Demonstrações financeiras detalhadas de Mercantile Bank Corporation (MBWM): demonstração de resultados, balanço patrimonial e fluxo de caixa. Acompanhe a evolução de margens, dívida, liquidez e rentabilidade ano a ano com até 20 anos de histórico.
Resumo da Análise
Mercantile Bank Corporation registou receitas de $371.8M no último exercício, com um CAGR de 5 anos de 14.0%. O lucro líquido atingiu $88.8M, com CAGR de 5 anos de 15.0%.
Margens dos últimos 12 meses: margem bruta 68.0%, margem operacional 28.8%, margem líquida 24.8%. O fluxo de caixa livre cresceu a CAGR de -17.2% em 5 anos.
Ao preço atual de $60.55, MBWM negocia a um P/L de 10.66 e um ROE de 13.25%. A capitalização de mercado é de $1.0B.
Demonstração de Resultados (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Receita | $139.5M | $144.5M | $161.0M | $185.3M | $193.5M | $198.7M | $213.9M | $303.5M | $361.9M | $371.8M |
| Custo da Receita | $15.5M | $18.7M | $23.0M | $35.6M | $40.1M | $15.1M | $30.1M | $85.5M | $137.8M | $133.7M |
| Lucro Bruto | $124.0M | $125.8M | $138.0M | $149.7M | $153.4M | $183.5M | $183.8M | $218.0M | $224.1M | $238.1M |
| P&D | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Despesas Gerais e Administrativas | $54.3M | $56.2M | $62.0M | $64.7M | $62.2M | $69.4M | $67.8M | $72.6M | $82.0M | $110.3M |
| Despesas Operacionais | $77.1M | $79.7M | $86.2M | $89.3M | $98.5M | $109.8M | $108.0M | $115.3M | $125.8M | $136.0M |
| Lucro Operacional | $46.9M | $46.1M | $51.8M | $60.5M | $54.8M | $73.7M | $75.8M | $102.7M | $98.3M | $102.1M |
| EBITDA | $56.5M | $56.4M | $61.6M | $70.0M | $64.3M | $87.4M | $88.7M | $114.2M | $108.8M | $106.5M |
| Despesas com Juros | $12.6M | $15.8M | $21.9M | $33.8M | $26.1M | $19.4M | $23.6M | $77.8M | $130.4M | $129.2M |
| Lucro Antes de Impostos | $46.9M | $46.1M | $51.8M | $60.5M | $54.8M | $73.7M | $75.8M | $102.7M | $98.3M | $102.1M |
| Imposto | $15.0M | $14.8M | $9.8M | $11.0M | $10.7M | $14.7M | $14.7M | $20.5M | $18.7M | $13.3M |
| Lucro Líquido | $31.9M | $31.3M | $42.0M | $49.5M | $44.1M | $59.0M | $61.1M | $82.2M | $79.6M | $88.8M |
| LPA | $1.96 | $1.90 | $2.53 | $3.01 | $2.71 | $3.69 | $3.85 | $5.13 | $4.93 | $5.46 |
| LPA Diluído | $1.96 | $1.90 | $2.53 | $3.01 | $2.71 | $3.69 | $3.85 | $5.13 | $4.93 | $5.46 |
| Ações em Circulação (Diluídas) | $16.3M | $16.5M | $16.6M | $16.4M | $16.3M | $16.0M | $15.9M | $16.0M | $16.1M | $16.3M |
Demonstração de Resultados (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Receita | $96.0M | $93.3M | $96.5M | $98.2M |
| Lucro Bruto | $62.2M | $61.4M | $68.8M | $68.8M |
| Lucro Operacional | $27.4M | $24.6M | $27.3M | $31.2M |
| EBITDA | $28.8M | $26.0M | $29.0M | $32.9M |
| Lucro Líquido | $23.8M | $22.8M | $22.7M | $25.9M |
| LPA | $1.46 | $1.40 | $1.32 | $1.50 |
| LPA Diluído | $1.46 | $1.40 | $1.32 | $1.50 |
Balanço (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caixa e Equivalentes | $183.6M | $200.1M | $75.4M | $233.7M | $626.0M | $975.2M | $96.8M | $130.5M | $393.0M | $473.3M |
| Investimentos de Curto Prazo | $328.1M | $335.7M | $337.4M | $334.7M | $387.3M | $592.7M | $602.9M | $617.1M | $730.4M | $1.10B |
| Contas a Receber | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Estoque | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Ativos Circulantes | $511.7M | $535.8M | $412.7M | $568.4M | $1.01B | $1.57B | $699.7M | $747.6M | $1.12B | $1.58B |
