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MBWM

Mercantile Bank Corporation

Financial Services · $1.0B market cap

Verdict

Share price

$59.50

close of Oct 3, 2026

Fair value

$121.39

Sticker Price

Payback Price

$48.56

buy price

Undervalued

MBWM is Undervalued: at $59.50 it trades 51% below its fair value of $121.39. Its buy price (Payback Price) is $48.56, 18% below today's price. Business quality is limited: only 1 of 5 key numbers clears the 10% bar.

How we valued it

Justified P/B (Financials). A bank or insurer. These are best valued on their book value and how much they earn on it.

Business quality

1 of 5 clear the 10% bar. What are the Big Five?

Earnings per share growth13.7% a year✓
Equity per share growth4.8% a year✗
Sales growth7.4% a year✗
Free cash flow growth8.2% a year✗
Return on invested capital5.8%✗

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About Mercantile Bank Corporation

Mercantile Bank Corporation serves as the parent holding company for Mercantile Bank of Michigan, providing a full spectrum of commercial and personal banking solutions to small and mid-sized businesses, as well as individual customers, across the United States. The institution facilitates a diverse range of deposit offerings, including checking, savings, term certificates, time deposits, and certificates of deposit…

Banks - Regional

Fair value and Payback Price are estimates from the company's reported financials, not investment advice. Prices as of the close of Oct 3, 2026. How the Payback Price works