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Mercantile Bank Corporation (MBWM) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of Mercantile Bank Corporation stock $41.86, price $60.57, that is 30.9% below the price, quality 39 out of 100. Rating: overvalued. Calculated from audited financials with 6 of our 26 valuation models and 37 quality factors, updated daily.

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Financial Services US

MB Mercantile Bank Corporation logo Broad data Nov 7, 2026

Mercantile Bank Corporation

MBWM · US
Expensive, weak quality

Our calculation puts a fair price 31% below what the stock costs today.

Highly profitable · 34.8% net margin (TTM)
2.5% dividend yield · Low payout
Broad data
Revenue last quarter +17% vs. a year ago.
Expensive Growth (revenue 5y +14.0 %/yr in USD)
Mixed vs. peers (6/15)
Wide moat 70/100 · thin data
Fair value $41.86 · Overvalued
Quality 39/100
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

$62.14 $21.23 Fair Value $41.86 Aug 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 7, 2026.

How to read this chart

60‑month range $21.23 – $62.14 · fair‑value band $37.15 – $55.29 · the $60.57 price screens above the $41.86 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. As of Nov 7, 2026.

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Company profile

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.

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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; owner and non-owner occupied real estate loans; multi-family and residential rental property loans; single-family residential real estate loans; home equity line of credit programs; consumer loans, such as new and used automobile and boat loans, and credit cards, as well as overdraft protection services; and residential mortgage and instalment loans.

In addition, the company offers courier services and safe deposit boxes; and insurance products, such as private passenger automobile, homeowners, personal inland marine, boat owners, recreational vehicle, dwelling fire, umbrella policies, small business, and life insurance products.

Mercantile Bank Corporation was incorporated in 1997 and is headquartered in Grand Rapids, Michigan.

Stock analysis

Mercantile Bank Corporation (MBWM) currently trades at $60.57, while our model-based Fair Value estimate is $41.86, 31% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the Multiples group reads highest at a median of $58.96 per share, and 1 of the 6 models we run sit above the $60.57 price.

Bear case: the Dividend Discount group reads lowest at $19.05, and 5 of the 6 models stay below the price. Data coverage for this calculation is high.

Scenario range: $37.15 (bear) to $55.29 (bull), the price of $60.57 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 39/100 (below-average quality), in the Financial Services sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Mercantile Bank Corporation reported revenue of $372M in FY2025 versus $199M in FY2021, a compound +17.0%/yr. Reported net income was $88.8M in FY2025, compounding +10.7%/yr from FY2021.

Key figures

Market cap $1.0B Small · P/E ratio 10.6 · P/S ratio 3.81 · EPS (TTM) $5.69 · Dividend yield 2.5% · Net margin 34.8% · Return on equity 13.6% · Return on assets (EBIT) 1.6% (5-year average).

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 70 out of 100 (low confidence).

What moves the price

The share trades about 3% below its 52-week high and 43% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −28% fair-value upside, at −31%, MBWM screens richer than that median.

Fair Value models

Bear $37.15 Fair Value $41.86 Bull $55.29
Price $60.57 · Downside -30.9%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then ($3.56 per share) are deliberately not added. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
Residual Income $37.15 $41.86 $55.29 76
Gordon GGM $10.94 $19.97 $27.78 67
DDM Multi-Stage $10.94 $18.12 $21.30 67
All 6 models by family
Dividend Discount
Gordon GGM $10.94 $19.97 $27.78 67
DDM Multi-Stage $10.94 $18.12 $21.30 67
Multiples
P/E Multiple $50.06 $66.75 $83.44 63
P/B Multiple $38.38 $51.17 $63.97 55
Asset-Based
NCAV (Graham) $18.28 $24.49 $36.55 54
Economic Profit
Residual Income $37.15 $41.86 $55.29 76

Open the full fair value analysis →

Quality Score breakdown

Overall quality 39/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 36
How much profit the company makes from its sales and capital
Quality Growth 46
Are margins and returns getting better?
Cashflow 25
Do the profits arrive as real cash?
Financial strength 23
Debt, balance sheet and risk of trouble
Investment 50
Does it invest with discipline instead of growing at any price?
Low Volatility 78
How calm the share price moves, does not count
Price momentum 60
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 83
Distance to the 52-week high, does not count
New shares 38
Buys back shares or issues new ones?

Open the full quality analysis →

Insider trades

In the last 6 months, no officer or director bought or sold shares on the open market.

  • SaleMichael H PriceDirector4,577 shares at $45.84$209,799Nov 13, 2025

Plus 12 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.

Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.

