Midwestone Financials

MOFG

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

Financial Health Signals

Piotroski F-Score Neutral

4/9

Midwestone passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Mixed

-1.05x

For every $1 of reported earnings, Midwestone generates $-1.05 in operating cash flow ($63.2M OCF vs -$60.3M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

This page shows Midwestone (MOFG) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

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Key Financial Metrics

Revenue

$294.3M

YoY+17.9%

5Y CAGR+10.0%

10Y CAGR+16.4%

Midwestone generated $294.3M in revenue in fiscal year 2024. This represents an increase of 17.9% from the prior year.

EBITDA

N/A

Free Cash Flow

$60.8M

YoY+3.9%

5Y CAGR+6.1%

10Y CAGR+18.7%

Midwestone generated $60.8M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 3.9% from the prior year.

Net Income

-$60.3M

YoY-389.0%

Midwestone reported -$60.3M in net income in fiscal year 2024. This represents a decrease of 389.0% from the prior year.

EPS (Diluted)

$-3.54

YoY-366.2%

Midwestone earned $-3.54 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 366.2% from the prior year.

Cash & Debt

$204.9M

YoY+150.7%

5Y CAGR+22.8%

Midwestone held $204.9M in cash against $113.4M in long-term debt as of fiscal year 2024.

Dividends Per Share

$0.97

YoY+0.0%

5Y CAGR+3.7%

10Y CAGR+5.3%

Midwestone paid $0.97 per share in dividends in fiscal year 2024. This represents an increase of 0.0% from the prior year.

Shares Outstanding

21M

YoY+32.4%

5Y CAGR+5.2%

10Y CAGR+9.5%

Midwestone had 21M shares outstanding in fiscal year 2024. This represents an increase of 32.4% from the prior year.

Gross Margin

N/A

Operating Margin

N/A

Net Margin

-20.5%

YoY-28.8pp

5Y CAGR-44.4pp

10Y CAGR-49.3pp

Midwestone's net profit margin was -20.5% in fiscal year 2024, showing the share of revenue converted to profit. This is down 28.8 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

N/A

Share Buybacks

Midwestone spent $0 on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures

$2.4M

YoY-40.7%

5Y CAGR+1.9%

10Y CAGR-15.1%

Midwestone invested $2.4M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 40.7% from the prior year.

MOFG Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$294.3M+17.9%	$249.6M+26.9%	$196.8M+11.3%	$176.8M-4.3%	$184.8M+1.3%	$182.4M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$136.7M+29.7%	$105.4M+246.8%	$30.4M+48.4%	$20.5M-35.6%	$31.8M-18.0%	$38.8M
Income Tax	-$23.7M-696.4%	$4.0M-74.8%	$15.8M-21.2%	$20.0M+198.4%	$6.7M+1.9%	$6.6M
Net Income	-$60.3M-389.0%	$20.9M-65.7%	$60.8M-12.4%	$69.5M+949.2%	$6.6M-84.8%	$43.6M
EPS (Diluted)	$-3.54-366.2%	$1.33-65.6%	$3.87-11.4%	$4.37+965.9%	$0.41-86.0%	$2.93

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Revenue	$78.9M+2.0%	$77.4M+3.6%	$74.7M-4.5%	$78.3M+6.2%	$73.7M+1.3%	$72.8M+4.7%	$69.5M+6.3%	$65.4M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$27.9M+1.8%	$27.4M+0.5%	$27.3M-6.9%	$29.3M-18.9%	$36.2M-0.7%	$36.4M+4.7%	$34.8M+6.0%	$32.8M
Income Tax	$4.5M+72.5%	$2.6M-41.8%	$4.5M-6.8%	$4.8M+113.9%	-$34.5M-782.5%	$5.1M+427.6%	$958K+560.6%	-$208K
Net Income	$17.0M+70.5%	$10.0M-34.1%	$15.1M-7.3%	$16.3M+117.1%	-$95.7M-705.0%	$15.8M+383.9%	$3.3M+19.7%	$2.7M
EPS (Diluted)	$0.82+70.8%	$0.48-34.2%	$0.73-6.4%	$0.78+112.9%	$-6.05-705.0%	$1.00+376.2%	$0.21+23.5%	$0.17

