Last 47 quarters of trend data · Financial Services · Banks - Regional
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
Mercantile Bank Corporation's quarterly P/E stands at 8.6x, down 5.8% year-over-year. EV/EBITDA has expanded 21.0% YoY to 11.5x, reflecting rising market expectations or slowing EBITDA growth.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 9.56 | 8.59 | 7.71 | 8.35 | 8.98 | 9.12 | 8.96 | 8.67 | 7.18 | 8.08 | 5.94 | 5.44 | 5.84 |
| — | -5.8% | -14.0% | -3.7% | +25.0% | +12.9% | +50.7% | +59.4% | +23.0% | +32.2% | -19.2% | -49.6% | -51.9% | |
| P/S Ratio | 2.42 | 2.10 | 1.90 | 2.01 | 1.98 | 1.94 | 1.90 | 1.85 | 1.77 | 1.97 | 1.54 | 1.50 | 1.81 |
| — | +8.2% | +0.3% | +9.1% | +11.6% | -1.8% | +23.1% | +22.9% | -2.4% | -2.0% | -27.6% | -43.9% | -41.6% | |
| P/B Ratio | 1.17 | 1.08 | 1.11 | 1.19 | 1.16 | 1.23 | 1.21 | 1.19 | 1.16 | 1.24 | 1.02 | 0.92 | 1.05 |
| — | -12.2% | -8.2% | +0.4% | +0.0% | -1.0% | +18.0% | +28.5% | +10.5% | +3.0% | -9.5% | -21.8% | -18.6% | |
| P/FCF | 80.42 | 36.07 | 8.92 | — | — | 3.03 | — | 19.84 | 4.00 | — | 3.54 | 6.41 | 7.86 |
| — | +1090.6% | — | — | — | — | — | +209.3% | -49.1% | — | -6.8% | +11.7% | +54.4% | |
| EV / EBITDA | 11.77 | 11.51 | 8.61 | 10.92 | 10.38 | 9.51 | 10.60 | 11.87 | 10.06 | 12.18 | 8.56 | 9.38 | 10.21 |
| — | +21.0% | -18.8% | -8.0% | +3.1% | -21.9% | +23.9% | +26.5% | -1.4% | +35.8% | -8.1% | -8.2% | +41.2% | |
| EV / EBIT | 12.28 | 11.51 | 9.03 | 11.52 | 11.09 | 10.48 | 11.75 | 13.23 | 11.10 | 13.46 | 9.52 | 10.44 | 11.40 |
| — | +9.9% | -23.1% | -13.0% | -0.1% | -22.2% | +23.5% | +26.7% | -2.6% | +34.5% | -11.7% | -16.3% | +27.0% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
Mercantile Bank Corporation's operating margin was 26.4% in Q4 2025, down 2.2 pp QoQ and up 1.3 pp YoY. The trailing four-quarter average of 27.4% exceeds the current quarter, suggesting the latest result may reflect seasonal weakness or a one-off headwind. Gross margin expanded 6.9% YoY, indicating pricing power or improving input costs.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 64.0% | 65.8% | 64.8% | 63.5% | 61.9% | 61.6% | 61.1% | 60.1% | 65.0% | 67.2% | 68.3% | 72.3% | 81.2% |
| — | +6.9% | +6.0% | +5.6% | -4.7% | -8.4% | -10.6% | -16.8% | -19.9% | -19.9% | -19.1% | -17.7% | -8.5% | |
| Operating Margin | 27.5% | 26.4% | 28.6% | 27.8% | 27.0% | 25.1% | 26.4% | 26.6% | 30.8% | 30.7% | 32.3% | 34.5% | 38.8% |
| — | +5.4% | +8.3% | +4.7% | -12.3% | -18.4% | -18.4% | -23.0% | -20.5% | -24.5% | -10.3% | +11.5% | +22.2% | |
| Net Margin | 23.9% | 24.5% | 24.7% | 24.2% | 21.9% | 21.2% | 21.1% | 21.2% | 24.6% | 24.4% | 25.9% | 27.7% | 31.1% |
| — | +15.6% | +17.4% | +14.1% | -10.9% | -13.2% | -18.7% | -23.3% | -20.9% | -26.1% | -10.3% | +11.5% | +22.2% |
