Midland States Financials

MSBI

Source SEC Filings (10-K/10-Q) Updated Mar 2, 2026 Currency USD FYE March

This page shows Midland States (MSBI) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 12 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).

Financial Health Signals

Piotroski F-Score Weak

3/9

Midland States passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass.

Earnings Quality Mixed

-1.01x

For every $1 of reported earnings, Midland States generates $-1.01 in operating cash flow ($125.7M OCF vs -$124.3M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Key Financial Metrics

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Revenue

$27.0M

Midland States generated $27.0M in revenue in fiscal year 2025.

EBITDA

N/A

Free Cash Flow

$120.3M

YoY-29.1%

5Y CAGR-24.7%

10Y CAGR+6.0%

Midland States generated $120.3M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 29.1% from the prior year.

Net Income

-$124.3M

YoY-426.7%

Midland States reported -$124.3M in net income in fiscal year 2025. This represents a decrease of 426.7% from the prior year.

EPS (Diluted)

$-6.12

YoY-563.6%

Midland States earned $-6.12 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 563.6% from the prior year.

Cash & Debt

$127.8M

YoY+11.4%

5Y CAGR-17.9%

10Y CAGR-5.0%

Midland States held $127.8M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

$1.20

YoY-3.2%

5Y CAGR+2.3%

10Y CAGR+6.3%

Midland States paid $1.20 per share in dividends in fiscal year 2025. This represents a decrease of 3.2% from the prior year.

Shares Outstanding

21M

YoY-2.3%

5Y CAGR-1.2%

10Y CAGR+5.9%

Midland States had 21M shares outstanding in fiscal year 2025. This represents a decrease of 2.3% from the prior year.

Gross Margin

N/A

Operating Margin

N/A

Net Margin

-460.6%

Midland States's net profit margin was -460.6% in fiscal year 2025, showing the share of revenue converted to profit.

Return on Equity

N/A

R&D Spending

N/A

Share Buybacks

$9.7M

YoY+76.4%

5Y CAGR-24.6%

Midland States spent $9.7M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 76.4% from the prior year.

Capital Expenditures

$5.3M

YoY-22.5%

5Y CAGR+15.6%

10Y CAGR-1.3%

Midland States invested $5.3M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 22.5% from the prior year.

MSBI Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$27.0M	N/A	N/A	N/A	N/A	N/A
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	$4.0M-97.9%	$189.8M+12.8%	$168.3M+200.4%	$56.0M+85.9%	$30.1M-34.1%	$45.8M
Income Tax	$9.4M+6.3%	$8.9M-67.0%	$26.8M-13.9%	$31.1M+75.0%	$17.8M+87.8%	$9.5M
Net Income	-$124.3M-426.7%	$38.0M-37.8%	$61.2M-39.0%	$100.2M+23.3%	$81.3M+260.8%	$22.5M
EPS (Diluted)	$-6.12-563.6%	$1.32-43.3%	$2.33-45.6%	$4.28+19.9%	$3.57+275.8%	$0.95

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q3'24	Q2'24	Q1'24	Q4'23
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
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	$37.4M-4.7%	$39.2M-4.5%	$41.1M+160.6%	$15.8M-68.4%	$49.9M+3.4%	$48.2M+5.4%	$45.8M+513.0%	$7.5M
Income Tax	$3.8M+32.1%	$2.8M-10.3%	$3.2M-3.3%	$3.3M-27.7%	$4.5M-25.6%	$6.1M-4.8%	$6.4M+10.8%	$5.8M
Net Income	$7.6M-37.2%	$12.0M+108.5%	-$141.0M-1202.0%	$12.8M-37.4%	$20.4M-20.6%	$25.7M+13.5%	$22.7M+1038.3%	$2.0M
EPS (Diluted)	$0.24-45.5%	$0.44+106.7%	$-6.58-1390.2%	$0.51-38.6%	$0.83-21.7%	$1.06+15.2%	$0.92+820.0%	$0.10

