Mercantile Bank Corporation (MBWM)

NASDAQ: MBWM · Real-Time Price · USD

60.68

+0.60 (1.00%)

Aug 3, 2026, 10:27 AM EDT - Market open

Mercantile Bank Financials Overview

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Revenue & Profits

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 30, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	264.91	239.45	224.08	217.99	183.77	184.58
Revenue Growth	15.99%	6.86%	2.79%	18.62%	-0.44%	20.35%
Net Income	95.21	88.75	79.59	82.22	61.06	59.02
Earnings Per Share	5.68	5.47	4.93	5.13	3.85	3.69
EPS Growth	12.70%	10.95%	-3.90%	33.25%	4.34%	36.16%

Cash & Debt

Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 30, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Cash & Equivalents	340.93	473.32	393.01	130.53	61.89	975.16
Total Debt	141.19	140.67	139.64	138.62	137.59	121.89
Net Cash (Debt)	-141.19	-140.67	-139.64	-138.62	-137.59	-121.89
Net Cash Growth	-	-	-	-	-	-
Net Cash Per Share	-8.43	-8.66	-8.66	-8.65	-8.68	-7.62

Cash Flow & CapEx

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 30, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Operating Cash Flow	72.33	17.97	101.12	66.61	119.86	64.57
Capital Expenditures	-3.91	-6.76	-8.53	-6.69	-3.02	-5.6
Free Cash Flow	68.43	11.21	92.59	59.93	116.85	58.97
Free Cash Flow Growth	117.37%	-87.89%	54.50%	-48.71%	98.14%	104.14%

Margins

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 30, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Pretax Margin	42.26%	43.22%	43.86%	47.11%	41.24%	39.94%
Profit Margin	35.94%	37.06%	35.52%	37.72%	33.23%	31.98%
FCF Margin	25.83%	4.68%	41.32%	27.49%	63.58%	31.95%

Dividends

Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Aug '26 Aug 3, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Dividend Per Share	1.560	1.500	1.420	1.340	1.260	1.180
Dividend Per Share Growth	5.41%	5.63%	5.97%	6.35%	6.78%	5.36%
Dividend Yield	2.57%	3.07%	3.13%	3.25%	3.69%	3.31%

Valuation

Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Aug '26 Aug 3, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
PE Ratio	10.70	8.79	9.02	7.87	8.70	9.49
Forward PE	11.05	8.91	10.01	8.87	7.29	11.65
P/FCF Ratio	24.10	73.73	7.76	10.87	4.58	9.41
PS Ratio	3.94	3.45	3.21	2.99	2.91	3.01