| Imobilizado | $45.5M | $46.0M | $48.3M | $57.3M | $59.0M | $57.3M | $51.5M | $50.9M | $53.4M | $62.5M |
| Ágio | $49.5M | $49.5M | $49.5M | $49.5M | $49.5M | $49.5M | $49.5M | $49.5M | $49.5M | $72.7M |
| Ativos Intangíveis | $10.0M | $7.6M | $5.6M | $3.8M | $2.4M | $1.4M | $583000 | $11.3M | 0 | $20.4M |
| Ativos Totais | $3.08B | $3.29B | $3.36B | $3.63B | $4.44B | $5.26B | $4.87B | $5.35B | $6.05B | $6.84B |
| Contas a Pagar | $15.2M | $14.2M | $25.2M | $22.4M | $24.3M | $24.6M | $78.2M | 0 | 0 | 0 |
| Dívida de Curto Prazo | $131.7M | $118.7M | $103.5M | $102.7M | $118.4M | $197.5M | $194.3M | $229.7M | $121.5M | $232.3M |
| Passivos Circulantes | $2.52B | $2.66B | $2.59B | $2.82B | $3.55B | $4.31B | $3.99B | $4.13B | $4.82B | $5.52B |
| Dívida de Longo Prazo | $219.8M | $265.5M | $396.2M | $400.9M | $441.6M | $495.9M | $445.8M | $606.5M | $526.7M | $593.6M |
| Passivos Totais | $2.74B | $2.92B | $2.99B | $3.22B | $4.00B | $4.80B | $4.43B | $4.83B | $5.47B | $6.11B |
| Reservas | $40.9M | $61.0M | $75.5M | $107.8M | $134.0M | $174.5M | $216.3M | $277.5M | $334.6M | $399.4M |
| Patrimônio Líquido | $340.8M | $365.9M | $375.2M | $416.6M | $441.6M | $456.6M | $441.4M | $522.1M | $584.5M | $724.9M |
| Dívida Total | $351.5M | $384.3M | $499.7M | $503.6M | $559.9M | $693.4M | $640.2M | $836.3M | $648.2M | $825.9M |
| Dívida Líquida | -$160.1M | -$151.6M | $87.0M | -$64.8M | -$453.4M | -$874.5M | -$59.5M | $88.6M | -$475.1M | -$749.7M |
| Capital de Giro | -$2.01B | -$2.12B | -$2.18B | -$2.25B | -$2.54B | -$2.74B | -$3.29B | -$3.38B | -$3.70B | -$3.94B |
Balanço (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caixa e Equivalentes | $477.0M | $473.3M | $579.3M | $69.8M |
| Ativos Totais | $6.31B | $6.84B | $6.95B | $6.82B |
| Passivos Totais | $5.65B | $6.11B | $6.21B | $6.06B |
| Patrimônio Líquido | $657.6M | $724.9M | $736.9M | $755.1M |
| Dívida Total | $738.1M | $825.9M | $703.3M | $687.7M |
Fluxo de Caixa (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Lucro Líquido | $31.9M | $31.3M | $42.0M | $49.5M | $44.1M | $59.0M | $61.1M | $82.2M | $79.6M | $88.8M |
| Depreciação e Amortização | $9.6M | $10.4M | $9.8M | $9.6M | $9.4M | $13.7M | $12.9M | $11.5M | $10.5M | $5.8M |
| Compensação em Ações | $1.5M | $2.0M | $2.4M | $2.9M | $2.3M | $3.8M | $3.4M | $3.4M | $3.3M | $3.5M |
| Variação Capital de Giro | -$1.6M | -$2.4M | $7.7M | -$10.5M | -$9.9M | -$14.6M | $25.9M | -$20.3M | $501000 | -$81.2M |
| Fluxo de Caixa Operacional | $34.6M | $38.7M | $61.7M | $44.8M | $37.9M | $64.6M | $119.9M | $66.6M | $101.1M | $18.0M |
| CapEx | -$2.0M | -$5.4M | -$6.3M | -$13.5M | -$9.0M | -$5.6M | -$3.0M | -$6.7M | -$8.5M | -$6.8M |
| Aquisições | 0 | 0 | 0 | 0 | 0 | -$2.7M | 0 | 0 | 0 | $53.6M |
| Recompra de Ações | -$3.7M | 0 | -$5.9M | -$7.2M | -$6.6M | -$21.4M | 0 | 0 | 0 | 0 |
| Dividendos Pagos | -$18.7M | -$12.0M | -$27.5M | -$17.1M | -$17.9M | -$18.5M | -$19.6M | -$21.0M | -$22.5M | -$24.0M |
| Fluxo de Caixa Livre | $32.6M | $33.2M | $55.4M | $31.3M | $28.9M | $59.0M | $116.8M | $59.9M | $92.6M | $11.2M |
Fluxo de Caixa (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Fluxo de Caixa Operacional | $23.1M | $5.6M | $28.3M | $15.3M |
| CapEx | -$2.6M | -$227000 | -$938000 | -$328000 |