MSBI Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$6.5B-13.2%	$7.5B-3.6%	$7.8B0.0%	$7.8B+4.7%	$7.4B+8.4%	$6.9B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$127.8M+11.4%	$114.8M-15.0%	$135.1M-15.9%	$160.6M-76.4%	$680.4M+99.1%	$341.6M
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	$7.9M-95.1%	$161.9M0.0%	$161.9M0.0%	$161.9M0.0%	$161.9M0.0%	$161.9M
Total Liabilities	$5.9B-12.5%	$6.8B-3.9%	$7.1B-0.3%	$7.1B+4.7%	$6.8B+8.5%	$6.2B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$565.5M-20.4%	$710.8M-0.6%	$715.1M+2.7%	$696.1M+16.0%	$600.2M-3.4%	$621.4M
Retained Earnings	$86.8M-64.9%	$247.7M+0.8%	$245.6M-13.0%	$282.4M+32.9%	$212.5M+35.9%	$156.3M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q3'24	Q2'24	Q1'24	Q4'23
Total Assets	$6.9B-2.8%	$7.1B-2.4%	$7.3B-3.0%	$7.5B-2.6%	$7.7B-0.1%	$7.7B-0.7%	$7.8B-0.3%	$7.8B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$166.1M-5.9%	$176.6M+73.1%	$102.0M-11.1%	$114.8M-5.8%	$121.9M-2.2%	$124.6M-25.5%	$167.3M+23.9%	$135.1M
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	$7.9M0.0%	$7.9M0.0%	$7.9M-95.1%	$161.9M0.0%	$161.9M0.0%	$161.9M0.0%	$161.9M0.0%	$161.9M
Total Liabilities	$6.3B-3.2%	$6.5B-2.7%	$6.7B-1.2%	$6.8B-2.0%	$6.9B-0.5%	$7.0B-1.0%	$7.0B-0.5%	$7.1B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$584.0M+1.8%	$573.7M+0.4%	$571.4M-19.6%	$710.8M-7.8%	$771.2M+4.7%	$736.8M+1.9%	$723.0M+1.1%	$715.1M
Retained Earnings	$99.0M-1.7%	$100.7M+3.1%	$97.7M-60.6%	$247.7M-13.8%	$287.5M+4.1%	$276.0M+6.5%	$259.3M+5.6%	$245.6M

MSBI Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$125.7M-28.8%	$176.5M+15.1%	$153.4M-46.3%	$285.8M-14.5%	$334.4M-33.0%	$499.1M
Capital Expenditures	$5.3M-22.5%	$6.9M-21.0%	$8.7M+151.6%	$3.5M+27.7%	$2.7M+5.0%	$2.6M
Free Cash Flow	$120.3M-29.1%	$169.6M+17.3%	$144.6M-48.8%	$282.3M-14.9%	$331.7M-33.2%	$496.6M
Investing Cash Flow	$748.9M+447.8%	$136.7M+282.8%	-$74.8M+93.4%	-$1.1B-137.8%	-$478.5M+63.5%	-$1.3B
Financing Cash Flow	-$861.5M-158.3%	-$333.5M-220.3%	-$104.1M-131.4%	$332.1M-31.2%	$482.8M-36.5%	$760.4M
Dividends Paid	$27.7M+2.2%	$27.1M+1.9%	$26.6M+2.5%	$25.9M+3.0%	$25.2M+0.9%	$25.0M
Share Buybacks	$9.7M+76.4%	$5.5M-69.4%	$17.9M+1513.9%	$1.1M-90.5%	$11.7M-70.5%	$39.6M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q3'24	Q2'24	Q1'24	Q4'23
Operating Cash Flow	$80.0M+185.1%	$28.1M+13.6%	$24.7M-55.5%	$55.5M+19.4%	$46.5M+47.9%	$31.4M-27.0%	$43.1M-22.9%	$55.9M
Capital Expenditures	$1.4M-1.0%	$1.4M-24.9%	$1.8M-32.0%	$2.7M+28.9%	$2.1M+35.8%	$1.6M+194.3%	$527K-68.4%	$1.7M
Free Cash Flow	$78.6M+194.8%	$26.7M+16.7%	$22.9M-56.7%	$52.8M+18.9%	$44.4M+48.5%	$29.9M-29.7%	$42.5M-21.5%	$54.2M
Investing Cash Flow	$145.2M-36.7%	$229.5M+481.4%	$39.5M-62.2%	$104.5M+4962.5%	-$2.1M-128.9%	$7.4M-72.3%	$26.9M-72.9%	$99.2M
Financing Cash Flow	-$235.7M-28.8%	-$182.9M-137.8%	-$76.9M+54.0%	-$167.1M-254.6%	-$47.1M+42.2%	-$81.6M-116.2%	-$37.7M+75.2%	-$152.2M
Dividends Paid	$7.0M+3.4%	$6.8M0.0%	$6.8M-0.1%	$6.8M+0.6%	$6.7M-0.3%	$6.8M-0.1%	$6.8M+3.2%	$6.6M
Share Buybacks	$0	$0	$0+100.0%	-$29K-105.4%	$534K-82.4%	$3.0M+55.7%	$1.9M-32.3%	$2.9M

