Mercantile Bank Corporation (MBWM) Key Metrics
MBWM valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $1.01B
- Enterprise value
- $1.36B
- P/E (TTM)
- 10.3 10-yr median 9.8
- Forward P/E
- 10.9
- PEG ratio
- 1.63
- Price / sales
- 3.8 10-yr median 2.7
- Price / book
- 1.3 10-yr median 1.2
- EV / EBITDA
- — 10-yr median 6.1
- Dividend yield
- 2.66% $1.56 a year
- Beta
- 0.84
MBWM key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsMBWM valuation Price multiples at each fiscal year-end price.
MBWM returns How much profit the business earns on the capital it uses.
MBWM per-share figures Results divided by the shares outstanding at year-end.
MBWM financial health Debt, liquidity and how easily interest is covered.
MBWM efficiency & capital use Working capital cycle and where the cash goes.
MBWM valuation history
MBWM returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
MBWM debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
MBWM cash returned to shareholders
MBWM price vs earnings per share
MBWM key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $782.3M | $717.7M | $646.7M | $531.0M | $560.0M | $442.0M | $598.4M | $469.3M | $583.2M | $614.9M |
| Enterprise value | $32.6M | $242.6M | $735.4M | $471.5M | −$314.5M | −$11.4M | $533.6M | $556.3M | $431.6M | $324.8M |
| P/E ratio | 8.8 | 9.0 | 7.9 | 8.7 | 9.5 | 10.0 | 12.1 | 11.2 | 18.6 | 19.3 |
| Price / sales | 2.1 | 2.0 | 2.1 | 2.5 | 2.8 | 2.3 | 3.2 | 2.9 | 4.0 | 4.4 |
| Price / book | 1.1 | 1.2 | 1.2 | 1.2 | 1.2 | 1.0 | 1.4 | 1.3 | 1.6 | 1.8 |
| Price / free cash flow | 69.8 | 7.8 | 10.8 | 4.5 | 9.5 | 15.3 | 19.1 | 8.5 | 17.5 | 18.9 |
| Price / operating cash flow | 43.5 | 7.1 | 9.7 | 4.4 | 8.7 | 11.7 | 13.4 | 7.6 | 15.1 | 17.8 |
| EV / sales | 0.1 | 0.7 | 2.4 | 2.2 | -1.6 | -0.1 | 2.9 | 3.5 | 3.0 | 2.3 |
| EV / EBITDA | 0.3 | 2.2 | 6.4 | 5.3 | — | — | 7.6 | 9.0 | 7.6 | 5.8 |
| EV / free cash flow | 2.9 | 2.6 | 12.3 | 4.0 | — | — | 17.1 | 10.0 | 13.0 | 10.0 |
| Earnings yield | 11.3% | 11.1% | 12.7% | 11.5% | 10.5% | 10.0% | 8.3% | 9.0% | 5.4% | 5.2% |
| Free cash flow yield | 1.4% | 12.9% | 9.3% | 22.0% | 10.5% | 6.5% | 5.2% | 11.8% | 5.7% | 5.3% |
| Dividend yield | 3.1% | 3.1% | 3.2% | 3.7% | 3.3% | 4.1% | 2.9% | 5.9% | 2.1% | 3.0% |
| Shareholder yield (dividends + buybacks) | 3.1% | 3.1% | 3.2% | 3.7% | 7.1% | 5.5% | 4.1% | 7.1% | 2.1% | 3.7% |
| Share price at fiscal year-end | $48.10 | $44.49 | $40.38 | $33.48 | $35.03 | $27.17 | $36.47 | $28.26 | $35.37 | $37.70 |
| Per share | ||||||||||
| Revenue per share | $22.86 | $22.43 | $18.95 | $13.49 | $12.43 | $11.89 | $11.29 | $9.69 | $8.77 | $8.55 |
| Earnings per share | $5.46 | $4.93 | $5.13 | $3.85 | $3.69 | $2.71 | $3.01 | $2.53 | $1.90 | $1.96 |
| Operating cash flow per share | $1.11 | $6.27 | $4.16 | $7.56 | $4.04 | $2.33 | $2.73 | $3.72 | $2.34 | $2.12 |
| Free cash flow per share | $0.69 | $5.74 | $3.74 | $7.37 | $3.69 | $1.78 | $1.91 | $3.34 | $2.02 | $2.00 |
| Cash per share | $96.87 | $69.64 | $46.68 | $44.12 | $98.07 | $62.29 | $34.64 | $24.85 | $32.50 | $31.37 |
| Book value per share | $44.57 | $36.24 | $32.60 | $27.83 | $28.56 | $27.14 | $25.39 | $22.60 | $22.19 | $20.89 |
| Tangible book value per share | $38.85 | $32.40 | $28.80 | $24.68 | $25.38 | $23.95 | $22.14 | $19.28 | $18.73 | $17.25 |
| Dividends per share | $1.47 | $1.39 | $1.31 | $1.24 | $1.16 | $1.10 | $1.04 | $1.66 | $0.73 | $1.15 |
