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MERCANTILE BANK CORP

MBWM

$60.24 ▼ -1.29 (-2.10%) at close

18 Visible periods

34 Metrics

Peer-ranked Benchmarks

Price Chart

Health

Excellent

Bullish

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Analytical Summary

MERCANTILE BANK CORP shows strong fundamentals with top-quartile Profit Margin (%) and Operating Margin (%). The company's metrics support a bullish outlook for growth-oriented investors.

Market Cap $978.2M

Dividend Yield 2.49%

Revenue Growth 4.8% ↗

Op. Margin 42.7% →

ROIC None

FCF / Share None

Trailing P/E 11.0x

Price / Book 1.4x

FCF Yield —

Debt / Equity —

info Valuation on last close. End-of-day price, Nov 5, 2026.

18-Year Financial Trajectory

Annual

Metric Value Trend Year over Year Percentile

Revenue Total top-line sales

$242.65M

↑ +4.8% —

Net Income Profit after all expenses

$88.75M

↑ +11.5% —

Operating Margin Operating profit as % of sales

42.7%

— +0.4% 95th

trending_up

Bullish Indicators

Operating Margin (%)Operating Margin (%) is in the top quartile
Profit Margin (%)Profit Margin (%) is in the top quartile

warning

Bearish Risks

No bearish risks detected.

