$59.50

+0.60 (+1.02%)

Weekly Expected Move ±2.6%

$56 $58 $60 $61 $63

NASDAQ · Financial Services · Banks - Regional · Tech Score Sell · Power 46 · $1.0B mcap · 17M float · 0.775% daily turnover · Short 71% of daily vol

Edge Score

Quantitative competitive moat analysis scoring five pillars of durable advantage — cost leadership, brand intangibles, switching costs, network effects, and efficient scale — using industry percentile rankings on a 0–100 scale.

WEAK EDGE

54.7 / 100

NoneWeakNarrowWide

Primary source: Cost Advantage · ROIC: 38.5% · 5Y Avg: -54.5%

Cost Advantage ★

Intangibles

Switching Cost

Network Effect

Scale

The Edge Score quantifies a company's competitive moat using five pillars: Cost Advantage (20%, operating margin and SG&A efficiency vs industry peers), Intangible Assets (25%, gross margin premium, R&D intensity, brand pricing power), Switching Costs (25%, revenue stability, earnings consistency, customer retention proxied by operating leverage), Network Effects (15%, revenue growth with expanding margins, market share dominance), and Efficient Scale (15%, market concentration, ROIC sustainability). Each pillar is scored 0–100 using industry percentile rankings, then weighted into a composite. Wide ≥ 70, Narrow ≥ 55, Weak ≥ 40, None < 40. MBWM shows a Weak competitive edge (54.7/100) — limited structural advantages that may face competitive pressure. The primary source of advantage is Cost Advantage. ROIC of 38.5% confirms the company is generating returns well above its cost of capital — a hallmark of durable competitive advantages.

Analyst Insights

Wall Street analyst consensus based on price targets and buy/sell/hold recommendations from institutional research coverage over the trailing 12 months.

Analyst Price Targets

$62

Low

$64

Avg Target

$65

High

Based on 3 analysts since Jul 21, 2026 earnings

Analyst Recommendations

Strong Buy: 0Buy: 5Hold: 3Sell: 0Strong Sell: 0

Rating Summary

ConsensusBuy

Avg Target$64.00

Analysts3

Price Target Change History

Date	Firm	Analyst	Old	New	Change	Upside @ Call	Stock@Call
2026-09-01	Raymond James	—	$57	$65	+8	+9.9%	$59.14
2026-07-22	Piper Sandler	—	$60	$65	+5	+8.9%	$59.68
2026-07-22	Hovde Group	Brendan Nosal	Initiated	$62	—	+3.9%	$59.68
2026-06-26	Piper Sandler	Nathan Race	$57	$60	+3	+6.6%	$56.27
2026-01-21	Piper Sandler	—	$56	$57	+2	+12.6%	$50.63
2026-01-21	Raymond James	Daniel Tamayo	$54	$57	+3	+12.6%	$50.63
2026-01-08	Piper Sandler	—	Initiated	$56	—	+13.8%	$48.75
2026-01-07	Raymond James	Daniel Tamayo	$52	$54	+2	+10.7%	$48.76
2025-10-22	Raymond James	—	Initiated	$52	—	+15.8%	$44.91

Financial Rating

Composite financial health rating (A+ to F) based on discounted cash flow valuation, return on equity, return on assets, debt-to-equity leverage, and relative P/E and P/B multiples.

A-

Oct 02, 2026

DCF

ROE

ROA

D/E

P/E

P/B

The Financial Rating evaluates six fundamental factors — discounted cash flow (DCF) valuation, return on equity (ROE), return on assets (ROA), debt-to-equity leverage (D/E), and relative price-to-earnings (P/E) and price-to-book (P/B) multiples — each scored 1–5. MBWM receives an overall rating of A-. Strongest factors: DCF (5/5), ROE (4/5), ROA (5/5). Areas of concern: D/E (1/5), P/B (2/5).

Rating Change History

Date	From	To
2026-10-01	B+	A-
2026-07-16	A-	B+
2026-04-27	B+	A-
2026-04-24	A	B+
2026-04-22	A-	A
2026-04-16	A	A-
2026-04-01	A-	A
2026-02-12	B+	A-
2026-02-06	A-	B+
2026-01-27	B+	A-

InsiderStreet Scorecard

Proprietary multi-factor scorecard rating companies across seven fundamental dimensions — profitability, balance sheet strength, earnings quality, growth, value, momentum, and safety — each scored 0–100.

★ ★ ★ ★ ★ 51 Grade B

Profitability

Balance Sheet

Earnings Quality

Growth

Value

Momentum

Safety

Cash Flow

The InsiderStreet Scorecard rates companies across eight dimensions: Profitability (margins, ROA, ROE), Balance Sheet (leverage, liquidity, coverage), Earnings Quality (accruals, cash conversion), Growth (revenue and earnings trajectory), Value (P/E, P/B, earnings yield, Graham criteria), Momentum (revenue and earnings acceleration), Safety (Altman Z-Score risk adjustment), and Cash Flow (operating cash flow quality, FCF conversion, cash coverage). The overall score blends 35% quality, 35% value, and 30% momentum, with a penalty for distress-zone Altman scores. MBWM scores highest in Earnings Quality (86/100) and lowest in Balance Sheet (49/100). A grade of B indicates above-average fundamentals with room for improvement in select areas.

Risk & Quality Signals

Academic financial models used by institutional investors to assess bankruptcy risk, earnings manipulation, financial strength, and credit quality.

