Midland States (MSBI) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 11, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Jul 30, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the MSBI SEC filings page.
Midland States (MSBI) reported $329.6M in revenue over the twelve months to Jun 30, 2026, down 4.4% from the prior twelve months. This page shows its 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).
Liability-funded banking remains the dominant mechanic, with balance-sheet contraction and earnings pressure coexisting with positive operating cash flow.
FY2025 combined a net loss of-$124M with operating cash flow of$125.7M , so reported earnings weakness did not become a matching operating cash outflow. Free cash flow of$120.3M stayed close to operating cash flow, indicating that the earnings and cash-generation pictures were being driven by materially different factors.
The return profile deteriorated sharply: net profit margin moved from
Assets contracted from
Financial Health Signals
Scored against banks for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Midland States's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Midland States earned a return on assets of -1.9% in fiscal year 2025, which is the profit it made on every dollar of assets on its books. This is down from 0.5% the prior year. Earnings ranks banks on that return over three years, and Midland States scores 11/100 among other banks.
Midland States reported revenue of $325.0M in fiscal year 2025, against $375.1M in fiscal year 2024. Growth ranks banks on the three-year path of their net revenue, which is interest income and fee income less the interest they pay out, and Midland States scores 10/100 among other banks.
Midland States funded 8.7% of its assets with shareholders' equity at the end of fiscal year 2025, holding $565.5M of equity against $6.5B of assets. Capital ranks banks on that cushion, and Midland States scores 15/100 among other banks.
Efficiency measures what a bank spends running itself against the revenue that spending brings in, so a lower ratio is the better one. Midland States scores 12/100 on it among other banks.
Credit Quality measures the money a bank set aside for loans it expects to go bad, against the size of the loan book it set that money aside for. Midland States scores 7/100 on it among other banks.
Midland States reported a net loss of $124.3M in fiscal year 2025, against $38.0M in fiscal year 2024. Stability ranks banks on how steady net income has been across five years, and Midland States scores 7/100 among other banks.
Midland States passes 3 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 2 of 4 profitability signals pass, all 1 leverage/liquidity signals pass, neither operating efficiency signal passes.
Midland States reported a net loss of $124.3M while generating $125.7M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Midland States generated $83.4M in revenue in Q2 2026. This represents an increase of 1.4% from the same quarter a year earlier. Against the prior quarter it is up 4.8%.
Midland States reported $19.9M in net income in Q2 2026. This represents an increase of 65.4% from the same quarter a year earlier. Against the prior quarter it is up 7.7%.
Midland States earned $0.82 per diluted share (EPS) in Q2 2026. This represents an increase of 86.4% from the same quarter a year earlier. Against the prior quarter it is up 10.8%.
Not reported for Q2 2026.
Cash & Balance Sheet
Midland States generated $29.2M in free cash flow in Q2 2026, representing cash available after capex. This represents an increase of 9.5% from the same quarter a year earlier. Against the prior quarter it is up 78.6%.
Midland States held $298.7M in cash as of Q2 2026; long-term debt is not reported for that period.
Midland States paid $0.32 per share in dividends in Q2 2026. This represents an increase of 3.2% from the same quarter a year earlier. It is unchanged from the prior quarter.
Margins & Returns
Midland States's net profit margin was 23.9% in Q2 2026, showing the share of revenue converted to profit. This is up 9.2 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.7 percentage points.
Midland States's ROE was 3.5% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 1.4 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.2 percentage points.
Not reported for Q2 2026.
Not reported for Q2 2026.
Capital Allocation
Midland States spent $2.7M on share buybacks in Q2 2026, returning capital to shareholders by reducing shares outstanding. Against the prior quarter it is down 65.4%.
Midland States invested $276K in capex in Q2 2026, funding long-term assets and infrastructure. This represents a decrease of 80.1% from the same quarter a year earlier. Against the prior quarter it is down 55.4%.
Not reported for Q2 2026.
