Mercantile Bank Corporation (MBWM) Stock Analysis
Financial Services · Banks - Regional · NasdaqGS
Mercantile Bank Corporation (MBWM) posted $242.65M in revenue for fiscal 2025 (up 4.8% year over year), at a 36.6% net margin, per its SEC filings.
Data last refreshed September 3, 2026 from SEC filings · how we compute this
The analyst's take on Mercantile Bank Corporation
Mercantile Bank Corporation has grown revenue from — to $242.65M over the last 10 fiscal years. The most recent year was up 4.8%.
Net margin sits at 36.6%, up 2.2 points year over year. It carries about $496.89M of total debt.
At today's valuation the market is pricing in roughly 27.3% annual free-cash-flow growth. It clears 6 of 7 deterministic health checks. The one thing worth a second look in the filings is reported earnings run ahead of cash.
Synthesised from Mercantile Bank Corporation's SEC filings — descriptive, not advice. Ask the analyst your own question →
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Mercantile Bank Corporation revenue & earnings — last 10 fiscal years
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | — | — | $190.32M | $225.69M | $231.47M | $242.65M |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Net income | $31.91M | $31.27M | $42.02M | $49.46M | $44.14M | $59.02M | $61.06M | $82.22M | $79.59M | $88.75M |
| Net margin | — | — | — | — | — | — | 32.1% | 36.4% | 34.4% | 36.6% |
Source: Mercantile Bank Corporation SEC filings (10-K). 17 years of history available in the interactive view.
Mercantile Bank Corporation financial health: 6 of 7 checks passed
- ✓Profitable every year (last 5)
- ✓Net margin above 10% (36.6%)
- ✓More cash than total debt (cash 1331M vs debt 496.9M)
- ✓Positive operating cash flow (last 5 yrs)
- ✓Free cash flow positive (latest yr) (11.2M)
- ✗Share count falling over 5 yrs (buybacks) (16.3M → 17.2M shares)
- ✓Pays a dividend (14 consecutive yrs in our data)
Checks computed deterministically from filed annual statements — no AI judgement.
Mercantile Bank Corporation: 3 potential red flags in the filings
Patterns in the filed statements worth a second look — computed and cited, not AI guesswork, and not a signal to sell. The kind of thing that hides in a 10-K.
- Reported earnings run ahead of cashOver 3 years net income totalled $250.6M but operating cash flow only $185.7M — earnings aren't fully backed by cash, an accruals flag worth investigating.
- Share count rising (dilution)Shares outstanding grew 8.5% over 4 years (15.8M → 17.2M) — existing holders' stakes are being diluted.
- Heavy debt loadTotal debt of $496.9M is 27.6× last year's operating cash flow — it would take years of cash flow to clear.
What growth is priced into MBWM stock?
At today's market cap of $935.93M, Mercantile Bank Corporation is priced for free-cash-flow growth of about 27.3% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $11.21M from the FY ending 2025-12-31). This is a reverse DCF — a translation of the price into a growth assumption you can judge, not a fair value and not advice. Change the assumptions yourself in the interactive view →
Explore 17 years of Mercantile Bank Corporation financials — interactive
Full income statement, balance sheet and cash flow with CAGR and trend on every row, 48 quarters, valuation ratios, plain-English health checks, and Ask — our SEC-grounded research assistant.
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Mercantile Bank Corporation financial history
About Mercantile Bank Corporation
Mercantile Bank Corporation operates as the bank holding company for Mercantile Bank that provides commercial and retail banking services to small- to medium-sized businesses and individuals in the United States. The company accepts various deposit products, such as checking, savings, and term certificate accounts; time deposits; and certificates of deposit. It also provides commercial and industrial loans; vacant land, land development, and residential construction loans; owner and non-owner occupied real estate loans; multi-family and residential rental property loans; single-family residential real estate loans; home equity line of credit programs; consumer loans, such as new and used automobile and boat loans, and credit cards, as well as overdraft protection services; and residential mortgage and instalment loans. In addition, the company offers courier services and safe deposit boxes; and insurance products, such as private passenger automobile, homeowners, personal inland marine, boat owners, recreational vehicle, dwelling fire, umbrella policies, small business, and life insurance products. Mercantile Bank Corporation was incorporated in 1997 and is headquartered in Grand Rapids, Michigan.
Mercantile Bank Corporation — frequently asked questions
What is Mercantile Bank Corporation's revenue?
Mercantile Bank Corporation (MBWM) reported revenue of $242.65M for fiscal year 2025, up 4.8% from the prior year, according to its SEC filings.
Is Mercantile Bank Corporation profitable?
Yes. MBWM earned net income of $88.75M in fiscal 2025, a net margin of 36.6%.
What is MBWM's P/E ratio?
Mercantile Bank Corporation trades at a price-to-earnings ratio of about 9.7 based on the latest data in our nightly-refreshed cache.
Does Mercantile Bank Corporation pay a dividend?
Yes, MBWM pays a dividend — the yield is about 2.87%.
How much debt does Mercantile Bank Corporation have?
As of fiscal year 2025, MBWM carried roughly $496.89M in total debt (short- plus long-term borrowings), per its filed balance sheet.
What is Mercantile Bank Corporation's market cap?
Mercantile Bank Corporation (MBWM) has a market capitalization of about $935.93M, based on the latest data in our nightly-refreshed cache.
When does Mercantile Bank Corporation's fiscal year end?
MBWM's fiscal year ends in December. Its most recent annual filing covers the fiscal year ending 2025-12-31.
What growth is priced into MBWM stock?
At today's market cap of $935.93M, Mercantile Bank Corporation is priced for free-cash-flow growth of about 27.3% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $11.21M from the FY ending 2025-12-31).
Where does this data come from?
All figures are computed from Mercantile Bank Corporation's official SEC filings (10-K and 10-Q), covering 17 years of history, refreshed nightly. stockportfolio.pro does not provide investment advice.