Health Breakdown

Profitability ↑

Returns ↓

Dividend History

Dividend / share · sourced from SEC filings

$1.50 Latest / share

+7.1% YoY

+24.1% 12-yr CAGR

$0.14

FY 2014

$0.16

FY 2015

$0.18

FY 2016

$0.22

FY 2017

$0.26

FY 2018

$0.28

FY 2019

$0.29

FY 2020

$0.31

FY 2021

$0.33

FY 2022

$0.34

FY 2023

$1.40

FY 2024

$1.50

FY 2025

Financial view

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📈 Is growth accelerating? 7 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Jan 12, 2023 10-K ↗	FY 2021 Jan 13, 2022 10-K ↗	FY 2020 Jan 14, 2021 10-K ↗	FY 2019 Mar 18, 2020 10-K ↗	FY 2018 Mar 20, 2019 10-K ↗	FY 2017 Mar 21, 2018 10-K ↗	FY 2016 Mar 22, 2017 10-K ↗	FY 2015 Mar 23, 2016 10-K ↗	FY 2014 Mar 25, 2015 10-K ↗	FY 2013 Mar 10, 2014 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗	FY 2008 Dec 31, 2008 10-K ↗
Revenue Growth YoY (%)	4.8% Caution ↓ Caution Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-20%)	2.6% Caution ↓ Caution Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-57%)	18.6% Good ↑ Good Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+210%)	5.6% Fair ↓ Fair Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-7%)	7.7% Fair ↓ Fair Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+28%)	10.5% Good ↑ Good Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+75%)	8.9% Fair ↑ Fair Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+49%)	8.0% Fair ↓ Fair Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+34%)	1.5% Caution ↓ Caution Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-76%)	8.3% Fair ↓ Fair Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+38%)	33.5% Excellent ↑ Excellent Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+458%)	61.6% Excellent ↑ Excellent Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+927%)	-0.7% Weak ↑ Weak Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-111%)	-6.5% Weak ↓ Weak Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-209%)	-10.8% Weak Weak Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-280%)	11.4% Good Good Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+90%)	—	—
EPS Growth YoY (%)	11.0% Fair → Fair Stable Year-over-year change in earnings per share Optimal: > 10%	-3.9% Weak ↓ Weak Declining Year-over-year change in earnings per share Optimal: > 10%	33.2% Excellent ↑ Excellent Improving Year-over-year change in earnings per share Optimal: > 10%	4.3% Caution ↓ Caution Declining Year-over-year change in earnings per share Optimal: > 10%	36.2% Excellent ↑ Excellent Improving Year-over-year change in earnings per share Optimal: > 10%	-10.0% Weak ↓ Weak Declining Year-over-year change in earnings per share Optimal: > 10%	19.0% Good ↑ Good Improving Year-over-year change in earnings per share Optimal: > 10%	33.2% Excellent ↑ Excellent Improving Year-over-year change in earnings per share Optimal: > 10%	-3.1% Weak ↓ Weak Declining Year-over-year change in earnings per share Optimal: > 10%	20.2% Good ↑ Good Improving Year-over-year change in earnings per share Optimal: > 10%	27.3% Excellent ↑ Excellent Improving Year-over-year change in earnings per share Optimal: > 10%	-34.7% Weak ↓ Weak Declining Year-over-year change in earnings per share Optimal: > 10%	47.4% Excellent ↑ Excellent Improving Year-over-year change in earnings per share Optimal: > 10%	-68.3% Weak Weak Year-over-year change in earnings per share Optimal: > 10%	N/M	72.4% Excellent Excellent Year-over-year change in earnings per share Optimal: > 10%	—	—
Net Income Growth YoY (%)	11.5% Fair → Fair Stable Year-over-year change in net income	-3.2% Weak ↓ Weak Declining Year-over-year change in net income	34.6% Excellent ↑ Excellent Improving Year-over-year change in net income	3.5% Caution ↓ Caution Declining Year-over-year change in net income	33.7% Excellent ↑ Excellent Improving Year-over-year change in net income	-10.8% Weak ↓ Weak Declining Year-over-year change in net income	17.7% Good ↑ Good Improving Year-over-year change in net income	34.4% Excellent ↑ Excellent Improving Year-over-year change in net income	-2.0% Weak ↓ Weak Declining Year-over-year change in net income	18.1% Good ↓ Good Declining Year-over-year change in net income	55.9% Excellent ↑ Excellent Improving Year-over-year change in net income	1.7% Caution ↑ Caution Improving Year-over-year change in net income	35.9% Excellent ↑ Excellent Improving Year-over-year change in net income	-66.6% Weak Weak Year-over-year change in net income	N/M	74.4% Excellent Excellent Year-over-year change in net income	—	—
FCF Growth YoY (%) N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Revenue CAGR 3Y (%)	8.4% Fair ↓ Fair Declining Compound annual revenue growth over 3 years	8.7% Fair → Fair Stable Compound annual revenue growth over 3 years	10.5% Good ↑ Good Improving Compound annual revenue growth over 3 years	7.9% Fair → Fair Stable Compound annual revenue growth over 3 years	9.0% Fair ↑ Fair Improving Compound annual revenue growth over 3 years	9.1% Fair ↑ Fair Improving Compound annual revenue growth over 3 years	6.1% Fair ↓ Fair Declining Compound annual revenue growth over 3 years	5.9% Fair ↓ Fair Declining Compound annual revenue growth over 3 years	13.6% Good ↓ Good Declining Compound annual revenue growth over 3 years	32.7% Excellent ↑ Excellent Improving Compound annual revenue growth over 3 years	28.9% Excellent ↑ Excellent Improving Compound annual revenue growth over 3 years	14.5% Good ↑ Good Improving Compound annual revenue growth over 3 years	-6.1% Weak Weak Compound annual revenue growth over 3 years	-2.4% Weak Weak Compound annual revenue growth over 3 years	—	—	—	—
Revenue CAGR 5Y (%)	7.7% Fair ↓ Fair Declining Compound annual revenue growth over 5 years	8.8% Good → Good Stable Compound annual revenue growth over 5 years	10.2% Good ↑ Good Improving Compound annual revenue growth over 5 years	8.1% Good ↓ Good Declining Compound annual revenue growth over 5 years	7.3% Fair ↓ Fair Declining Compound annual revenue growth over 5 years	7.4% Fair ↓ Fair Declining Compound annual revenue growth over 5 years	11.5% Good ↓ Good Declining Compound annual revenue growth over 5 years	20.7% Excellent ↑ Excellent Improving Compound annual revenue growth over 5 years	18.7% Excellent ↑ Excellent Improving Compound annual revenue growth over 5 years	16.7% Excellent ↑ Excellent Improving Compound annual revenue growth over 5 years	12.3% Excellent Excellent Compound annual revenue growth over 5 years	8.3% Good Good Compound annual revenue growth over 5 years	—	—	—	—	—	—
EPS CAGR 3Y (%)	12.4% Good ↓ Good Declining Compound annual EPS growth over 3 years	10.1% Good ↓ Good Declining Compound annual EPS growth over 3 years	23.7% Excellent ↑ Excellent Improving Compound annual EPS growth over 3 years	8.6% Fair ↓ Fair Declining Compound annual EPS growth over 3 years	13.4% Good ↓ Good Declining Compound annual EPS growth over 3 years	12.6% Good ↓ Good Declining Compound annual EPS growth over 3 years	15.4% Excellent ↑ Excellent Improving Compound annual EPS growth over 3 years	15.8% Excellent ↑ Excellent Improving Compound annual EPS growth over 3 years	14.1% Good ↑ Good Improving Compound annual EPS growth over 3 years	0.0% Caution ↑ Caution Improving Compound annual EPS growth over 3 years	7.0% Fair Fair Compound annual EPS growth over 3 years	-32.7% Weak Weak Compound annual EPS growth over 3 years	—	—	—	—	—	—

