A Business at a Glance
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MERCANTILE BANK CORP
MBWM
$949M
Mkt Cap
$58.50
+2.31%
MERCANTILE BANK CORP (MBWM) has a current P/E ratio of 10.7, compared to its historical median P/E of 8.8. The stock is currently considered Fair based on its historical valuation range.
MERCANTILE BANK CORP (MBWM) has a 5-year average return on invested capital (ROIC) of 13.9%. This indicates solid capital allocation.
MERCANTILE BANK CORP (MBWM) has a market capitalization of $1.0B. It is classified as a small-cap stock.
Yes, MERCANTILE BANK CORP (MBWM) pays a dividend with a trailing twelve-month yield of 2.44%.
Based on historical P/E analysis, MERCANTILE BANK CORP (MBWM) appears fair. The current P/E of 10.7 is 22% above its historical median of 8.8. The estimated fair value CAGR (P/E method) is 12.8%.
MERCANTILE BANK CORP (MBWM) operates in the State Commercial Banks industry, within the Financials sector.
MERCANTILE BANK CORP (MBWM) reported annual revenue of $372 million in its most recent fiscal year, based on SEC EDGAR filings.
The Company Mercantile Bank Corporation is a registered bank holding company under the Bank Holding Company Act of 1956, as amended (the “Bank Holding Company Act”). Unless the text clearly suggests otherwise, references to “us,” “we,” “our,” or “the company” include Mercantile Bank Corporation and its wholly owned subsidiaries. As a bank holding company, we are subject to regulation by the Board of Governors of the Federal Reserve System (the “Federal Reserve Board”). We were organized on July 15, 1997, under the laws of the State of Michigan, primarily for the purpose of holding all of the stock of Mercantile Bank, and of such other subsidiaries as we may acquire or establish. Mercantile Bank commenced business on December 15, 1997. During the third quarter of 2013, we filed an election to become a financial holding company, which election became effective April 14, 2014. Mercantile Insurance Center, Inc.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 253M | 372M | 362M | 304M | 214M | 200M |
| Net Income | 92M | 89M | 80M | 82M | 61M | 59M |
| EPS | $5.50 | $5.47 | $4.93 | $5.13 | $3.85 | $3.69 |
| Free Cash Flow | 43M | 11M | 93M | 60M | 117M | 59M |
| ROIC | 12.4% | 13.6% | 14.4% | 16.8% | 12.4% | 12.1% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 0.00 | 0.01 | 0.01 | 0.01 | 0.03 | 0.16 |
| Dividends/Share | $1.43 | $1.50 | $1.40 | $1.34 | $1.26 | $1.18 |
| Operating Income | 3.4M | 103M | 98M | 103M | 76M | 74M |
| Operating Margin | 1.3% | 27.8% | 27.2% | 33.8% | 35.4% | 36.9% |
| ROE | 12.5% | 13.6% | 14.4% | 17.1% | 13.6% | 13.1% |
| Shares Outstanding | 17M | 16M | 16M | 16M | 16M | 16M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 99M | 128M | 139M | 145M | 161M | 185M | 193M | 200M | 214M | 304M | 362M | 372M | 253M |
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 34M | 43M | 44M | 45M | 51M | 54M | 60M | 66M | 65M | 69M | 78M | 83M | 87M |
| EBIT | 975K | 2.2M | 2.9M | 46M | 2.2M | 60M | 55M | 74M | 76M | 103M | 98M | 103M | 3.4M |
