Saturday 17 October 2026
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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. In the quarter to June 2026, revenue grew 5.11%, EPS grew 7.91%, free cash flow grew 247.0% and total debt fell 10.0%, each against the same quarter a year earlier. Dividend growth for five consecutive years, revenue growth for ten.
58.71
0.39
+0.67%
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| Dec '16 | Dec '17 | Dec '18 | Dec '19 | Dec '20 | Dec '21 | Dec '22 | Dec '23 | Dec '24 | Dec '25 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
19.24 | 18.57 | 11.13 | 12.12 | 9.99 | 9.52 | 8.74 | 7.85 | 8.99 | 8.81 |
Piotroski F-Score |
7 | 4 | 6 | 7 | 5 | 7 | 6 | 5 | 5 | 4 |
P/S ratio |
4.38 | 4.02 | 2.91 | 3.23 | 2.28 | 2.80 | 2.49 | 2.12 | 1.98 | 2.10 |
P/FCF ratio |
18.76 | 17.49 | 8.47 | 19.13 | 15.30 | 9.50 | 4.57 | 10.76 | 7.75 | 69.68 |
P/Operating CF |
49.13 | 41.83 | 17.48 | 24.29 | 20.49 | 12.33 | 14.40 | (88.34) | 11.99 | 138.26 |
P/B ratio |
1.79 | 1.59 | 1.25 | 1.44 | 1.00 | 1.23 | 1.21 | 1.23 | 1.23 | 1.08 |
Price to Tangible BV |
2.17 | 1.88 | 1.47 | 1.65 | 1.13 | 1.38 | 1.36 | 1.36 | 1.34 | 1.24 |
EV/Sales |
4.64 | 4.48 | 4.91 | 4.13 | 1.33 | 0.40 | 4.13 | 3.69 | 2.35 | 2.08 |
EV/EBITDA |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
EV/Operating CF |
18.71 | 16.73 | 12.80 | 17.10 | 6.80 | 1.25 | 7.36 | 16.83 | 8.42 | 43.10 |
EV/FCF |
19.88 | 19.46 | 14.25 | 24.47 | 8.92 | 1.37 | 7.56 | 18.70 | 9.20 | 69.11 |
Quick Ratio |
0.07 | 0.08 | 0.03 | 0.08 | 0.18 | 0.23 | 0.02 | 0.03 | 0.08 | 0.08 |
Current Ratio |
1.01 | 1.03 | 1.08 | 1.09 | 1.07 | 1.02 | 1.00 | 1.04 | 1.00 | 0.93 |
Net Debt/EBITDA |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Debt/Assets |
7.13% | 8.08% | 11.78% | 11.03% | 9.95% | 9.43% | 9.15% | 11.33% | 8.70% | 6.83% |
Debt/Equity |
0.65 | 0.73 | 1.06 | 0.96 | 1.00 | 1.09 | 1.01 | 1.16 | 0.90 | 0.64 |
Asset Turnover |
0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.04 | 0.04 | 0.06 | 0.06 | 0.06 |
Operating CF/Net income |
1.08 | 1.24 | 1.47 | 0.91 | 0.86 | 1.09 | 1.96 | 0.81 | 1.27 | 0.20 |
Capex/Depreciation |
(0.21) | (0.52) | (0.65) | (1.41) | (0.95) | (0.41) | (0.23) | (0.58) | (0.81) | (1.17) |
| 9.46% | 8.85% | 11.34% | 12.49% | 10.29% | 13.14% | 13.60% | 17.07% | 14.38% | 13.56% | |
| 1.07% | 0.98% | 1.26% | 1.41% | 1.09% | 1.22% | 1.21% | 1.61% | 1.40% | 1.38% | |
ROIC |
7.77% | 6.68% | 4.65% | 6.47% | 13.33% | 0.00% | 5.99% | 6.43% | 8.55% | 9.00% |
Return on Tangible Assets |
47.08% | 24.08% | 16.04% | 16.04% | 14.28% | 36.57% | 149.58% | 35.85% | 117.60% | (27.16%) |
Average Days of Receivables |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Research and Development Expense of Revenue |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Selling, General and Administrative Expense of Revenue |
57.36% | 57.19% | 54.21% | 49.13% | 58.18% | 53.36% | 53.54% | 40.52% | 36.80% | 37.43% |
Intangible Assets out of Total Assets |
0.02 | 0.02 | 0.02 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