MOFG Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$6.2B-3.0%	$6.4B-2.3%	$6.6B+9.2%	$6.0B+8.4%	$5.6B+19.4%	$4.7B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$204.9M+150.7%	$81.7M-5.4%	$86.4M-57.6%	$203.8M+146.6%	$82.7M+12.5%	$73.5M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$69.8M+11.7%	$62.5M0.0%	$62.5M0.0%	$62.5M0.0%	$62.5M-32.0%	$91.9M
Total Liabilities	$5.7B-3.8%	$5.9B-3.0%	$6.1B+10.7%	$5.5B+9.1%	$5.0B+21.6%	$4.1B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$113.4M-8.0%	$123.3M-11.4%	$139.2M-10.1%	$154.9M-25.8%	$208.7M-9.9%	$231.7M
Total Equity	$559.7M+6.7%	$524.4M+6.4%	$492.8M-6.6%	$527.5M+2.4%	$515.3M+1.2%	$509.0M
Retained Earnings	$217.8M-26.1%	$294.8M+1.9%	$289.3M+18.9%	$243.4M+29.3%	$188.2M-6.4%	$201.1M

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Total Assets	$6.2B+1.4%	$6.2B-1.5%	$6.3B+0.3%	$6.2B-4.8%	$6.6B-0.4%	$6.6B-2.5%	$6.7B+5.0%	$6.4B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$272.2M+60.7%	$169.4M-32.5%	$250.9M+22.5%	$204.9M+1.5%	$201.9M+98.8%	$101.6M+3.9%	$97.8M+19.6%	$81.7M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$69.8M0.0%	$69.8M0.0%	$69.8M0.0%	$69.8M0.0%	$69.8M+0.6%	$69.4M-2.4%	$71.1M+13.8%	$62.5M
Total Liabilities	$5.6B+1.3%	$5.6B-1.8%	$5.7B0.0%	$5.7B-5.2%	$6.0B-0.8%	$6.0B-2.9%	$6.2B+5.4%	$5.9B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$98.0M-12.8%	$112.3M+0.8%	$111.4M-1.7%	$113.4M-1.5%	$115.1M+0.2%	$114.8M-5.9%	$122.1M-1.0%	$123.3M
Total Equity	$606.1M+2.9%	$589.0M+1.6%	$579.6M+3.6%	$559.7M-0.5%	$562.2M+3.5%	$543.3M+2.9%	$528.0M+0.7%	$524.4M
Retained Earnings	$244.7M+5.2%	$232.7M+2.2%	$227.8M+4.6%	$217.8M+5.5%	$206.5M-32.5%	$306.0M+4.1%	$294.1M-0.2%	$294.8M

MOFG Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$63.2M+1.0%	$62.6M-30.7%	$90.3M-19.0%	$111.6M+1118.0%	$9.2M-80.6%	$47.3M
Capital Expenditures	$2.4M-40.7%	$4.1M+52.3%	$2.7M+32.2%	$2.0M-5.4%	$2.1M-2.7%	$2.2M
Free Cash Flow	$60.8M+3.9%	$58.5M-33.3%	$87.7M-20.0%	$109.5M+1458.0%	$7.0M-84.4%	$45.1M
Investing Cash Flow	$312.3M+140.7%	$129.7M+147.5%	-$273.3M+36.2%	-$428.3M+50.6%	-$867.4M-1292.4%	$72.7M
Financing Cash Flow	-$252.3M-28.1%	-$197.0M-400.6%	$65.5M-85.0%	$437.9M-49.5%	$867.5M+1042.3%	-$92.1M
Dividends Paid	$16.5M+8.5%	$15.2M+2.3%	$14.9M+4.1%	$14.3M+0.8%	$14.2M+23.5%	$11.5M
Share Buybacks	$0	$0-100.0%	$2.7M-76.4%	$11.6M+149.9%	$4.6M-1.2%	$4.7M

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Operating Cash Flow	$17.7M-29.0%	$24.9M+187.2%	$8.7M-72.1%	$31.1M+1228.4%	-$2.8M-110.9%	$25.2M+163.2%	$9.6M+42.3%	$6.7M
Capital Expenditures	$949K-16.1%	$1.1M+175.9%	$410K-60.5%	$1.0M+375.7%	$218K-65.4%	$630K+21.4%	$519K-70.8%	$1.8M
Free Cash Flow	$16.7M-29.6%	$23.8M+187.8%	$8.3M-72.5%	$30.1M+1110.9%	-$3.0M-112.1%	$24.6M+171.3%	$9.1M+82.8%	$5.0M
Investing Cash Flow	$17.5M+723.3%	$2.1M-94.0%	$35.5M-87.2%	$277.0M+671.0%	$35.9M-4.6%	$37.7M+198.3%	-$38.3M-182.1%	$46.7M
Financing Cash Flow	$67.6M+162.3%	-$108.5M-5892.9%	$1.9M+100.6%	-$305.1M-554.5%	$67.1M+213.6%	-$59.1M-232.0%	$44.8M+196.4%	-$46.5M
Dividends Paid	$5.0M-1.0%	$5.1M+0.1%	$5.0M+0.2%	$5.0M+31.7%	$3.8M0.0%	$3.8M+0.1%	$3.8M+0.4%	$3.8M
Share Buybacks	$3.8M	N/A	N/A	$0	$0	N/A	N/A	$0