| Op. Margin | 1.0% | 1.7% | 2.1% | 31.9% | 1.4% | 32.6% | 28.3% | 36.9% | 35.4% | 33.8% | 27.2% | 27.8% | 1.3% |
| Net Income | 17M | 27M | 32M | 31M | 42M | 49M | 44M | 59M | 61M | 82M | 80M | 89M | 92M |
| Net Margin | 17.5% | 21.0% | 22.9% | 21.6% | 26.1% | 26.7% | 22.8% | 29.6% | 28.5% | 27.1% | 22.0% | 23.9% | 36.3% |
| Non-Recurring | -25K | -55K | -174K | -71K | -134K | 0 | 0 | 1.1M | 0 | 0 | -13K | -24K | -24K |
| Returns on Capital | |||||||||||||
| ROIC | 7.2% | 8.2% | 9.5% | 8.9% | 11.3% | 12.5% | 10.3% | 12.1% | 12.4% | 16.8% | 14.4% | 13.6% | 12.4% |
| ROE | 7.2% | 8.2% | 9.5% | 8.9% | 11.3% | 12.5% | 10.3% | 13.1% | 13.6% | 17.1% | 14.4% | 13.6% | 12.5% |
| ROA | 0.8% | 0.9% | 1.1% | 1.0% | 1.3% | 1.4% | 1.1% | 1.2% | 1.2% | 1.6% | 1.4% | 1.4% | 1.3% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 14M | 36M | 35M | 39M | 62M | 45M | 38M | 65M | 120M | 67M | 101M | 18M | 49M |
| Free Cash Flow | 12M | 35M | 33M | 33M | 55M | 31M | 29M | 59M | 117M | 60M | 93M | 11M | 43M |
| Owner Earnings | 11M | 32M | 30M | 34M | 56M | 38M | 30M | 55M | 110M | 57M | 92M | 9.3M | -12M |
| CapEx | 2.2M | 1.1M | 2.0M | 5.4M | 6.3M | 13M | 9.0M | 5.6M | 3.0M | 6.7M | 8.5M | 6.8M | 6.2M |
| Maint. CapEx | 2.3M | 3.0M | 2.9M | 3.0M | 3.6M | 3.9M | 5.2M | 5.8M | 6.0M | 6.0M | 6.0M | 5.2M | 57M |
| Growth CapEx | 0 | 0 | 0 | 2.4M | 2.7M | 9.6M | 3.8M | 0 | 0 | 687K | 2.5M | 1.6M | 0 |
| D&A | 2.3M | 3.0M | 2.9M | 3.0M | 3.6M | 3.9M | 5.2M | 5.8M | 6.0M | 6.0M | 6.0M | 5.2M | 57M |
| CapEx/OCF | 15.1% | 3.0% | 5.9% | 14.0% | 10.2% | 30.1% | 23.7% | 8.7% | 2.5% | 10.0% | 8.4% | 37.6% | 12.5% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 24M | 9.5M | 19M | 12M | 28M | 17M | 18M | 19M | 20M | 21M | 22M | 24M | 25M |
| Dividend Yield | 14.0% | 4.0% | 6.4% | 3.0% | 6.5% | 4.0% | 5.6% | 4.3% | 4.1% | 4.4% | 3.5% | 3.3% | 2.4% |
| Share Buybacks | 0 | 16M | 3.7M | 0 | 5.9M | 7.2M | 6.6M | 21M | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | 5.5% | 0.8% | N/A | 1.6% | 1.5% | 1.8% | 4.4% | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 714K | 684K | 1.5M | 2.0M | 2.4M | 2.9M | 2.3M | 3.8M | 3.4M | 3.4M | 3.3M | 3.5M | 3.7M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | -457M | -390M | -347M | -391M | -212M | -493M | -779M | -868M | 290M | -648M | -985M | -1.2B | -1.2B |
| Cash & Equiv. | 24M | 43M | 19M | 55M | -125M | 158M | 392M | 349M | -878M | 34M | 262M | 80M | 1.2B |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | 0 | 0 | 74M | 15M | 0 | 0 | N/A | 1.5M |
| Debt/Equity | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.16 | 0.03 | 0.01 | 0.01 | 0.01 | 0.00 |
| Interest Coverage | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0 |
| Equity | 328M | 334M | 341M | 366M | 375M | 417M | 442M | 457M | 441M | 522M | 585M | 725M | 737M |
| Total Assets | 2.9B | 2.9B | 3.1B | 3.3B | 3.4B | 3.6B | 4.4B | 5.3B | 4.9B | 5.4B | 6.1B | 6.8B | 6.9B |
| Total Liabilities | 2.6B | 2.6B | 2.7B | 2.9B | 3.0B | 3.2B | 4.0B | 4.8B | 4.4B | 4.8B | 5.5B | 6.1B | 6.2B |