| Capex per share | $0.42 | $0.53 | $0.42 | $0.19 | $0.35 | $0.55 | $0.82 | $0.38 | $0.33 | $0.12 |
| Debt per share | $50.78 | $40.19 | $52.21 | $40.37 | $43.37 | $34.42 | $30.69 | $30.09 | $23.30 | $13.58 |
| Shares outstanding | 16.3M | 16.1M | 16.0M | 15.9M | 16.0M | 16.3M | 16.4M | 16.6M | 16.5M | 16.3M |
| Change in shares outstanding | +0.8% | +0.7% | +1.0% | −0.8% | −1.7% | −0.9% | −1.2% | +0.7% | +1.1% | −2.0% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 13.6% | 14.4% | 17.1% | 13.6% | 13.1% | 10.3% | 12.5% | 11.3% | 8.9% | 9.5% |
| Return on invested capital (ROIC) | — | 22.1% | 16.6% | — | — | — | 12.2% | 12.4% | 23.6% | 28.2% |
| Return on assets (ROA) | 1.4% | 1.4% | 1.6% | 1.2% | 1.2% | 1.1% | 1.4% | 1.3% | 1.0% | 1.1% |
| Return on tangible assets | 1.3% | 1.3% | 1.6% | 1.3% | 1.1% | 1.0% | 1.4% | 1.3% | 1.0% | 1.1% |
| Free cash flow margin | 3.0% | 25.6% | 19.7% | 54.6% | 29.7% | 14.9% | 16.9% | 34.4% | 23.0% | 23.4% |
| Income quality (OCF / net income) | 0.20 | 1.27 | 0.81 | 1.96 | 1.09 | 0.86 | 0.91 | 1.47 | 1.24 | 1.08 |
| Financial health | ||||||||||
| Total debt | $825.9M | $648.2M | $836.3M | $640.2M | $693.4M | $559.9M | $503.6M | $499.7M | $384.3M | $221.5M |
| Cash & short-term investments | $1.58B | $1.12B | $747.6M | $699.7M | $1.57B | $1.01B | $568.4M | $412.7M | $535.8M | $511.7M |
| Net debt | −$749.7M | −$475.1M | $88.6M | −$59.5M | −$874.5M | −$453.4M | −$64.8M | $87.0M | −$151.6M | −$290.1M |
| Debt / equity | 1.14 | 1.11 | 1.60 | 1.45 | 1.52 | 1.27 | 1.21 | 1.33 | 1.05 | 0.65 |
| Debt / assets | 0.12 | 0.11 | 0.16 | 0.13 | 0.13 | 0.13 | 0.14 | 0.15 | 0.12 | 0.07 |
| Net debt / EBITDA | −6.95 | −4.37 | 0.78 | −0.67 | −10.01 | −7.05 | −0.93 | 1.41 | −2.69 | −5.14 |
| Current ratio | 0.29 | 0.23 | 0.18 | 0.18 | 0.36 | 0.29 | 0.20 | 0.16 | 0.20 | 173.97 |
| Quick ratio | 0.29 | 0.23 | 0.18 | 0.18 | 0.36 | 0.28 | 0.20 | 0.16 | 0.20 | 173.94 |
| Interest coverage | 0.8 | 0.8 | 1.3 | 3.2 | 3.8 | 2.1 | 1.8 | 2.4 | 2.9 | 3.7 |
| Working capital | −$3.94B | −$3.70B | −$3.38B | −$3.29B | −$2.74B | −$2.54B | −$2.25B | −$2.18B | −$2.12B | $2.63B |
| Invested capital | −$24.8M | $109.4M | $610.8M | $381.9M | −$418.0M | −$11.9M | $351.7M | $462.2M | $214.3M | $50.7M |
| Tangible asset value | $631.8M | $522.6M | $461.3M | $391.4M | $405.7M | $389.6M | $363.2M | $320.2M | $308.8M | $281.4M |
| Net current asset value | −$4.53B | −$4.34B | −$4.08B | −$3.73B | −$3.23B | −$2.98B | −$2.65B | −$2.58B | −$2.38B | −$92.1M |
| Graham number | $73.98 | $63.43 | $61.36 | $49.10 | $48.71 | $40.70 | $41.49 | $35.87 | $30.77 | $30.33 |
| Graham net-net per share | −$278.83 | −$269.31 | −$254.96 | −$52.06 | −$202.24 | −$183.30 | −$161.36 | −$155.10 | −$144.57 | −$136.71 |
| Capital allocation | ||||||||||
| Dividends paid | $24.0M | $22.5M | $21.0M | $19.6M | $18.5M | $17.9M | $17.1M | $27.5M | $12.0M | $18.7M |
| Share buybacks (net) | — | — | $0 | $0 | $21.4M | $6.6M | $7.2M | $5.9M | $0 | $3.7M |
| Dividend payout ratio | 27.0% | 28.2% | 25.5% | 32.1% | 31.4% | 40.6% | 34.6% | 65.4% | 38.5% | 58.7% |
| Dividends + buybacks / free cash flow | 213.7% | 24.3% | 35.0% | 16.8% | 67.7% | 84.9% | 77.6% | 60.3% | 36.2% | 69.0% |
| Capex / revenue | 1.8% | 2.4% | 2.2% | 1.4% | 2.8% | 4.6% | 7.3% | 3.9% | 3.8% | 1.5% |
| Capex / operating cash flow | 37.6% | 8.4% | 10.0% | 2.5% | 8.7% | 23.7% | 30.1% | 10.2% | 14.0% | 5.9% |
| Capex / depreciation | 1.17 | 0.81 | 0.58 | 0.23 | 0.41 | 0.95 | 1.41 | 0.65 | 0.52 | 0.21 |
