MBWM
Mercantile Bank Corporation
MBWM trails on the overall score without a compensating advantage in the available component scores.
MS
Morgan Stanley
MS has the edge over MBWM overall, supported by stronger modeled upside and stronger valuation.
MBWM Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| N/A | |
| N/A |
MBWM's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like MBWM.
MS Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| N/A | |
| N/A |
MS's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like MS.
MBWM PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 7.3x | $41.04 | -33% |
| Fair | 9.2x | $51.59 | -16% |
| Expensive | 11x | $59.31 | -2.9% |
| Current | 11x | $61.11 | — |
| Forward | 11x | $61.11 | — |
Historical ranges are pointers, not guarantees.
MBWM has the edge over MS in the historical PE scenario, which offers more potential upside but is not a forecast.
MS PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 11x | $134 | -29% |
| Fair | 14x | $178 | -5.7% |
| Forward | 14x | $189 | — |
| Current | 15x | $189 | — |
| Expensive | 18x | $223 | +18% |
Historical ranges are pointers, not guarantees.
MS's PE is in its fair range at 15x. If earnings grow as analysts expect, today's price would be 14x next year's earnings.
MBWM Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Growth | |
| Growth | |
| Weakening | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for MBWM, but weaker profitability.
MS Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
MS has the edge over MBWM on the outlook, with more favorable valuation and profitability expectations.
MBWM Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $5.72 | +1.7% |
| Q3 2026 | $5.62 | +6.8% |
| Q2 2026 | $5.69 | +13% |
| Q1 2026 | $5.58 | +16% |
| Q4 2025 | $5.47 | +11% |
| Q3 2025 | $5.26 | +5.6% |
| Q2 2025 | $5.02 | -0.8% |
| Q1 2025 | $4.80 | -7% |
| Q4 2024 | $4.93 | -3.9% |
MBWM earned $5.62 per share over the past year, up 6.8% from the year before.
MS Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $13.39 | +6.3% |
| Q3 2026 | $12.60 | +29% |
| Q2 2026 | $12.37 | +40% |
| Q1 2026 | $11.04 | +29% |
| Q4 2025 | $10.21 | +28% |
| Q3 2025 | $9.76 | +48% |
| Q2 2025 | $8.84 | +45% |
| Q1 2025 | $8.53 | +55% |
| Q4 2024 | $7.95 | +53% |
MS has the edge over MBWM on earnings, with more consistent year-over-year improvement.
MBWM Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $73.2M | +17% |
| Q2 2026 | $68.8M | +13% |
| Q1 2026 | $67.6M | +18% |
| Q4 2025 | $62.1M | +6% |
| Q3 2025 | $62.4M | +7.6% |
| Q2 2025 | $60.9M | +7.4% |
| Q1 2025 | $57.3M | -1.7% |
| Q4 2024 | $58.5M | +2.8% |
MBWM's revenue has grown year over year for six quarters in a row: $73M last quarter, up 17% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 40% | -4.4 points |
| Q2 2026 | 45% | +2.8 points |
| Q1 2026 | 40% | -1.6 points |
| Q4 2025 | 42% | +2.3 points |
| Q3 2025 | 44% | +1.6 points |
| Q2 2025 | 43% | +1.2 points |
| Q1 2025 | 42% | -4.3 points |
| Q4 2024 | 40% | -4.6 points |
MBWM has the edge over MS on profitability, with a higher operating margin.
MS Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $20.3B | +12% |
| Q2 2026 | $21.3B | +27% |
| Q1 2026 | $20.6B | +16% |
| Q4 2025 | $17.9B | +10% |
| Q3 2025 | $18.2B | +18% |
| Q2 2025 | $16.8B | +12% |
| Q1 2025 | $17.7B | +17% |
| Q4 2024 | $16.2B | +26% |
MS has the edge over MBWM on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 32% | -1.2 points |
| Q2 2026 | 34% | +6.9 points |
| Q1 2026 | 34% | +2.8 points |
| Q4 2025 | 32% | +2 points |
| Q3 2025 | 33% | +5.6 points |
| Q2 2025 | 28% | +0.4 points |
| Q1 2025 | 31% | +2.2 points |
| Q4 2024 | 30% | +14 points |
MS's operating margin was 32% last quarter, down 1.2 points from the same quarter a year ago.
MBWM Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $47.1M | +104% |
| Q2 2026 | $15.3M | +$23.1M |
| Q1 2026 | $28.3M | +$31.3M |
| Q4 2025 | $5.6M | -91% |
| Q3 2025 | $23.1M | +$31.2M |
| Q2 2025 | -$7.8M | -186% |
| Q1 2025 | -$3M | -107% |
| Q4 2024 | $59.9M | +$67.2M |
MBWM has the edge over MS on cash generation, producing positive trailing cash flow while its opponent burns cash.
