Shareholder returns
- Dividends have been paid for 14 consecutive years, consuming 27.0% of earnings.
- The dividend has grown 6.0% per year over the past 5 years.
MBWM Financials Mercantile Bank Corp
15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
Net income
ROEROA
Equity
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key annual figures
| FY | Revenue | Net income | Gross M | Op M | ROE | ROA | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|---|---|
| 2025 | — | $89M | — | — | 12.2% | 1.3% | — | — | — |
| 2024 | — | $80M | — | — | 13.6% | 1.3% | — | — | — |
| 2023 | — | $82M | — | — | 15.7% | 1.5% | — | — | — |
| 2022 | — | $61M | — | — | 13.8% | 1.3% | — | — | — |
| 2021 | — | $59M | — | — | 12.9% | 1.1% | — | — | — |
| 2020 | — | $44M | — | — | 10.0% | 1.0% | — | — | — |
| 2019 | — | $49M | — | — | 11.9% | 1.4% | — | — | — |
| 2018 | — | $42M | — | — | 11.2% | 1.2% | — | — | — |
| 2017 | — | $31M | — | — | 8.5% | 1.0% | — | — | — |
| 2016 | — | $32M | — | — | 9.4% | 1.0% | — | — | — |
| 2015 | — | $27M | — | — | 8.1% | 0.9% | — | — | — |
| 2014 | — | $17M | — | — | 5.3% | 0.6% | — | — | — |
| 2013 | — | $17M | — | — | 11.1% | 1.2% | — | — | — |
| 2012 | — | $13M | — | — | 8.6% | 0.9% | — | — | $136M |
| 2011 | — | $37M | — | — | 22.7% | 2.6% | — | — | $76M |
Net income
ROEROA
Equity
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key quarterly figures
| Quarter | Revenue | Net income | Gross M | Op M | ROE | ROA | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|---|---|
| Jun '26 | — | $26M | — | — | 3.4% | 0.4% | — | — | — |
| Mar '26 | — | $23M | — | — | 3.1% | 0.3% | — | — | — |
| Dec '25 | — | $23M | — | — | 3.2% | 0.3% | — | — | — |
| Sep '25 | — | $24M | — | — | 3.6% | 0.4% | — | — | — |
| Jun '25 | — | $23M | — | — | 3.6% | 0.4% | — | — | — |
| Mar '25 | — | $20M | — | — | 3.2% | 0.3% | — | — | — |
| Dec '24 | — | $20M | — | — | 3.4% | 0.3% | — | — | — |
| Sep '24 | — | $20M | — | — | 3.4% | 0.3% | — | — | — |
| Jun '24 | — | $19M | — | — | 3.4% | 0.3% | — | — | — |
| Mar '24 | — | $22M | — | — | 4.0% | 0.4% | — | — | — |
| Dec '23 | — | $20M | — | — | 3.8% | 0.4% | — | — | — |
| Sep '23 | — | $21M | — | — | 4.3% | 0.4% | — | — | — |
| Jun '23 | — | $20M | — | — | 4.3% | 0.4% | — | — | — |
| Mar '23 | — | $21M | — | — | 4.5% | 0.4% | — | — | — |
| Dec '22 | — | $22M | — | — | 4.9% | 0.4% | — | — | — |
| Sep '22 | — | $16M | — | — | 3.9% | 0.3% | — | — | — |
| Jun '22 | — | $12M | — | — | 2.7% | 0.2% | — | — | — |
| Mar '22 | — | $11M | — | — | 2.6% | 0.2% | — | — | — |
| Dec '21 | — | $12M | — | — | 2.5% | 0.2% | — | — | — |
| Sep '21 | — | $15M | — | — | 3.3% | 0.3% | — | — | — |
Valuation over time
How the market has priced MBWM against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
- The price-to-earnings ratio has risen from 8.7× (Mar '23) to 12.0× (Sep '26).
- The dividend yield has fallen from 3.7% (Mar '23) to 2.2% (Sep '26).
P/E
Dividend yield %
Frequently asked questions
Is MBWM growing its revenue and profit?
See the revenue and net-income charts above for Mercantile Bank Corp's multi-year trend.
How much debt does MBWM have?
As of FY2025, Mercantile Bank Corp reported — of total debt against — of cash.
What is MBWM's profit margin?
In FY2025, gross margin was —, operating margin —, and net margin —.
What is MBWM's P/E ratio?
As of Sep '26, Mercantile Bank Corp traded at a price-to-earnings ratio of about 12.0× (market cap ÷ latest annual net income). The valuation charts above show how its P/E and dividend yield have moved with the share price. These are computed facts, not advice.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.