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 → | 9.84 | 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 | 2.50 | 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 | 1.21 | 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 | 82.83 | 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 | 12.03 | 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 | 12.55 | 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
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Quick answers to the most common questions about buying MBWM stock.
Mercantile Bank Corporation's current P/E is 9.8x. 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.