Midland States Bancorp, Inc. (MSBI) Financial Ratios
17 years of historical data (2009–2025) · Financial Services · Banks - Regional
EV/EBITDA
↑
N/A
—
5yr avg: 9.94
30Y Low3.7·High28.2
P/FCF
↑
5.25
↑+72% vs avg
5yr avg: 3.06
30Y Low0.8·High23.8
P/B Ratio
↓
1.14
↑+44% vs avg
5yr avg: 0.79
30Y Low0.7·High1.6
ROE
↓
-19.5%
↑-581% vs avg
5yr avg: 4.0%
30Y Low-19%·High25%
Debt/EBITDA
↑
N/A
—
5yr avg: 6.02
30Y Low3.5·High20.0
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
MSBI Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Midland States Bancorp, Inc. currently has a negative P/E ratio, indicating the company is operating at a loss on a trailing-twelve-month basis. On a free-cash-flow basis, the stock trades at 5.3x P/FCF, 72% above the 5-year average of 3.1x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $632M | $463M | $530M | $610M | $596M | $559M | $417M | $709M | $526M | $594M | $522M |
| Enterprise Value | $936M | $767M | $840M | $1.1B | $1.1B | $422M | $1.1B | $1.1B | $1.2B | $1.1B | $756M |
| P/E Ratio → | -4.79 | — | 18.48 | 11.83 | 6.29 | 6.94 | 18.81 | 12.81 | 13.46 | 37.33 | 16.67 |
| P/S Ratio | 1.35 | 0.99 | 0.97 | 1.20 | 1.37 | 1.78 | 1.32 | 2.17 | 1.79 | 2.82 | 2.73 |
| P/B Ratio | 1.14 | 0.82 | 0.75 | 0.77 | 0.79 | 0.84 | 0.67 | 1.07 | 0.86 | 1.32 | 1.62 |
| P/FCF | 5.25 | 3.84 | 3.13 | 4.18 | 2.45 | 1.68 | 0.84 | 1.33 | 5.85 | 9.24 | 23.79 |
| P/OCF | 5.03 | 3.68 | 3.00 | 3.94 | 2.41 | 1.67 | 0.84 | 1.32 | 5.42 | 8.43 | 21.64 |
P/E links to full P/E history page with 30-year chart
MSBI EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.64 | 1.54 | 2.12 | 2.49 | 1.35 | 3.51 | 3.32 | 3.98 | 5.35 | 3.95 |
| EV / EBITDA | — | — | 17.90 | 10.73 | 7.46 | 3.66 | 21.54 | 11.79 | 17.56 | 28.20 | 11.85 |
| EV / EBIT | — | — | 17.90 | 12.28 | 8.28 | 4.26 | 34.67 | 14.96 | 23.11 | 42.52 | 14.99 |
| EV / FCF | — | 6.37 | 4.95 | 7.40 | 4.46 | 1.27 | 2.24 | 2.03 | 13.07 | 17.51 | 34.45 |
MSBI Profitability
Margins and return-on-capital ratios measuring operating efficiency
Midland States Bancorp, Inc. earns an operating margin of -22.1%, below the Financial Services sector average of 20.3%. Operating margins have compressed from 17.3% to -22.1% over the past 3 years, signaling potential cost pressures or competitive headwinds. A negative ROE of -19.5% indicates the company is currently destroying shareholder equity.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 57.4% | 57.4% | 43.2% | 50.7% | 69.6% | 89.3% | 71.5% | 76.5% | 82.1% | 84.3% | 88.7% |
| Operating Margin | -22.1% | -22.1% | 8.6% | 17.3% | 30.1% | 31.6% | 10.1% | 22.2% | 17.2% | 12.6% | 26.4% |
| Net Profit Margin | -26.6% | -26.6% | 7.0% | 12.0% | 23.0% | 26.0% | 7.1% | 17.1% | 13.4% | 7.6% | 16.5% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -19.5% | -19.5% | 5.1% | 7.9% | 14.1% | 12.7% | 3.5% | 8.8% | 7.5% | 4.2% | 11.4% |
| ROA | -1.8% | -1.8% | 0.5% | 0.8% | 1.3% | 1.1% | 0.3% | 1.0% | 0.8% | 0.4% | 1.0% |
| ROIC | -7.3% | -7.3% | 2.8% | 4.7% | 7.6% | 5.2% | 1.6% | 3.8% | 2.9% | 2.0% | 6.4% |
| ROCE | -2.7% | -2.7% | 4.0% | 7.1% | 11.0% | 6.9% | 2.0% | 5.1% | 4.0% | 2.9% | 9.1% |
MSBI Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Net debt stands at $304M ($432M total debt minus $128M cash).