💰 Are margins durable? 5 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Jan 12, 2023 10-K ↗	FY 2021 Jan 13, 2022 10-K ↗	FY 2020 Jan 14, 2021 10-K ↗	FY 2019 Mar 18, 2020 10-K ↗	FY 2018 Mar 20, 2019 10-K ↗	FY 2017 Mar 21, 2018 10-K ↗	FY 2016 Mar 22, 2017 10-K ↗	FY 2015 Mar 23, 2016 10-K ↗	FY 2014 Mar 25, 2015 10-K ↗	FY 2013 Mar 10, 2014 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗	FY 2008 Dec 31, 2008 10-K ↗
Operating Margin (%) (%)	42.7% Excellent → Excellent Stable Operating income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+71%)	42.5% Excellent → Excellent Stable Operating income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+70%)	45.5% Excellent ↑ Excellent Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+82%)	39.8% Excellent ↑ Excellent Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+59%)	40.9% Excellent Excellent Operating income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+64%)	32.8% Excellent Excellent Operating income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+31%)	—	—	—	—	—	—	—	—	—	—	—	—
Effective Tax Rate (%) (%)	14.2% Excellent ↓ Excellent Declining Actual taxes paid relative to pre-tax income Optimal: 15-25%	19.0% Good → Good Stable Actual taxes paid relative to pre-tax income Optimal: 15-25%	19.9% Good → Good Stable Actual taxes paid relative to pre-tax income Optimal: 15-25%	19.4% Good → Good Stable Actual taxes paid relative to pre-tax income Optimal: 15-25%	19.9% Good Good Actual taxes paid relative to pre-tax income Optimal: 15-25%	19.5% Good Good Actual taxes paid relative to pre-tax income Optimal: 15-25%	—	—	—	—	—	—	—	—	—	—	—	—
Profit Margin (%) (%)	36.6% Excellent ↑ Excellent Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+66%)	34.4% Excellent → Excellent Stable Net income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+56%)	36.4% Excellent ↑ Excellent Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+66%)	32.1% Excellent → Excellent Stable Net income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+46%)	32.7% Excellent ↑ Excellent Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+49%)	26.4% Excellent ↓ Excellent Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+20%)	32.6% Excellent ↑ Excellent Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+48%)	30.2% Excellent ↑ Excellent Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+37%)	24.3% Excellent ↑ Excellent Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+10%)	25.1% Excellent → Excellent Stable Net income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+14%)	23.1% Excellent ↓ Excellent Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: At sector avg	19.7% Good ↓ Good Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-10%)	31.4% Excellent ↑ Excellent Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+43%)	22.9% Excellent ↑ Excellent Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: At sector avg	64.1% Excellent ↑ Excellent Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+191%)	-20.3% Weak Weak Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-192%)	-88.4% Weak Weak Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-502%)	—
FCF Margin (%) (%) N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
FCF / Net Income (x) N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

🎯 Is capital allocation efficient? 3 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Jan 12, 2023 10-K ↗	FY 2021 Jan 13, 2022 10-K ↗	FY 2020 Jan 14, 2021 10-K ↗	FY 2019 Mar 18, 2020 10-K ↗	FY 2018 Mar 20, 2019 10-K ↗	FY 2017 Mar 21, 2018 10-K ↗	FY 2016 Mar 22, 2017 10-K ↗	FY 2015 Mar 23, 2016 10-K ↗	FY 2014 Mar 25, 2015 10-K ↗	FY 2013 Mar 10, 2014 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗	FY 2008 Dec 31, 2008 10-K ↗
Return on Invested Capital (%) N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Capital (%) (%)	1.3% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	1.3% Weak → Weak Stable Operating profit relative to total assets Optimal: > 10%	1.5% Weak ↑ Weak Improving Operating profit relative to total assets Optimal: > 10%	1.3% Weak ↑ Weak Improving Operating profit relative to total assets Optimal: > 10%	1.1% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	1.0% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	1.4% Weak ↑ Weak Improving Operating profit relative to total assets Optimal: > 10%	1.2% Weak ↑ Weak Improving Operating profit relative to total assets Optimal: > 10%	1.0% Weak ↑ Weak Improving Operating profit relative to total assets Optimal: > 10%	1.0% Weak ↑ Weak Improving Operating profit relative to total assets Optimal: > 10%	0.9% Weak → Weak Stable Operating profit relative to total assets Optimal: > 10%	0.6% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	1.2% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	0.9% Weak Weak Operating profit relative to total assets Optimal: > 10%	2.6% Weak Weak Operating profit relative to total assets Optimal: > 10%	—	—	—
Return on Common Equity (%) (%)	12.2% Fair ↓ Fair Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: At sector avg	13.6% Fair → Fair Stable Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+13%)	15.7% Good ↑ Good Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+31%)	13.8% Fair ↑ Fair Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+15%)	12.9% Fair ↑ Fair Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+8%)	10.0% Caution ↓ Caution Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-17%)	11.9% Fair ↑ Fair Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: At sector avg	11.2% Fair ↑ Fair Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-7%)	8.5% Caution ↑ Caution Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-29%)	9.4% Caution ↑ Caution Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-22%)	8.1% Caution → Caution Stable Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-33%)	5.3% Caution ↓ Caution Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-56%)	11.1% Fair ↑ Fair Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-7%)	8.6% Caution ↑ Caution Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-29%)	22.7% Excellent ↑ Excellent Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+89%)	-10.6% Weak Weak Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-188%)	-37.2% Weak Weak Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-410%)	—