Altman-B Score

3.10

Safe Zone

Piotroski F-Score

6/9

✓ ✓ ✓ ✗ ✓ ✓ ✗ ✓ ✗

Beneish M-Score

-2.61

Unlikely Manipulator

Ohlson O-Score

-4.01

Bankruptcy prob: 1.8%

Low Risk

Credit Rating

A-

Score: 65.7/100

Trend: Improving

Earnings Quality

50/100

OCF/NI: 0.76x

Accruals: 0.4%

The Altman-B Score replaces the traditional Z-Score for banks and financial institutions. It weights equity-to-assets, return on assets, retained earnings, market value coverage, and cash reserves — metrics that better capture bank solvency than manufacturing-oriented ratios. MBWM scores 3.10, placing it in the Safe Zone (safe > 3.0, distress < 1.5). Bankruptcy is statistically unlikely within the next two years. The Piotroski F-Score (2000) is a 9-point binary checklist — four profitability tests (positive ROA, positive cash flow, improving ROA, cash flow exceeding net income), three leverage tests (declining debt ratio, improving current ratio, no share dilution), and two efficiency tests (improving gross margin, improving asset turnover). Each pass scores 1 point. MBWM scores 6/9, indicating moderate financial health — some areas of strength offset by weaknesses in others. The Beneish M-Score (1999) is an 8-variable model that detects earnings manipulation by comparing year-over-year changes in receivables, gross margins, asset quality, sales growth, depreciation, SG&A, leverage, and accruals. Scores above −1.78 statistically resemble past manipulators. MBWM's score of -2.61 falls below this threshold, suggesting earnings are unlikely to be manipulated. The Ohlson O-Score (1980) is a 9-variable logistic regression that estimates bankruptcy probability using firm size, leverage, working capital, current ratio, profitability (ROA), cash flow coverage, negative equity flag, consecutive losses flag, and earnings trajectory. The raw score is converted to a probability via logistic transformation. MBWM's implied 1.8% bankruptcy probability is well within safe territory. Our Credit Rating model scores companies on five weighted components — solvency (30%), earning power (25%), leverage (20%), liquidity (15%), and cash flow quality (10%) — then blends the absolute score with sector and industry peer rankings. For companies with large buyback programs, equity is adjusted by adding back cumulative 5-year repurchases (capped at 80% of FCF generated) to avoid penalizing shareholder-friendly capital allocation. MBWM receives an estimated rating of A- (score: 65.7/100), with a improving trend. The Earnings Quality score measures how well reported earnings are backed by real cash. It evaluates the operating cash flow to net income ratio (OCF/NI ≥ 1.0 means every dollar of earnings is cash-backed) and the accruals ratio (the gap between earnings and cash flow relative to assets — lower is better). MBWM's score of 50/100 is moderate — some divergence between reported earnings and underlying cash flows.

Valuation

Key valuation multiples comparing the stock's market price to its earnings, revenue, book value, and cash flows. Lower multiples may indicate relative undervaluation versus peers.

P/E

10.48x

PEG

0.82x

P/S

2.68x

P/B

1.36x

P/FCF

14.53x

P/OCF

13.70x

EV/EBITDA

4.14x

EV/Revenue

1.26x

EV/EBIT

4.37x

EV/FCF

7.09x

Earnings Yield

9.61%

FCF Yield

6.88%

Shareholder Yield

2.56%

Graham Number

$73.70

Equity-based multiples (P/E, P/B, P/FCF) compare the stock price to per-share fundamentals and are affected by capital structure. Enterprise value multiples (EV/EBITDA, EV/Revenue, EV/FCF) strip out debt and cash, making them more useful for cross-company comparisons regardless of how companies are financed. The Graham Number — √(22.5 × EPS × Book Value) — is Benjamin Graham's formula for the maximum price a defensive investor should pay. At 10.5x earnings, MBWM trades at a reasonable valuation. An earnings yield of 9.6% exceeds typical risk-free rates, suggesting equities are being compensated for risk. Graham's intrinsic value formula yields $73.70 per share, suggesting a potential 24% margin of safety at the current price.

DuPont Decomposition (5-Factor)

The 5-factor DuPont framework breaks Return on Equity into its component drivers — tax efficiency, interest burden, operating profitability, asset utilization, and financial leverage — to reveal what truly drives shareholder returns.

Tax Burden

0.861

NI / EBT

Interest Burden

1.000

EBT / EBIT

EBIT Margin

0.288

EBIT / Rev

Asset Turnover

0.059

Rev / Assets

Equity Multiplier

9.376

Assets / Equity

ROE

13.7%

The 5-factor DuPont identity decomposes ROE as: Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Equity Multiplier = ROE. This reveals whether returns are driven by operating performance, financial leverage, or tax efficiency — three very different sources of profitability. MBWM's ROE of 13.7% is driven by financial leverage (equity multiplier: 9.38x). Note: high leverage means ROE is amplified by debt rather than operational performance.

Graham-Dodd Adjusted Valuation

Our adaptation of Graham's growth formula (Fair P/E = 8.5 + 2g) from The Intelligent Investor. The classic version relies on analyst growth projections, which can be unreliable. This adjusted model substitutes the company's realized 3-year EPS CAGR — a backward-looking, verifiable measure of actual earnings power — grounding the valuation in demonstrated performance rather than forecasts.

Two adjustments we make, and why. Growth is capped at 15%. Graham defined g as expected growth over the next seven to ten years, not last year's rate. Across US companies since 1994 the median realized 7-year EPS growth is 5–8% regardless of how fast a company grew beforehand, and of 4,457 company-quarters that grew faster than 200%, none sustained it. Uncapped, the formula assigned fair multiples in the hundreds to companies that had never held that rate — and scored worse than simply reading the P/E. Capped, it carries real information. The verdict has three states, not two. Tested over 377,249 stock-months, this ratio only separates outcomes at its extremes: below 0.25 beat the universe by 1.3 points a year, above 3.0 lagged by 2.7, and everything in between sat inside a one-point band. Rather than call two-thirds of the market "undervalued" on a threshold of 1.0, we say Neutral where the model cannot tell — which is most of the time.