| Stock-based compensation / revenue | 0.9% | 0.9% | 1.1% | 1.6% | 1.9% | 1.2% | 1.6% | 1.5% | 1.4% | 1.0% |
| SG&A / revenue | 29.7% | 22.7% | 23.9% | 31.7% | 35.0% | 32.2% | 34.8% | 38.5% | 38.9% | 38.9% |
| Efficiency | ||||||||||
| Days sales outstanding | — | — | — | 6,610.8 | — | — | — | — | — | — |
| Days of inventory on hand | — | — | — | — | — | 5.2 | 6.5 | 24.4 | 26.6 | 20.8 |
| Days payables outstanding | — | — | — | 622.7 | 590.4 | 212.6 | 244.6 | 312.9 | 286.6 | 373.2 |
| Cash conversion cycle (days) | — | — | — | 5,988.1 | — | — | — | — | — | — |
| Receivables turnover | — | — | — | 0.06 | — | — | — | — | — | — |
| Payables turnover | — | — | — | 0.59 | 0.62 | 1.72 | 1.49 | 1.17 | 1.27 | 0.98 |
| Inventory turnover | — | — | — | — | — | 69.59 | 56.30 | 14.98 | 13.74 | 17.58 |
| Asset turnover | 0.06 | 0.06 | 0.06 | 0.04 | 0.04 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 |
| Average receivables | — | — | — | $3.87B | — | — | — | — | — | — |
| Average payables | — | — | — | $51.4M | $24.5M | $23.4M | $23.8M | $19.7M | $14.7M | $15.8M |
| Average inventory | — | — | — | — | — | $576,500 | $631,500 | $1.5M | $1.4M | $881,000 |
| Intangibles / total assets | 1.4% | 1.0% | 1.1% | 1.0% | 1.0% | 1.2% | 1.5% | 1.6% | 1.7% | 1.9% |
Computed from MBWM's annual financial statements (latest annual report filed February 27, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
MBWM valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Mercantile Bank traded at 8.8 times earnings, against a 10-year median of 9.8. Based on the latest twelve months, the trailing P/E is 10.3 and the forward P/E is 10.9. Mercantile Bank earned a return on equity of 13.6% in fiscal 2025. It ended the year with $825.9 million of debt and $1.6 billion in cash and short-term investments, a net cash position of $749.7 million. It returned $24.0 million to shareholders: $24.0 million in dividends and $0 in share buybacks, 214% of free cash flow.
See the MBWM income statement, the MBWM chart for price history, or the MBWM stock overview for the latest quote and news.
MBWM key metrics FAQ
What is Mercantile Bank's P/E ratio?
Mercantile Bank's trailing P/E ratio is 10.3 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 10.9. At the end of fiscal 2025 it was 8.8, compared with a 10-year median of 9.8.
What is Mercantile Bank's EV/EBITDA?
Mercantile Bank's enterprise value was 0.3 times EBITDA at the end of fiscal 2025 (enterprise value $32.6 million, EBITDA $107.9 million).
What is Mercantile Bank's return on equity?
Mercantile Bank's return on equity (ROE) was 13.6% in fiscal 2025: net income of $88.8 million on average shareholders' equity of $654.7 million.
How much debt does Mercantile Bank have?
Mercantile Bank had total debt of $825.9 million at the end of fiscal 2025, a debt-to-equity ratio of 1.14 and more cash than debt.
What is Mercantile Bank's dividend yield?
Mercantile Bank's forward dividend yield is 2.66%. Mercantile Bank paid $24.0 million in dividends in fiscal 2025 ($1.47 per share), a payout ratio of 27.0%.
What is Mercantile Bank's free cash flow yield?
Mercantile Bank generated $11.2 million of free cash flow in fiscal 2025, a free cash flow yield of 1.4% on its market value at year-end ($782.3 million).
What is Mercantile Bank's current ratio?
Mercantile Bank's current ratio was 0.29 at the end of fiscal 2025: current assets were 0.29 times current liabilities.