Mercantile Bank Corporation (MBWM) Stock Analysis & Winston Score

Mercantile Bank Corporation operates as the bank holding company for Mercantile Bank of Michigan that provides commercial and retail banking services to small- to medium-sized businesses and individuals in the United States. It accepts various deposit products, including checking, savings, and term certificate accounts; time deposits; and certificates of deposit. The company also offers commercial and industrial loans; vacant land, land development, and residential construction loans; owner and

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+8.4% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+9.1% YoY

YoY Growth Rate

Slow EPS growth

Insider Activity

3.9%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$48M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Mercantile Bank Corporation is growing revenue at 8% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

71.3%

Premium pricing power — 71.3% gross margin

Operating Margin

28.3%

Excellent — 28.3% operating margin

ROCE

1.9%

Weak — 1.9% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+4.4%

Slow sales growth (4.4% YoY)

EPS YoY

+15.6%

Earnings growing fast (15.6% YoY)

Healthy double-digit earnings growth — what compounders look like.

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

54%

Weak — only 54% of profit becomes cash

FCF Margin

11.4%

Modest free cash flow (11.4%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

0.95

Moderate — manageable debt (0.95)

Interest Cover

0.83x

Dangerous — barely covers interest (0.8x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

P/E Ratio (TTM)

10.3x

no trend

Attractive valuation — P/E 10.3

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

-0.3

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend Yield

2.66%

no trend

Moderate income — 2.66% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

+5.5%

no trend

Dividend growing modestly (5.5% YoY)

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