Adj. Growth Rate

3.70%

Fair P/E

15.91x

Intrinsic Value

$87.76

Price/Value

0.65x

Margin of Safety

34.57%

Premium

-34.57%

Assessment

Neutral

Graham's classic formula uses analyst-projected growth to estimate a fair P/E (8.5 + 2g). Our adjusted version replaces that projection with MBWM's realized 3.7% 3-year EPS CAGR, capped at 15% — demonstrated performance rather than forecasts, held to a rate companies have historically sustained. MBWM trades at a -35% premium to its adjusted intrinsic value of $87.76, suggesting the market is pricing in future growth beyond what historical earnings support. The adjusted fair P/E of 15.9x compares to the current market P/E of 10.5x.

Profitability Trends

Historical profitability ratios tracking how efficiently the company converts revenue into returns for shareholders over time.

Leverage & Solvency Trends

Debt and liquidity metrics showing the company's financial leverage and ability to meet short-term and long-term obligations.

Efficiency & Working Capital Trends

Operating efficiency metrics measuring how quickly the company converts inventory to sales, collects receivables, and manages its cash conversion cycle.

Growth Trends (YoY %)

Year-over-year growth rates for key financial metrics, showing the trajectory of revenue, earnings, and cash flow generation.

Earnings Stability

R-squared of linear regression measuring how predictably revenue, earnings, and margins follow a trend over the trailing 5 years. 1.0 = perfectly predictable; lower values indicate erratic or cyclical behavior.

Monte Carlo Price Simulation

Geometric Brownian Motion with 1,000 antithetic paths over 1 year, seeded from 1800 days of historical volatility. Percentile bands show the range of statistically plausible outcomes — this is a statistical model, not a forecast.

Current Price

$59.50

Median 1Y

$62.96

5th Pctile

$34.60

95th Pctile

$114.75

Ann. Volatility

36.8%

Analyst Target

$64.00

25th–75th percentile 5th–95th percentile Median path Historical Analyst target

Executive Compensation

C-suite compensation breakdown including salary, stock awards, options, and incentive pay. The CEO-to-employee pay ratio and Gini coefficient measure pay distribution fairness.

C-Suite Compensation

Executive	Salary	Stock	Total
Raymond E. Reitsma President and Chief Executive Officer of Mercantile and Mercantile Bank, and Chief Executive Officer of EMB	$734,600	$471,283	$1,769,983
Charles E. Christmas Executive Vice President, Chief Financial Officer and Treasurer of Mercantile, Executive Vice President and Chief Financial Officer of Mercantile Bank, and Chief Financial Officer of EMB	$444,050	$198,037	$899,980
Mark S. Augustyn Executive Vice President, Chief Commercial Banking Officer of of Mercantile Bank	$450,230	$200,705	$892,642
Scott P. Setlock Executive Vice President, Chief Operating Officer and Secretary of Mercantile and of Mercantile Bank	$353,100	$157,513	$697,728
Brett E. Hoover Executive Vice President, Chief Human Resource Officer of Mercantile and of Mercantile	$294,250	$116,436	$557,042

CEO Pay Ratio

12:1

CEO-to-Employee Pay Ratio

CEO Total Comp: $1,769,983

Avg Employee Cost (SGA/emp): $148,305

Employees: 744

C-Suite Pay Equality (Gini)

CEO Compensation Mix

Workforce & Productivity

Workforce efficiency metrics measuring revenue, profit, and R&D spend per employee — key indicators of operational leverage and human capital productivity.

Employees

744

+14.8% YoY

Revenue / Employee

$499,733

Rev: $371,801,000

Profit / Employee

$119,293

NI: $88,754,000

SGA / Employee

$148,305

Avg labor cost proxy

Scaling Efficiency

All Ratios & Metrics

Complete fundamental data with up to 20 periods of history, sparkline trends, and current values across 13 categories and 130+ financial metrics.

Profitability

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
ROE	13.9%	13.1%	12.8%	11.3%	11.7%	13.6%	15.6%	17.4%	18.7%	17.1%	16.5%	15.8%	15.0%	14.4%	13.5%	13.8%	13.8%	13.6%	13.7%	13.7%	13.73%
ROA	1.3%	1.2%	1.1%	1.0%	1.0%	1.2%	1.4%	1.6%	1.6%	1.6%	1.6%	1.5%	1.4%	1.4%	1.3%	1.4%	1.4%	1.4%	1.4%	1.5%	1.46%
ROIC	-19.5%	-14.1%	-26.1%	1.0%	22.8%	16.0%	12.8%	16.2%	21.8%	13.5%	16.4%	16.5%	24.3%	72.7%	17.7%	16.2%	26.2%	-3.6%	-2.9%	38.5%	38.48%
ROCE	8.5%	7.7%	7.4%	6.8%	7.2%	8.5%	8.9%	9.1%	9.7%	8.4%	8.4%	8.2%	8.1%	8.0%	8.2%	8.6%	8.6%	7.7%	8.7%	8.5%	8.47%
Gross Margin	87.0%	97.8%	88.7%	87.9%	84.4%	83.9%	81.2%	72.3%	68.3%	67.2%	65.0%	60.1%	61.1%	61.6%	61.9%	63.5%	64.8%	65.8%	71.3%	70.0%	70.02%
Operating Margin	36.1%	30.6%	31.7%	30.9%	36.0%	40.7%	38.8%	34.5%	32.3%	30.7%	30.8%	26.6%	26.4%	25.1%	27.0%	27.8%	28.6%	26.4%	28.3%	31.8%	31.75%
Net Margin	29.3%	23.4%	25.4%	24.8%	28.9%	33.0%	31.1%	27.7%	25.9%	24.4%	24.6%	21.2%	21.1%	21.2%	21.9%	24.2%	24.7%	24.5%	23.5%	26.4%	26.40%
EBITDA Margin	42.8%	37.6%	39.4%	37.8%	41.8%	45.3%	43.3%	38.4%	36.0%	33.9%	34.0%	29.6%	29.2%	27.6%	28.9%	29.3%	30.0%	27.9%	30.0%	33.5%	33.48%
FCF Margin	17.3%	29.7%	45.8%	46.5%	63.1%	54.6%	44.4%	38.1%	36.2%	19.7%	25.7%	21.9%	7.3%	25.6%	13.6%	8.4%	17.5%	3.0%	11.4%	17.8%	17.76%
OCF Margin	20.3%	32.5%	48.0%	47.7%	64.9%	56.0%	46.6%	40.9%	38.6%	21.9%	27.4%	23.2%	9.7%	27.9%	15.9%	11.1%	19.4%	4.8%	13.0%	18.8%	18.83%
ROE 3Y Avg	snapshot only																				13.41%
ROE 5Y Avg	snapshot only																				13.68%
ROA 3Y Avg	snapshot only																				1.39%
ROIC Economic	snapshot only																				6.63%
Cash ROA	snapshot only																				1.06%
Cash ROIC	snapshot only																				29.23%
CROIC	snapshot only																				27.56%
NOPAT Margin	snapshot only																				24.79%
Pretax Margin	snapshot only																				28.78%
R&D / Revenue	snapshot only																				0.00%
SGA / Revenue	snapshot only																				28.48%
SBC / Revenue	snapshot only																				0.97%