Share Based Compensation of Revenue |
1.05% | 1.37% | 1.50% | 1.58% | 1.20% | 1.89% | 1.58% | 1.11% | 0.92% | 0.93% |
Graham Net Nets |
(0.32) | (0.31) | (0.39) | (0.25) | (0.43) | (0.70) | (0.86) | (0.66) | (0.71) | (1.10) |
Graham Number |
30.30 | 30.81 | 35.94 | 41.47 | 40.76 | 48.63 | 49.10 | 61.34 | 63.53 | 74.06 |
Earnings Yield |
5.20% | 5.38% | 8.99% | 8.25% | 10.01% | 10.51% | 11.44% | 12.74% | 11.13% | 11.35% |
Free Cash Flow Yield |
5.33% | 5.72% | 11.81% | 5.23% | 6.54% | 10.53% | 21.89% | 9.29% | 12.90% | 1.44% |
Revenue per Share |
8.56 | 8.77 | 9.70 | 11.29 | 11.89 | 12.49 | 13.49 | 18.95 | 22.43 | 22.90 |
Operating CF per Share |
2.12 | 2.35 | 3.72 | 2.73 | 2.33 | 4.04 | 7.56 | 4.16 | 6.27 | 1.11 |
Capex per Share |
(0.12) | (0.33) | (0.38) | (0.82) | (0.55) | (0.35) | (0.19) | (0.42) | (0.53) | (0.42) |
Free Cash Flow per Share |
2.00 | 2.02 | 3.34 | 1.91 | 1.78 | 3.69 | 7.37 | 3.74 | 5.74 | 0.69 |
Cash per Share |
11.27 | 12.14 | 4.54 | 14.25 | 38.48 | 61.00 | 6.10 | 8.15 | 24.36 | 29.15 |
Shareholders Equity per Share |
20.92 | 22.20 | 22.60 | 25.39 | 27.14 | 28.56 | 27.83 | 32.60 | 36.24 | 44.64 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
20.92 | 22.20 | 22.60 | 25.39 | 27.14 | 28.56 | 27.83 | 32.60 | 36.24 | 44.64 |
Free Cash Flow |
32.58 | 33.24 | 55.42 | 31.28 | 28.89 | 58.97 | 116.85 | 59.93 | 92.59 | 11.21 |
Working Capital |
22.33 | 83.84 | 213.60 | 251.04 | 250.17 | 104.07 | (10.65) | 178.43 | 14.25 | (389.26) |
Capital Expenditures |
(2.02) | (5.42) | (6.32) | (13.48) | (8.99) | (5.60) | (3.02) | (6.69) | (8.53) | (6.76) |
Net Current Asset Value |
(197.50) | (181.68) | (182.60) | (149.84) | (191.39) | (391.82) | (456.50) | (428.09) | (512.47) | (856.15) |
EV/EBIT |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Capex to Sales |
0.01 | 0.04 | 0.04 | 0.07 | 0.05 | 0.03 | 0.01 | 0.02 | 0.02 | 0.02 |
Price to Operating Income |
13.04 | 12.36 | 8.89 | 9.86 | 7.90 | 7.41 | 6.93 | 6.14 | 7.12 | 7.35 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.21 | 0.23 | 0.20 | 0.17 | 0.16 | 0.24 | 0.25 | 0.23 | 0.20 | 0.09 |
Cash ROIC |
4.38% | 4.00% | 6.54% | 2.98% | 1.91% | 3.06% | 11.87% | 4.76% | 6.16% | 0.67% |
Accounts Receivable Turnover |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Accounts Payable Turnover |
0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.02 | 0.03 | 0.03 |
Inventory Turnover |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Days of Payables |
68,853.81 | 58,288.27 | 41,063.68 | 29,050.38 | 47,769.86 | 76,696.45 | 57,434.88 | 18,298.16 | 13,149.49 | 14,934.77 |
Days of Inventory on Hand |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Payables |
2,325.18 | 2,448.68 | 2,493.04 | 2,577.05 | 3,050.97 | 3,747.37 | 3,898.00 | 3,806.86 | 4,299.64 | 4,991.41 |
Average Assets |
2,993.06 | 3,184.64 | 3,325.31 | 3,498.41 | 4,035.13 | 4,847.55 | 5,065.18 | 5,112.92 | 5,702.69 | 6,443.69 |
Average Common Equity |
337.31 | 353.34 | 370.56 | 395.91 | 429.06 | 449.06 | 448.98 | 481.78 | 553.34 | 654.70 |
Columns are period end dates