At the halfway stage of a record-breaking 20-Grand Prix campaign, the seven-times champion has managed to haul himself up to 12th in the drivers' standings with 29 points, 27 of those in the last three races.
Team-mate Nico Rosberg has 76 points, but with just one from his last two drives, whilst the Brackley-based team are languishing in fifth in the constructors' table after finishing fourth the last two seasons.
Delivering his "half-time analysis", Schumacher said: "As so often in life it is a question of perspective.
"If we only look at the points, it doesn't seem so good, but if you look a bit deeper, and at certain results, then the overall picture is much better.
"We have taken a clear step forward and already achieved a few highlights."
Those highlights include the team's first victory, and Rosberg's first in China, and a second place in Monaco for the 27-year-old.
As for Schumacher, the 43-year-old finished third in the European Grand Prix in Valencia, his first podium since the end of 2006.
Mercedes-Benz motorsport boss Norbert Haug knows the team are still lacking in pace compared to their rivals - Ferrari, Red Bull, McLaren, and now Lotus.
Haug said: "The verdict on the first half of our season would be: 'much achieved, much still to do'.
"Our team has scored over one third more points than at the same time last year, in spite of Michael suffering a run of technical retirements.
"The last two races have shown we currently lack around half a second a lap to the pacesetters.
"This is clear to all in the team and we'll be doing our maximum to develop the car further and close the gap."