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 13.6% | 3.3% | 3.7% | 3.6% | 3.3% | 3.4% | 3.5% | 3.5% | 4.1% | 4.0% | 4.3% | 4.3% | 4.6% |
| — | -1.7% | +6.6% | +5.6% | -19.6% | -15.6% | -20.2% | -19.7% | -11.8% | -21.6% | +14.3% | +58.7% | +79.3% | |
| ROA | 1.4% | 0.3% | 0.4% | 0.4% | 0.3% | 0.3% | 0.3% | 0.3% | 0.4% | 0.4% | 0.4% | 0.4% | 0.4% |
| — | +6.0% | +11.7% | +8.1% | -19.5% | -13.1% | -15.2% | -16.3% | -7.2% | -14.4% | +26.2% | +76.9% | +94.9% | |
| ROIC | 5.5% | 1.3% | 1.5% | 1.4% | 1.4% | 1.3% | 1.4% | 1.3% | 1.5% | 1.5% | 1.5% | 1.5% | 1.7% |
| — | -6.6% | +9.1% | +8.9% | -6.6% | -7.4% | -10.8% | -12.8% | -12.1% | -21.8% | +13.5% | +57.0% | +82.5% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
Mercantile Bank Corporation's Debt/EBITDA ratio is 33.5x, up from 25.6x last quarter — elevated, raising questions about debt serviceability. The current ratio has improved 22.5% YoY to 0.29x, strengthening the short-term liquidity position.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.14 | 1.14 | 1.12 | 1.17 | 1.23 | 1.11 | 1.33 | 1.43 | 1.52 | 1.61 | 1.57 | 1.72 | 1.63 |
| — | +2.7% | -15.8% | -18.1% | -19.0% | -31.1% | -15.3% | -17.1% | -6.7% | +10.9% | -2.8% | +5.3% | -1.8% | |
| Debt / EBITDA | 7.75 | 33.51 | 25.64 | 27.00 | 29.12 | 25.34 | 28.56 | 30.05 | 27.37 | 30.16 | 26.30 | 29.22 | 26.05 |
| — | +32.3% | -10.2% | -10.2% | +6.4% | -16.0% | +8.6% | +2.8% | +5.1% | +41.2% | -9.8% | -25.7% | -36.0% | |
| Current Ratio | 0.29 | 0.29 | 0.21 | 0.17 | 0.18 | 0.23 | 0.22 | 0.19 | 0.20 | 0.18 | 0.21 | 0.20 | 0.17 |
| — | +22.5% | -5.8% | -11.2% | -7.7% | +28.8% | +7.2% | -4.0% | +15.3% | +3.1% | -2.1% | -23.1% | -46.9% | |
| Quick Ratio | 0.29 | 0.29 | 0.21 | 0.17 | 0.18 | 0.23 | 0.22 | 0.19 | 0.20 | 0.18 | 0.21 | 0.20 | 0.17 |
| — | +22.5% | -5.8% | -11.2% | -7.7% | +28.8% | +7.2% | -4.0% | +15.3% | +3.1% | -2.1% | -23.1% | -46.9% | |
| Interest Coverage | 0.79 | 0.79 | 0.82 | 0.80 | 0.76 | 0.68 | 0.70 | 0.74 | 0.92 | 1.00 | 1.17 | 1.38 | 2.16 |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 47 years · Updated daily
Price is only half the story. See total return with reinvested dividends.
Launch CalculatorDCF intrinsic value, peer multiples, and analyst estimates — see what the stock is really worth.
View ValuationCompare business quality, growth, and profitability against top sector peers.
Start ComparisonQuick answers to the most common questions about buying MBWM stock.
Mercantile Bank Corporation's current P/E is 9.6x. The average P/E over the last 4 quarters is 8.4x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
Mercantile Bank Corporation's current operating margin is 27.5%. Margins have been compressing over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking Mercantile Bank Corporation's business trajectory between earnings reports.