(MBWM) Mercantile Bank - Overview

Sector: Financial Services | Industry: Banks - Regional | Exchange: NASDAQ (USA) | Market Cap: 872m USD | Total Return: 21.3% in 12m

Stock Loans, Deposits, Insurance, Accounts
Total Rating 52
Risk 66
Buy Signal 1.01
Banks - Regional +1.6
Regional Banks +2.1
Market Cap: 872m
Avg Trading Vol: 5.16M USD
ATR: 2.98%
Peers RS (IBD): 60.5
Risk 5d forecast
Volatility26.9%
Rel. Tail Risk-11.3%
Reward TTM
Sharpe Ratio0.64
Alpha-0.69
Character TTM
Beta1.051
Beta Downside1.988
Drawdowns 3y
Max DD25.00%
CAGR/Max DD0.97
EPS (Earnings per Share) EPS (Earnings per Share) of MBWM over the last years for every Quarter: "2021-03": 0.87, "2021-06": 1.12, "2021-09": 0.95, "2021-12": 0.94, "2022-03": 0.73, "2022-06": 0.74, "2022-09": 1.01, "2022-12": 1.37, "2023-03": 1.31, "2023-06": 1.27, "2023-09": 1.3, "2023-12": 1.25, "2024-03": 1.34, "2024-06": 1.17, "2024-09": 1.22, "2024-12": 1.22, "2025-03": 1.21, "2025-06": 1.39, "2025-09": 1.46, "2025-12": 1.4,
EPS CAGR: 18.96%
EPS Trend: 67.8%
Last SUE: 0.45
Qual. Beats: 0
Revenue Revenue of MBWM over the last years for every Quarter: 2021-03: 48.248, 2021-06: 49.272, 2021-09: 51.456, 2021-12: 49.68, 2022-03: 45.159, 2022-06: 47.291, 2022-09: 55.409, 2022-12: 66.083, 2023-03: 67.436, 2023-06: 73.563, 2023-09: 80.399, 2023-12: 82.103, 2024-03: 87.592, 2024-06: 88.56, 2024-09: 93.079, 2024-12: 92.658, 2025-03: 89.04, 2025-06: 93.42, 2025-09: 96.031, 2025-12: 93.31,
Rev. CAGR: 21.35%
Rev. Trend: 90.1%
Last SUE: 3.56
Qual. Beats: 3
Description: MBWM Mercantile Bank

Mercantile Bank Corporation (MBWM) is a bank holding company operating in the United States. It provides commercial and retail banking services to small and medium-sized businesses and individuals.

The companys business model involves accepting various deposit products, including checking, savings, and certificates of deposit. Regional banks typically rely on these deposits for funding their lending activities.

MBWM offers a diverse loan portfolio. This includes commercial and industrial loans, real estate loans (vacant land, construction, owner-occupied, non-owner occupied, multi-family, single-family), and consumer loans (auto, boat, credit cards). Diversified lending is a common strategy in the banking sector to mitigate risk.

Additionally, Mercantile Bank Corporation provides ancillary services like courier services, safe deposit boxes, and a range of insurance products, including auto, home, and life insurance.

For more detailed financial analysis, consider exploring ValueRay.

