Heritage Financial Corporation (HFWA) vs Mercantile Bank Corporation (MBWM)
A side-by-side comparison of Heritage Financial Corporation and Mercantile Bank Corporation across valuation, profitability, dividends, and growth — built entirely from reported fundamentals, as of October 6, 2026. Differences are shown without an overall score or investment verdict.
Total return — HFWA vs MBWM
growth of $100 · dividends reinvested · last 10yHFWA vs MBWM: by the numbers
- •HFWA is the larger company ($1.15B vs $1.02B market cap).
- •MBWM trades at the lower trailing earnings multiple (10.43 vs 13.21 P/E), one valuation lens rather than an overall verdict.
- •MBWM converts more revenue to profit (24.79% vs 23.17% net margin).
- •MBWM grew revenue faster over the past five years (14.13% vs 5.82% CAGR).
- •HFWA pays the higher dividend yield (3.48% vs 2.63%).
Metrics side by side
Valuation
| Metric | HFWA | MBWM |
|---|---|---|
| P/E ratio | 13.21 | 10.43 |
| Forward P/E | 14.14 | 10.69 |
| PEG ratio | 1.51 | 0.69 |
| P/S ratio | 3.42 | 2.66 |
| P/B ratio | 1.04 | 1.36 |
Profitability
| Metric | HFWA | MBWM |
|---|---|---|
| Operating margin | 23.15% | 28.78% |
| Net margin | 23.17% | 24.79% |
| ROE | 7.02% | 12.61% |
Heritage Financial Corporation: Gross margin is not shown for a lender or insurer: its revenue is interest, premiums and fees rather than the sale of goods, so there is no cost of goods sold to measure it against.
Mercantile Bank Corporation: Gross margin is not shown for a lender or insurer: its revenue is interest, premiums and fees rather than the sale of goods, so there is no cost of goods sold to measure it against.
Dividends
| Metric | HFWA | MBWM |
|---|---|---|
| Dividend yield | 3.48% | 2.63% |
| Payout ratio | 45.97% | 27.46% |
Growth (annualized)
| Metric | HFWA | MBWM |
|---|---|---|
| Revenue CAGR (5Y) | 5.82% | 14.13% |
| EPS CAGR (5Y) | 9.06% | 15.04% |
| Total return CAGR (5Y) | 5.89% | 16.02% |
Frequently asked
- Which has the lower trailing P/E, HFWA or MBWM?
- MBWM has the lower trailing P/E: HFWA trades at 13.21 and MBWM at 10.43. P/E is one valuation measure and does not by itself establish which business is cheaper.
- Which has grown faster, HFWA or MBWM?
- Over the past five years, MBWM grew revenue faster — HFWA at a 5.82% CAGR versus MBWM at 14.13%.
- Does HFWA or MBWM pay a bigger dividend?
- HFWA yields 3.48% and MBWM yields 2.63% based on trailing dividends and the latest price.
- Is HFWA or MBWM more profitable?
- MBWM runs the higher net margin — HFWA at 23.17% versus MBWM at 24.79%.
- How have HFWA and MBWM total returns compared?
- Over the past 10 years, HFWA delivered 8.02% and MBWM delivered 12.20% annualized total return. Past performance doesn't predict future results.
Go deeper
Dig into the metrics
Heritage Financial & Mercantile Bank appear in these rankings
Figures are sourced from reported fundamentals and the latest end-of-day price. This comparison is informational only and is not investment advice. Past performance does not predict future results. See our methodology. Compiled by TGMCharts Research · data verified October 6, 2026.