MBWM (Mercantile Bank Corporation) Stock Financials & Earnings | Market Cap Arena

MBWM (Mercantile Bank Corporation) Stock Financials & Earnings | Market Cap Arena

MBWMMercantile Bank Corporation

Mkt Cap$872M

Financial Services·Banks - Regional·🇺🇸 United States·NASDAQ

Revenue (TTM)$372M

Net Income (TTM)$89M

EPS (TTM)$5.46

Free Cash Flow (TTM)$11M

Gross Margin64.0%

Op. Margin27.5%

Net Margin23.9%

FCF Margin3.0%

P/S Ratio (TTM)2.3x

P/E Ratio (TTM)9.8x

YoY Rev Growth+2.7%

Employees—

Earnings Reports

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q1 23	$67M	$55M	$26M
Q2 23	$74M	$53M	$25M
Q3 23	$80M	$55M	$26M
Q4 23	$82M	$55M	$25M
Q1 24	$88M	$57M	$27M
Q2 24	$89M	$53M	$24M
Q3 24	$93M	$57M	$25M
Q4 24	$93M	$57M	$23M
Q1 25	$89M	$55M	$24M
Q2 25	$93M	$59M	$26M
Q3 25	$96M	$62M	$27M
Q4 25	$93M	$61M	$25M

Revenue Breakdown

Valuation

Quarter	P/S	P/E
Q1 23	3.7x	12.4x
Q2 23	3.3x	11.0x
Q3 23	3.0x	10.4x
Q4 23	2.9x	10.6x
Q1 24	2.7x	10.5x
Q2 24	2.6x	10.7x
Q3 24	2.5x	10.9x
Q4 24	2.4x	11.0x
Q1 25	2.4x	11.2x
Q2 25	2.4x	10.7x
Q3 25	2.4x	10.2x
Q4 25	2.3x	9.8x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	$18M	$16M
Q2 23	$19M	$17M
Q3 23	$36M	$35M
Q4 23	-$7M	-$8M
Q1 24	$40M	$39M
Q2 24	$9M	$8M
Q3 24	-$8M	-$14M
Q4 24	$60M	$59M
Q1 25	-$3M	-$5M
Q2 25	-$8M	-$10M
Q3 25	$23M	$20M
Q4 25	$6M	$5M

Capital Expenditures

CapEx

Quarter	CapEx
Q1 23	$3M
Q2 23	$2M
Q3 23	$1M
Q4 23	$546K
Q1 24	$1M
Q2 24	$869K
Q3 24	$6M
Q4 24	$590K
Q1 25	$2M
Q2 25	$2M
Q3 25	$3M
Q4 25	$227K

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	+49.3%	+33.9%
Q2 23	+55.6%	+47.5%
Q3 23	+45.1%	+53.6%
Q4 23	+24.2%	+45.1%
Q1 24	+29.9%	+46.7%
Q2 24	+20.4%	+35.0%
Q3 24	+15.8%	+25.9%
Q4 24	+12.9%	+22.0%
Q1 25	+1.7%	+7.2%
Q2 25	+5.5%	+3.7%
Q3 25	+3.2%	+0.1%
Q4 25	+0.7%	-1.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$853K	1.3%
Q2 23	$828K	1.1%
Q3 23	$824K	1.0%
Q4 23	$879K	1.1%
Q1 24	$742K	0.8%
Q2 24	$891K	1.0%
Q3 24	$898K	1.0%
Q4 24	$785K	0.8%
Q1 25	$786K	0.9%
Q2 25	$937K	1.0%
Q3 25	$929K	1.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M
Q1 23	$17M	—
Q2 23	$16M	—
Q3 23	$17M	—
Q4 23	$21M	$2M
Q1 24	$18M	—
Q2 24	$18M	—
Q3 24	$20M	—
Q4 24	$24M	$2M
Q1 25	$20M	—
Q2 25	$20M	—
Q3 25	$21M	—
Q4 25	$22M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 23	$58M	$620M	$678M
Q2 23	$208M	$609M	$817M
Q3 23	$266M	$592M	$858M
Q4 23	$131M	$617M	$748M
Q1 24	$237M	$609M	$846M
Q2 24	$198M	$648M	$846M
Q3 24	$329M	$703M	$1.0B
Q4 24	$393M	$730M	$1.1B
Q1 25	$385M	$533M	$919M
Q2 25	$296M	$571M	$867M
Q3 25	$477M	$592M	$1.1B
Q4 25	$473M	$1.1B	$1.6B

Shares Outstanding

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	16M	+0.7%
Q2 23	16M	+0.0%
Q3 23	16M	+0.1%
Q4 23	16M	+0.2%
Q1 24	16M	+0.5%
Q2 24	16M	+0.0%
Q3 24	16M	+0.1%
Q4 24	16M	+0.0%
Q1 25	16M	+0.3%
Q2 25	16M	+0.1%
Q3 25	16M	+0.1%
Q4 25	16M	+0.2%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 14	$180K	550
FY 15	$230K	558
FY 16	$253K	552
FY 17	$248K	584
FY 18	$275K	585
FY 19	$325K	570
FY 20	$335K	577
FY 21	$340K	585
FY 22	$356K	601
FY 23	$481K	631
FY 24	$558K	648
FY 25	$500K	744