Mercantile Bank
Financial ratios & Valuation

Forward Multiples (2025 – 2025)

2025
Price/Earnings ratio
10.74
Price/Sales ratio
3.25
Earnings per Share (EPS)
$4.40

Historical Multiples (2014 – 2023)

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 TTM Median
Valuation Ratios
Price/Earnings ratio
16.3815.0819.2418.6311.1612.0910.019.488.697.869.0312.09
Price/Sales ratio
3.233.474.834.523.373.942.643.122.782.962.163.94
Price/Book Value ratio
0.861.221.801.591.251.431.001.221.201.231.231.43
Price/Cash Flow ratio
19.7011.3217.7515.077.5913.3611.668.674.439.7016.607.59
Price/Free Cash Flow ratio
23.1511.6718.8517.538.4619.1215.309.494.5410.7922.918.46
Price/Earnings Growth ratio
-0.470.550.95-6.080.330.63-1.000.262.000.233.980.33
Dividend Yield
8.61%2.33%3.04%2.06%5.86%2.85%4.05%3.30%3.69%3.24%3.17%2.85%
Profitability Indicator Ratios
Gross Profit Margin
100%100%100%100%100%100%100%100%100%100%-19662.44%100%
Operating Profit Margin
41.60%42.64%46.86%48.06%53.00%39.91%32.76%41.13%52.21%47.11%31.08%39.91%
Pretax Profit Margin
28.69%33.12%36.94%35.79%37.25%39.91%32.76%41.13%39.82%47.11%30.07%39.91%
Net Profit Margin
19.73%23.05%25.14%24.29%30.21%32.64%26.36%32.93%32.08%37.71%23.99%32.64%
Effective Tax Rate
31.21%30.41%31.93%32.13%18.90%18.20%19.52%19.93%19.43%19.94%20.21%18.90%
Return on Assets
0.59%0.93%1.03%0.95%1.24%1.36%0.99%1.12%1.25%1.53%1.35%1.24%
Return On Equity
5.28%8.09%9.36%8.54%11.19%11.87%9.99%12.92%13.83%15.74%14.58%11.19%
Return on Capital Employed
1.26%1.73%1.93%1.89%2.20%1.67%1.24%1.40%2.07%3.01%1.75%1.75%
Liquidity Ratios
Current Ratio
0.000.000.000.010.000.07N/AN/AN/AN/AN/A0.07
Quick Ratio
191.35148.83173.97200.49115.8525.3541.6863.628.940.06N/A25.35
Cash ratio
13.175.4212.0514.082.9810.4225.7539.561.230.06N/A10.42
Days of Sales Outstanding
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Days of Inventory outstanding
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Operating Cycle
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Days of Payables Outstanding
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Cash Conversion Cycle
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Debt Ratios
Debt Ratio
0.030.040.070.080.110.110.090.090.090.090.090.11
Debt Equity Ratio
0.330.360.640.721.050.961.001.081.010.980.950.96
Long-term Debt to Capitalization
0.240.260.390.420.510.490.500.520.500.490.480.49
Total Debt to Capitalization
0.240.260.390.420.510.490.500.520.500.490.480.49
Interest Coverage Ratio
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0.85N/A
Cash Flow to Debt Ratio
0.130.290.150.140.150.110.080.130.260.120.070.11
Company Equity Multiplier
8.818.699.048.988.968.7210.0411.5111.0310.2510.148.96
Cash Flow Ratios
Operating Cash Flow / Sales Ratio
0.160.300.270.300.440.290.220.360.620.300.130.29
Free Cash Flow / Operating Cash Flow Ratio
0.850.960.940.850.890.690.760.910.970.890.720.69
Cash Flow Coverage Ratio
0.130.290.150.140.150.110.080.130.260.120.070.11
Short Term Coverage Ratio
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Dividend Payout Ratio
141.15%35.21%58.69%38.51%65.43%34.59%40.62%31.38%32.10%25.54%27.64%34.59%