⚖️ Is the balance sheet risky? 3 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Jan 12, 2023 10-K ↗	FY 2021 Jan 13, 2022 10-K ↗	FY 2020 Jan 14, 2021 10-K ↗	FY 2019 Mar 18, 2020 10-K ↗	FY 2018 Mar 20, 2019 10-K ↗	FY 2017 Mar 21, 2018 10-K ↗	FY 2016 Mar 22, 2017 10-K ↗	FY 2015 Mar 23, 2016 10-K ↗	FY 2014 Mar 25, 2015 10-K ↗	FY 2013 Mar 10, 2014 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗	FY 2008 Dec 31, 2008 10-K ↗
Interest Coverage (x) N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Debt (USD) N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt / EBITDA (x) N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

📊 What does each share earn? 8 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Jan 12, 2023 10-K ↗	FY 2021 Jan 13, 2022 10-K ↗	FY 2020 Jan 14, 2021 10-K ↗	FY 2019 Mar 18, 2020 10-K ↗	FY 2018 Mar 20, 2019 10-K ↗	FY 2017 Mar 21, 2018 10-K ↗	FY 2016 Mar 22, 2017 10-K ↗	FY 2015 Mar 23, 2016 10-K ↗	FY 2014 Mar 25, 2015 10-K ↗	FY 2013 Mar 10, 2014 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗	FY 2008 Dec 31, 2008 10-K ↗
Revenue per Share (USD)	$14.94	$14.35	$14.09	$12.00	$11.28	$10.29	$9.23	$8.38	$7.81	$7.79	$7.06	$6.50	$6.24	$6.34	$6.80	$7.71	—	—
Basic EPS, GAAP (USD)	$5.47	$4.93	$5.13	$3.85	$3.69	$2.71	$3.01	$2.53	$1.90	$1.96	$1.63	$1.28	$1.96	$1.33	$4.20	$-1.72	$-6.23	—
Free Cash Flow per Share (USD) N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Dividend per Share (USD)	$1.50	$1.40	$0.34	$0.33	$0.31	$0.29	$0.28	$0.26	$0.22	$0.18	$0.16	$0.14	$0.12	$0.09	—	—	$0.07	—
Book Value per Share (USD)	$42.19	$36.20	$32.38	$27.60	$28.82	$27.04	$25.36	$22.70	$22.05	$20.76	$20.41	$19.33	$17.54	$16.84	$19.17	$14.80	—	—
Tangible Book Value per Share (USD)	$37.96	$33.14	$29.31	$24.50	$25.70	$24.01	$22.35	$19.70	$19.07	$17.75	$17.38	$16.41	$17.54	$16.84	$19.17	$14.80	—	—
Basic Weighted Avg Shares (shares)	16.24M	16.13M	16.02M	15.86M	15.99M	16.27M	16.41M	16.60M	16.48M	16.29M	16.61M	13.51M	8.71M	8.63M	8.60M	8.51M	—	—
Dividend Payout Ratio (%)	—	—	6.6% Excellent ↓ Excellent Declining Dividends paid as a percentage of earnings Optimal: 30-60%	8.6% Excellent ↓ Excellent Declining Dividends paid as a percentage of earnings Optimal: 30-60%	8.4% Excellent ↓ Excellent Declining Dividends paid as a percentage of earnings Optimal: 30-60%	10.7% Excellent → Excellent Stable Dividends paid as a percentage of earnings Optimal: 30-60%	9.3% Excellent ↓ Excellent Declining Dividends paid as a percentage of earnings Optimal: 30-60%	10.3% Excellent → Excellent Stable Dividends paid as a percentage of earnings Optimal: 30-60%	11.6% Excellent ↑ Excellent Improving Dividends paid as a percentage of earnings Optimal: 30-60%	9.2% Excellent ↓ Excellent Declining Dividends paid as a percentage of earnings Optimal: 30-60%	9.8% Excellent Excellent Dividends paid as a percentage of earnings Optimal: 30-60%	10.9% Excellent Excellent Dividends paid as a percentage of earnings Optimal: 30-60%	—	—	—	—	—	—