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.76 | 0.76 | 0.60 | 0.76 | 0.85 | 0.81 | 1.66 | 1.16 | 1.41 | 1.66 | 1.32 |
| Debt / EBITDA | — | — | 9.02 | 6.00 | 4.42 | 4.65 | 19.98 | 8.35 | 12.84 | 18.70 | 6.64 |
| Net Debt / Equity | — | 0.54 | 0.43 | 0.59 | 0.65 | -0.21 | 1.11 | 0.57 | 1.06 | 1.18 | 0.73 |
| Net Debt / EBITDA | — | — | 6.59 | 4.67 | 3.37 | -1.18 | 13.44 | 4.07 | 9.69 | 13.32 | 3.67 |
| Debt / FCF | — | 2.53 | 1.82 | 3.22 | 2.02 | -0.41 | 1.39 | 0.70 | 7.21 | 8.27 | 10.66 |
| Interest Coverage | -0.68 | -0.68 | 0.25 | 0.52 | 2.35 | 3.29 | 0.70 | 1.21 | 1.17 | — | — |
MSBI Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
Midland States Bancorp, Inc.'s current ratio of 27.46x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The current ratio has improved from 0.23x to 27.46x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 27.46 | 27.46 | 0.23 | 0.23 | 0.22 | 0.32 | 0.28 | 0.30 | 0.27 | 0.27 | 0.25 |
| Quick Ratio | 27.46 | 27.46 | 0.23 | 0.23 | 0.22 | 0.32 | 0.28 | 0.30 | 0.27 | 0.27 | 0.25 |
| Cash Ratio | 2.12 | 2.12 | 0.02 | 0.02 | 0.02 | 0.11 | 0.07 | 0.08 | 0.05 | 0.06 | 0.07 |
| Asset Turnover | — | 0.07 | 0.07 | 0.06 | 0.06 | 0.04 | 0.05 | 0.05 | 0.05 | 0.05 | 0.06 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
MSBI Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Midland States Bancorp, Inc. returns 5.8% to shareholders annually — split between a 4.3% dividend yield and 1.5% buyback yield.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 4.3% | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | 71.2% | 43.5% | 25.9% | 31.0% | 110.7% | 42.3% | 50.7% | 87.2% | 31.2% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 5.4% | 8.5% | 15.9% | 14.4% | 5.3% | 7.8% | 7.4% | 2.7% | 6.0% |
| FCF Yield | 19.0% | 26.0% | 32.0% | 23.9% | 40.9% | 59.3% | 119.0% | 75.2% | 17.1% | 10.8% | 4.2% |
| Buyback Yield | 1.5% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 5.8% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $22M | $22M | $22M | $22M | $23M | $23M | $24M | $24M | $18M | $14M |
Peer Comparison
Compare MSBI with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 MSBIYou | $632M | -4.8 | — | 5.3 | 57.4% | -22.1% | -19.5% | -7.3% | — |
 MBWM | $928M | 9.8 | 12.0 | 82.8 | 64.0% | 27.5% | 13.6% | 5.5% | 7.8 |
 FULT | $4B | 11.0 | 10.3 | 15.5 | 67.4% | 25.7% | 11.7% | 7.5% | 2.5 |
 IBCP | $706M | 10.5 | 9.5 | 10.1 | 69.6% | 25.8% | 14.3% | 10.2% | 1.4 |
 NBTB | $2B | 14.0 | 10.7 | 11.1 | 72.1% | 25.3% | 9.9% | 7.9% | 1.4 |
 BANF | $4B | 15.6 | 11.3 | 15.9 | 82.9% | 36.8% | 13.8% | 12.3% | 0.4 |
 FFIN | $5B | 18.5 | 11.4 | 15.3 | 71.8% | 37.5% | 14.4% | 12.4% | 0.1 |
 SFNC | $3B | -7.4 | — | 7.5 | 5.8% | -84.2% | -11.4% | -9.1% | — |
 FBIZ | $503M | 10.0 | 12.1 | 8.2 | 57.3% | 21.6% | 14.4% | 7.0% | 4.3 |
 HAFC | $933M | 12.4 | 8.8 | 4.6 | 57.5% | 24.3% | 10.0% | 7.4% | 2.5 |
 CTBI | $1B | 12.6 | 11.9 | 12.7 | 66.7% | 31.0% | 12.2% | 8.2% | 3.0 |
| Financial Services Median | — | 13.6 | 11.4 | 11.1 | 64.1% | 20.3% | 9.0% | 5.5% | 4.3 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 17 years · Updated daily
Consensus-Based Analysis Tools
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Check Valuation
Historical Returns
10-year return with dividends reinvested.
Calculate
DCA Calculator
See how regular investing compounds over time.
Run Numbers
Peer Comparison
Compare growth, multiples, and margins vs sector.
Compare
MSBI — Frequently Asked Questions
Quick answers to the most common questions about buying MSBI stock.
What is Midland States Bancorp, Inc.'s P/E ratio?
Midland States Bancorp, Inc.'s current P/E ratio is -4.8x. The historical average is 15.8x.
What is Midland States Bancorp, Inc.'s ROE?
Midland States Bancorp, Inc.'s return on equity (ROE) is -19.5%. The historical average is 8.1%.
Is MSBI stock overvalued?
Based on historical data, Midland States Bancorp, Inc. is trading at a P/E of -4.8x. Compare with industry peers and growth rates for a complete picture.
What is Midland States Bancorp, Inc.'s dividend yield?
Midland States Bancorp, Inc.'s current dividend yield is 4.30%.
What are Midland States Bancorp, Inc.'s profit margins?
Midland States Bancorp, Inc. has 57.4% gross margin and -22.1% operating margin.