Midland States Bancorp, Inc. (MSBI) Key Metrics
MSBI valuation today
Trailing 12 months · as of October 17, 2026- Market cap
- $668.6M
- Enterprise value
- $832.3M
- P/E (TTM)
- 20.7 10-yr median 13.3
- Forward P/E
- 8.2
- PEG ratio
- 1.41
- Price / sales
- 2.3 10-yr median 1.8
- Price / book
- 1.5 10-yr median 0.8
- EV / EBITDA
- — 10-yr median 7.7
- Dividend yield
- 4.10% $1.32 a year
- Beta
- 0.64
MSBI key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsMSBI valuation Price multiples at each fiscal year-end price.
MSBI returns How much profit the business earns on the capital it uses.
MSBI per-share figures Results divided by the shares outstanding at year-end.
MSBI financial health Debt, liquidity and how easily interest is covered.
MSBI efficiency & capital use Working capital cycle and where the cash goes.
MSBI valuation history
MSBI returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
MSBI debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
MSBI cash returned to shareholders
MSBI price vs earnings per share
MSBI key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $462.6M | $530.4M | $609.7M | $596.2M | $558.9M | $417.2M | $709.3M | $526.1M | $593.8M | $522.0M |
| Enterprise value | −$576.2M | −$112.7M | $164.0M | $319.0M | −$484.4M | $433.1M | $434.4M | $516.7M | $675.1M | $508.9M |
| P/E ratio | — | 13.9 | 8.1 | 5.9 | 6.9 | 18.5 | 12.7 | 13.3 | 37.0 | 16.6 |
| Price / sales | 1.0 | 1.0 | 9.2 | 1.4 | 1.8 | 1.3 | 2.2 | 1.8 | 2.8 | 2.7 |
| Price / book | 0.8 | 0.7 | 0.8 | 0.8 | 0.8 | 0.7 | 1.1 | 0.9 | 1.3 | 1.6 |
| Price / free cash flow | 3.8 | 3.1 | 4.2 | 2.6 | 1.7 | 0.8 | 6.2 | 5.9 | 9.2 | 23.8 |
| Price / operating cash flow | 3.7 | 3.0 | 3.9 | 2.5 | 1.7 | 0.8 | 5.9 | 5.4 | 8.4 | 21.6 |
| EV / sales | -1.2 | -0.2 | 2.5 | 0.7 | -1.5 | 1.4 | 1.3 | 1.8 | 3.2 | 2.7 |
| EV / EBITDA | — | — | 1.5 | 2.2 | — | 8.4 | 4.7 | 7.7 | 16.9 | 8.0 |
| EV / free cash flow | — | — | 1.1 | 1.4 | — | 0.9 | 3.8 | 5.7 | 10.5 | 23.2 |
| Earnings yield | −26.9% | 7.2% | 12.4% | 16.8% | 14.5% | 5.4% | 7.9% | 7.5% | 2.7% | 6.0% |
| Free cash flow yield | 26.0% | 32.0% | 23.9% | 39.1% | 59.3% | 119.0% | 16.1% | 17.1% | 10.8% | 4.2% |
| Dividend yield | 7.9% | 6.8% | 5.8% | 4.9% | 4.5% | 6.0% | 3.4% | 3.9% | 2.4% | 1.9% |
| Shareholder yield (dividends + buybacks) | 10.0% | 7.8% | 8.8% | 5.1% | 6.6% | 15.5% | 4.3% | 3.9% | 2.9% | 1.9% |
| Share price at fiscal year-end | $21.17 | $24.40 | $27.56 | $26.62 | $24.79 | $17.87 | $28.96 | $22.34 | $32.48 | $36.18 |
| Per share | ||||||||||
| Revenue per share | $21.40 | $25.12 | $3.01 | $19.49 | $13.89 | $13.53 | $13.35 | $12.51 | $11.51 | $13.26 |
| Earnings per share | −$5.69 | $1.75 | $3.41 | $4.48 | $3.61 | $0.97 | $2.28 | $1.67 | $0.88 | $2.19 |
| Operating cash flow per share | $5.75 | $8.12 | $6.99 | $10.57 | $14.83 | $21.38 | $4.88 | $4.12 | $3.85 | $1.67 |
| Free cash flow per share | $5.51 | $7.80 | $6.59 | $10.42 | $14.71 | $21.27 | $4.65 | $3.82 | $3.52 | $1.52 |
| Cash per share | $64.94 | $49.05 | $47.46 | $41.15 | $70.07 | $43.42 | $42.55 | $36.87 | $36.37 | $30.27 |
| Book value per share | $25.88 | $32.70 | $35.79 | $33.87 | $29.44 | $26.62 | $27.02 | $25.84 | $24.59 | $22.30 |
| Tangible book value per share | $24.56 | $23.88 | $26.83 | $25.66 | $19.90 | $16.75 | $16.39 | $14.99 | $15.19 | $13.70 |
| Dividends per share | $1.67 | $1.66 | $1.60 | $1.30 | $1.12 | $1.07 | $0.97 | $0.86 | $0.78 | $0.68 |
| Capex per share | $0.24 | $0.32 | $0.39 | $0.15 | $0.12 | $0.11 | $0.23 | $0.31 | $0.34 | $0.15 |