🏦 How resilient is the balance sheet? 2 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Jan 12, 2023 10-K ↗	FY 2021 Jan 13, 2022 10-K ↗	FY 2020 Jan 14, 2021 10-K ↗	FY 2019 Mar 18, 2020 10-K ↗	FY 2018 Mar 20, 2019 10-K ↗	FY 2017 Mar 21, 2018 10-K ↗	FY 2016 Mar 22, 2017 10-K ↗	FY 2015 Mar 23, 2016 10-K ↗	FY 2014 Mar 25, 2015 10-K ↗	FY 2013 Mar 10, 2014 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗	FY 2008 Dec 31, 2008 10-K ↗
Working Capital (USD) N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity (USD)	$724.88M	$584.53M	$522.14M	$441.41M	$456.56M	$441.55M	$416.56M	$375.25M	$365.87M	$340.81M	$333.80M	$328.14M	$153.32M	$146.59M	$165.00M	$125.94M	$140.10M	$174.37M

📋 What is driving earnings? 4 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Jan 12, 2023 10-K ↗	FY 2021 Jan 13, 2022 10-K ↗	FY 2020 Jan 14, 2021 10-K ↗	FY 2019 Mar 18, 2020 10-K ↗	FY 2018 Mar 20, 2019 10-K ↗	FY 2017 Mar 21, 2018 10-K ↗	FY 2016 Mar 22, 2017 10-K ↗	FY 2015 Mar 23, 2016 10-K ↗	FY 2014 Mar 25, 2015 10-K ↗	FY 2013 Mar 10, 2014 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗	FY 2008 Dec 31, 2008 10-K ↗
Sales/Revenue/Turnover (USD)	$242.65M	$231.47M	$225.69M	$190.32M	$180.28M	$167.42M	$151.49M	$139.09M	$128.75M	$126.91M	$117.21M	$87.81M	$54.33M	$54.70M	$58.52M	$65.59M	$58.89M	—
Depreciation Expense (USD)	$5.20M	$6.00M	$6.00M	$6.00M	$5.80M	$5.20M	$3.90M	$3.60M	$3.00M	$2.90M	$3.00M	$2.30M	$1.30M	$1.50M	$1.60M	$1.90M	—	—
Net Income, GAAP (USD)	$88.75M	$79.59M	$82.22M	$61.06M	$59.02M	$44.14M	$49.46M	$42.02M	$31.27M	$31.91M	$27.02M	$17.33M	$17.03M	$12.54M	$37.48M	$-13.32M	$-52.09M	—
Operating Cash Flow (USD)	$17.97M	$101.12M	$66.61M	$119.86M	$64.57M	$37.88M	$44.77M	$61.74M	$38.66M	$34.60M	—	—	$28.68M	$17.02M	$22.51M	$29.60M	$-8.78M	—

🏛️ Sector-Specific 2 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Jan 12, 2023 10-K ↗	FY 2021 Jan 13, 2022 10-K ↗	FY 2020 Jan 14, 2021 10-K ↗	FY 2019 Mar 18, 2020 10-K ↗	FY 2018 Mar 20, 2019 10-K ↗	FY 2017 Mar 21, 2018 10-K ↗	FY 2016 Mar 22, 2017 10-K ↗	FY 2015 Mar 23, 2016 10-K ↗	FY 2014 Mar 25, 2015 10-K ↗	FY 2013 Mar 10, 2014 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗	FY 2008 Dec 31, 2008 10-K ↗
Net Interest Margin (approx.) (%)	2.9%	3.2%	3.6%	3.2%	2.4%	2.8%	3.4%	3.6%	3.3%	3.4%	3.5%	2.7%	3.3%	3.3%	3.6%	—	—	—
Efficiency Ratio (%) (%)	56.0%	54.3%	51.1%	56.7%	61.5%	58.8%	58.9%	62.0%	61.9%	60.8%	67.7%	74.7%	67.0%	72.4%	70.9%	71.9%	78.9%	—

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bar_chart Data from SEC EDGAR XBRL filings

Synced 4 days ago 18 years · 69 quarters

MERCANTILE BANK CORP

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