Mercantile Bank Corporation

MBWMNASDAQFinancial Services● Active

$53.15

+$0.41(+0.78%)

Market Cap$918133031

P/E Ratio—

52W High$55.77

52W Low$42.17

Avg Volume117K

Open$52.69

Beta0.83

Free Cash Flow Financials Revenue

Mercantile Bank Corporation (MBWM) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

MBWM · free cash flow · updated Jun 8, 2026

Core FCF metrics

MBWM · FCF · TTM · margin & CAGR

Free cash flow was $11.2M for FY2025 (fiscal year ending 2025-12-31), down 87.9% year-over-year The FCF margin was 3.0%. Five-year CAGR stands at -17.3%.

FY2025 Free Cash Flow$11.2M▼ -87.9% YoY

Trailing 12M (TTM)$43.1Mtrailing 4 quarters sum

FCF Margin3.0%$11.2M ÷ revenue

3-Year CAGR-54.2%FY2022 → FY2025

5-Year CAGR-17.3%FY2020 → FY2025

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

MBWM · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$18.0M(7M)$11.2M▼ 87.9%3.0%

FY2024$101.1M(9M)$92.6M▲ +54.5%25.6%

FY2023$66.6M(7M)$59.9M▼ 48.7%19.7%

FY2022$119.9M(3M)$116.8M▲ +98.1%54.6%

FY2021$64.6M(6M)$59.0M▲ +104.1%29.7%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

MBWM · P/FCF · FCF yield · FCF per share

Mercantile Bank Corporation (MBWM) trades at a FCF yield of 4.70% and a price-to-free-cash-flow ratio of 20.1x. FCF per share stands at $2.65, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

4.70%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$2.65

TTM FCF ÷ Shares Outstanding

Price / FCF

x20.1

Share Price ÷ FCF per Share

EV / FCF (TTM)

x36.5

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

MBWM · cash flow statement · operating / investing / financing

For FY2025, Mercantile Bank Corporation generated $18.0M in operating cash flow and spent 7M in capital expenditures, yielding $11.2M in free cash flow.

Operating Activities

+$18.0M

Cash from core business operations

2025-12-31

Investing Activities

−$105.7M

CapEx, acquisitions & investments

2025-12-31

Financing Activities

+$168.0M

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($18.0M) − |CapEx| (7M) = FCF ($11.2M)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Financial Services)

MBWM vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Mercantile Bank CorporationYOU

MBWM

$11.2M-87.9%3.0%

Berkshire Hathaway Inc.

BRK-A

$25.04B+115.6%6.7%

25%

Berkshire Hathaway Inc.

Mastercard Incorporated

$16.91B+18.2%51.6%

17%

Financial Services · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Mercantile Bank Corporation (MBWM) reported free cash flow of $11.2M for FY2025 (fiscal year ending 2025-12-31), down 87.9% year-over-year. The FCF margin was 3.0%.

Based on available data, Mercantile Bank Corporation has maintained positive free cash flow for at least 15 fiscal year(s). FCF peaked at $116.8M in FY2022. The 5-year CAGR stands at -17.3%.

Mercantile Bank Corporation's FCF yield is 4.70% and price-to-FCF ratio is 20.1x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

MBWM free cash flow · 8 questions

Mercantile Bank Corporation free cash flow was $11.2M for FY2025, down 87.9% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $43.1M.

MBWM free cash flowMBWM FCFMBWM FCF 2025MBWM free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Mercantile Bank Corporation · Mercantile Bank Corporation SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026