Valuation

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
P/E Ratio	7.08	8.05	8.69	8.93	8.23	7.81	6.28	5.12	5.46	7.37	7.08	7.68	8.48	8.74	8.85	9.10	8.47	8.81	9.47	10.41	10.475
P/S Ratio	2.17	2.39	2.50	2.30	2.12	2.23	1.87	1.54	1.60	2.00	1.81	1.84	1.93	1.92	1.89	2.01	1.95	2.10	2.30	2.58	2.676
P/B Ratio	0.96	1.04	1.12	1.04	1.01	1.08	0.95	0.85	0.95	1.16	1.09	1.13	1.16	1.19	1.13	1.17	1.10	1.08	1.18	1.31	1.360
P/FCF	12.54	8.06	5.46	4.95	3.36	4.08	4.22	4.05	4.41	10.11	7.05	8.41	26.63	7.51	13.93	23.98	11.14	69.79	20.20	14.53	14.530
P/OCF	10.68	7.36	5.21	4.82	3.27	3.98	4.02	3.78	4.13	9.10	6.60	7.94	19.97	6.88	11.86	18.08	10.04	43.53	17.67	13.70	13.700
EV/EBITDA	-3.70	-4.57	-1.94	0.86	2.92	4.70	5.25	3.74	3.10	6.08	4.83	5.02	3.82	2.02	4.93	5.79	3.67	0.30	0.91	4.14	4.142
EV/Revenue	-1.65	-2.01	-0.84	0.34	1.14	1.95	2.22	1.58	1.25	2.29	1.71	1.67	1.21	0.61	1.42	1.66	1.06	0.09	0.27	1.26	1.258
EV/EBIT	-4.35	-5.42	-2.32	1.05	3.52	5.51	6.00	4.21	3.46	6.76	5.35	5.57	4.23	2.24	5.41	6.27	3.91	0.32	0.96	4.37	4.372
EV/FCF	-9.57	-6.77	-1.83	0.73	1.81	3.57	5.01	4.14	3.47	11.59	6.66	7.64	16.63	2.38	10.47	19.84	6.06	2.91	2.36	7.09	7.086
Earnings Yield	14.1%	12.4%	11.5%	11.2%	12.2%	12.8%	15.9%	19.5%	18.3%	13.6%	14.1%	13.0%	11.8%	11.4%	11.3%	11.0%	11.8%	11.3%	10.6%	9.6%	9.61%
FCF Yield	8.0%	12.4%	18.3%	20.2%	29.8%	24.5%	23.7%	24.7%	22.7%	9.9%	14.2%	11.9%	3.8%	13.3%	7.2%	4.2%	9.0%	1.4%	5.0%	6.9%	6.88%
PEG Ratio	snapshot only																				0.825
Price/Tangible Book	snapshot only																				1.492
EV/OCF	snapshot only																				6.681
EV/Gross Profit	snapshot only																				1.851
Acquirers Multiple	snapshot only																				4.372
Shareholder Yield	snapshot only																				2.56%
Graham Number	snapshot only																				$73.70