| Intangibles | 16M | 13M | 10.0M | 7.6M | 5.6M | 3.8M | 2.4M | 1.4M | 583K | N/A | 0 | 20M | 18M |
| Retained Earnings | 10M | 28M | 41M | 61M | 75M | 108M | 134M | 175M | 216M | 278M | 335M | 399M | 415M |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 1.28 | 1.62 | 1.96 | 1.90 | 2.53 | 3.01 | 2.71 | 3.69 | 3.85 | 5.13 | 4.93 | 5.47 | 5.50 |
| Owner EPS | 0.84 | 1.94 | 1.86 | 2.05 | 3.35 | 2.31 | 1.86 | 3.44 | 6.97 | 3.57 | 5.69 | 0.57 | -0.67 |
| Book Value | 24.23 | 20.01 | 20.93 | 22.23 | 22.59 | 25.35 | 27.11 | 28.54 | 27.83 | 32.58 | 36.21 | 44.68 | 42.66 |
| Cash Flow/Share | 1.06 | 2.16 | 2.13 | 2.35 | 3.72 | 2.72 | 2.33 | 4.04 | 7.56 | 4.16 | 6.26 | 1.11 | 8.63 |
| Dividends/Share | 1.81 | 0.57 | 1.15 | 0.73 | 1.66 | 1.06 | 1.12 | 1.18 | 1.26 | 1.34 | 1.40 | 1.50 | 1.43 |
| Shares Out. | 13.5M | 16.7M | 16.3M | 16.5M | 16.6M | 16.4M | 16.3M | 16.0M | 15.9M | 16.0M | 16.1M | 16.2M | 17.3M |
| Valuation | |||||||||||||
| P/E Ratio | 11.2 | 10.6 | 13.8 | 13.9 | 8.7 | 9.7 | 8.4 | 8.3 | 7.7 | 7.5 | 8.8 | 8.9 | 10.6 |
| P/FCF | 15.9 | 8.2 | 13.6 | 13.1 | 6.6 | 15.3 | 12.8 | 8.3 | 4.0 | 10.3 | 7.6 | 70.5 | 23.5 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -64.7 |
| Price/Book | 0.6 | 0.9 | 1.3 | 1.2 | 1.0 | 1.2 | 0.8 | 1.1 | 1.1 | 1.2 | 1.2 | 1.1 | 1.4 |
| Price/Sales | 2.0 | 2.0 | 2.3 | 3.1 | 3.0 | 2.8 | 1.9 | 2.4 | 2.5 | 2.1 | 2.8 | 3.0 | 4.0 |
| FCF Yield | 6.3% | 12.2% | 7.4% | 7.6% | 15.1% | 6.5% | 7.8% | 12.1% | 24.7% | 9.7% | 13.2% | 1.4% | 4.3% |
| Market Cap | 194M | 287M | 442M | 435M | 367M | 480M | 370M | 488M | 473M | 618M | 700M | 791M | 1.0B |
| Avg. Price | 12.88 | 14.14 | 17.98 | 24.18 | 25.45 | 25.99 | 19.68 | 26.99 | 29.99 | 29.47 | 39.57 | 44.99 | 58.50 |
| Year-End Price | 14.35 | 17.18 | 27.13 | 26.42 | 22.12 | 29.19 | 22.74 | 30.53 | 29.82 | 38.59 | 43.36 | 48.72 | 58.50 |
MERCANTILE BANK CORP passes 5 of 9 quality checks, suggesting mixed fundamentals.
MERCANTILE BANK CORP trades at 10.7x trailing earnings, compared to its 15-year median P/E of 8.8x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 90.1x vs a median of 11.6x. The company's 5-year average ROIC is 13.9%. Total shareholder yield (dividends) is 2.4%. At current prices, the estimated annualized return to fair value is +7.3%.
MERCANTILE BANK CORP (MBWM) has a net profit margin of 23.9%. This is a strong margin indicating high profitability.
MERCANTILE BANK CORP (MBWM) generated $11 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
MERCANTILE BANK CORP (MBWM) has a debt-to-equity ratio of 0.01. This indicates a conservatively financed balance sheet.
MERCANTILE BANK CORP (MBWM) reported earnings per share (EPS) of $5.47 in its most recent fiscal year.
MERCANTILE BANK CORP (MBWM) has a return on equity (ROE) of 13.6%. This indicates moderate shareholder returns.
The Ledger Terminal provides 16 years of financial data for MERCANTILE BANK CORP (MBWM), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
MERCANTILE BANK CORP (MBWM) has a book value per share of $44.68, based on its most recent annual SEC filing.
No recent press releases.