Source: SEC Form 4, as of Nov 6, 2026. All filings at the SEC ↗

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+2.7%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+20.2%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+14.0%
Start year 2020 (pandemic). Over 10 years: +11.2% a year
Revenue growth 27 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+14.9%
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+15.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year+12.6%
Dividend (yield on the price)2.5%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.12.6% vs 12.9%, steady
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.28% → 28%
Pace: the 5-year rate starts in 2020 (pandemic)

MBWM screens overvalued: fair value 31% below the price. Compare with China Merchants Bank Co →

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Banks - Regional · 996 stocks

Beats the industry median on 6/15 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 39 · Bottom 25%
Fair Value upside −30.9% · Below median
Profitability
Return on equity (12 months) 13.6% · Above median
Return on assets 1.3% · Above median
Net margin (12 months) 34.8% · Above median
Operating margin (12 months) 41.9% · Above median
Growth and dividend
Revenue growth (quarter YoY) 17.1% · Above median
Dividend yield (12 months) 2.5% · Below median
Balance sheet
Debt / equity 0.69× · Above median

Valuation Multiplesvs Banks - Regional median · lower = cheaper

P/E (12 months) 10.6× · Cheaper than median
P/B 1.44× · Pricier than median
P/S (12 months) 3.81× · Pricier than median
Price / free cash flow (fiscal year) 93.3× · Priciest 25%
EV/EBITDA 10.0× · Pricier than median
PEG 1.63× · Pricier than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 8
FUTURE (revenue growth)86 · sector 47
PAST (return on equity)55 · sector 43
HEALTH (low debt)–
DIVIDEND (yield)51 · sector 53

VALUE 0: the price sits above our fair-value range.

HEALTH: for banks, insurers and similar financial firms borrowed money is part of the business, so we do not rate debt here.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Banks - Regional stocks, each showing price versus our Fair Value estimate.

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Postal Savings Bank of China Co 601658 ¥5.53 ¥7.59 +37% vs MBWM
China Merchants Bank Co 600036 ¥42.88 ¥52.73 +23% vs MBWM
BNP Paribas SA BNP €91.93 €106.01 +15% vs MBWM
Intesa Sanpaolo S.p.A ISP €6.18 €4.49 −27% vs MBWM
State Bank of India SBIN ₹1,019 ₹736.65 −28% vs MBWM
UniCredit S.p.A UCG €76.80 €50.44 −34% vs MBWM
Mizuho Financial Group MFG $9.40 $5.90 −37% vs MBWM
DBS Group D05 69.72 SGD 40.39 SGD −42% vs MBWM
HDFC Bank Limited HDFCBANK ₹788.25 ₹406.39 −48% vs MBWM
ICICI Bank Limited ICICIBANK ₹1,571 ₹615.63 −61% vs MBWM

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Cite: Fair Value Calculator (2026). "Mercantile Bank Corporation Fair Value". https://www.fairvalue-calculator.com/stock/MBWM

