Last 47 quarters of trend data · Financial Services · Banks - Regional
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
| Metric | TTM | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 | Q3 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 10.90 | 9.57 | 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 | 6.11 | 7.35 | 10.79 | 12.13 | 11.83 | 8.43 |
| — | +14.7% | +6.6% | -5.8% | -14.0% | -3.7% | +25.0% | +12.9% | +50.7% | +59.4% | +23.0% | +32.2% | -19.2% | -49.6% | -51.9% | -48.4% | -12.8% | +60.1% | +30.0% | +51.6% | +23.5% | |
| P/S Ratio | 4.24 | 3.60 | 3.25 | 3.15 | 2.93 | 3.09 | 3.07 | 3.07 | 3.04 | 2.88 | 2.66 | 2.84 | 2.13 | 2.00 | 2.21 | 2.27 | 2.37 | 3.01 | 3.49 | 3.04 | 2.72 |
| — | +16.7% | +5.7% | +2.7% | -3.8% | +7.2% | +15.4% | +7.9% | +43.1% | +43.9% | +20.5% | +25.0% | -10.4% | -33.5% | -36.7% | -25.3% | -12.8% | +9.7% | +13.6% | +27.1% | +59.2% | |
| P/B Ratio | 1.33 | 1.31 | 1.18 | 1.08 | 1.11 | 1.19 | 1.16 | 1.23 | 1.21 | 1.19 | 1.16 | 1.24 | 1.02 | 0.92 | 1.05 | 1.21 | 1.13 | 1.18 | 1.29 | 1.20 | 1.12 |
| — | +10.1% | +2.1% | -12.2% | -8.2% | +0.4% | +0.0% | -1.0% | +18.0% | +28.5% | +10.5% | +3.0% | -9.5% | -21.8% | -18.6% | +0.1% | +0.8% | +9.6% | +7.3% | +20.2% | +65.8% | |
| P/FCF | 91.70 | 16.58 | 7.95 | 36.07 | 8.92 | — | — | 3.03 | — | 19.84 | 4.00 | — | 3.54 | 6.41 | 7.86 | 3.67 | 3.80 | 5.74 | 5.09 | 3.12 | — |
| — | — | — | +1090.6% | — | — | — | — | — | +209.3% | -49.1% | — | -6.8% | +11.7% | +54.4% | +17.7% | — | +2.2% | — | -44.2% | — | |
| EV / EBITDA | 12.96 | 12.23 | 13.16 | 10.90 | 8.61 | 10.92 | 10.38 | 9.51 | 10.60 | 11.87 | 10.06 | 12.18 | 8.56 | 9.38 | 10.21 | 8.97 | 9.31 | 10.22 | 7.23 | 3.58 | 3.41 |
| — | +12.0% | +26.8% | +14.6% | -18.8% | -8.0% | +3.1% | -21.9% | +23.9% | +26.5% | -1.4% | +35.8% | -8.1% | -8.2% | +41.2% | +150.4% | +172.9% | +209.2% | +32.5% | -20.4% | -34.8% | |
| EV / EBIT | 13.52 | 12.90 | 13.98 | 11.51 | 9.03 | 11.52 | 11.09 | 10.48 | 11.75 | 13.23 | 11.10 | 13.46 | 9.52 | 10.44 | 11.40 | 10.00 | 10.78 | 12.48 | 8.98 | 4.40 | 4.04 |
| — | +12.0% | +26.1% | +9.9% | -23.1% | -13.0% | -0.1% | -22.2% | +23.5% | +26.7% | -2.6% | +34.5% | -11.7% | -16.3% | +27.0% | +127.3% | +166.7% | +229.0% | +37.4% | -17.0% | -36.6% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
| Metric | TTM | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 | Q3 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 64.0% | 70.0% | 71.3% | 65.8% | 64.8% | 63.5% | 61.9% | 61.6% | 61.1% | 60.1% | 65.0% | 67.2% | 68.3% | 72.3% | 81.2% | 83.9% | 84.4% | 87.9% | 88.7% | 97.8% | 87.0% |
| — | +10.2% | +15.1% | +6.9% | +6.0% | +5.6% | -4.7% | -8.4% | -10.6% | -16.8% | -19.9% | -19.9% | -19.1% | -17.7% | -8.5% | -14.2% | -3.1% | -8.8% | +0.2% | +16.3% | +7.5% | |
| Operating Margin | 27.5% | 31.8% | 28.3% | 26.4% | 28.6% | 27.8% | 27.0% | 25.1% | 26.4% | 26.6% | 30.8% | 30.7% | 32.3% | 34.5% | 38.8% | 40.7% | 36.0% | 30.9% | 31.7% | 30.6% | 36.1% |
| — | +14.3% | +4.7% | +5.4% | +8.3% | +4.7% | -12.3% | -18.4% | -18.4% | -23.0% | -20.5% | -24.5% | -10.3% | +11.5% | +22.2% | +32.7% | -0.2% | -31.8% | -13.0% | -10.3% | +33.9% | |
| Net Margin | 23.9% | 26.4% | 23.5% | 24.5% | 24.7% | 24.2% | 21.9% | 21.2% | 21.1% | 21.2% | 24.6% | 24.4% | 25.9% | 27.7% | 31.1% | 33.0% | 28.9% | 24.8% | 25.4% | 23.4% | 29.3% |