MOFG Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	-20.5%-28.8pp	8.4%-22.6pp	30.9%-8.4pp	39.3%+35.7pp	3.6%-20.3pp	23.9%
Return on Equity	N/A	4.0%-8.4pp	12.3%-0.8pp	13.2%+11.9pp	1.3%-7.3pp	8.6%
Return on Assets	-1.0%-1.3pp	0.3%-0.6pp	0.9%-0.2pp	1.1%+1.0pp	0.1%-0.8pp	0.9%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.20-0.0	0.24-0.0	0.28-0.0	0.29-0.1	0.41-0.1	0.46
FCF Margin	20.6%-2.8pp	23.4%-21.1pp	44.5%-17.4pp	62.0%+58.2pp	3.8%-20.9pp	24.7%

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	21.6%+8.7pp	12.9%-7.4pp	20.3%-0.6pp	20.9%+150.7pp	-129.9%-151.6pp	21.7%+17.0pp	4.7%+0.5pp	4.2%
Return on Equity	2.8%+1.1pp	1.7%-0.9pp	2.6%-0.3pp	2.9%	N/A	2.9%+2.3pp	0.6%+0.1pp	0.5%
Return on Assets	0.3%+0.1pp	0.2%-0.1pp	0.2%-0.0pp	0.3%+1.7pp	-1.5%-1.7pp	0.2%+0.2pp	0.1%0.0pp	0.0%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.16-0.0	0.190.0	0.19-0.0	0.200.0	0.200.0	0.21-0.0	0.230.0	0.24
FCF Margin	21.2%-9.5pp	30.7%+19.7pp	11.1%-27.4pp	38.4%+42.5pp	-4.0%-37.9pp	33.8%+20.8pp	13.0%+5.4pp	7.6%

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Frequently Asked Questions

What is Midwestone's annual revenue?

Midwestone (MOFG) reported $294.3M in total revenue for fiscal year 2024. This represents a 17.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Midwestone's revenue growing?

Midwestone (MOFG) revenue grew by 17.9% year-over-year, from $249.6M to $294.3M in fiscal year 2024.

Is Midwestone profitable?

No, Midwestone (MOFG) reported a net income of -$60.3M in fiscal year 2024, with a net profit margin of -20.5%.

What is Midwestone's earnings per share (EPS)?

Midwestone (MOFG) reported diluted earnings per share of $-3.54 for fiscal year 2024. This represents a -366.2% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

How much debt does Midwestone have?

As of fiscal year 2024, Midwestone (MOFG) had $204.9M in cash and equivalents against $113.4M in long-term debt.

What is Midwestone's net profit margin?

Midwestone (MOFG) had a net profit margin of -20.5% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

Does Midwestone pay dividends?

Yes, Midwestone (MOFG) paid $0.97 per share in dividends during fiscal year 2024.

What is Midwestone's free cash flow?

Midwestone (MOFG) generated $60.8M in free cash flow during fiscal year 2024. This represents a 3.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Midwestone's operating cash flow?

Midwestone (MOFG) generated $63.2M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Midwestone's total assets?

Midwestone (MOFG) had $6.2B in total assets as of fiscal year 2024, including both current and long-term assets.

What are Midwestone's capital expenditures?

Midwestone (MOFG) invested $2.4M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How many shares does Midwestone have outstanding?

Midwestone (MOFG) had 21M shares outstanding as of fiscal year 2024.

What is Midwestone's debt-to-equity ratio?

Midwestone (MOFG) had a debt-to-equity ratio of 0.20 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Midwestone's return on assets (ROA)?

Midwestone (MOFG) had a return on assets of -1.0% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Midwestone's Piotroski F-Score?

Midwestone (MOFG) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Midwestone's earnings high quality?

Midwestone (MOFG) has an earnings quality ratio of -1.05x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.