Saturday 17 October 2026 Export MBWM’s income statement to Excel — free account

Mercantile Bank Corporation

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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Market cap: $1.0B
P/E: 10.3×
Fwd P/E: 9.6×
Dividend yield: 2.66%
F-score: 4/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 0.21

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	1	—	—	—	—	—	—	—	—	—	—	—

Insider Ownership 3.82%

Capital & Financial Ratios $m

Market Cap 1,010.00

Revenue 384.65

Net Income 95.21

Free Cash Flow 68.20

Net Debt 105.58

Current Ratio 0.93

Debt/Equity 0.59

P/E ratio 10.34

Fwd P/E 9.63

P/S ratio 2.64

P/B ratio 1.34

Past 5Y EPS Growth 15.08%

This Y EPS Growth 1.71%

Next Y EPS Growth 3.30%

Next Y revenue growth (25.01%)

Next 5Y EPS Growth 3.56%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/E against its own 10 years 52.34%

10-year low 10-year high

P/S against its own 10 years 49.50%

10-year low 10-year high

P/B against its own 10 years 68.82%

10-year low 10-year high

Dividends

Payout Ratio 0.27

Annual Dividend Rate 1.56

Annual Dividend Yield 2.66%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	1.58	0.39 0.39 0.40
2025	1.50	0.37 0.37 0.38 0.38
2024	1.42	0.35 0.35 0.36 0.36
2023	1.34	0.33 0.33 0.34 0.34
2022	1.26	0.31 0.31 0.32 0.32
2021	1.18	0.29 0.29 0.30 0.30
2020	1.12	0.28 0.28 0.28 0.28
2019	1.06	0.26 0.26 0.27 0.27
2018	0.93	0.22 0.22 0.24 0.25
2017	0.74	0.18 0.18 0.19 0.19
2016	0.49	0.16 0.16 0.17 0.50

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	131	393	473	341
Receivables	—	—	—	—
Inventory	—	—	—	—
Other	—	—	—	—
	4,403	4,955	5,254	5,232

	2023	2024	2025	Q'26
Payables	3,901	4,698	5,284	5,296
ST’ Debt	—	—	—	—
Other	—	—	—	—
	4,225	4,941	5,643	5,618

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%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	97	98	—	—	—
’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	—	—	—
’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	—	—	—
’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.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	1.32	1.50	—	—	—
’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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	20.84	28.92	26.40	27.86	17.09	26.75	29.26	23.89	33.46	37.76	Analyst estimates 2026–2028 Powerpack
	High	38.68	38.08	38.47	37.32	37.16	37.33	40.01	41.93	52.98	51.89
People
People	Employees	682	584	693	683	665	656	669	665	682	786
	Revenue/emp, $m	0.20	0.25	0.23	0.27	0.29	0.30	0.32	0.46	0.53	0.47
Income, $m
Income, $m	Revenue	139	145	161	185	193	200	214	304	362	372
	Gross margin, %	90.97	89.07	86.40	81.76	86.53	90.27	88.97	74.36	63.96	65.26
	EBT	47	46	52	60	55	74	76	103	98	103
	EBT margin, %	33.61	31.88	32.19	32.63	28.35	36.91	35.43	33.84	27.16	27.84
	Net income	32	31	42	49	44	59	61	82	80	89
	Depreciation	10	10	10	10	9	14	13	11	11	6
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
	Earnings	1.96	1.90	2.53	3.01	2.71	3.69	3.85	5.13	4.93	5.47
	Cash flow	2.12	2.35	3.72	2.73	2.33	4.04	7.56	4.16	6.27	1.11
	Capex	(0.12)	(0.33)	(0.38)	(0.82)	(0.55)	(0.35)	(0.19)	(0.42)	(0.53)	(0.42)
	Free cash flow	2.00	2.02	3.34	1.91	1.78	3.69	7.37	3.74	5.74	0.69
	Book value	20.92	22.20	22.60	25.39	27.14	28.56	27.83	32.60	36.24	44.64
	Shares, m	16	16	17	16	16	16	16	16	16	16
Valuation, ×
Valuation, ×	P/E	19.24	18.57	11.13	12.12	9.99	9.52	8.74	7.85	8.99	8.81
	P/S	4.38	4.02	2.91	3.23	2.28	2.80	2.49	2.12	1.98	2.10
	P/B	1.79	1.59	1.25	1.44	1.00	1.23	1.21	1.23	1.23	1.08
	EV/Sales	4.64	4.48	4.91	4.13	1.33	0.40	4.13	3.69	2.35	2.08
	EV/FCF	19.88	19.46	14.25	24.47	8.92	1.37	7.56	18.70	9.20	69.11
Cash, $m
Cash, $m	Operating cash flow	35	39	62	45	38	65	120	67	101	18
	Capex	(2)	(5)	(6)	(13)	(9)	(6)	(3)	(7)	(9)	(7)
	Free cash flow	33	33	55	31	29	59	117	60	93	11
Balance, $m
Balance, $m	Working capital	22	84	214	251	250	104	(11)	178	14	(389)
	Total debt	220	266	396	401	442	496	446	607	527	467
	Net debt	36	65	321	167	(184)	(479)	349	476	134	(6)
	Shareholders’ equity	341	366	375	417	442	457	441	522	585	725
Returns, %
Returns, %	ROA	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
	ROE	9.46	8.85	11.34	12.49	10.29	13.14	13.60	17.07	14.38	13.56