Leverage & Solvency

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Current Ratio	0.34	0.36	0.33	0.26	0.21	0.18	0.17	0.20	0.21	0.18	0.20	0.19	0.22	0.23	0.18	0.17	0.21	0.29	0.26	0.22	0.217
Quick Ratio	0.34	0.36	0.33	0.26	0.21	0.18	0.17	0.20	0.21	0.18	0.20	0.19	0.22	0.23	0.18	0.17	0.21	0.29	0.26	0.22	0.217
Debt/Equity	1.37	1.52	1.66	1.64	1.62	1.45	1.63	1.72	1.57	1.60	1.52	1.43	1.33	1.11	1.23	1.17	1.12	1.14	0.95	0.91	0.911
Net Debt/Equity	-1.70	-1.92	-1.49	-0.89	-0.46	-0.13	0.18	0.02	-0.20	0.17	-0.06	-0.10	-0.44	-0.81	-0.28	-0.20	-0.50	-1.03	-1.04	-0.67	-0.672
Debt/Assets	0.12	0.13	0.14	0.14	0.13	0.13	0.16	0.16	0.14	0.16	0.15	0.14	0.13	0.11	0.12	0.12	0.12	0.12	0.10	0.10	0.101
Debt/EBITDA	6.90	7.93	8.60	9.20	8.70	7.21	7.59	7.47	6.54	7.32	7.10	6.99	7.00	5.96	7.14	6.98	6.87	7.65	6.33	5.89	5.894
Net Debt/EBITDA	-8.56	-10.01	-7.76	-4.98	-2.49	-0.67	0.82	0.08	-0.84	0.78	-0.28	-0.51	-2.29	-4.37	-1.63	-1.21	-3.08	-6.95	-6.92	-4.35	-4.351
Interest Coverage	3.68	3.79	3.67	3.22	3.13	3.21	2.85	2.24	1.73	1.32	1.09	0.94	0.83	0.75	0.72	0.73	0.76	0.79	0.83	0.89	0.893
Equity Multiplier	10.98	11.52	11.86	11.79	12.05	11.04	10.48	10.73	10.87	10.25	10.19	10.16	10.14	10.35	10.09	9.79	9.59	9.43	9.42	9.03	9.031
Cash Ratio	snapshot only																				0.217
Debt Service Coverage	snapshot only																				0.942
Cash to Debt	snapshot only																				1.738
FCF to Debt	snapshot only																				0.099
Defensive Interval	snapshot only																				2897.9 days

Efficiency & Turnover

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Asset Turnover	0.04	0.04	0.04	0.04	0.04	0.04	0.05	0.05	0.06	0.06	0.06	0.06	0.06	0.06	0.06	0.06	0.06	0.06	0.06	0.06	0.059
Inventory Turnover	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Receivables Turnover	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Payables Turnover	1.03	0.62	0.46	0.49	0.39	0.59	0.69	0.81	0.74	2.19	2.95	3.09	2.42	—	—	—	—	—	—	—	—
DSO	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0.0 days
DIO	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0.0 days
DPO	356	590	791	742	936	623	531	452	493	167	124	118	151	0	0	0	0	0	0	0	—
Cash Conversion Cycle	-356	-590	-791	-742	-936	-623	-531	-452	-493	-167	-124	-118	-151	0	0	0	0	0	0	0	—
Fixed Asset Turnover	snapshot only																				6.324
Cash Velocity	snapshot only																				0.321
Capital Intensity	snapshot only																				17.757

Growth (YoY)

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Revenue	6.6%	2.7%	-0.9%	-2.4%	-1.7%	7.7%	20.8%	35.6%	45.5%	41.9%	37.0%	29.0%	22.2%	19.2%	12.3%	8.7%	5.6%	2.7%	4.4%	4.3%	4.31%
Net Income	41.7%	33.7%	18.0%	-12.6%	-17.2%	3.5%	25.4%	58.6%	65.0%	34.6%	17.4%	2.6%	-4.8%	-3.2%	-6.3%	0.2%	6.9%	11.5%	18.5%	17.0%	16.97%
EPS	45.0%	38.7%	21.3%	-11.1%	-17.2%	2.2%	24.1%	57.1%	63.4%	33.3%	16.5%	1.8%	-5.5%	-3.8%	-6.8%	-0.4%	6.3%	10.7%	11.3%	9.9%	9.93%
FCF	18.2%	1.0%	1.3%	39.8%	2.6%	98.1%	17.1%	11.2%	-16.6%	-48.7%	-20.7%	-25.9%	-75.5%	54.5%	-40.7%	-58.3%	1.6%	-87.9%	-12.6%	1.2%	1.21%
EBITDA	45.0%	36.0%	18.2%	-8.7%	-13.5%	1.5%	19.0%	44.7%	50.1%	28.7%	14.6%	2.0%	-4.5%	-4.7%	-8.8%	-6.1%	-3.3%	-0.8%	6.2%	10.2%	10.20%
Op. Income	44.0%	34.4%	18.9%	-11.4%	-15.9%	2.8%	24.3%	56.7%	62.7%	35.5%	18.2%	3.4%	-3.9%	-4.3%	-7.9%	-3.8%	0.4%	3.9%	10.5%	13.0%	13.05%
OCF Growth	snapshot only																				76.47%
Asset Growth	snapshot only																				10.33%
Equity Growth	snapshot only																				19.57%
Debt Growth	snapshot only																				-6.97%
Shares Change	snapshot only																				6.40%
Dividend Growth	snapshot only																				2.90%

Growth (CAGR)

