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MIDLAND STATES BANCORP INC (MSBI) Stock Fundamental Analysis

NASDAQ:MSBI - Nasdaq - US5977421057 - Common Stock - Currency: USD

16.82  -0.01 (-0.06%)

Fundamental Rating

3

We assign a fundamental rating of 3 out of 10 to MSBI. MSBI was compared to 395 industry peers in the Banks industry. Both the profitability and financial health of MSBI have multiple concerns. MSBI is valued correctly, but it does not seem to be growing. Finally MSBI also has an excellent dividend rating.


Dividend Valuation Growth Profitability Health

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2

1. Profitability

1.1 Basic Checks

In the past year MSBI has reported negative net income.
MSBI had a positive operating cash flow in the past year.
MSBI had positive earnings in 4 of the past 5 years.
Of the past 5 years MSBI 4 years had a positive operating cash flow.
MSBI Yearly Net Income VS EBIT VS OCF VS FCFMSBI Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 100M 200M 300M 400M 500M

1.2 Ratios

The Return On Assets of MSBI (0.56%) is worse than 72.15% of its industry peers.
Looking at the Return On Equity, with a value of 5.32%, MSBI is doing worse than 75.19% of the companies in the same industry.
Industry RankSector Rank
ROA 0.56%
ROE 5.32%
ROIC N/A
ROA(3y)1.04%
ROA(5y)0.87%
ROE(3y)10.97%
ROE(5y)8.97%
ROIC(3y)N/A
ROIC(5y)N/A
MSBI Yearly ROA, ROE, ROICMSBI Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2 4 6 8 10

1.3 Margins

The Profit Margin of MSBI (14.69%) is worse than 76.20% of its industry peers.
In the last couple of years the Profit Margin of MSBI has grown nicely.
The Operating Margin and Gross Margin are not available for MSBI so they could not be analyzed.
Industry RankSector Rank
OM N/A
PM (TTM) 14.69%
GM N/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3Y36.3%
PM growth 5Y6.98%
GM growth 3YN/A
GM growth 5YN/A
MSBI Yearly Profit, Operating, Gross MarginsMSBI Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 5 10 15 20 25

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3

2. Health

2.1 Basic Checks

MSBI does not have a ROIC to compare to the WACC, probably because it is not profitable.
MSBI has no outstanding debt. Therefor its Debt/Equity and Debt/FCF ratios are 0 and belong to the best of the industry.
MSBI Yearly Shares OutstandingMSBI Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 5M 10M 15M 20M
MSBI Yearly Total Debt VS Total AssetsMSBI Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 2B 4B 6B

2.2 Solvency

The Debt to FCF ratio of MSBI is 0.92, which is an excellent value as it means it would take MSBI, only 0.92 years of fcf income to pay off all of its debts.
MSBI has a better Debt to FCF ratio (0.92) than 74.43% of its industry peers.
MSBI has a Debt/Equity ratio of 0.18. This is a healthy value indicating a solid balance between debt and equity.
MSBI has a Debt to Equity ratio (0.18) which is comparable to the rest of the industry.
Industry RankSector Rank
Debt/Equity 0.18
Debt/FCF 0.92
Altman-Z N/A
ROIC/WACCN/A
WACC15.84%
MSBI Yearly LT Debt VS Equity VS FCFMSBI Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 200M 400M 600M

2.3 Liquidity

Industry RankSector Rank
Current Ratio N/A
Quick Ratio N/A
MSBI Yearly Current Assets VS Current LiabilitesMSBI Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 50M 100M 150M

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2

3. Growth

3.1 Past

MSBI shows a strong negative growth in Earnings Per Share. In the last year the EPS decreased by -124.91%.
EPS 1Y (TTM)-124.91%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%7.55%
Revenue 1Y (TTM)N/A
Revenue growth 3YN/A
Revenue growth 5YN/A
Sales Q2Q%-5.76%

