COMP <GO>

MBWM vs EQBK // EV/EBITDA & P/E VALUATION

Mercantile Bank Corporation (NASDAQ) VS. Equity Bancshares Inc. (Class A) (NYSE) • 15-METRIC TALLY: MBWM 4 — EQBK 2

■ METRIC PARITY

LAST: $61.20 (+2.32%) • MKT CAP: $1.03B

valuation

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LAST: $49.95 (+2.61%) • MKT CAP: $1.00B

valuation

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15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (MBWM VS. EQBK) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	MBWM	EQBK	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	—	—	—	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	12.20%	3.10%	+9.10	MBWM	/roic <GO>
EV/EBITDA & P/E Valuation ACTIVE	—	—	—	TIE	/valuation <GO>
Free Cash Flow Yield	1.71%	3.77%	-2.06	EQBK	/fcf-yield <GO>
Operating Margin	—	—	—	TIE	/operating-margins <GO>
Net Profit Margin	—	—	—	TIE	/net-margins <GO>
Revenue Growth (YoY)	—	—	—	TIE	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	2.28%	1.13%	+1.15	MBWM	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	—	—	—	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	4/9	4/9	0.00	TIE	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	50.9	53.6	-2.70	EQBK	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	—	—	—	TIE	/macro-sensitivity <GO>
Forward P/E Multiple	11.0x	41.4x	-30.40	MBWM	/forward-pe <GO>
Enterprise Scale & Market Cap	$1.03B	$1.00B	$31.5M	MBWM	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	MBWM REV	EQBK REV	MBWM GROSS %	EQBK GROSS %	MBWM FCF	EQBK FCF
FY 2025	$2.87B	$2.68B	—	—	$18.0M	$38.1M
FY 2024	$2.54B	$2.24B	—	—	$101.1M	$65.4M
FY 2023	$370.0M	$290.8M	—	—	$66.6M	$76.5M

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

MBWM // BETA —

EQBK // BETA —