Midland States Bancorp (MSBI) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Midland States Bancorp

NasdaqGS•Financial Services•Banks - Regional

$33.83-0.42(-0.01%)Pre-market

Market Cap

$704.42M

P/E

12.1x

P/S

1.5x

P/B

1.3x

Midland States Bancorp, Inc. operates as a financial holding company for Midland States Bank that provides various banking products and services to individuals, businesses, municipalities, and other entities. It operates in Banking and Wealth Management segments. The company offers commercial loans; commercial real estate loans that include various property types, such as owner-occupied offices, warehouses and production facilities, office buildings, hotels, mixed-use residential and commercial facilities, retail centers, multifamily properties, assisted living facilities, and farmland; construction and land development loans, including loans to small and midsized businesses to construct owner-user properties, loans to developers of commercial real estate investment properties and residential developments, and loans to individual clients for construction of single family homes; and residential real estate loans comprising first and second mortgage loans, and home equity lines of credit. It also provides commercial equipment leasing; depository products consisting of checking, savings, money market, certificates of deposits, and sweep accounts; and trust and wealth management products and services, such as financial and estate planning, trustee and custodial services, investment management, tax and insurance planning, business planning, corporate retirement plan consulting and administration, and retail brokerage services. The company was founded in 1881 and is headquartered in Effingham, Illinois.

How this company scores

WeakMetricSide Score: 60/100

Grade capped at D — Interest coverage below 1× (1.0x) — earnings cannot cover interest. Strongest: Profitability (23/25); weakest: Balance Sheet & Red Flags (11/25).

Profitability23/25

Growth11/25

Balance Sheet & Red Flags11/25

Cash & Earnings Quality15/25

Strengths

Strong marginsRising earningsCash-backed earningsProfit converts from growth

Grade capped at D

Interest coverage below 1× (1.0x) — earnings cannot cover interest.

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 12.1x5y range 5.5x – 15.2x

Currently above its 16-quarter median.

P/S · 1.5x5y range 0.7x – 1.8x

Currently above its 20-quarter median.

P/B · 1.3x5y range 0.6x – 1.3x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Revenue Decline

Red Flag

TTM revenue has contracted 17.1% — significant decline indicating deteriorating demand.

Price & Volume

Market Cap $704.42M

Metrics at a Glance

as of September 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $455.31M
Q. Revenue: $116.26M
TTM EBITDA: $83.67M
TTM Op. Income: $76.03M
Q. Op. Income: $29.38M
TTM Net Income: $58.27M
Q. Net Income: $22.81M
EPS: $0.95
Shares Out.: $21.13M

$455.31M in TTM revenue declined 17.8% YoY, reaching $116.26M last quarter. TTM EBITDA of $83.67M and TTM operating income of $76.03M show growth is flowing through to the bottom line. TTM net income of $58.27M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has fallen for 5 consecutive quarters — a weakening trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: 26.9%
Op. Margin: 25.3%
Net Margin: 19.6%

Op. margin of 25.3% is up 15.7% YoY — cost efficiency is improving. Net margin at 19.6% Across the last 8 quarters, operating margin has risen for 3 consecutive quarters — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 12.1x
P/S Ratio: 1.5x
P/B Ratio: 1.3x

At 12.1x P/E, the stock trades below typical market levels. P/S of 1.5x and P/B of 1.3x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Over the past year, P/E is up 0% — an improving trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $6.82B
Cash: $99.61M
Long-Term Debt: $432.44M
Book Value: $531.37M
D/E Ratio: 0.8
Debt/EBITDA: 13.8

With $6.82B in assets and $432.44M in long-term debt, D/E is 0.8and book value is $531.37M — a conservative capital structure with a cushion to weather downturns. Across the last 8 quarters, debt/equity has risen for 2 consecutive quarters — a weakening trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $38.37M
TTM Free Cash Flow: $75.60M
FCF Margin: 16.6%
FCF / Net Income: 1.3

TTM FCF of $75.60M on $38.37M in operating cash flow. The FCF / Net Income ratio of 1.3x means free cash flow covers net income — earnings are backed by cash. Over the past year, free cash flow is down 66% — a weakening trend.