Mercantile Bank Corp
Research Mercantile Bank Corp (MBWM) on Bullrun: valuation model: 5.3% undervalued, market cap USD 1.01B, P/E 10.3, dividend yield 2.7%. Explore financials, valuation history, model signals, and stock context.
Key Metrics
- TickerMBWM
- ExchangeNASDAQ
- CountryUnited States
- SectorFinancial Services
- IndustryBanks-Regional
- CurrencyUSD
- Valuation signal5.3% undervalued
- Market capUSD 1.01B
- P/E10.3
- Dividend yield2.7%
- Financial periodQ2 2026
- RevenueUSD 68.76M
- Net incomeUSD 25.93M
- Free cash flowUSD 14.94M
Valuation Snapshot
Bullrun's latest valuation model marks Mercantile Bank Corp as 5.3% undervalued; latest market cap is USD 1.01B; P/E is 10.3; dividend yield is 2.7%.
Peer valuation comparison
Latest P/E is 10.26x versus a Financial Services sector median of 13.41x (23.5% below).
Latest dividend yield is 2.69% versus a Financial Services sector median of 3.66% (26.4% below).
Five-year financial history
| Year | Revenue | Net income | Free cash flow | Gross margin | Diluted EPS | Cash | Total debt | Equity |
|---|---|---|---|---|---|---|---|---|
| FY2025 | USD 242.65M | USD 88.75M | USD 11.21M | n/a | 5.47 | USD 473.32M | USD 496.89M | USD 724.88M |
| FY2024 | USD 231.48M | USD 79.59M | USD 92.59M | n/a | 4.93 | USD 393.01M | USD 526.73M | USD 584.53M |
| FY2023 | USD 225.69M | USD 82.22M | USD 59.93M | n/a | 5.13 | USD 130.53M | USD 606.53M | USD 522.15M |
| FY2022 | USD 190.32M | USD 61.06M | USD 116.85M | n/a | 3.85 | USD 96.77M | USD 445.85M | USD 441.41M |
Valuation history
| Year | Snapshot date | Market cap | P/E | Dividend yield | Annual dividend/share |
|---|---|---|---|---|---|
| 2026 | 2026-10-12 | USD 1.01B | 10.3 | 2.7% | 1.56 |
| 2025 | 2025-12-31 | USD 826.41M | 8.8 | 3.1% | 1.5 |
| 2024 | 2024-12-31 | USD 718.35M | 9.0 | 3.2% | 1.42 |
| 2023 | 2023-12-29 | USD 647.07M | 7.7 | 3.3% | 1.34 |
| 2022 | 2022-12-30 | USD 531.20M | 10.4 | 3.8% | 1.26 |
| 2021 | 2021-12-31 | USD 554.87M | 9.5 | 3.4% | 1.18 |
Dividend history
Latest trailing dividend snapshot: annual dividend/share 1.56 USD, yield 2.7%.
| Year | Dividends/share |
|---|---|
| FY2025 | 1.5 USD |
| FY2024 | 1.4 USD |
| FY2023 | 1.34 USD |
| FY2022 | 1.26 USD |
About Mercantile Bank Corp
Mercantile Bank Corporation operates as the bank holding company for Mercantile Bank that provides commercial and retail banking services to small- to medium-sized businesses and individuals in the United States. The company accepts various deposit products, such as checking, savings, and term certificate accounts; time deposits; and certificates of deposit. It also provides commercial and industrial loans; vacant land, land development, and residential construction loans;
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Frequently asked questions
Is Mercantile Bank Corp overvalued or undervalued?
Bullrun's valuation model currently marks Mercantile Bank Corp as 5.3% undervalued.
What is Mercantile Bank Corp's market cap?
Mercantile Bank Corp's market capitalization is USD 1.01B.
What is Mercantile Bank Corp's P/E ratio?
Mercantile Bank Corp's price-to-earnings (P/E) ratio is 10.3.
Does Mercantile Bank Corp pay a dividend?
Mercantile Bank Corp has a dividend yield of 2.7%.
What does Mercantile Bank Corp do?
Mercantile Bank Corporation operates as the bank holding company for Mercantile Bank that provides commercial and retail banking services to small- to medium-sized businesses and individuals in the United States. The company accepts various deposit products, such as checking, savings, and term certificate accounts; time deposits; and certificates of deposit.