Midland States Bancorp, Inc. (MSBI) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-118.8%

-$6.27

vs $33.34 price

Levered DCF

$96.70

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

0.18

Distress zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-3.45×	18.48×	11.83×	6.28×	6.92×	18.81×	12.7×	13.22×
P/B	0.82×	0.74×	0.77×	0.78×	0.84×	0.67×	1.06×	0.85×
P/S	0.99×	0.97×	1.2×	1.36×	1.78×	1.32×	2.15×	1.75×
EV / EBITDA	-7.84×	13.96×	10.72×	7.45×	3.64×	21.54×	11.73×	17.42×
Gross margin	57.4%	43.2%	50.7%	69.6%	89.3%	71.5%	76.5%	82.1%
Operating margin	-22.1%	8.6%	17.3%	30.1%	31.6%	10.1%	22.2%	17.2%
Net margin	-26.6%	7.0%	12.0%	23.0%	26.0%	7.1%	17.1%	13.4%
Current ratio	0.26×	0.23×	0.23×	0.22×	0.32×	0.28×	0.3×	0.27×
Debt / equity	0.67×	0.6×	0.76×	0.85×	0.81×	1.66×	1.16×	1.41×
Interest coverage	-0.68×	0.25×	0.52×	2.35×	3.29×	0.7×	1.21×	1.17×
Dividend yield	7.9%	6.8%	5.8%	4.9%	4.5%	6.0%	3.4%	3.9%
Payout ratio	-29.4%	94.6%	58.0%	29.0%	31.0%	110.7%	42.6%	51.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-22.0%	5.4%	7.7%	13.2%	12.2%	3.6%	8.4%	6.5%
Return on invested capital	-9.5%	3.2%	4.2%	7.1%	6.6%	1.3%	3.6%	2.5%
Return on assets	-1.9%	0.5%	0.8%	1.3%	1.1%	0.3%	0.9%	0.7%
Free cash flow yield	26.0%	32.1%	23.9%	41.0%	59.5%	119.1%	75.8%	17.4%
Earnings yield	-26.9%	7.2%	10.0%	16.9%	14.6%	5.4%	7.9%	7.6%
Enterprise value	$715.6M	$838.1M	$1.1B	$1.1B	$420.6M	$1.1B	$1.1B	$1.2B
Net debt / EBITDA	-2.77×	5.15×	4.67×	3.37×	-1.18×	13.44×	4.07×	9.69×
Cash conversion cycle (days)	19	123	197	208	-506	501	359	325