| — | +9.1% | +7.1% | +15.6% | +17.4% | +14.1% | -10.9% | -13.2% | -18.7% | -23.3% | -20.9% | -26.1% | -10.3% | +11.5% | +22.2% | +40.8% | -1.1% | -32.4% | -13.8% | -13.6% | +33.9% |
| Metric | TTM | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 | Q3 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 13.6% | 3.5% | 3.1% | 3.3% | 3.7% | 3.6% | 3.3% | 3.4% | 3.5% | 3.5% | 4.1% | 4.0% | 4.3% | 4.3% | 4.6% | 5.1% | 3.8% | 2.7% | 2.6% | 2.6% | 3.3% |
| — | -4.7% | -5.3% | -1.7% | +6.6% | +5.6% | -19.6% | -15.6% | -20.2% | -19.7% | -11.8% | -21.6% | +14.3% | +58.7% | +79.3% | +98.5% | +13.9% | -33.0% | -20.2% | -20.6% | +33.5% | |
| ROA | 1.4% | 0.4% | 0.3% | 0.3% | 0.4% | 0.4% | 0.3% | 0.3% | 0.3% | 0.3% | 0.4% | 0.4% | 0.4% | 0.4% | 0.4% | 0.4% | 0.3% | 0.2% | 0.2% | 0.2% | 0.3% |
| — | +2.6% | +2.7% | +6.0% | +11.7% | +8.1% | -19.5% | -13.1% | -15.2% | -16.3% | -7.2% | -14.4% | +26.2% | +76.9% | +94.9% | +93.6% | +2.8% | -40.0% | -29.2% | -28.4% | +26.5% | |
| ROIC | 5.5% | 1.6% | 1.4% | 1.3% | 1.5% | 1.4% | 1.4% | 1.3% | 1.4% | 1.3% | 1.5% | 1.5% | 1.5% | 1.5% | 1.7% | 1.9% | 1.3% | 1.0% | 0.9% | 1.0% | 1.3% |
| — | +13.6% | -1.8% | -6.6% | +9.1% | +8.9% | -6.6% | -7.4% | -10.8% | -12.8% | -12.1% | -21.8% | +13.5% | +57.0% | +82.5% | +80.5% | +3.2% | -40.3% | -28.6% | -21.5% | +36.3% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
| Metric | TTM | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 | Q3 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.14 | 0.91 | 0.95 | 1.14 | 1.12 | 1.17 | 1.23 | 1.11 | 1.33 | 1.43 | 1.52 | 1.61 | 1.57 | 1.72 | 1.63 | 1.45 | 1.62 | 1.64 | 1.66 | 1.52 | 1.37 |
| — | -22.2% | -22.4% | +2.7% | -15.8% | -18.1% | -19.0% | -31.1% | -15.3% | -17.1% | -6.7% | +10.9% | -2.8% | +5.3% | -1.8% | -4.5% | +18.5% | +21.0% | +25.4% | +19.8% | -1.4% | |
| Debt / EBITDA | 7.75 | 20.92 | 24.27 | 31.72 | 25.64 | 27.00 | 29.12 | 25.34 | 28.56 | 30.05 | 27.37 | 30.16 | 26.30 | 29.22 | 26.05 | 21.37 | 29.14 | 39.34 | 40.69 | 37.08 | 28.05 |
| — | -22.5% | -16.7% | +25.2% | -10.2% | -10.2% | +6.4% | -16.0% | +8.6% | +2.8% | +5.1% | +41.2% | -9.8% | -25.7% | -36.0% | -42.4% | +3.9% | +64.9% | +46.8% | +38.4% | -24.7% | |
| Current Ratio | 0.29 | 0.22 | 0.22 | 0.29 | 0.21 | 0.17 | 0.18 | 0.23 | 0.22 | 0.19 | 0.20 | 0.18 | 0.21 | 0.20 | 0.17 | 0.18 | 0.21 | 0.26 | 0.33 | 0.36 | 0.34 |
| — | +26.1% | +19.7% | +22.5% | -5.8% | -11.2% | -7.7% | +28.8% | +7.2% | -4.0% | +15.3% | +3.1% | -2.1% | -23.1% | -46.9% | -51.8% | -38.2% | -20.0% | +14.3% | +27.7% | +39.2% | |
| Quick Ratio | 0.29 | 0.22 | 0.22 | 0.29 | 0.21 | 0.17 | 0.18 | 0.23 | 0.22 | 0.19 | 0.20 | 0.18 | 0.21 | 0.20 | 0.17 | 0.18 | 0.21 | 0.26 | 0.33 | 0.36 | 0.34 |
| — | +26.1% | +19.7% | +22.5% | -5.8% | -11.2% | -7.7% | +28.8% | +7.2% | -4.0% | +15.3% | +3.1% | -2.1% | -23.1% | -46.9% | -51.8% | -38.2% | -20.0% | +14.3% | +27.7% | +39.2% | |
| Interest Coverage | 0.79 | 1.06 | 0.92 | 0.79 | 0.82 | 0.80 | 0.76 | 0.68 | 0.70 | 0.74 | 0.92 | 1.00 | 1.17 | 1.38 | 2.16 | 3.53 | 3.47 | 2.80 | 2.87 | 3.37 | 3.90 |
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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 10.9x. The average P/E over the last 4 quarters is 8.9x. 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 expanding 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.