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
NBN Northeast Bancorp	$1.1B	9.7×	8.2×	+6.35% (above 0%: growing)	+34.97% (above 0%: growing)	−136.55% (below 0%: shrinking)	62.31%	0.00%	Compare
FSBC Five Star Bancorp	$1.1B	12.7×	12.1×	+18.93% (above 0%: growing)	+33.82% (above 0%: growing)	+32.43% (above 0%: growing)	64.63%	0.00%	Compare
CFFN Capitol Federal Financial	$1.0B	12.6×	11.9×	+6.50% (above 0%: growing)	+35.71% (above 0%: growing)	+45.71% (above 0%: growing)	53.81%	0.00%	Compare
MBWM Mercantile Bank Corporation	$1.0B	10.3×	9.6×	+5.11% (above 0%: growing)	+7.91% (above 0%: growing)	+246.97% (above 0%: growing)	70.02%	0.00%
BFST Business First Bancshares, Inc.	$1.0B	11.1×	9.9×	+8.01% (above 0%: growing)	0.00%	+80.82% (above 0%: growing)	65.76%	0.00%	Compare
CCNE CNB Financial Corporation	$1.0B	11.0×	8.8×	+33.95% (above 0%: growing)	+49.18% (above 0%: growing)	+101.89% (above 0%: growing)	69.04%	0.00%	Compare
MCBS MetroCity Bankshares, Inc.	$1.0B	12.0×	10.4×	+27.40% (above 0%: growing)	+16.67% (above 0%: growing)	+45.94% (above 0%: growing)	65.38%	0.00%	Compare
HBNC Horizon Bancorp (IN)	$992.5M	— (loss-making)	8.9×	−1.83% (below 0%: shrinking)	+4.26% (above 0%: growing)	+72.88% (above 0%: growing)	75.11%	0.00%	Compare
EQBK Equity Bancshares, Inc.	$961.3M	27.9×	10.2×	+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	12.0×	10.0×	+13.47%	+34.40%	+45.83%	65.57%	0.00%

All 323 Banks Regional stocks →

Mercantile Bank Corporation (MBWM) key facts

Strength: Mercantile Bank Corporation’s revenue for fiscal 2025 (year ended December 2025) was $371.8 million, up 2.74% from fiscal 2024.
Strength: Net income was $88.8 million, or $5.47 per share (basic), a net margin of 23.9%.
Mercantile Bank Corporation (MBWM) is a Banks Regional company in the Financial sector, listed on Nasdaq.
As of October 16, 2026, MBWM traded at $58.71, a market capitalization of $1.0 billion.
At that price the stock trades at 10.3× trailing-twelve-month earnings and 2.6× sales; its P/E is higher than 52% of its own readings over the past ten years.
Mercantile Bank Corporation pays an annual dividend of $1.56 per share, a yield of 2.66%, with a payout ratio of 27.5%.
Return on equity was 13.6% and debt-to-equity 0.59.
Its Piotroski F-score is 4 out of 9 for fiscal 2025.