MBWM

MKT CAP:$877M

Mercantile Bank Corporation

Market Cap

$877M

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

Financials·Banks - Regional·🇺🇸·NASDAQ

Stock Price

$50.62+$3.01 (+6.32%)

Apr 24, 2026

Company Details

Mercantile Bank Corporation operates as the bank holding company for Mercantile Bank of Michigan that provides commercial and retail banking services to small- to medium-sized businesses and individuals in the United States. It accepts vari...

CEO

Raymond E. Reitsma

IPO Date

Jul 20, 1999

Website

www.mercbank.com

Key Metrics TTM

Revenue

$379M

+4.4% YoY

Net Income

$92M

EPS (Diluted)

$5.57

Free Cash Flow

$11M

Revenue / Share

$22.00

Gross Margin

66.4%

Operating Margin

27.8%

Net Margin

24.2%

FCF Margin

3.0%

P/S

2.3x

P/E

9.5x

Earnings Reports

Q1 2026

Apr 21, 2026

NEW

$97M+8.4%EPS $1.32

FY 2025

Feb 27, 2026

$372M+2.7%EPS $5.46

Q4 2025

Feb 27, 2026

$93M+0.7%EPS $1.40

Q3 2025

Oct 31, 2025

$96M+3.2%EPS $1.46

Q2 2025

Aug 1, 2025

$93M+5.5%EPS $1.39

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 22	$47M	$42M	$15M
Q3 22	$55M	$47M	$20M
Q4 22	$66M	$55M	$27M
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
Q1 26	$97M	$69M	$27M

Valuation

Quarter	P/S	P/E
Q2 22	2.6x	10.2x
Q3 22	2.5x	9.6x
Q4 22	2.5x	8.8x
Q1 23	2.1x	6.9x
Q2 23	1.7x	5.6x
Q3 23	1.7x	5.9x
Q4 23	2.1x	7.8x
Q1 24	1.9x	7.3x
Q2 24	1.9x	7.9x
Q3 24	2.0x	8.8x
Q4 24	2.0x	9.1x
Q1 25	1.9x	9.0x
Q2 25	2.0x	9.2x
Q3 25	2.0x	8.5x
Q4 25	2.1x	8.9x
Q1 26	2.1x	8.9x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$28M	$28M
Q2 22	$22M	$22M
Q3 22	$33M	$31M
Q4 22	$37M	$36M
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

Quarter	CapEx
Q1 22	$332.0K
Q2 22	$67.0K
Q3 22	$2M
Q4 22	$851.0K
Q1 23	$3M
Q2 23	$2M
Q3 23	$1M
Q4 23	$546.0K
Q1 24	$1M
Q2 24	$869.0K
Q3 24	$6M
Q4 24	$590.0K
Q1 25	$2M
Q2 25	$2M
Q3 25	$3M
Q4 25	$227.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 22	-4.0%	+21.3%
Q3 22	+7.7%	+7.8%
Q4 22	+33.0%	+13.8%
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%
Q1 26	+8.4%	+6.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$811.0K	1.8%
Q2 22	$797.0K	1.7%
Q3 22	$790.0K	1.4%
Q4 22	$979.0K	1.5%
Q1 23	$853.0K	1.3%
Q2 23	$828.0K	1.1%
Q3 23	$824.0K	1.0%
Q4 23	$879.0K	1.1%
Q1 24	$742.0K	0.8%
Q2 24	$891.0K	1.0%
Q3 24	$898.0K	1.0%
Q4 24	$785.0K	0.8%
Q1 25	$786.0K	0.9%
Q2 25	$937.0K	1.0%
Q3 25	$929.0K	1.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M
Q2 22	$16M	—
Q3 22	$17M	—
Q4 22	$9M	$1M
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	—
Q1 26	$27M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q3 22	$284M	$583M	$867M
Q4 22	$97M	$603M	$700M
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
Q1 26	$48M	$1.1B	$1.2B
Q1 26	$48M	$0	$48M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 22	16M	+0.1%	-1.7%
Q3 22	16M	+0.1%	+0.0%
Q4 22	16M	+0.2%	+1.2%
Q1 23	16M	+0.7%	+1.0%
Q2 23	16M	+0.0%	+1.0%
Q3 23	16M	+0.1%	+1.0%
Q4 23	16M	+0.2%	+1.0%
Q1 24	16M	+0.5%	+0.8%
Q2 24	16M	+0.0%	+0.7%
Q3 24	16M	+0.1%	+0.7%
Q4 24	16M	+0.0%	+0.6%
Q1 25	16M	+0.3%	+0.5%
Q2 25	16M	+0.1%	+0.6%
Q3 25	16M	+0.1%	+0.6%
Q4 25	16M	+0.2%	+0.7%
Q1 26	17M	+6.0%	+6.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 22	$80.8K	585
Q3 22	$94.7K	585
Q4 22	$110.0K	601
Q1 23	$112.2K	601
Q2 23	$122.4K	601
Q3 23	$133.8K	601
Q4 23	$130.1K	631
Q1 24	$138.8K	631
Q2 24	$140.3K	631
Q3 24	$147.5K	631
Q4 24	$143.0K	648
Q1 25	$137.4K	648
Q2 25	$144.2K	648
Q3 25	$148.2K	648
Q4 25	$125.4K	744
Q1 26	$129.7K	744

Revenue / Employee