MSBI Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $83.4M+1.4% | $79.5M+4.6% | $85.6M-8.9% | $81.1M-12.4% | $82.2M-9.5% | $76.1M-22.1% | $93.9M+2.1% | $92.7M+5.2% |
| SG&A Expenses | $27.4M+6.5% | $26.2M-1.0% | $25.9M+16.3% | $26.4M+8.2% | $25.7M+12.3% | $26.4M+9.6% | $22.3M-7.3% | $24.4M+9.3% |
| Interest Expense | $28.6M-27.1% | $28.6M-30.3% | $33.4M-27.2% | $37.4M-25.1% | $39.2M-18.7% | $41.1M-10.3% | $45.9M-1.5% | $49.9M+10.9% |
| Income Tax | $5.9M+107.3% | $5.6M+78.1% | -$360K+95.6% | $3.8M-17.2% | $2.8M-53.3% | $3.2M-50.4% | -$8.2M-214.4% | $4.5M-56.2% |
| Net Income | $19.9M+65.4% | $18.5M+113.1% | -$2.9M+90.6% | $7.6M-63.0% | $12.0M-53.2% | -$141.0M-722.0% | -$30.8M-253.0% | $20.4M+135.1% |
| EPS (Basic) | $0.82+86.4% | $0.74+111.2% | -$0.24+84.0% | $0.24-71.1% | $0.44-58.5% | -$6.58-815.2% | -$1.50-377.8% | $0.83+102.4% |
| EPS (Diluted) | $0.82+86.4% | $0.74+111.2% | -$0.24 | $0.24-71.1% | $0.44-58.5% | -$6.58-815.2% | -$1.49 | $0.83+102.4% |
| Diluted Shares (Avg) | 21M-3.4% | 21M-2.3% | N/A | 22M+0.9% | 22M+0.4% | 22M0.0% | N/A | 22M-1.4% |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, Operating Income, EBITDA.
MSBI Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $6.7B-5.7% | $6.5B-10.1% | $6.5B-13.2% | $6.9B-10.3% | $7.1B-7.8% | $7.3B-6.2% | $7.5B-3.6% | $7.7B-2.4% |
| Cash & Equivalents | $298.7M+69.2% | $113.7M+11.4% | $127.8M+11.4% | $166.1M+36.3% | $176.6M+41.7% | $102.0M-39.0% | $114.8M-15.0% | $121.9M-7.8% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $7.9M0.0% | $7.9M0.0% | $7.9M-95.1% | $7.9M-95.1% | $7.9M-95.1% | $7.9M-95.1% | $161.9M0.0% | $161.9M0.0% |
| Total Liabilities | $6.1B-6.2% | $6.0B-10.8% | $5.9B-12.5% | $6.3B-8.7% | $6.5B-6.3% | $6.7B-4.6% | $6.8B-3.9% | $6.9B-3.9% |
| Total Equity | $569.7M-0.7% | $559.0M-2.2% | $565.5M-20.4% | $584.0M-24.3% | $573.7M-22.1% | $571.4M-21.0% | $710.8M-0.6% | $771.2M+13.2% |
| Retained Earnings | $107.0M+6.3% | $96.2M-1.6% | $86.8M-64.9% | $99.0M-65.6% | $100.7M-63.5% | $97.7M-62.3% | $247.7M+0.8% | $287.5M+22.7% |
Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Current Liabilities, Non-Current Liabilities, Long-Term Debt.
MSBI Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $29.5M+5.1% | $17.0M-31.3% | -$7.1M-112.7% | $80.0M+72.0% | $28.1M-10.8% | $24.7M-42.7% | $55.5M-0.7% | $46.5M+138.9% |
| Depreciation & Amortization | $1.9M-8.2% | $1.9M-10.0% | $2.0M-11.7% | $2.0M-10.7% | $2.0M-9.6% | $2.1M-7.4% | $2.2M-5.0% | $2.2M-1.6% |
| Capital Expenditures | $276K-80.1% | $619K-66.5% | $740K-72.8% | $1.4M-34.8% | $1.4M-10.6% | $1.8M+250.3% | $2.7M+62.9% | $2.1M-11.3% |
| Free Cash Flow | $29.2M+9.5% | $16.3M-28.5% | -$7.8M-114.8% | $78.6M+77.1% | $26.7M-10.8% | $22.9M-46.3% | $52.8M-2.6% | $44.4M+159.8% |
| Investing Cash Flow | $25.6M-88.9% | -$68.4M-273.2% | $334.7M+220.3% | $145.2M+6858.5% | $229.5M+2981.3% | $39.5M+46.6% | $104.5M+5.3% | -$2.1M-107.4% |
| Financing Cash Flow | $130.0M+171.1% | $37.2M+148.4% | -$366.0M-119.0% | -$235.7M-400.0% | -$182.9M-124.3% | -$76.9M-103.9% | -$167.1M-9.8% | -$47.1M+38.9% |
| Dividends Paid | $6.8M+0.2% | $6.9M+1.6% | $7.1M+4.5% | $7.0M+4.0% | $6.8M+0.3% | $6.8M+0.1% | $6.8M+3.4% | $6.7M+2.2% |
| Share Buybacks | $2.7M | $7.9M | $9.7M+33203.4% | $0-100.0% | $0-100.0% | $0-100.0% | -$29K-99.0% | $534K-91.2% |
Not reported in any period shown, so not listed: Stock-Based Compensation.
