MERCANTILE BANK CORP (MBWM) Fundamental Analysis & Valuation

NASDAQ:MBWM • US5873761044

Current stock price

49.65 USD
-0.06 (-0.12%)
At close:
49.65 USD
0 (0%)
After Hours:

This MBWM fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

5

1. MBWM Profitability Analysis

1.1 Basic Checks

  • MBWM had positive earnings in the past year.
  • MBWM had a positive operating cash flow in the past year.
  • In the past 5 years MBWM has always been profitable.
  • Of the past 5 years MBWM 4 years had a positive operating cash flow.
MBWM Yearly Net Income VS EBIT VS OCF VS FCFMBWM Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 20M 40M 60M 80M 100M

1.2 Ratios

  • Looking at the Return On Assets, with a value of 1.36%, MBWM belongs to the top of the industry, outperforming 83.99% of the companies in the same industry.
  • MBWM's Return On Equity of 13.01% is amongst the best of the industry. MBWM outperforms 85.83% of its industry peers.
Industry RankSector Rank
ROA 1.36%
ROE 13.01%
ROIC N/A
ROA(3y)1.38%
ROA(5y)1.31%
ROE(3y)13.87%
ROE(5y)13.67%
ROIC(3y)N/A
ROIC(5y)N/A
MBWM Yearly ROA, ROE, ROICMBWM Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 5 10 15

1.3 Margins

  • The Profit Margin of MBWM (35.77%) is better than 91.60% of its industry peers.
  • MBWM's Profit Margin has improved in the last couple of years.
  • The Operating Margin and Gross Margin are not available for MBWM so they could not be analyzed.
Industry RankSector Rank
OM N/A
PM (TTM) 35.77%
GM N/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3Y4.44%
PM growth 5Y6.78%
GM growth 3YN/A
GM growth 5YN/A
MBWM Yearly Profit, Operating, Gross MarginsMBWM Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 10 20 30

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ROAROEROICOperating and Profit MarginShow most profitable peers

0

2. MBWM Health Analysis

2.1 Basic Checks

  • MBWM does not have a ROIC to compare to the WACC, probably because it is not profitable.
  • The number of shares outstanding for MBWM has been increased compared to 1 year ago.
  • The number of shares outstanding for MBWM has been increased compared to 5 years ago.
  • MBWM has a worse debt/assets ratio than last year.
MBWM Yearly Shares OutstandingMBWM Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 5M 10M 15M
MBWM Yearly Total Debt VS Total AssetsMBWM Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2B 4B 6B

2.2 Solvency

  • MBWM has a debt to FCF ratio of 6.02. This is a slightly negative value and a sign of low solvency as MBWM would need 6.02 years to pay back of all of its debts.
  • With a Debt to FCF ratio value of 6.02, MBWM is not doing good in the industry: 74.54% of the companies in the same industry are doing better.
  • A Debt/Equity ratio of 0.60 indicates that MBWM is somewhat dependend on debt financing.
  • MBWM's Debt to Equity ratio of 0.60 is on the low side compared to the rest of the industry. MBWM is outperformed by 79.27% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.6
Debt/FCF 6.02
Altman-Z N/A
ROIC/WACCN/A
WACC11.79%
MBWM Yearly LT Debt VS Equity VS FCFMBWM Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 200M 400M 600M

2.3 Liquidity

Industry RankSector Rank
Current Ratio N/A
Quick Ratio N/A
MBWM Yearly Current Assets VS Current LiabilitesMBWM Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 100M 200M 300M

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

5

3. MBWM Growth Analysis

3.1 Past

  • MBWM shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 10.30%, which is quite good.
  • MBWM shows quite a strong growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 16.00% yearly.
  • MBWM shows a small growth in Revenue. In the last year, the Revenue has grown by 4.83%.
  • MBWM shows a small growth in Revenue. Measured over the last years, the Revenue has been growing by 7.71% yearly.
EPS 1Y (TTM)10.3%
EPS 3Y12.35%
EPS 5Y16%
EPS Q2Q%14.75%
Revenue 1Y (TTM)4.83%
Revenue growth 3Y8.44%
Revenue growth 5Y7.71%
Sales Q2Q%6.04%

3.2 Future

  • Based on estimates for the next years, MBWM will show a small growth in Earnings Per Share. The EPS will grow by 5.05% on average per year.
  • The Revenue is expected to grow by 10.15% on average over the next years. This is quite good.
EPS Next Y5.15%
EPS Next 2Y5.05%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue Next Year15.91%
Revenue Next 2Y10.15%
Revenue Next 3YN/A
Revenue Next 5YN/A