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Revenue 3Y	8.8%	7.3%	5.4%	3.6%	3.0%	4.9%	8.6%	12.1%	15.1%	16.2%	17.9%	19.5%	20.5%	22.1%	22.9%	23.9%	23.4%	20.2%	17.1%	13.5%	13.52%
Revenue 5Y	7.8%	7.3%	7.2%	6.9%	6.9%	8.2%	9.6%	11.4%	13.0%	13.5%	14.2%	14.2%	14.2%	14.3%	14.5%	14.6%	14.5%	14.0%	14.0%	14.1%	14.12%
EPS 3Y	18.8%	14.1%	10.8%	4.6%	3.3%	8.4%	14.3%	21.0%	25.2%	23.6%	20.6%	12.5%	8.6%	9.5%	10.5%	16.8%	18.0%	12.4%	6.5%	3.7%	3.70%
EPS 5Y	15.8%	14.0%	13.5%	10.9%	11.0%	15.2%	16.2%	17.5%	17.8%	15.1%	14.5%	12.9%	11.2%	10.3%	10.1%	12.4%	14.6%	15.0%	12.7%	9.3%	9.26%
Net Income 3Y	16.9%	12.0%	9.4%	3.3%	2.2%	7.3%	13.5%	20.5%	24.6%	23.0%	20.2%	12.5%	9.2%	10.5%	11.3%	17.7%	18.9%	13.3%	9.2%	6.3%	6.35%
Net Income 5Y	15.2%	13.1%	12.7%	10.1%	10.2%	14.3%	15.4%	16.7%	16.9%	14.4%	14.0%	12.4%	10.9%	10.0%	9.9%	12.4%	14.5%	15.0%	14.0%	10.8%	10.77%
EBITDA 3Y	14.3%	12.4%	10.4%	5.3%	4.3%	8.2%	14.1%	20.3%	23.5%	21.1%	17.3%	10.5%	7.4%	7.6%	7.6%	11.5%	11.5%	6.7%	3.5%	1.8%	1.82%
EBITDA 5Y	10.8%	9.1%	9.0%	6.5%	6.6%	9.5%	11.2%	13.2%	14.2%	13.1%	12.9%	11.5%	10.2%	9.2%	9.2%	10.8%	11.7%	10.9%	9.3%	6.9%	6.88%
Gross Profit 3Y	10.0%	10.0%	9.0%	6.9%	6.4%	7.1%	9.9%	12.7%	13.6%	12.4%	11.2%	8.3%	7.5%	6.9%	7.1%	9.3%	9.7%	9.0%	8.2%	7.5%	7.51%
Gross Profit 5Y	7.8%	8.2%	8.1%	7.3%	7.4%	7.9%	8.9%	9.7%	10.2%	9.6%	9.5%	9.0%	8.7%	8.4%	8.3%	9.2%	9.4%	9.2%	9.5%	8.5%	8.52%
Op. Income 3Y	15.1%	12.5%	10.0%	4.0%	2.9%	7.8%	14.1%	21.1%	25.4%	23.3%	20.5%	12.8%	9.6%	10.1%	10.6%	15.9%	16.2%	10.4%	6.3%	4.0%	3.98%
Op. Income 5Y	11.6%	9.5%	9.2%	6.8%	7.0%	10.5%	12.5%	14.7%	15.8%	14.7%	14.3%	12.8%	11.2%	10.2%	10.1%	12.1%	13.7%	13.2%	12.2%	9.3%	9.31%
FCF 3Y	-6.5%	2.1%	27.2%	25.3%	50.4%	55.2%	77.9%	1.6%	52.4%	27.5%	28.9%	4.9%	-9.8%	16.2%	-18.0%	-30.0%	-19.5%	-54.2%	-25.6%	-12.0%	-11.99%
FCF 5Y	2.0%	12.6%	25.0%	24.1%	31.2%	28.6%	22.5%	21.4%	19.6%	1.6%	13.8%	10.2%	-7.0%	24.2%	21.5%	39.2%	17.2%	-17.2%	2.1%	1.2%	1.18%
OCF 3Y	-5.8%	1.5%	22.4%	19.4%	39.7%	38.9%	50.1%	79.8%	39.4%	20.7%	24.3%	2.7%	-5.9%	16.1%	-14.9%	-23.7%	-17.4%	-46.9%	-23.5%	-12.3%	-12.33%
OCF 5Y	4.6%	13.3%	23.6%	21.8%	28.1%	25.4%	20.3%	19.4%	17.9%	1.5%	11.7%	7.6%	-6.3%	17.7%	12.2%	17.3%	12.0%	-13.9%	1.3%	-0.0%	-0.03%
Assets 3Y	14.6%	16.1%	13.4%	12.3%	10.6%	10.3%	10.2%	6.0%	5.9%	6.5%	5.1%	5.6%	6.0%	4.8%	5.9%	6.9%	7.9%	11.9%	12.4%	9.9%	9.90%
Assets 5Y	10.1%	11.3%	11.4%	10.0%	9.0%	8.2%	8.2%	9.3%	9.7%	9.7%	9.0%	9.4%	9.8%	10.7%	10.9%	7.5%	7.4%	9.0%	8.1%	7.5%	7.47%
Equity 3Y	6.0%	6.8%	4.4%	2.3%	0.7%	1.9%	3.8%	4.0%	3.8%	5.7%	6.7%	6.8%	8.9%	8.6%	11.7%	13.8%	16.5%	18.0%	16.4%	16.4%	16.41%
Book Value 3Y	7.7%	8.8%	5.7%	3.6%	1.8%	3.0%	4.5%	4.5%	4.3%	6.3%	7.1%	6.8%	8.2%	7.6%	10.9%	12.9%	15.6%	17.1%	13.5%	13.5%	13.52%
Dividend 3Y	2.7%	3.0%	2.4%	2.6%	2.7%	2.9%	2.9%	2.8%	2.8%	2.8%	2.7%	2.3%	1.7%	1.3%	1.5%	1.4%	1.4%	1.4%	0.1%	0.5%	0.51%