MS Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$46B | -$42.7B |
| Q2 2026 | -$2.7B | -123% |
| Q1 2026 | -$7.1B | +$16.9B |
| Q4 2025 | -$2.4B | -120% |
| Q3 2025 | -$3.3B | +$14B |
| Q2 2025 | $11.8B | +368% |
| Q1 2025 | -$24B | -650% |
| Q4 2024 | $11.8B | +$29.6B |
MS's free cash flow was −$58.3B over the past year, against −$3.7B the year before. Free cash flow isn't a meaningful measure for financial services companies like MS.
MBWM Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | +8K shares |
| 1 year | +6.4% | +1M shares |
| 3 years | +7.9% | +1.3M shares |
| 5 years | +9% | +1.4M shares |
| Available history | +5.3% | +877K shares |
MBWM has 17M diluted shares, up 6.4% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2022 | — |
| Q3 2022 | — |
| Q2 2022 | — |
| Q1 2022 | — |
| Q4 2021 | $1.6M |
| Q3 2021 | $8.9M |
| Q2 2021 | $7.3M |
| Q1 2021 | $3.5M |
MS Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.2% | -3M shares |
| 1 year | -1.5% | -24M shares |
| 3 years | -4.7% | -77M shares |
| 5 years | -14% | -246M shares |
| Available history | -4.5% | -74M shares |
MS has the edge over MBWM on shareholder dilution, with a more favorable share count trend.
MBWM Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.5x | Net Cash |
| Q2 2026 | -0.6x | Net Cash |
| Q1 2026 | -0.4x | Net Cash |
| Q4 2025 | -0.5x | Net Cash |
| Q3 2025 | -0.6x | Net Cash |
| Q2 2025 | -0.9x | Net Cash |
| Q1 2025 | -0.7x | Net Cash |
| Q4 2024 | -0.5x | Net Cash |
MBWM has the edge over MS on leverage, with a lower net debt burden relative to earnings.
MS Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 7.8x | High |
| Q2 2026 | 7.3x | High |
| Q1 2026 | 8.2x | High |
| Q4 2025 | 8.6x | High |
| Q3 2025 | 8.4x | High |
| Q2 2025 | 8.7x | High |
| Q1 2025 | 8.7x | High |
| Q4 2024 | 7.9x | High |
MS's net debt is about 7.8 years of its operating earnings (EBITDA), down from 8.4 years a year ago. Net leverage isn't a meaningful measure for financial services companies like MS.
MBWM Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 60.0 | Neutral |
| Stochastic | 55.7 | Neutral |
MBWM's weekly RSI is 60 (neutral) and its Stochastic is 56 (neutral).
MS Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 45.0 | Neutral |
| Stochastic | 18.7 | Oversold |
MS's weekly RSI is 45 (neutral) and its Stochastic is 19 (oversold).
MBWM PE vs Financial Services Sector
| Metric | MBWM | Sector median | Relative |
|---|---|---|---|
| PE | 11x | 13x | 17% below |
| PE % | 87 | 63 | 24 pts above |
MBWM has the edge over MS on valuation relative to its sector.
MS PE vs Financial Services Sector
| Metric | MS | Sector median | Relative |
|---|---|---|---|
| PE | 15x | 13x | 15% above |
| PE % | 59 | 63 | 4 pts below |
MS is trading at 15x earnings, a 15% premium to the Financial Services sector's median of 13x.
MBWM Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $59.8 | 2.2% above |
| 20 week MA | $59.8 | 2.2% above |
| 50 week MA | $54.8 | 12% above |
| 100 week MA | $50.1 | 22% above |
| 200 week MA | $43.5 | 41% above |
MBWM has the edge over MS on trend strength, trading above more of its moving averages.
MS Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $186.5 | 1.5% above |
| 20 week MA | $203.3 | 6.9% below |
| 50 week MA | $191.9 | 1.4% below |
| 100 week MA | $164.9 | 15% above |
| 200 week MA | $129.3 | 46% above |
MS's trend is mixed: it's above three of its five weekly moving averages, and 46% above its 200-week average.
MBWM Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $36.7 | $27.2 | -26% |
| 2021 | $27.2 | $35.1 | +29% |
| 2022 | $35.1 | $33.8 | -3.7% |
| 2023 | $33.8 | $40.4 | +20% |
| 2024 | $40.4 | $44.8 | +11% |
| 2025 | $44.8 | $48.7 | +8.8% |
| 2026 YTD | $48.7 | $61.1 | +25% |
MBWM has the edge over MS on returns for 2026, with the stronger performance.
MS Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $51.1 | $68.1 | +33% |
| 2021 | $68.1 | $99.3 | +46% |
| 2022 | $99.3 | $86.1 | -13% |
| 2023 | $86.1 | $93.3 | +8.3% |
| 2024 | $93.3 | $126.8 | +36% |
| 2025 | $126.8 | $181.9 | +43% |
| 2026 YTD | $181.9 | $189.2 | +4% |
MS has finished higher in five of the last six years. It's up 4% so far in 2026.