3.3 Evolution

  • When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
  • When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
MBWM Yearly Revenue VS EstimatesMBWM Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 100M 200M 300M
MBWM Yearly EPS VS EstimatesMBWM Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2 4 6

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5

4. MBWM Valuation Analysis

4.1 Price/Earnings Ratio

  • MBWM is valuated reasonably with a Price/Earnings ratio of 9.09.
  • Based on the Price/Earnings ratio, MBWM is valued cheaper than 83.20% of the companies in the same industry.
  • MBWM's Price/Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 25.79.
  • The Price/Forward Earnings ratio is 8.65, which indicates a very decent valuation of MBWM.
  • MBWM's Price/Forward Earnings ratio is a bit cheaper when compared to the industry. MBWM is cheaper than 74.80% of the companies in the same industry.
  • Compared to an average S&P500 Price/Forward Earnings ratio of 23.80, MBWM is valued rather cheaply.
Industry RankSector Rank
PE 9.09
Fwd PE 8.65
MBWM Price Earnings VS Forward Price EarningsMBWM Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

  • Compared to the rest of the industry, the Price/Free Cash Flow ratio of MBWM is on the same level as its industry peers.
Industry RankSector Rank
P/FCF 13.11
EV/EBITDA N/A
MBWM Per share dataMBWM EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 10 20 30

4.3 Compensation for Growth

  • MBWM's PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a correct valuation of the company.
PEG (NY)1.77
PEG (5Y)0.57
EPS Next 2Y5.05%
EPS Next 3YN/A

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Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

7

5. MBWM Dividend Analysis

5.1 Amount

  • With a Yearly Dividend Yield of 2.93%, MBWM has a reasonable but not impressive dividend return.
  • Compared to an average industry Dividend Yield of 2.90, MBWM has a dividend in line with its industry peers.
  • MBWM's Dividend Yield is rather good when compared to the S&P500 average which is at 1.91.
Industry RankSector Rank
Dividend Yield 2.93%

5.2 History

  • On average, the dividend of MBWM grows each year by 6.02%, which is quite nice.
  • MBWM has paid a dividend for at least 10 years, which is a reliable track record.
  • MBWM has not decreased their dividend for at least 10 years, which is a reliable track record.
Dividend Growth(5Y)6.02%
Div Incr Years12
Div Non Decr Years12
MBWM Yearly Dividends per shareMBWM Yearly Dividends per shareYearly Dividends per share 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 0.5 1

5.3 Sustainability

  • MBWM pays out 27.57% of its income as dividend. This is a sustainable payout ratio.
  • The dividend of MBWM is growing, but the earnings are growing slower. This means the dividend growth is not sustainable.
DP27.57%
EPS Next 2Y5.05%
EPS Next 3YN/A
MBWM Yearly Income VS Free CF VS DividendMBWM Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 20M 40M 60M 80M 100M
MBWM Dividend Payout.MBWM Dividend Payout, showing the Payout Ratio.MBWM Dividend Payout.PayoutRetained Earnings

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MBWM Fundamentals: All Metrics, Ratios and Statistics

MERCANTILE BANK CORP

NASDAQ:MBWM (3/18/2026, 8:21:38 PM)

After market: 49.65 0 (0%)

49.65

-0.06 (-0.12%)

Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupBanks
GICS IndustryBanks
Earnings (Last)01-20
Earnings (Next)04-20
Inst Owners66.76%
Inst Owner Change-1.23%
Ins Owners2.52%
Ins Owner Change5.05%
Market Cap852.99M
Revenue(TTM)242.65M
Net Income(TTM)85.54M
Analysts80
Price Target58.55 (17.93%)
Short Float %1.36%
Short Ratio2.31
Dividend
Industry RankSector Rank
Dividend Yield 2.93%
Yearly Dividend1.39
Dividend Growth(5Y)6.02%
DP27.57%
Div Incr Years12
Div Non Decr Years12
Ex-Date03-06
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)6.75%
Min EPS beat(2)3.96%
Max EPS beat(2)9.53%
EPS beat(4)4
Avg EPS beat(4)4.53%
Min EPS beat(4)0.26%
Max EPS beat(4)9.53%
EPS beat(8)6
Avg EPS beat(8)4.17%
EPS beat(12)10
Avg EPS beat(12)6.67%
EPS beat(16)12
Avg EPS beat(16)5.19%
Revenue beat(2)0
Avg Revenue beat(2)-0.37%
Min Revenue beat(2)-0.46%
Max Revenue beat(2)-0.27%
Revenue beat(4)1
Avg Revenue beat(4)-0.73%
Min Revenue beat(4)-2.18%
Max Revenue beat(4)0.01%
Revenue beat(8)1
Avg Revenue beat(8)-1.95%
Revenue beat(12)4
Avg Revenue beat(12)-0.62%
Revenue beat(16)5
Avg Revenue beat(16)-1.19%
PT rev (1m)0.7%
PT rev (3m)8.71%
EPS NQ rev (1m)0%
EPS NQ rev (3m)0%
EPS NY rev (1m)0%
EPS NY rev (3m)3.71%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)0%
Revenue NY rev (1m)0%
Revenue NY rev (3m)4.31%
Valuation
Industry RankSector Rank
PE 9.09
Fwd PE 8.65
P/S 3.57
P/FCF 13.11
P/OCF 11.82
P/B 1.3
P/tB 1.4
EV/EBITDA N/A
EPS(TTM)5.46
EY11%
EPS(NY)5.74
Fwd EY11.56%
FCF(TTM)3.79
FCFY7.63%
OCF(TTM)4.2
OCFY8.46%
SpS13.92
BVpS38.28
TBVpS35.4
PEG (NY)1.77
PEG (5Y)0.57
Graham Number68.58
Profitability
Industry RankSector Rank
ROA 1.36%
ROE 13.01%
ROCE N/A
ROIC N/A
ROICexc N/A
ROICexgc N/A
OM N/A
PM (TTM) 35.77%
GM N/A
FCFM 27.21%
ROA(3y)1.38%
ROA(5y)1.31%
ROE(3y)13.87%
ROE(5y)13.67%
ROIC(3y)N/A
ROIC(5y)N/A
ROICexc(3y)N/A
ROICexc(5y)N/A
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)N/A
ROCE(5y)N/A
ROICexgc growth 3YN/A
ROICexgc growth 5YN/A
ROICexc growth 3YN/A
ROICexc growth 5YN/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3Y4.44%
PM growth 5Y6.78%
GM growth 3YN/A
GM growth 5YN/A
F-Score6
Asset Turnover0.04
Health
Industry RankSector Rank
Debt/Equity 0.6
Debt/FCF 6.02
Debt/EBITDA N/A
Cap/Depr 105.34%
Cap/Sales 2.98%
Interest Coverage N/A
Cash Conversion N/A
Profit Quality 76.05%
Current Ratio N/A
Quick Ratio N/A
Altman-Z N/A
F-Score6
WACC11.79%
ROIC/WACCN/A
Cap/Depr(3y)N/A
Cap/Depr(5y)N/A
Cap/Sales(3y)N/A
Cap/Sales(5y)N/A
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)10.3%
EPS 3Y12.35%
EPS 5Y16%
EPS Q2Q%14.75%
EPS Next Y5.15%
EPS Next 2Y5.05%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue 1Y (TTM)4.83%
Revenue growth 3Y8.44%
Revenue growth 5Y7.71%
Sales Q2Q%6.04%
Revenue Next Year15.91%
Revenue Next 2Y10.15%
Revenue Next 3YN/A
Revenue Next 5YN/A
EBIT growth 1YN/A
EBIT growth 3YN/A
EBIT growth 5YN/A
EBIT Next YearN/A
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y155.66%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y112.47%
OCF growth 3YN/A
OCF growth 5YN/A

MERCANTILE BANK CORP / MBWM Fundamental Analysis FAQ

Can you provide the ChartMill fundamental rating for MERCANTILE BANK CORP?

ChartMill assigns a fundamental rating of 4 / 10 to MBWM.


What is the valuation status of MERCANTILE BANK CORP (MBWM) stock?

ChartMill assigns a valuation rating of 5 / 10 to MERCANTILE BANK CORP (MBWM). This can be considered as Fairly Valued.


Can you provide the profitability details for MERCANTILE BANK CORP?

MERCANTILE BANK CORP (MBWM) has a profitability rating of 5 / 10.


Can you provide the financial health for MBWM stock?

The financial health rating of MERCANTILE BANK CORP (MBWM) is 0 / 10.


What is the expected EPS growth for MERCANTILE BANK CORP (MBWM) stock?

The Earnings per Share (EPS) of MERCANTILE BANK CORP (MBWM) is expected to grow by 5.15% in the next year.