Headlines to Watch Out For
  • Net interest margin compression impacts loan profitability
  • Local economic conditions drive loan demand and credit quality
  • Regulatory changes increase compliance costs for banking sector
  • Deposit growth and cost of funds affect banks liquidity
  • Commercial real estate market health influences loan portfolio risk
Piotroski VR‑10 (Strict) 3.5
Net Income: 88.8m TTM > 0 and > 6% of Revenue
FCF/TA: 0.00 > 0.02 and ΔFCF/TA -1.37 > 1.0
NWC/Revenue: -1.06k% < 20% (prev -1.02k%; Δ -38.57% < -1%)
CFO/TA 0.00 > 3% & CFO 18.0m > Net Income 88.8m
Net Debt (352.6m) to EBITDA (106.5m): 3.31 < 3
Current Ratio: 0.29 > 1.5 & < 3
Outstanding Shares: last quarter (16.3m) vs 12m ago 0.75% < -2%
Gross Margin: 64.03% > 18% (prev 0.62%; Δ 6.34k% > 0.5%)
Asset Turnover: 5.77% > 50% (prev 5.98%; Δ -0.21% > 0%)
Interest Coverage Ratio: 0.60 > 6 (EBITDA TTM 106.5m / Interest Expense TTM 129.2m)
Altman Z'' -3.39
A: -0.58 (Total Current Assets 1.58b - Total Current Liabilities 5.52b) / Total Assets 6.84b
B: 0.06 (Retained Earnings 399.4m / Total Assets 6.84b)
C: 0.01 (EBIT TTM 77.4m / Avg Total Assets 6.44b)
D: 0.12 (Book Value of Equity 724.9m / Total Liabilities 6.11b)
Altman-Z'' Score: -3.39 = D
Beneish M
DSRI: none (Receivables none/none, Revenue 371.8m/361.9m)
GMI: 0.97 (GM 64.03% / 61.92%)
AQI: 0.94 (AQ_t 0.76 / AQ_t-1 0.81)
SGI: 1.03 (Revenue 371.8m / 361.9m)
TATA: 0.01 (NI 88.8m - CFO 18.0m) / TA 6.84b)
Beneish M-Score: cannot calculate (missing components)
What is the price of MBWM shares? As of April 03, 2026, the stock is trading at USD 50.50 with a total of 138,593 shares traded.
Over the past week, the price has changed by +3.37%, over one month by -1.31%, over three months by +8.90% and over the past year by +21.30%.
Is MBWM a buy, sell or hold? Mercantile Bank has received a consensus analysts rating of 3.60. Therefor, it is recommend to hold MBWM.
  • StrongBuy: 1
  • Buy: 1
  • Hold: 3
  • Sell: 0
  • StrongSell: 0
What are the forecasts/targets for the MBWM price?
Wallstreet Target Price 56.8 12.5%
Analysts Target Price 56.8 12.5%
MBWM Fundamental Data Overview as of 02 April 2026
P/E Trailing = 9.2322
P/E Forward = 10.8696
P/S = 3.6581
P/B = 1.1488
P/EG = 1.6313
Revenue TTM = 371.8m USD
EBIT TTM = 77.4m USD
EBITDA TTM = 106.5m USD
Long Term Debt = 496.9m USD (from longTermDebt, last quarter)
Short Term Debt = 232.3m USD (from shortTermDebt, last quarter)
Debt = 825.9m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 352.6m USD (from netDebt column, last quarter)
Enterprise Value = 122.6m USD (872.3m + Debt 825.9m - CCE 1.58b)
Interest Coverage Ratio = 0.60 (Ebit TTM 77.4m / Interest Expense TTM 129.2m)
EV/FCF = 10.94x (Enterprise Value 122.6m / FCF TTM 11.2m)
FCF Yield = 9.14% (FCF TTM 11.2m / Enterprise Value 122.6m)
FCF Margin = 3.01% (FCF TTM 11.2m / Revenue TTM 371.8m)
Net Margin = 23.87% (Net Income TTM 88.8m / Revenue TTM 371.8m)
Gross Margin = 64.03% ((Revenue TTM 371.8m - Cost of Revenue TTM 133.7m) / Revenue TTM)
Gross Margin QoQ = 65.77% (prev 64.76%)
Tobins Q-Ratio = 0.02 (Enterprise Value 122.6m / Total Assets 6.84b)
Interest Expense / Debt = 3.78% (Interest Expense 31.2m / Debt 825.9m)
Taxrate = 7.32% (1.80m / 24.6m)
NOPAT = 71.8m (EBIT 77.4m * (1 - 7.32%))
Current Ratio = 0.29 (Total Current Assets 1.58b / Total Current Liabilities 5.52b)
Debt / Equity = 1.14 (Debt 825.9m / totalStockholderEquity, last quarter 724.9m)
Debt / EBITDA = 3.31 (Net Debt 352.6m / EBITDA 106.5m)
Debt / FCF = 31.45 (Net Debt 352.6m / FCF TTM 11.2m)
Total Stockholder Equity = 655.6m (last 4 quarters mean from totalStockholderEquity)
RoA = 1.38% (Net Income 88.8m / Total Assets 6.84b)
RoE = 13.54% (Net Income TTM 88.8m / Total Stockholder Equity 655.6m)
RoCE = 6.72% (EBIT 77.4m / Capital Employed (Equity 655.6m + L.T.Debt 496.9m))
RoIC = 6.23% (NOPAT 71.8m / Invested Capital 1.15b)
WACC = 6.68% (E(872.3m)/V(1.70b) * Re(9.68%) + D(825.9m)/V(1.70b) * Rd(3.78%) * (1-Tc(0.07)))
Discount Rate = 9.68% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 100.0 | Cagr: 0.68%
[DCF] Terminal Value 80.69% ; FCFF base≈43.8m ; Y1≈35.3m ; Y5≈24.3m
[DCF] Fair Price = 14.92 (EV 610.3m - Net Debt 352.6m = Equity 257.7m / Shares 17.3m; r=6.68% [WACC]; 5y FCF grow -23.28% → 3.0% )
EPS Correlation: 67.80 | EPS CAGR: 18.96% | SUE: 0.45 | # QB: 0
Revenue Correlation: 90.11 | Revenue CAGR: 21.35% | SUE: 3.56 | # QB: 3
EPS next Quarter (2026-06-30): EPS=1.37 | Chg7d=-0.008 | Chg30d=-0.008 | Revisions Net=+3 | Analysts=6
EPS current Year (2026-12-31): EPS=5.60 | Chg7d=-0.020 | Chg30d=-0.020 | Revisions Net=+4 | Growth EPS=+2.4% | Growth Revenue=+15.8%
EPS next Year (2027-12-31): EPS=5.97 | Chg7d=+0.057 | Chg30d=+0.057 | Revisions Net=+3 | Growth EPS=+6.6% | Growth Revenue=+5.3%
[Analyst] Revisions Ratio: +1.00 (3 Up / 0 Down within 30d for Next Quarter)
[Growth] Implied Growth Rate = -1.2% (Discount Rate 9.7% - Earnings Yield 10.8%)
[Growth] Growth Spread = +15.4% (Analyst 14.2% - Implied -1.2%)
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