Saturday 17 October 2026 Export MSBI’s income statement to Excel — free account

Midland States Bancorp, Inc.

Midland States Bancorp, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $476.0 million, down 15.7% from fiscal 2024. In the quarter to June 2026, revenue fell 7.83%, EPS grew 86.4%, free cash flow grew 9.48% and total debt fell 28.9%, each against the same quarter a year earlier. Dividend growth for ten consecutive years; insiders bought in the last twelve months.

32.22 0.08 −0.25%

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Market cap: $670.3M
P/E: 20.7×
Fwd P/E: 9.1×
Dividend yield: 4.00%
F-score: 3/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 0.53

Total sells 0.49

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	4	—	—	—	—	1	—	—	—	—	—
Sell	—	—	1	—	—	—	—	—	1	2	1	—

Insider Ownership 10.32%

Capital & Financial Ratios $m

Market Cap 670.30

Revenue 457.56

Net Income 43.02

Free Cash Flow 125.28

Net Debt 38.50

Current Ratio 0.78

Debt/Equity 0.59

P/E ratio 20.65

Fwd P/E 9.14

P/S ratio 1.48

P/B ratio 1.48

Past 5Y EPS Growth —

This Y EPS Growth 154.43%

Next Y EPS Growth 1.92%

Next Y revenue growth (30.41%)

Next 5Y EPS Growth 7.00%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/E against its own 10 years 82.70%

10-year low 10-year high

P/S against its own 10 years 42.64%

10-year low 10-year high

P/B against its own 10 years 92.54%

10-year low 10-year high

Dividends

Payout Ratio 0.83

Annual Dividend Rate 1.29

Annual Dividend Yield 4.00%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	1.29	0.32 0.32 0.33
2025	1.26	0.31 0.31 0.32 0.32
2024	1.24	0.31 0.31 0.31 0.31
2023	1.20	0.30 0.30 0.30 0.30
2022	1.16	0.29 0.29 0.29 0.29
2021	1.12	0.28 0.28 0.28 0.28
2020	1.07	0.27 0.27 0.27 0.27
2019	0.97	0.24 0.24 0.24 0.24
2018	0.88	0.22 0.22 0.22 0.22
2017	0.80	0.20 0.20 0.20 0.20
2016	0.36	0.18 0.18

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	135	115	128	299
Receivables	—	—	—	—
Inventory	—	—	—	—
Other	—	—	—	—
	6,117	5,541	4,442	4,513

	2023	2024	2025	Q'26
Payables	6,310	6,197	5,424	5,707
ST’ Debt	—	—	—	—
Other	—	—	—	—
	6,455	6,409	5,576	5,794

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%)

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	108	112	—	—	—
’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	—	—	—
’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	—	—	—
’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.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	0.74	0.82	—	—	—
’25	(6.47)	0.44	0.24	(0.24)	(6.14)
’24	1.04	1.18	0.74	(1.42)	(1.05)
’23	0.86	0.86	0.71	0.84	2.97
’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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	20.80	28.70	19.56	21.81	12.48	17.70	23.48	17.98	20.54	14.24	Analyst estimates 2026–2028 Powerpack
	High	37.58	36.62	36.06	29.50	29.08	30.32	30.60	28.47	28.10	25.76
People
People	Employees	715	840	1,100	1,100	904	950	935	950	928	861
	Revenue/emp, $m	0.27	0.25	0.27	0.30	0.34	0.32	0.49	0.56	0.61	0.55
Income, $m
Income, $m	Revenue	193	212	295	325	306	308	463	532	565	476
	Gross margin, %	91.73	88.96	85.34	81.62	85.06	90.20	87.89	68.36	66.40	68.27
	EBT	50	26	51	72	32	99	131	88	47	(115)
	EBT margin, %	26.09	12.46	17.21	22.31	10.46	32.21	28.40	16.54	8.30	(24.13)
	Net income	32	16	39	56	23	81	100	61	38	(124)
	Depreciation	15	15	20	23	23	21	17	10	6	152
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
	Earnings	2.22	0.92	1.64	2.28	0.95	3.58	4.24	2.97	(1.05)	(6.14)
	Cash flow	1.71	3.96	4.20	22.18	21.39	14.88	12.79	6.93	8.12	5.76
	Capex	(0.15)	(0.11)	0.25	(0.09)	(0.11)	(0.09)	(0.15)	(0.39)	(0.32)	(0.24)
	Free cash flow	1.55	3.86	4.45	22.08	21.28	14.78	12.65	6.54	7.81	5.51
	Book value	22.77	25.28	26.31	27.25	26.63	29.53	33.95	32.33	32.71	25.90
	Shares, m	14	18	23	24	23	22	22	22	22	22
Valuation, ×
Valuation, ×	P/E	16.21	34.18	13.62	12.70	18.67	6.92	6.26	8.43	15.76	0.00
	P/S	2.59	2.72	1.75	2.17	1.36	1.81	1.28	1.15	0.94	0.97
	P/B	1.56	1.29	0.85	1.06	0.67	0.84	0.91	1.01	0.88	1.02
	EV/Sales	3.31	4.71	3.68	3.16	3.51	1.22	2.25	2.06	1.42	1.48
	EV/FCF	29.14	14.59	10.55	1.91	2.15	1.08	3.47	6.75	4.29	5.13
Cash, $m
Cash, $m	Operating cash flow	24	70	97	539	499	334	286	153	177	126
	Capex	(2)	(2)	6	(2)	(3)	(2)	(3)	(9)	(7)	(5)
	Free cash flow	22	69	103	536	497	332	283	145	170	120
Balance, $m
Balance, $m	Working capital	43	206	183	174	376	(376)	(39)	(337)	(868)	(1,134)
	Total debt	329	638	783	718	998	499	610	620	387	372
	Net debt	139	423	569	324	656	(182)	449	485	272	244
	Shareholders’ equity	322	450	609	662	621	664	759	715	711	565
Returns, %
Returns, %	ROA	1.03	0.42	0.78	0.95	0.35	1.14	1.27	0.67	0.38	(1.90)
	ROIC	6.84	1.90	2.70	4.82	2.19	12.85	6.80	4.58	3.48	(8.82)
	ROE	11.31	4.16	7.47	8.79	3.51	12.65	14.80	8.34	4.84	(25.24)