MSBI Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
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	-460.6%	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	5.3%-3.2pp	8.6%-5.8pp	14.4%+0.8pp	13.6%+9.9pp	3.6%
Return on Assets	-1.9%-2.4pp	0.5%-0.3pp	0.8%-0.5pp	1.3%+0.2pp	1.1%+0.8pp	0.3%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	10.52+1.0	9.56-0.3	9.89-0.3	10.19-1.1	11.30+1.2	10.05
FCF Margin	445.9%	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	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	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	1.3%-0.8pp	2.1%	N/A	1.9%-0.7pp	2.6%-0.8pp	3.5%+0.4pp	3.1%+2.7pp	0.4%
Return on Assets	0.1%-0.1pp	0.2%+2.1pp	-1.9%-2.2pp	0.2%-0.1pp	0.3%-0.1pp	0.3%+0.0pp	0.3%+0.2pp	0.1%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	10.83-0.6	11.39-0.4	11.75+2.2	9.56+0.6	8.99-0.5	9.46-0.3	9.74-0.2	9.89
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Midland States's annual revenue?

Midland States (MSBI) reported $27.0M in total revenue for fiscal year 2025. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Is Midland States profitable?

No, Midland States (MSBI) reported a net income of -$124.3M in fiscal year 2025, with a net profit margin of -460.6%.

What is Midland States's earnings per share (EPS)?

Midland States (MSBI) reported diluted earnings per share of $-6.12 for fiscal year 2025. This represents a -563.6% 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.

What is Midland States's net profit margin?

Midland States (MSBI) had a net profit margin of -460.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Midland States pay dividends?

Yes, Midland States (MSBI) paid $1.20 per share in dividends during fiscal year 2025.

What is Midland States's free cash flow?

Midland States (MSBI) generated $120.3M in free cash flow during fiscal year 2025. This represents a -29.1% 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 Midland States's operating cash flow?

Midland States (MSBI) generated $125.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Midland States's total assets?

Midland States (MSBI) had $6.5B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Midland States's capital expenditures?

Midland States (MSBI) invested $5.3M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Does Midland States buy back shares?

Yes, Midland States (MSBI) spent $9.7M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Midland States have outstanding?

Midland States (MSBI) had 21M shares outstanding as of fiscal year 2025.

What is Midland States's debt-to-equity ratio?

Midland States (MSBI) had a debt-to-equity ratio of 10.52 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Midland States's return on assets (ROA)?

Midland States (MSBI) had a return on assets of -1.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Midland States's Piotroski F-Score?

Midland States (MSBI) has a Piotroski F-Score of 3 out of 9, indicating weak 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 Midland States's earnings high quality?

Midland States (MSBI) has an earnings quality ratio of -1.01x, 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.