MBWM
MERCANTILE BANK CORP
Next earnings Jul 20, 2026 · consensus $1.35 EPS, $70.2M rev
Last earnings -3.4% on 2026-04-21
$57.09
▲ +1.46%$57.09▲ +34.23%
over 1Y
L $42.16EODHDH $57.09
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today+1.5%
1W+5.8%
1M+9.7%
3M+16.6%
YTD+21.7%
1Y+34.2%
Buy
Conviction
Horizon
Long (>12mo)
12-mo target
$•••
Street · 12 analysts
Buy
Cheap, well-capitalized Michigan community bank compounding earnings double-digits at 10x P/E with a fortified equity base.
The read
Quality fundamentals and an attractive price line up (~147% below fair value) — the rarer case where both the business and the entry look good.
Mercantile Bank is a straightforward, well-run Michigan community bank trading at a discount to its earnings power. FY2025 net income rose 11.5% to $88.8M and diluted EPS reached $5.47, putting the stock at just 10.2x earnings — a meaningful discount to the broader market for a franchise growing both the top of the funnel (assets +12.9% to $6.84B) and the bottom line in tandem. Five-year earnings progression ($59M→$61M→$82M→$80M→$89M) shows resilience through the 2023-2024 regional-bank stress window, when many peers saw earnings collapse on deposit flight and securities marks. Mercantile didn't.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | — | — | — | — | — |
| Gross profit | — | — | — | — | — |
| Operating income | — | — | — | — | — |
| Net income | $59.0M | $61.1M | $82.2M | $79.6M | $88.8M |
| Diluted EPS | $3.69 | $3.85 | $5.13 | $4.93 | $5.47 |
| Net margin | — | — | — | — | — |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value—
EV / EBITDA—
EV / Sales—
EV / FCF—
P / FCF—
PEG (trailing)0.91
Earnings yield9.0%
FCF yield—
Quality & risk
ROIC (est.)—
Free cash flow—
Total debt—
Net cash$136M
Capital returns
Buyback yield0.0%
Dividend yield (est.)2.4%
Shareholder yield2.4%
Shares Δ YoY+6.4%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has been improving.
- 8-K Shareholder vote2026-05-21
Annual meeting vote results filed; routine director and auditor ratification disclosures.
- 10-Q Quarterly report2026-05-01
Q1 2026 10-Q filed; balance sheet continues to scale on $6.84B asset base.
- 8-K Earnings results2026-04-21
Q1 2026 earnings release issued with Reg FD exhibit; ongoing earnings momentum signaled.
- DEF 14A Proxy statement2026-04-02
DEF 14A proxy for May 2026 meeting; routine board, comp and auditor matters.
- 8-K Officer / director change2026-03-19
Officer/director change announced; leadership transition without financial impact disclosed.
- 10-K Annual report2026-02-27
FY2025 10-K: NI +11.5%, equity +24%, ICFR effective; cybersecurity expertise added.
- 8-K Earnings results2026-01-20
Amendment to Q4 2025 earnings 8-K; clarifying exhibit, no new financial change.
- 8-K/A Amended 8-K2026-01-20
Amendment to Q4 2025 earnings 8-K; clarifying exhibit, no new financial change.
- 8-K Officer / director change2025-12-31
Material agreement, new debt obligation, rights modification and officer change disclosed.
Recent filings
all on EDGAR ↗4Period ending 2026-05-222026-05-27open ↗4Period ending 2026-05-222026-05-27open ↗4Period ending 2026-05-222026-05-27open ↗4Period ending 2026-05-222026-05-27open ↗4Period ending 2026-05-222026-05-27open ↗4Period ending 2026-05-222026-05-27open ↗4Period ending 2026-05-222026-05-27open ↗4Period ending 2026-05-222026-05-27open ↗4Period ending 2026-05-222026-05-27open ↗4Period ending 2026-05-222026-05-27open ↗4Period ending 2026-05-222026-05-27open ↗11-KPeriod ending 2025-12-312026-05-27open ↗
Frequently asked
- Is MERCANTILE BANK CORP (MBWM) a buy?
- MBWM currently carries a Buy rating with 4/5 conviction, derived from its latest SEC filings. Cheap, well-capitalized Michigan community bank compounding earnings double-digits at 10x P/E with a fortified equity base.
- What is MBWM's fair value?
- A Modified-Graham model based on MBWM's SEC fundamentals estimates a fair value of about $140.92. It is an estimate from reported earnings, not a price target.
- Is MBWM overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, MBWM currently appears undervalued relative to its SEC-grounded earnings power.
- What is MERCANTILE BANK CORP's quality score?
- MBWM scores 78.11764705882352/100 (grade B+) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001042729, latest 10-Q filed 2026-05-01) · EODHD · analysis by claude-code · as of 6/25/2026, 2:33:05 PM.
Research and education only — not financial advice. EDGAR is not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities EDGAR rates; see Disclosures. Past performance does not guarantee future results. Do your own research.