MSBI Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Net Margin | 23.9%+9.2pp | 23.2% | -3.4%+29.4pp | 9.3%-12.7pp | 14.6%-13.7pp | -185.4% | -32.8%-54.6pp | 22.1%+12.2pp |
| Return on Equity | 3.5%+1.4pp | 3.3%+28.0pp | -0.5%+3.8pp | 1.3%-1.4pp | 2.1%-1.4pp | -24.7%-27.8pp | -4.3%-7.1pp | 2.6%+1.4pp |
| Return on Assets | 0.3%+0.1pp | 0.3%+2.2pp | 0.0%+0.4pp | 0.1%-0.2pp | 0.2%-0.2pp | -1.9%-2.2pp | -0.4%-0.7pp | 0.3%+0.2pp |
| Debt-to-Equity | 10.76-0.6x | 10.71-1.0x | 10.52+1.0x | 10.83+1.8x | 11.39+1.9x | 11.75+2.0x | 9.56-0.3x | 8.99-1.6x |
| Asset Turnover | 0.010.0x | 0.010.0x | 0.010.0x | 0.010.0x | 0.010.0x | 0.010.0x | 0.010.0x | 0.010.0x |
| FCF Margin | 35.0%+2.6pp | 20.5%-9.5pp | -9.1%-65.3pp | 96.9%+49.0pp | 32.4%-0.5pp | 30.0%-13.5pp | 56.2%-2.7pp | 47.9%+28.5pp |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Current Ratio.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Net Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Midland States MSBI | FY2025 | $325.0M | -$124.3M | -38.2% | $691.3M | 10/100 |
| Blue Ridge Bnksh BRBS | FY2025 | $91.7M | $10.7M | 11.7% | $362.3M | 24/100 |
| Bank Marin Bancorp BMRC | FY2025 | $29.4M | $26.5M | 90.0% | $443.6M | 17/100 |
| Bankwell Financi BWFG | FY2025 | $108.3M | $35.2M | 32.5% | $531.8M | 37/100 |
| Red River Bancshares RRBI | FY2025 | $125.5M | $42.8M | 34.1% | $669.5M | 55/100 |
| Sierra Bancorp BSRR | FY2025 | $155.3M | $42.3M | 27.3% | $523.3M | 45/100 |
Where Midland States Ranks
Frequently Asked Questions
What is Midland States's annual revenue?
Midland States (MSBI) reported $325.0M in total revenue for fiscal year 2025. This represents a -13.4% 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 Midland States's revenue growing?
Midland States (MSBI) revenue declined by 13.4% year-over-year, from $375.1M to $325.0M in fiscal year 2025.
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 -38.2%.
What is Midland States's net profit margin?
Midland States (MSBI) had a net profit margin of -38.2% 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 $1.26 per share in dividends during fiscal year 2025.
What is Midland States's return on equity (ROE)?
Midland States (MSBI) has a return on equity of -22.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
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.
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 P/E ratio?
Midland States (MSBI) trades at 16.1x earnings, its market capitalization divided by net income of $43.0M net income, trailing 12 months to June 30, 2026. The market capitalization is $691.3M as of Sep 11, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Midland States's price-to-sales ratio?
Midland States (MSBI) trades at 2.1x sales, its market capitalization divided by revenue of $329.6M revenue, trailing 12 months to June 30, 2026. The market capitalization is $691.3M as of Sep 11, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Midland States's Piotroski F-Score?
Midland States (MSBI) has a Piotroski F-Score of 3 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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) reported a net loss of $124.3M while generating $125.7M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. 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.
How financially healthy is Midland States?
Midland States (MSBI) scores 10 out of 100 on our Financial Health Score, indicating weak standing within its banks peer group. The score is a 0-100 composite of six dimensions (Earnings, Growth, Capital, Efficiency, Credit Quality, Stability), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.