Frequently asked questions

Is Mercantile Bank Corporation (MBWM) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of $41.86 versus a price of $60.57, about 31% lower (overvalued).
What is the fair value of MBWM?
Our model-based fair value for Mercantile Bank Corporation is $41.86 (as of Nov 7, 2026), built from audited fundamentals. The current price: $60.57.
What is the quality score of MBWM?
Mercantile Bank Corporation has a Quality Score of 39/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Mercantile Bank Corporation (MBWM)?
Our model-based price target is the fair value of $41.86 (as of Nov 7, 2026) from 6 valuation models. Cautious scenario $37.15, optimistic scenario $55.29. It is a calculation from audited fundamentals, not an analyst target.
What is the Mercantile Bank Corporation stock forecast for 2026?
Our models put fair value at $41.86, about 31% lower versus a price of $60.57 (overvalued). Cautious scenario $37.15, optimistic scenario $55.29. The calculation is refreshed regularly with new filings.
What is the revenue of Mercantile Bank Corporation (MBWM)?
Mercantile Bank Corporation reported trailing-twelve-month revenue of about $274M (latest available figure, as of Nov 7, 2026).
Does Mercantile Bank Corporation pay a dividend?
Mercantile Bank Corporation currently shows a dividend yield of 2.54% relative to its recent price (as of Nov 7, 2026).
How much is the dividend of Mercantile Bank Corporation (MBWM) and when is the ex-dividend date?
Mercantile Bank Corporation pays a dividend of $1.54 per share a year, a dividend yield of 2.5%. The next ex-dividend date is Dec 4, 2026, with payment on Dec 16, 2026. A dividend has been paid every year since at least 1997. The payout ratio is 27.1% of earnings. Our assessment: Low payout. A low payout ratio: the dividend takes at most 60 % of earnings. Whether free cash flow covers it as well, we cannot see for this company.
What is the intrinsic value of Mercantile Bank Corporation (MBWM)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Mercantile Bank Corporation it is $41.86 per share (as of Nov 7, 2026), against a price of $60.57. It is the blended result of 6 valuation models in 4 families (Dividend Discount, Multiples, Asset-Based, Economic Profit).
Is Mercantile Bank Corporation stock overvalued or undervalued in 2026?
As of Nov 7, 2026, MBWM trades above its calculated fair value: price $60.57, fair value $41.86, a gap of about −31% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of MBWM?
No. The price is what the market pays today ($60.57); the fair value is what the company's own numbers justify ($41.86). For Mercantile Bank Corporation the two are $18.71 per share apart. That gap is exactly why we show both numbers side by side.
How much is Mercantile Bank Corporation worth?
The market values Mercantile Bank Corporation at about $1.0B (market capitalisation, as of Nov 7, 2026). Per share that is $60.57; our models calculate a fair value of $41.86 per share.
What do the bullish and bearish scenarios say about MBWM?
Our models span a range for Mercantile Bank Corporation: cautious scenario $37.15, base $41.86, optimistic $55.29 per share (as of Nov 7, 2026, price $60.57). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of MBWM?
Mercantile Bank Corporation trades at a price-to-earnings ratio of 10.6 (as of Nov 7, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $41.86 is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings: 9.8. Other multiples: PEG 1.6, P/B 1.4, P/S 3.8, EV/EBITDA 10.0.
What is the PEG ratio of MBWM?
The PEG ratio of Mercantile Bank Corporation is 1.63 (P/E divided by earnings growth, as of Nov 7, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Mercantile Bank Corporation (MBWM)?
Balance-sheet figures for Mercantile Bank Corporation (as of Nov 7, 2026): return on equity 13.6%, debt of 0.69 per unit of equity. They feed the Quality Score of 39/100, which measures business quality independently of the share price.
How far is MBWM from its 52-week high?
Mercantile Bank Corporation trades at $60.57, about 3% below its 52-week high of $62.14 and 43% above the low of $42.47 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $41.86 is for.
Which stocks are comparable to Mercantile Bank Corporation?
From the same area (Financial Services) we also value China Merchants Bank Co, DBS Group, UniCredit S.p.A, Mizuho Financial Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Mercantile Bank Corporation stock attractive at the current price?
The data as of Nov 7, 2026: price $60.57, calculated fair value $41.86 (−31%), Quality Score 39/100, from 6 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of MBWM calculated?
We run Mercantile Bank Corporation through 6 models from 4 families: Dividend Discount, Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of $41.86 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Mercantile Bank Corporation itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Mercantile Bank Corporation (MBWM)?
The closing price on Nov 6, 2026 was $60.57. Our model-based fair value is $41.86, about 31% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Mercantile Bank Corporation right now?
The price sits above even our optimistic bull case ($55.29). The favourable scenario is already priced in. Weak quality (39/100) and above fair value at the same time, the margin of safety is missing on both counts. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of Mercantile Bank Corporation (MBWM) come from?
Earnings per share at Mercantile Bank Corporation grew +13.6 % a year from 2014 to 2025. Broken into its drivers: revenue per share +11.7 %, EBIT margin −0.4 %, tax rate +2.1 %, residual (interest, one-offs) +0.0 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.

Key figures of Mercantile Bank Corporation

How large is the market capitalisation of Mercantile Bank Corporation (MBWM)?
The market capitalisation of Mercantile Bank Corporation is $1.0B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Mercantile Bank Corporation (MBWM)?
The price-to-sales ratio of Mercantile Bank Corporation is 3.81 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Mercantile Bank Corporation (MBWM)?
Earnings per share at Mercantile Bank Corporation are $5.69 (price ÷ EPS = P/E 10.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Mercantile Bank Corporation (MBWM)?
The dividend yield of Mercantile Bank Corporation is 2.5% (payout 27.1%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Mercantile Bank Corporation (MBWM)?
The net margin of Mercantile Bank Corporation is 34.8% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Mercantile Bank Corporation (MBWM)?
The return on equity (ROE) of Mercantile Bank Corporation is 13.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Mercantile Bank Corporation (MBWM)?
On an EBIT basis the return on assets of Mercantile Bank Corporation is 1.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Mercantile Bank Corporation (MBWM)?
The operating margin of Mercantile Bank Corporation is 41.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Mercantile Bank Corporation (MBWM)?
Revenue at Mercantile Bank Corporation is growing +17.1% versus a year earlier (3y avg +20.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Mercantile Bank Corporation (MBWM)?
Earnings per share at Mercantile Bank Corporation are growing −4.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Mercantile Bank Corporation (MBWM) generate?
The free cash flow of Mercantile Bank Corporation is $11.2M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Mercantile Bank Corporation (MBWM) carry?
The net debt of Mercantile Bank Corporation is $353M (fiscal year 2025, ≈ 31.5 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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