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MBWM vs BRK-B // FORWARD P/E MULTIPLE

Mercantile Bank Corporation (NASDAQ) VS. Berkshire Hathaway Inc. (NYSE) • 15-METRIC TALLY: MBWM 3 — BRK-B 3
▲ FORWARD P/E MULTIPLE LEADER: MBWM
15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (MBWM VS. BRK-B) EMERALD CELL = QUANTITATIVE EDGE
INSTITUTIONAL METRIC MBWM BRK-B SPREAD (A - B) ADVANTAGE DEDICATED URL
Gross Profit Margin — — — TIE /gross-margins <GO>
Return on Invested Capital (ROIC) 12.20% 11.47% +0.73 MBWM /roic <GO>
EV/EBITDA & P/E Valuation — 9.9x — TIE /valuation <GO>
Free Cash Flow Yield 1.71% 2.04% -0.33 BRK-B /fcf-yield <GO>
Operating Margin — 27.80% — TIE /operating-margins <GO>
Net Profit Margin — 22.30% — TIE /net-margins <GO>
Revenue Growth (YoY) — 3.93% — TIE /revenue-growth <GO>
Dividend Yield & FCF Payout Safety 2.28% 0.00% +2.28 MBWM /dividend-safety <GO>
Altman Z-Score & Debt/Equity — 2.88 — TIE /balance-sheet <GO>
Piotroski F-Score Quality 4/9 4/9 0.00 TIE /piotroski-score <GO>
Options Implied Move & Put/Call Skew — 3.64% — TIE /options-implied-move <GO>
RSI-14 & 200D SMA Momentum 50.9 63.6 -12.70 BRK-B /rsi-technicals <GO>
10Y Yield & FRED Macro Beta — 0.61 — TIE /macro-sensitivity <GO>
Forward P/E Multiple ACTIVE 11.0x 24.9x -13.91 MBWM /forward-pe <GO>
Enterprise Scale & Market Cap $1.03B $1.20T -$1.20T BRK-B /market-cap <GO>
5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY
FISCAL YEAR MBWM REV BRK-B REV MBWM GROSS % BRK-B GROSS % MBWM FCF BRK-B FCF
FY 2025 $2.87B $371.44B — — $18.0M $25.04B
FY 2024 $2.54B $371.43B — — $101.1M $11.62B
FY 2023 $370.0M $364.48B — — $66.6M $29.79B
FY 2022 — $302.02B — — — $21.89B
FY 2021 — $276.19B — — — $26.15B
FRED MACRO REGIME CORRELATION COMPARISON PEARSON r
MBWM // BETA —
BRK-B // BETA 0.61