3.2 Future

The Earnings Per Share is expected to grow by 140.43% on average over the next years. This is a very strong growth
The Revenue is expected to grow by 1.62% on average over the next years.
EPS Next Y461.86%
EPS Next 2Y140.43%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue Next Year2.4%
Revenue Next 2Y1.62%
Revenue Next 3YN/A
Revenue Next 5YN/A

3.3 Evolution

MSBI Yearly Revenue VS EstimatesMSBI Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 100M 200M 300M
MSBI Yearly EPS VS EstimatesMSBI Yearly EPS VS EstimatesYearly EPS VS Estimates 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 0 1 2 3 4

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4. Valuation

4.1 Price/Earnings Ratio

The Price/Earnings Ratio is negative for MSBI. In the last year negative earnings were reported.
The Price/Forward Earnings ratio is 6.36, which indicates a rather cheap valuation of MSBI.
Based on the Price/Forward Earnings ratio, MSBI is valued cheaply inside the industry as 91.90% of the companies are valued more expensively.
When comparing the Price/Forward Earnings ratio of MSBI to the average of the S&P500 Index (22.13), we can say MSBI is valued rather cheaply.
Industry RankSector Rank
PE N/A
Fwd PE 6.36
MSBI Price Earnings VS Forward Price EarningsMSBI Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 0 10 -10 20 -20

4.2 Price Multiples

Based on the Price/Free Cash Flow ratio, MSBI is valued cheaper than 98.73% of the companies in the same industry.
Industry RankSector Rank
P/FCF 2.26
EV/EBITDA N/A
MSBI Per share dataMSBI EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 10 20 30

4.3 Compensation for Growth

MSBI's low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
MSBI's earnings are expected to grow with 140.43% in the coming years. This may justify a more expensive valuation.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y140.43%
EPS Next 3YN/A

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8

5. Dividend

5.1 Amount

With a Yearly Dividend Yield of 7.26%, MSBI is a good candidate for dividend investing.
MSBI's Dividend Yield is rather good when compared to the industry average which is at 3.45. MSBI pays more dividend than 97.22% of the companies in the same industry.
Compared to an average S&P500 Dividend Yield of 2.40, MSBI pays a better dividend.
Industry RankSector Rank
Dividend Yield 7.26%

5.2 History

The dividend of MSBI is nicely growing with an annual growth rate of 11.38%!
MSBI has paid a dividend for at least 10 years, which is a reliable track record.
As MSBI did not decrease their dividend in the past 5 years, we can say the dividend looks stable.
Dividend Growth(5Y)11.38%
Div Incr Years8
Div Non Decr Years8
MSBI Yearly Dividends per shareMSBI Yearly Dividends per shareYearly Dividends per share 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0.2 0.4 0.6 0.8 1

5.3 Sustainability

MSBI pays out 82.20% of its income as dividend. This is not a sustainable payout ratio.
The dividend of MSBI is growing, but earnings are growing more, so the dividend growth is sustainable.
DP82.2%
EPS Next 2Y140.43%
EPS Next 3YN/A
MSBI Yearly Income VS Free CF VS DividendMSBI Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 100M 200M 300M 400M 500M
MSBI Dividend Payout.MSBI Dividend Payout, showing the Payout Ratio.MSBI Dividend Payout.PayoutRetained Earnings

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MIDLAND STATES BANCORP INC

NASDAQ:MSBI (5/30/2025, 1:53:56 PM)

16.82

-0.01 (-0.06%)

Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupBanks
GICS IndustryBanks
Earnings (Last)04-30 2025-04-30/amc
Earnings (Next)07-23 2025-07-23/amc
Inst Owners63.4%
Inst Owner Change2.79%
Ins Owners3.29%
Ins Owner Change0.27%
Market Cap361.63M
Analysts50
Price Target19.89 (18.25%)
Short Float %1.96%
Short Ratio3.28
Dividend
Industry RankSector Rank
Dividend Yield 7.26%
Yearly Dividend1.62
Dividend Growth(5Y)11.38%
DP82.2%
Div Incr Years8
Div Non Decr Years8
Ex-Date05-16 2025-05-16 (0.31)
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)-29.38%
Min EPS beat(2)-71.98%
Max EPS beat(2)13.22%
EPS beat(4)2
Avg EPS beat(4)-20.87%
Min EPS beat(4)-71.98%
Max EPS beat(4)13.22%
EPS beat(8)5
Avg EPS beat(8)-10.2%
EPS beat(12)9
Avg EPS beat(12)-4.91%
EPS beat(16)10
Avg EPS beat(16)-7.22%
Revenue beat(2)0
Avg Revenue beat(2)-2.52%
Min Revenue beat(2)-4.72%
Max Revenue beat(2)-0.32%
Revenue beat(4)2
Avg Revenue beat(4)-0.52%
Min Revenue beat(4)-4.72%
Max Revenue beat(4)2.06%
Revenue beat(8)3
Avg Revenue beat(8)1.19%
Revenue beat(12)4
Avg Revenue beat(12)0.82%
Revenue beat(16)4
Avg Revenue beat(16)-0.52%
PT rev (1m)-5.45%
PT rev (3m)-13.33%
EPS NQ rev (1m)0%
EPS NQ rev (3m)0%
EPS NY rev (1m)0%
EPS NY rev (3m)0%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)0%
Revenue NY rev (1m)0%
Revenue NY rev (3m)0%
Valuation
Industry RankSector Rank
PE N/A
Fwd PE 6.36
P/S 1.22
P/FCF 2.26
P/OCF 2.18
P/B 0.44
P/tB 0.58
EV/EBITDA N/A
EPS(TTM)-0.66
EYN/A
EPS(NY)2.65
Fwd EY15.73%
FCF(TTM)7.43
FCFY44.17%
OCF(TTM)7.7
OCFY45.78%
SpS13.77
BVpS38.06
TBVpS29.07
PEG (NY)N/A
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA 0.56%
ROE 5.32%
ROCE N/A
ROIC N/A
ROICexc N/A
ROICexgc N/A
OM N/A
PM (TTM) 14.69%
GM N/A
FCFM 53.96%
ROA(3y)1.04%
ROA(5y)0.87%
ROE(3y)10.97%
ROE(5y)8.97%
ROIC(3y)N/A
ROIC(5y)N/A
ROICexc(3y)N/A
ROICexc(5y)N/A
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)N/A
ROCE(5y)N/A
ROICexcg growth 3YN/A
ROICexcg growth 5YN/A
ROICexc growth 3YN/A
ROICexc growth 5YN/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3Y36.3%
PM growth 5Y6.98%
GM growth 3YN/A
GM growth 5YN/A
F-Score6
Asset Turnover0.04
Health
Industry RankSector Rank
Debt/Equity 0.18
Debt/FCF 0.92
Debt/EBITDA N/A
Cap/Depr 49.76%
Cap/Sales 1.96%
Interest Coverage N/A
Cash Conversion N/A
Profit Quality 367.25%
Current Ratio N/A
Quick Ratio N/A
Altman-Z N/A
F-Score6
WACC15.84%
ROIC/WACCN/A
Cap/Depr(3y)41.75%
Cap/Depr(5y)34.79%
Cap/Sales(3y)1.64%
Cap/Sales(5y)1.6%
Profit Quality(3y)293.47%
Profit Quality(5y)814.22%
High Growth Momentum
Growth
EPS 1Y (TTM)-124.91%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%7.55%
EPS Next Y461.86%
EPS Next 2Y140.43%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue 1Y (TTM)N/A
Revenue growth 3YN/A
Revenue growth 5YN/A
Sales Q2Q%-5.76%
Revenue Next Year2.4%
Revenue Next 2Y1.62%
Revenue Next 3YN/A
Revenue Next 5YN/A
EBIT growth 1YN/A
EBIT growth 3YN/A
EBIT growth 5YN/A
EBIT Next YearN/A
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y-32.46%
FCF growth 3Y-33.52%
FCF growth 5Y10.17%
OCF growth 1Y-30.85%
OCF growth 3Y-32.33%
OCF growth 5Y9.75%