| Debt per share | $17.40 | $19.47 | $27.32 | $28.77 | $23.80 | $44.11 | $31.32 | $36.47 | $40.82 | $29.36 |
| Shares outstanding | 21.9M | 21.7M | 22.1M | 22.4M | 22.5M | 23.3M | 24.5M | 23.5M | 18.3M | 14.4M |
| Change in shares outstanding | +0.5% | −1.7% | −1.2% | −0.7% | −3.4% | −4.7% | +4.0% | +28.8% | +26.7% | −2.8% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | −19.5% | 5.1% | 9.7% | 14.1% | 12.7% | 3.5% | 8.8% | 7.5% | 4.2% | 11.4% |
| Return on invested capital (ROIC) | — | 18.4% | 18.2% | 196.7% | — | 4.4% | 11.3% | 7.0% | 3.8% | 14.4% |
| Return on assets (ROA) | −1.8% | 0.5% | 1.0% | 1.3% | 1.1% | 0.3% | 1.0% | 0.8% | 0.4% | 1.0% |
| Return on tangible assets | −1.9% | 0.5% | 1.0% | 1.3% | 1.1% | 0.3% | 1.0% | 0.7% | 0.4% | 1.0% |
| Free cash flow margin | 25.7% | 31.1% | 219.1% | 53.4% | 105.9% | 157.2% | 34.8% | 30.5% | 30.5% | 11.5% |
| Income quality (OCF / net income) | — | 4.64 | 2.05 | 2.36 | 4.11 | 22.15 | 2.14 | 2.46 | 4.39 | 0.76 |
| Financial health | ||||||||||
| Total debt | $380.2M | $423.2M | $604.4M | $644.4M | $536.6M | $1.03B | $767.2M | $858.8M | $746.4M | $423.6M |
| Cash & short-term investments | $1.42B | $1.07B | $1.05B | $921.6M | $1.58B | $1.01B | $1.04B | $868.2M | $665.0M | $436.7M |
| Net debt | −$1.04B | −$643.1M | −$445.7M | −$277.2M | −$1.04B | $15.9M | −$274.9M | −$9.4M | $81.3M | −$13.1M |
| Debt / equity | 0.67 | 0.60 | 0.76 | 0.85 | 0.81 | 1.66 | 1.16 | 1.41 | 1.66 | 1.32 |
| Debt / assets | 0.06 | 0.06 | 0.08 | 0.08 | 0.07 | 0.15 | 0.13 | 0.15 | 0.17 | 0.13 |
| Net debt / EBITDA | — | −10.71 | −4.14 | −1.90 | −9.04 | 0.31 | −2.99 | −0.14 | 2.04 | −0.21 |
| Current ratio | 0.26 | 0.23 | 0.23 | 0.22 | 0.32 | 0.28 | 0.30 | 0.27 | 0.27 | 0.25 |
| Quick ratio | 0.26 | 0.23 | 0.26 | 0.32 | 0.44 | 0.36 | 0.39 | 0.33 | 0.41 | 0.41 |
| Interest coverage | -0.7 | 0.2 | 0.6 | 2.3 | 3.3 | 0.7 | 1.2 | 1.2 | 1.1 | 3.2 |
| Working capital | −$4.04B | −$4.94B | −$5.06B | −$5.20B | −$4.26B | −$3.72B | −$3.24B | −$3.08B | −$2.41B | −$1.90B |
| Invested capital | −$473.4M | $67.8M | $346.2M | $481.4M | −$379.5M | $637.3M | $387.0M | $599.1M | $530.9M | $308.6M |
| Tangible asset value | $536.8M | $519.0M | $593.6M | $574.6M | $448.7M | $391.0M | $401.4M | $353.0M | $277.6M | $197.7M |
| Net current asset value | −$4.51B | −$5.33B | −$5.53B | −$5.66B | −$4.76B | −$4.80B | −$4.03B | −$3.87B | −$3.07B | −$2.27B |
| Graham number | — | $35.88 | $52.41 | $58.40 | $48.88 | $24.04 | $37.21 | $31.20 | $22.04 | $33.12 |
| Graham net-net per share | −$206.41 | −$249.71 | −$259.05 | −$273.52 | −$231.74 | −$218.58 | −$177.00 | −$172.66 | −$183.68 | −$175.00 |
| Capital allocation | ||||||||||
| Dividends paid | $36.6M | $36.0M | $35.5M | $29.1M | $25.2M | $25.0M | $23.8M | $20.3M | $14.2M | $9.9M |
| Share buybacks (net) | $9.7M | $5.5M | $17.9M | $1.1M | $11.7M | $39.6M | $6.7M | $0 | $3.2M | $0 |
| Dividend payout ratio | — | 94.6% | 47.0% | 29.0% | 31.0% | 110.7% | 42.6% | 51.5% | 88.4% | 31.2% |
| Dividends + buybacks / free cash flow | 38.4% | 24.4% | 36.6% | 12.9% | 11.1% | 13.0% | 26.7% | 22.6% | 27.1% | 44.9% |
| Capex / revenue | 1.1% | 1.3% | 13.1% | 0.8% | 0.9% | 0.8% | 1.7% | 2.4% | 2.9% | 1.1% |
| Capex / operating cash flow | 4.3% | 3.9% | 5.6% | 1.5% | 0.8% | 0.5% | 4.6% | 7.4% | 8.8% | 9.0% |
| Capex / depreciation | 0.45 | 0.52 | 0.69 | 0.24 | 0.17 | 0.13 | 0.29 | 0.45 | 0.46 | 0.16 |
| Stock-based compensation / revenue | 0.6% | 0.6% | 3.7% | 0.5% | 0.6% | 0.7% | 0.7% | 0.5% | 0.7% | 0.3% |
| SG&A / revenue | 26.9% | 18.8% | 144.9% | 22.2% | 29.8% | 28.2% | 29.3% | 34.7% | 39.8% | 37.0% |
