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Midland States Bancorp, Inc.

MSBI Financial Banks Regional

Midland States Bancorp, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $476.0 million, down 15.7% from fiscal 2024.

Revenue
−1.90%
EPS
+295.8%
Free cash flow
−51.8%
Total debt
−4.26%

Quarter to September 2026, against a year earlier

31.76 1.68 −5.02%
Market cap
$657.4M
P/E
14.0×
Fwd P/E
9.6×
Dividend yield
4.06%
F-score
3/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 0.53
Sold, $m 0.49
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy 4 — — — — 1 — — — — — —
Sell — 1 — — — — — 1 2 1 — —
Insider Ownership 10.31%

Capital & Financial Ratios $m

Size
Market Cap 657.35
Revenue ttm 455.31
Net income ttm 58.27
Free cash flow ttm 81.55
Net debt Q 332.83
Valuation
P/E 13.99
Forward P/E 9.59
Price / sales 1.47
Forward P/S Powerpack
Price / FCF 8.23
Price / book 1.59
Financial health
Current ratio Q 0.74
Debt / equity Q 0.81
Interest coverage Q —
Growth
Revenue growth Q −1.90% (below 0%: shrinking)
Operating income growth Q +159.69% (above 0%: growing)
EPS, this year +155.70% (at or above 15%: strong)
EPS, next year A +1.93%
Revenue, next year A −29.69% (below 0%: weak)
EPS, past 5 yrs —
EPS, next 5 yrs A +7.00%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 61.61%
10-year low 10-year high
P/S against its own 10 years 42.18%
10-year low 10-year high
P/B against its own 10 years 96.73%
10-year low 10-year high

Dividends raised every year since 2017

Yield
4.06%
Annual rate
1.29
Payout ratio
56.8%
Growth, 2017–25
+5.84%/yr
  1. 0.80 ’17
  2. 0.88 ’18 +10
  3. 0.97 ’19 +10
  4. 1.07 ’20 +10
  5. 1.12 ’21 +5
  6. 1.16 ’22 +4
  7. 1.20 ’23 +3
  8. 1.24 ’24 +3
  9. 1.26 ’25 +2
  10. 1.30 ’26e +3
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 135 115 128 100
Receivables — — — —
Inventory — — — —
Other — — — —
6,117 5,541 4,442 4,354
2023 2024 2025 Q'26
Payables 6,310 6,197 5,424 5,617
ST’ Debt — — — —
Other — — — —
6,455 6,409 5,576 5,853

Compound Annual Growth %

10y 5y 3y
Sales 10.38% 9.23% 0.96%
Cash Flow 5.54% (24.11%) (23.96%)
Earnings 0.00% 0.00% 0.00%
Book Value 9.27% (1.87%) (9.33%)

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.90 Actual 0.95

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.70 0.53 Miss by 0.17
Q1 FY26 0.60 0.79 Beat by 0.19
Q2 FY26 0.78 0.82 Beat by 0.04
Q3 FY26 0.90 0.95 Beat by 0.05
Q4 FY26 0.89 — Reports 28 January 2027

