33 4.04 7.56 4.16 6.27 1.11 5.57 (7.0%)
Capex (0.12) (0.33) (0.38) (0.82) (0.55) (0.35) (0.19) (0.42) (0.53) (0.42) (0.18) +14.4%
Free cash flow 2.00 2.02 3.34 1.91 1.78 3.69 7.37 3.74 5.74 0.69 5.39 (11.1%)
Book value 20.92 22.20 22.60 25.39 27.14 28.56 27.83 32.60 36.24 44.64 43.03 +8.8%
Shares, m 16 16 17 16 16 16 16 16 16 16 17 0.0%
Valuation, ×
Valuation, × P/E 19.24 18.57 11.13 12.12 9.99 9.52 8.74 7.85 8.99 8.81 10.76 11.5
P/S 4.38 4.02 2.91 3.23 2.28 2.80 2.49 2.12 1.98 2.10 2.67 2.8
P/B 1.79 1.59 1.25 1.44 1.00 1.23 1.21 1.23 1.23 1.08 1.40 1.3
EV/Sales 4.64 4.48 4.91 4.13 1.33 0.40 4.13 3.69 2.35 2.08 — 3.2
EV/FCF 19.88 19.46 14.25 24.47 8.92 1.37 7.56 18.70 9.20 69.11 — 19.3
Cash, $m
Cash, $m Operating cash flow 35 39 62 45 38 65 120 67 101 18 96 (7.0%)
Capex (2) (5) (6) (13) (9) (6) (3) (7) (9) (7) (3) +14.3%
Free cash flow 33 33 55 31 29 59 117 60 93 11 93 (11.2%)
Balance, $m
Balance, $m Working capital 22 84 214 251 250 104 (11) 178 14 (389) (425) n/m
Net debt 36 65 321 167 (184) (479) 349 476 134 (6) (182) n/m
Shareholders’ equity 341 366 375 417 442 457 441 522 585 725 744 +8.7%
Returns, %
Returns, % ROA 1.07 0.98 1.26 1.41 1.09 1.22 1.21 1.61 1.40 1.38 1.42 +0.3 pt
ROIC 7.77 6.68 4.65 6.47 13.33 0.00 5.99 6.43 8.55 9.00 12.92 +1.2 pt
ROE 9.46 8.85 11.34 12.49 10.29 13.14 13.60 17.07 14.38 13.56 13.63 +4.1 pt
People
People Employees 682 584 693 683 665 656 669 665 682 786 — +1.6%
Revenue/emp, $m 0.20 0.25 0.23 0.27 0.29 0.30 0.32 0.46 0.53 0.47 — +9.8%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Mercantile Bank Corporation vs peers in Banks Regional (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
CCNE CNB Financial Corporation $1.1B 10.7× 9.9× +6.10% (above 0%: growing) +31.88% (above 0%: growing) +2.73% (above 0%: growing) 69.41% 0.00% Compare
CFFN Capitol Federal Financial $1.1B 13.1× 12.3× +6.50% (above 0%: growing) +35.71% (above 0%: growing) +45.71% (above 0%: growing) 53.81% 0.00% Compare
HBNC Horizon Bancorp (IN) $1.1B — (loss-making) 9.8× −1.83% (below 0%: shrinking) +4.26% (above 0%: growing) +72.88% (above 0%: growing) 75.11% 0.00% Compare
MBWM Mercantile Bank Corporation $1.0B 10.8× 10.7× +6.81% (above 0%: growing) −4.79% (below 0%: shrinking) +122.41% (above 0%: growing) 71.37% 0.00%
BFST Business First Bancshares, Inc. $1.0B 11.3× 11.0× +7.42% (above 0%: growing) +3.47% (above 0%: growing) +38.67% (above 0%: growing) 66.54% 0.00% Compare
MCBS MetroCity Bankshares, Inc. $1.0B 11.8× 11.4× +23.15% (above 0%: growing) +23.53% (above 0%: growing) −202.65% (below 0%: shrinking) 64.69% 0.00% Compare
SBSI Southside Bancshares, Inc. $1.0B 10.4× 9.6× +34.14% (above 0%: growing) +487.50% (above 0%: growing) +73.84% (above 0%: growing) 61.38% 0.00% Compare
EGBN Eagle Bancorp, Inc. $1.0B 23.6× 16.6× −14.05% (below 0%: shrinking) n/m +207.40% (above 0%: growing) 54.04% 0.00% Compare
EQBK Equity Bancshares, Inc. $1.0B 28.8× 10.6× +39.99% (above 0%: growing) +47.13% (above 0%: growing) +40.78% (above 0%: growing) 70.70% 0.00% Compare
Median of peers $1.0B 11.8× 10.8× +6.96% +31.88% +43.25% 65.62% 0.00%

All 327 Banks Regional stocks →

Pay and ownership Proxy statement filed 2 April 2026

Ownership

Directors and executive officers, together 2.50%
BlackRock, Inc. 7.10%
Dimensional Fund Advisors LP 6.00%
The Vanguard Group 6.00%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Mercantile Bank Corporation (MBWM) Latest News

26 Oct

Impact 3 · · Zacks

22 Oct

Impact 3 · · Simply Wall St.

20 Oct

Impact 4 · · The Motley Fool
Impact 4 · · MarketBeat earnings
Impact 4 · · Moby
Impact 4 · · The Motley Fool transcript
Impact 4 · · PR Newswire
Impact 3 · · Zacks
Impact 3 · · Zacks
Impact 3 · · Associated Press
Impact 3 · · PR Newswire

13 Oct

Impact 3 · · Zacks

7 Oct

Impact 3 · · Zacks

21 Sep

Impact 3 · · Zacks

30 Jul

Impact 4 ·

22 Jul

Impact 3 · · Moby transcript

21 Jul

Impact 3 ·
Impact 3 · · MarketBeat transcript
Impact 3 ·
Impact 3 ·
Impact 3 ·

8 May

Impact 4 · · Simply Wall St.

22 Apr

Impact 4 · · GuruFocus.com

21 Apr

Impact 4 · · The Motley Fool transcript
Impact 4 · · MarketBeat
Impact 4 · · The Motley Fool transcript
Impact 4 ·
Impact 3 · · Moby
Impact 3 ·
Impact 3 ·
stockrow.com/MBWM · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com