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
CWBC Community West Bancshares	$699.2M	13.8×	11.5×	+32.57% (above 0%: growing)	−75.61% (below 0%: shrinking)	+65.55% (above 0%: growing)	76.29%	0.00%	Compare
BCAL California BanCorp	$698.0M	11.7×	11.5×	−3.68% (below 0%: shrinking)	+2.33% (above 0%: growing)	+6.82% (above 0%: growing)	79.50%	0.00%	Compare
TCBX Third Coast Bancshares, Inc.	$689.5M	8.8×	10.6×	+24.52% (above 0%: growing)	+11.61% (above 0%: growing)	+223.46% (above 0%: growing)	59.80%	0.00%	Compare
AROW Arrow Financial Corporation	$681.7M	11.9×	13.8×	+4.55% (above 0%: growing)	+1.54% (above 0%: growing)	+37.22% (above 0%: growing)	71.42%	0.00%	Compare
PFIS Peoples Financial Services Corp.	$681.2M	12.0×	9.2×	+3.78% (above 0%: growing)	−12.94% (below 0%: shrinking)	+54.41% (above 0%: growing)	70.19%	0.00%	Compare
CARE Carter Bankshares, Inc.	$671.8M	5.2×	4.6×	+44.00% (above 0%: growing)	+254.05% (above 0%: growing)	−3,522.21% (below 0%: shrinking)	76.12%	0.00%	Compare
MSBI Midland States Bancorp, Inc.	$670.3M	20.7×	9.1×	−7.83% (below 0%: shrinking)	+86.36% (above 0%: growing)	+9.48% (above 0%: growing)	74.46%	0.00%
RRBI Red River Bancshares, Inc.	$666.1M	14.5×	12.5×	+6.30% (above 0%: growing)	+18.54% (above 0%: growing)	+237.31% (above 0%: growing)	76.50%	0.00%	Compare
CCB Coastal Financial Corporation	$656.9M	— (loss-making)	16.0×	+37.72% (above 0%: growing)	n/m	+16.72% (above 0%: growing)	85.92%	0.00%	Compare
Median of peers	$681.4M	11.9×	11.5×	+15.41%	+2.33%	+45.82%	76.21%	0.00%

All 323 Banks Regional stocks →

Midland States Bancorp, Inc. (MSBI) key facts

Concern: Midland States Bancorp, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $476.0 million, down 15.7% from fiscal 2024.
Midland States Bancorp, Inc. (MSBI) is a Banks Regional company in the Financial sector, listed on Nasdaq.
As of October 16, 2026, MSBI traded at $32.22, a market capitalization of $670.3 million.
Midland States Bancorp, Inc. pays an annual dividend of $1.29 per share, a yield of 4.00%, with a payout ratio of 82.7%.
Return on equity was −25.2% and debt-to-equity 0.59.
Its Piotroski F-score is 3 out of 9 for fiscal 2025.