EPS $

Mar Jun Sep Dec Year
’26 0.74 0.82 0.95 — —
’25 (6.47) 0.44 0.24 (0.24) (6.14)
’24 0.92 1.18 0.83 (1.42) 1.32
’23 0.86 0.86 0.41 0.79 2.33
’22 0.92 0.97 1.04 1.30 4.23
’21 0.81 0.88 0.86 1.02 3.57
’20 0.06 0.53 0.00 0.36 0.95
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 108 112 116 — —
’25 117 121 119 119 476
’24 143 139 143 140 565
’23 111 119 115 186 532
’22 78 84 95 205 463
’21 75 76 74 83 308
’20 70 80 79 77 306
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 17 29 38 — —
’25 25 28 80 (7) 126
’24 43 31 47 56 177
’23 16 45 6 86 153
’22 39 115 52 80 286
’21 158 58 84 33 334
’20 55 162 189 93 499
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 22 29 38 — —
’25 23 27 79 (8) 120
’24 43 30 44 53 170
’23 13 43 4 84 145
’22 39 115 53 78 283
’21 158 58 98 32 332
’20 54 161 189 93 497
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 193 212 295 325 306 308 463 532 565 476 455 +10.5% 335 340 351 (9.6%)
Gross margin, % 91.73 88.96 85.34 81.62 85.06 90.20 87.89 68.36 66.40 68.27 73.45 (23.5) pt
EBT 50 26 51 72 32 99 131 88 47 (115) 76 n/m
EBT margin, % 26.09 12.46 17.21 22.31 10.46 32.21 28.40 16.54 8.30 (24.13) 16.70 (50.2) pt
Net income 32 16 39 56 23 81 100 61 38 (124) 58 n/m
Per share, $
Per share, $ Revenue 13.68 11.95 12.76 13.37 13.12 13.69 20.71 24.05 25.99 21.80 21.55 +5.3%
Earnings 2.22 0.92 1.64 2.28 0.95 3.58 4.24 2.33 1.32 (6.14) 2.27 n/m
Cash flow 1.71 3.96 4.20 22.18 21.39 14.88 12.79 6.93 8.12 5.76 3.68 +14.5%
Capex (0.15) (0.11) 0.25 (0.09) (0.11) (0.09) (0.15) (0.39) (0.32) (0.24) 0.18 +5.3%
Free cash flow 1.55 3.86 4.45 22.08 21.28 14.78 12.65 6.54 7.81 5.51 3.86 +15.1%
Book value 22.77 25.28 26.31 27.25 26.63 29.53 33.95 32.33 32.71 25.90 25.15 +1.4%
Shares, m 14 18 23 24 23 22 22 22 22 22 21 +5.0%
Valuation, ×
Valuation, × P/E 16.21 34.18 13.62 12.70 18.67 6.92 6.26 9.44 17.10 0.00 13.99 13.5
P/S 2.59 2.72 1.75 2.17 1.36 1.81 1.28 1.15 0.94 0.97 1.47 1.7
P/B 1.56 1.29 0.85 1.06 0.67 0.84 0.91 1.01 0.88 1.02 1.59 1.0
EV/Sales 3.31 4.71 3.68 3.16 3.51 1.22 2.25 2.06 1.42 1.48 — 2.7
EV/FCF 29.14 14.59 10.55 1.91 2.15 1.08 3.47 6.75 4.29 5.13 — 7.9
Cash, $m
Cash, $m Operating cash flow 24 70 97 539 499 334 286 153 177 126 78 +20.1%
Capex (2) (2) 6 (2) (3) (2) (3) (9) (7) (5) 4 +10.5%
Free cash flow 22 69 103 536 497 332 283 145 170 120 82 +20.8%
Balance, $m
Balance, $m Working capital 43 206 183 174 376 (376) (39) (337) (868) (1,134) (1,499) n/m
Net debt 139 423 569 324 656 (182) 449 485 272 244 333 +6.5%
Shareholders’ equity 322 450 609 662 621 664 759 715 711 565 531 +6.5%
Returns, %
Returns, % ROA 1.03 0.42 0.78 0.95 0.35 1.14 1.27 0.67 0.38 (1.90) 0.71 (2.9) pt
ROIC 6.84 1.90 2.70 4.82 2.19 12.85 6.80 4.58 3.48 (8.82) 5.57 (15.7) pt
ROE 11.31 4.16 7.47 8.79 3.51 12.65 14.80 8.34 4.84 (25.24) 10.85 (36.6) pt
People
People Employees 715 840 1,100 1,100 904 950 935 950 928 861 — +2.1%
Revenue/emp, $m 0.27 0.25 0.27 0.30 0.34 0.32 0.49 0.56 0.61 0.55 — +8.3%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Midland States Bancorp, Inc. vs peers in Banks Regional (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
CBNK Capital Bancorp, Inc. $695.6M 12.5× 12.0× +8.53% (above 0%: growing) +10.13% (above 0%: growing) −18.20% (below 0%: shrinking) 77.43% 0.00% Compare
BHB Bar Harbor Bankshares, Inc. $691.9M 13.9× 11.2× +26.82% (above 0%: growing) +127.50% (above 0%: growing) +563.60% (above 0%: growing) 73.41% 0.00% Compare
BCAL California BanCorp $690.8M 11.7× 12.2× −3.68% (below 0%: shrinking) +2.33% (above 0%: growing) +6.82% (above 0%: growing) 79.50% 0.00% Compare
RRBI Red River Bancshares, Inc. $687.9M 15.0× 14.2× +6.30% (above 0%: growing) +18.54% (above 0%: growing) +237.31% (above 0%: growing) 76.50% 0.00% Compare
ACNB ACNB Corporation $666.0M 12.1× 11.3× +6.05% (above 0%: growing) +8.39% (above 0%: growing) −101.87% (below 0%: shrinking) 81.15% 0.00% Compare
CCB Coastal Financial Corporation $661.2M — (loss-making) 1,443× +37.72% (above 0%: growing) 0.00% −104.10% (below 0%: shrinking) 85.92% 0.00% Compare
HIFS Hingham Institution for Savings $659.4M 10.0× — +33.46% (above 0%: growing) +168.29% (above 0%: growing) −29.97% (below 0%: shrinking) 59.45% 0.00% Compare
MSBI Midland States Bancorp, Inc. $657.4M 14.0× 9.6× −1.90% (below 0%: shrinking) +295.83% (above 0%: growing) −51.81% (below 0%: shrinking) 73.94% 0.00%
TCBX Third Coast Bancshares, Inc. $653.2M 8.5× 10.3× +17.59% (above 0%: growing) −6.48% (below 0%: shrinking) −64.01% (below 0%: shrinking) 58.27% 0.00% Compare
Median of peers $677.0M 12.1× 12.0× +13.06% +9.26% −24.08% 76.97% 0.00%