| Efficiency | ||||||||||
| Days sales outstanding | 166.2 | 300.9 | 2,769.0 | 399.2 | 510.6 | 452.0 | 356.3 | 318.7 | 373.4 | 349.3 |
| Days of inventory on hand | — | — | -375.2 | -1,901.2 | -6,007.1 | -1,655.8 | -1,599.7 | -2,431.0 | -4,788.4 | -3,404.4 |
| Days payables outstanding | — | 138.1 | 86.3 | 239.3 | 28,271.0 | 10,343.7 | 26.8 | 25.6 | 19.8 | 17.1 |
| Cash conversion cycle (days) | — | 162.8 | 2,307.5 | -1,741.3 | -33,767.6 | -11,547.5 | -1,270.2 | -2,137.9 | -4,434.7 | -3,072.2 |
| Receivables turnover | 2.20 | 1.21 | 0.13 | 0.91 | 0.71 | 0.81 | 1.02 | 1.15 | 0.98 | 1.04 |
| Payables turnover | — | 2.64 | 4.23 | 1.53 | 0.01 | 0.04 | 13.63 | 14.27 | 18.46 | 21.33 |
| Asset turnover | 0.07 | 0.07 | 0.01 | 0.06 | 0.04 | 0.05 | 0.06 | 0.06 | 0.06 | 0.06 |
| Average receivables | $213.0M | $450.2M | $505.2M | $477.4M | $438.2M | $391.3M | $319.2M | $257.3M | $215.4M | $183.1M |
| Average payables | — | $117.4M | $95.3M | $87.0M | $2.60B | $2.55B | $5.6M | $3.7M | $1.8M | $1.0M |
| Average inventory | — | — | −$414.6M | −$691.7M | −$551.9M | −$408.8M | −$336.1M | −$351.1M | −$433.0M | −$201.3M |
| Intangibles / total assets | 0.4% | 2.6% | 2.5% | 2.3% | 2.9% | 3.4% | 4.3% | 4.5% | 3.9% | 3.8% |
Computed from MSBI's annual financial statements (latest annual report filed March 2, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
MSBI valuation and financial ratios
Based on the latest twelve months, the trailing P/E is 20.7 and the forward P/E is 8.2. Midland States Bancorp earned a return on equity of −19.5% in fiscal 2025. It ended the year with $380.2 million of debt and $1.4 billion in cash and short-term investments, a net cash position of $1.0 billion. It returned $46.2 million to shareholders: $36.6 million in dividends and $9.7 million in share buybacks, 38% of free cash flow. The share count rose 51.5% from 14.4M to 21.9M over 9 years.
See the MSBI income statement, the MSBI chart for price history, or the MSBI stock overview for the latest quote and news.
MSBI key metrics FAQ
What is Midland States Bancorp's P/E ratio?
Midland States Bancorp's trailing P/E ratio is 20.7 based on the last twelve months of earnings (as of October 17, 2026), and its forward P/E is 8.2. At the end of fiscal 2025 it was —, compared with a 10-year median of 13.3.
What is Midland States Bancorp's return on equity?
Midland States Bancorp's return on equity (ROE) was −19.5% in fiscal 2025: net income of -$124.3 million on average shareholders' equity of $638.2 million.
How much debt does Midland States Bancorp have?
Midland States Bancorp had total debt of $380.2 million at the end of fiscal 2025, a debt-to-equity ratio of 0.67 and more cash than debt.
What is Midland States Bancorp's dividend yield?
Midland States Bancorp's forward dividend yield is 4.10%. Midland States Bancorp paid $36.6 million in dividends in fiscal 2025 ($1.67 per share), a payout ratio of —.
Does Midland States Bancorp buy back its shares?
Yes. Midland States Bancorp spent $9.7 million on net share repurchases in fiscal 2025 Shares outstanding changed +0.5% over the year, to 21.9M..
What is Midland States Bancorp's free cash flow yield?
Midland States Bancorp generated $120.3 million of free cash flow in fiscal 2025, a free cash flow yield of 26.0% on its market value at year-end ($462.6 million).
What is Midland States Bancorp's current ratio?
Midland States Bancorp's current ratio was 0.26 at the end of fiscal 2025: current assets were 0.26 times current liabilities.