| Fluxo de Caixa Livre | $20.5M | $5.4M | $27.4M | $14.9M |
| Dividendos Pagos | -$6.1M | -$6.1M | -$6.6M | -$6.6M |
| Compensação em Ações | $929000 | $821000 | $971000 | $1.0M |
Crescimento e Margens (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crescimento Receita (anual) | | +3.6% | +11.4% | +15.1% | +4.4% | +2.7% | +7.7% | +41.9% | +19.2% | +2.7% |
| Crescimento Lucro Líquido (anual) | | -2.0% | +34.4% | +17.7% | -10.8% | +33.7% | +3.5% | +34.6% | -3.2% | +11.5% |
| Crescimento LPA (anual) | | -3.1% | +33.2% | +19.0% | -10.0% | +36.2% | +4.3% | +33.2% | -3.9% | +10.8% |
| Variação de Ações (anual) | | +1.1% | +0.7% | -1.2% | -0.9% | -1.7% | -0.8% | +1.0% | +0.7% | +0.8% |
| Crescimento FCF (anual) | | +2.0% | +66.7% | -43.6% | -7.7% | +104.1% | +98.1% | -48.7% | +54.5% | -87.9% |
| Margem Bruta | 88.9% | 87.0% | 85.7% | 80.8% | 79.3% | 92.4% | 85.9% | 71.8% | 61.9% | 64.0% |
| Margem Operacional | 33.6% | 31.9% | 32.2% | 32.6% | 28.3% | 37.1% | 35.4% | 33.8% | 27.2% | 27.5% |
| Margem EBITDA | 40.5% | 39.0% | 38.3% | 37.8% | 33.2% | 44.0% | 41.5% | 37.6% | 30.1% | 28.6% |
| Margem Líquida | 22.9% | 21.6% | 26.1% | 26.7% | 22.8% | 29.7% | 28.5% | 27.1% | 22.0% | 23.9% |
| Margem FCF | 23.4% | 23.0% | 34.4% | 16.9% | 14.9% | 29.7% | 54.6% | 19.7% | 25.6% | 3.0% |
| Taxa Efetiva de Imposto | 31.9% | 32.1% | 18.9% | 18.2% | 19.5% | 19.9% | 19.4% | 19.9% | 19.0% | 13.1% |
Dados por Ação (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Ação | $2.00 | $2.02 | $3.34 | $1.91 | $1.78 | $3.69 | $7.37 | $3.74 | $5.74 | $0.69 |
| Dividendo por Ação | $1.15 | $0.73 | $1.66 | $1.04 | $1.10 | $1.16 | $1.24 | $1.31 | $1.39 | $1.47 |
| Ações em Circulação (Básicas) | $16.3M | $16.5M | $16.6M | $16.4M | $16.3M | $16.0M | $15.9M | $16.0M | $16.1M | $16.3M |
O que olhar em empresas de Financial Services
- Efficiency Ratio (≤55%) — Despesas operacionais / receita. Bancos top abaixo de 55%.
- ROA (≥1%) — Quanto ganham por cada euro de ativos. ROE engana em bancos pela alavancagem.
- ROTCE (≥12%) — Rentabilidade sobre Capital Tangível. Exclui goodwill e intangíveis.
- Capital / Ativos (proxy Tier 1) (≥8%) — Proxy do rácio de capital. FMP não expõe Tier 1 regulatório direto.
- P/B (1,0-1,5x) — Métrica clássica bancária. <1x pode ser oportunidade ou distress.
- Dividend yield sustentável (≥2%, <8%) — Bancos UE pagam 5-7% sem stress. >8% é sinal de distress.
Rentabilidade
| Retorno sobre patrimônio | 13.25% |
| Retorno sobre capital investido | 1.37% |
| Retorno sobre ativos | 1.37% |
| Margem bruta | 67.99% |
| Margem operacional | 28.78% |
| Margem líquida | 24.79% |
Saúde financeira
| Dívida / Patrimônio | 0.95 |
| Liquidez corrente | 0.22 |
| Piotroski F-Score | 6 |
| Altman Z-Score | -0.43 |
Índices Chave (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/L | 19.23 | 18.62 | 11.17 | 12.12 | 10.03 | 9.49 | 8.70 | 7.87 | 9.02 | 8.81 |
| P/VP | 1.80 | 1.59 | 1.25 | 1.44 | 1.00 | 1.23 | 1.20 | 1.24 | 1.23 | 1.08 |
| P/V | 4.40 | 4.03 | 2.91 | 3.23 | 2.28 | 2.82 | 2.48 | 2.13 | 1.98 | 2.10 |
| Margem Bruta | 88.9% | 87.0% | 85.7% | 80.8% | 79.3% | 92.4% | 85.9% | 71.8% | 61.9% | 64.0% |
| Margem Operacional | 33.6% | 31.9% | 32.2% | 32.6% | 28.3% | 37.1% | 35.4% | 33.8% | 27.2% | 27.5% |
| Margem Líquida | 22.9% | 21.6% | 26.1% | 26.7% | 22.8% | 29.7% | 28.5% | 27.1% | 22.0% | 23.9% |