All 327 Banks Regional stocks →

Pay and ownership Proxy statement filed 23 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 1.53m 1.47m 154.12
2024 1.47m 1.22m 165.47
2023 1.63m 1.73m 177.43
2022 1.78m 1.85m 162.56
2021 1.58m 1.81m 145.14

Ownership

Directors and executive officers, together less than 1%
BlackRock Portfolio Management LLC 6.52%
The Vanguard Group 5.31%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Midland States Bancorp, Inc. (MSBI) Latest News

23 Oct

Impact 3 · · Simply Wall St.

22 Oct

Impact 3 · · Zacks
Impact 3 · · Zacks
Impact 3 · · Associated Press

15 Oct

Impact 3 · · Zacks

12 Oct

Impact 4 · · Zacks

6 Oct

Impact 3 · · GlobeNewswire

24 Sep

Impact 3 · · Zacks

23 Jul

Impact 3 ·
Impact 3 ·

9 Jul

Impact 3 ·

11 May

Impact 3 · · GlobeNewswire

5 May

Impact 4 · · GlobeNewswire

29 Apr

Impact 4 · · Zacks

23 Apr

Impact 4 · · Zacks
Impact 4 · · Zacks
Impact 4 · · GlobeNewswire

9 Mar

Impact 4 · · americanbanker.com

13 Feb

Impact 3 · · Simply Wall St.
Impact 3 · · Simply Wall St.

12 Feb

Impact 3 · · Simply Wall St.

9 Feb

Impact 3 · · Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.

3 Feb

Impact 3 ·
Impact 3 · · GlobeNewswire

29 Jan

Impact 3 ·
Impact 3 · · Simply Wall St.

26 Jan

Impact 4 · · Zacks

23 Jan

Impact 4 · · Zacks
Impact 4 · · Zacks
Impact 3 · · ZacksZacks
stockrow.com/MSBI · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com