Growth Quality

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Revenue Stability	0.97	0.96	0.94	0.89	0.88	0.95	0.91	0.79	0.74	0.76	0.76	0.76	0.76	0.79	0.85	0.87	0.88	0.90	0.94	0.96	0.960
Earnings Stability	0.85	0.84	0.95	0.80	0.69	0.87	0.91	0.74	0.69	0.82	0.90	0.79	0.72	0.85	0.88	0.81	0.78	0.92	0.91	0.81	0.812
Margin Stability	0.95	0.94	0.94	0.94	0.94	0.94	0.94	0.94	0.93	0.91	0.89	0.88	0.86	0.85	0.84	0.85	0.85	0.86	0.86	0.85	0.851
Rev. Growth Consistency	1.00	1.00	0.00	0.00	0.00	1.00	0.50	0.50	0.50	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.000
Earn. Growth Consistency	0.50	0.50	0.50	0.00	0.00	1.00	1.00	0.50	0.50	1.00	1.00	1.00	0.00	0.00	0.00	1.00	0.50	0.50	0.50	1.00	1.000
FCF Positive Streak	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
Earnings Persistence	0.83	0.87	0.93	0.95	0.93	0.99	0.90	0.50	0.50	0.86	0.93	0.99	0.98	0.99	0.97	1.00	0.97	0.95	0.93	0.93	0.932
Earnings Smoothness	0.65	0.71	0.84	0.87	0.81	0.97	0.77	0.55	0.51	0.70	0.84	0.97	0.95	0.97	0.93	1.00	0.93	0.89	0.83	0.84	0.844
ROE Trend	0.03	0.02	0.02	-0.00	0.00	0.02	0.03	0.04	0.04	0.02	0.01	0.01	-0.01	-0.01	-0.03	-0.03	-0.03	-0.02	-0.02	-0.01	-0.012
Gross Margin Trend	0.09	0.12	0.11	0.07	0.06	0.00	-0.03	-0.09	-0.13	-0.17	-0.20	-0.20	-0.20	-0.17	-0.15	-0.11	-0.07	-0.03	0.02	0.04	0.045
FCF Margin Trend	-0.01	0.14	0.31	0.29	0.47	0.32	0.12	-0.01	-0.04	-0.22	-0.19	-0.20	-0.42	-0.12	-0.21	-0.22	-0.04	-0.20	-0.08	0.03	0.026
Sustainable Growth Rate	9.7%	9.0%	8.6%	7.0%	7.3%	9.2%	11.2%	13.0%	14.1%	12.7%	12.2%	11.6%	10.9%	10.3%	9.6%	9.8%	10.0%	9.9%	10.0%	10.1%	10.07%
Internal Growth Rate	0.9%	0.8%	0.8%	0.6%	0.6%	0.8%	1.0%	1.2%	1.2%	1.2%	1.2%	1.1%	1.0%	1.0%	1.0%	1.0%	1.0%	1.0%	1.0%	1.1%	1.09%

Cash Flow Quality

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
OCF/Net Income	0.66	1.09	1.67	1.85	2.52	1.96	1.56	1.36	1.32	0.81	1.07	0.97	0.42	1.27	0.75	0.50	0.84	0.20	0.54	0.76	0.760
FCF/OCF	0.85	0.91	0.95	0.97	0.97	0.97	0.95	0.93	0.94	0.90	0.94	0.94	0.75	0.92	0.85	0.75	0.90	0.62	0.87	0.94	0.943
FCF/Net Income	snapshot only																				0.716
OCF/EBITDA	snapshot only																				0.620
CapEx/Revenue	3.0%	2.8%	2.2%	1.3%	1.8%	1.4%	2.2%	2.8%	2.4%	2.2%	1.7%	1.3%	2.4%	2.4%	2.4%	2.7%	1.9%	1.8%	1.6%	1.1%	1.08%
CapEx/Depreciation	snapshot only																				0.674
Accruals Ratio	0.00	-0.00	-0.01	-0.01	-0.02	-0.01	-0.01	-0.01	-0.01	0.00	-0.00	0.00	0.01	-0.00	0.00	0.01	0.00	0.01	0.01	0.00	0.004
Sloan Accruals	snapshot only																				-0.023
Cash Flow Adequacy	snapshot only																				2.448
Earnings Quality Score	snapshot only																				0.500

Dividends & Buybacks

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Dividend Yield	4.2%	3.9%	3.8%	4.2%	4.6%	4.1%	4.5%	5.0%	4.5%	3.5%	3.6%	3.5%	3.3%	3.2%	3.3%	3.1%	3.3%	3.1%	2.8%	2.6%	2.62%
Dividend/Share	$1.16	$1.18	$1.18	$1.19	$1.21	$1.23	$1.25	$1.27	$1.29	$1.31	$1.33	$1.35	$1.37	$1.39	$1.41	$1.43	$1.45	$1.47	$1.43	$1.47	$1.56
Payout Ratio	29.9%	31.4%	33.2%	37.9%	37.8%	32.1%	28.3%	25.6%	24.6%	25.5%	25.8%	26.8%	27.6%	28.2%	29.4%	28.5%	27.6%	27.0%	26.9%	26.7%	26.69%
FCF Payout Ratio	52.9%	31.4%	20.9%	21.0%	15.4%	16.8%	19.0%	20.3%	19.9%	35.0%	25.7%	29.3%	86.8%	24.3%	46.3%	75.1%	36.2%	2.1%	57.3%	37.3%	37.27%
Total Payout Ratio	62.6%	67.6%	64.9%	59.0%	40.9%	32.1%	28.3%	25.6%	24.9%	25.8%	26.1%	27.0%	27.6%	28.2%	29.4%	28.5%	27.6%	27.0%	26.9%	26.7%	26.69%
Div. Increase Streak	0	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
Chowder Number	0.07	0.07	0.07	0.08	0.09	0.10	0.11	0.12	0.12	0.11	0.11	0.11	0.10	0.10	0.10	0.10	0.10	0.10	0.11	0.12	0.121
Buyback Yield	4.6%	4.5%	3.6%	2.4%	0.4%	0.0%	0.0%	0.0%	0.1%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.00%
Net Buyback Yield	4.4%	4.3%	3.5%	2.2%	0.2%	-0.2%	-0.2%	-0.2%	-0.1%	-0.1%	-0.1%	-0.1%	-0.1%	-0.1%	-0.1%	-0.1%	-0.1%	-0.1%	-0.1%	-0.1%	-0.05%
Total Shareholder Return	8.6%	8.2%	7.3%	6.4%	4.8%	3.9%	4.3%	4.8%	4.4%	3.4%	3.5%	3.4%	3.1%	3.1%	3.2%	3.0%	3.2%	3.0%	2.8%	2.5%	2.51%

DuPont Factors

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Tax Burden (NI/EBT)	0.81	0.80	0.80	0.80	0.79	0.81	0.81	0.80	0.80	0.80	0.80	0.80	0.80	0.81	0.81	0.83	0.85	0.87	0.87	0.86	0.861
Interest Burden (EBT/EBIT)	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.000
EBIT Margin	0.38	0.37	0.36	0.32	0.32	0.35	0.37	0.37	0.36	0.34	0.32	0.30	0.29	0.27	0.26	0.27	0.27	0.27	0.28	0.29	0.288
Asset Turnover	0.04	0.04	0.04	0.04	0.04	0.04	0.05	0.05	0.06	0.06	0.06	0.06	0.06	0.06	0.06	0.06	0.06	0.06	0.06	0.06	0.059
Equity Multiplier	10.61	10.79	11.26	11.14	11.49	11.28	11.14	11.23	11.42	10.61	10.32	10.43	10.47	10.31	10.14	9.96	9.85	9.84	9.73	9.38	9.376

Per Share

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
EPS (Diluted TTM)	$3.88	$3.76	$3.55	$3.15	$3.21	$3.84	$4.41	$4.95	$5.24	$5.12	$5.14	$5.04	$4.96	$4.93	$4.79	$5.02	$5.27	$5.46	$5.33	$5.52	$5.52
Book Value/Share	$28.52	$29.09	$27.55	$27.07	$26.24	$27.78	$29.22	$29.91	$30.17	$32.54	$33.29	$34.18	$36.15	$36.21	$37.56	$38.94	$40.52	$44.57	$42.75	$43.76	$43.76
Tangible Book/Share	$25.30	$25.85	$24.36	$23.89	$23.08	$24.63	$26.10	$26.80	$27.06	$28.75	$30.22	$31.12	$33.08	$33.14	$34.50	$35.89	$37.47	$38.85	$37.42	$38.48	$38.48
Revenue/Share	$12.67	$12.66	$12.35	$12.21	$12.45	$13.47	$14.77	$16.40	$17.95	$18.92	$20.08	$21.00	$21.77	$22.42	$22.43	$22.70	$22.87	$22.86	$22.00	$22.25	$22.25
FCF/Share	$2.19	$3.76	$5.65	$5.68	$7.86	$7.35	$6.55	$6.25	$6.49	$3.74	$5.16	$4.60	$1.58	$5.74	$3.04	$1.90	$4.01	$0.69	$2.50	$3.95	$3.95
OCF/Share	$2.57	$4.11	$5.93	$5.83	$8.08	$7.54	$6.88	$6.71	$6.93	$4.15	$5.51	$4.87	$2.10	$6.26	$3.57	$2.53	$4.45	$1.11	$2.86	$4.19	$4.19
Cash/Share	$87.32	$99.89	$86.85	$68.32	$54.66	$44.04	$42.38	$51.04	$53.58	$46.60	$52.51	$52.44	$63.94	$69.59	$56.73	$53.47	$65.85	$96.87	$85.41	$69.26	$69.26
EBITDA/Share	$5.65	$5.57	$5.31	$4.82	$4.88	$5.58	$6.26	$6.91	$7.26	$7.12	$7.12	$6.99	$6.88	$6.74	$6.47	$6.53	$6.62	$6.63	$6.45	$6.76	$6.76
Debt/Share	$38.96	$44.17	$45.66	$44.33	$42.50	$40.29	$47.54	$51.58	$47.47	$52.12	$50.53	$48.88	$48.17	$40.16	$46.19	$45.57	$45.48	$50.78	$40.80	$39.85	$39.85
Net Debt/Share	$-48.36	$-55.72	$-41.19	$-23.98	$-12.16	$-3.75	$5.16	$0.54	$-6.11	$5.52	$-1.97	$-3.56	$-15.77	$-29.43	$-10.54	$-7.89	$-20.37	$-46.09	$-44.61	$-29.42	$-29.42

Academic Models

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Altman-B Score	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	3.097
Altman Z-Prime	snapshot only																				-3.666
Piotroski F-Score	8	7	7	4	3	6	5	5	5	5	7	4	5	6	4	5	6	5	6	6	6
Beneish M-Score	-2.44	-2.63	-2.55	-2.43	-2.37	-1.97	-1.93	-1.81	-1.91	-2.20	-2.03	-2.14	-2.21	-2.32	-2.39	-2.40	-2.45	-2.42	-2.49	-2.61	-2.611
Ohlson O-Score	snapshot only																				-4.014
Net-Net WC	snapshot only																				$-282.14
EVA	snapshot only																				$70465800.00

Credit

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Credit Rating	snapshot only																				A-
Credit Score	59.90	59.84	55.64	54.95	50.54	53.71	60.03	61.70	63.32	60.93	64.65	63.12	60.11	62.46	59.40	60.64	59.98	63.57	65.17	65.69	65.695
Credit Grade	snapshot only																				7
Credit Trend	snapshot only																				5.059
Implied Spread (bps)	snapshot only																				175.000
Industry Credit Rank	snapshot only																				60
Sector Credit Rank	snapshot only																				54

MBWM NASDAQ

Edge Score

Analyst Insights

Financial Rating

InsiderStreet Scorecard

Risk & Quality Signals

Valuation

DuPont Decomposition (5-Factor)

Graham-Dodd Adjusted Valuation

Profitability Trends

Leverage & Solvency Trends

Efficiency & Working Capital Trends

Growth Trends (YoY %)

Earnings Stability

Monte Carlo Price Simulation

Executive Compensation

C-Suite Compensation

CEO Pay Ratio

C-Suite Pay Equality (Gini)

CEO Compensation Mix

Workforce & Productivity

Scaling Efficiency

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