Latest Ratios: P/E Ratio -4.9x · EV/EBITDA N/A · ROE -19.5%. (2009–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $628M | $463M | $530M | $610M | $596M | $559M | $417M | $709M | $526M | $594M | $522M |
| Enterprise Value | $881M | $716M | $840M | $1.1B | $1.1B | $422M | $1.1B | $1.1B | $1.2B | $1.1B | $756M |
| P/E Ratio → | -4.93 | — | 18.48 | 11.83 | 6.29 | 6.94 | 18.81 | 12.81 | 13.46 | 37.33 | 16.67 |
| P/S Ratio | 1.34 | 0.99 | 0.97 | 1.20 | 1.37 | 1.78 | 1.32 | 2.17 | 1.79 | 2.82 | 2.73 |
| P/B Ratio | 1.17 | 0.82 | 0.75 | 0.77 | 0.79 | 0.84 | 0.67 | 1.07 | 0.86 | 1.32 | 1.62 |
| P/FCF | 5.22 | 3.84 | 3.13 | 4.18 | 2.45 | 1.68 | 0.84 | 1.33 | 5.85 | 9.24 | 23.79 |
| P/OCF | 4.99 | 3.68 | 3.00 | 3.94 | 2.41 | 1.67 | 0.84 | 1.32 | 5.42 | 8.43 | 21.64 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.53 | 1.54 | 2.12 | 2.49 | 1.35 | 3.51 | 3.32 | 3.98 | 5.35 | 3.95 |
| EV / EBITDA | — | — | 13.98 | 10.73 | 7.46 | 3.66 | 21.54 | 11.79 | 17.56 | 28.20 | 11.85 |
| EV / EBIT | — | — | 17.90 | 12.28 | 8.28 | 4.26 | 34.67 | 14.96 | 23.11 | 42.52 | 14.99 |
| EV / FCF | — | 5.95 | 4.95 | 7.40 | 4.46 | 1.27 | 2.24 | 2.03 | 13.07 | 17.51 | 34.45 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 57.4% | 57.4% | 43.2% | 50.7% | 69.6% | 89.3% | 71.5% | 76.5% | 82.1% | 84.3% | 88.7% |
| Operating Margin | -22.1% | -22.1% | 8.6% | 17.3% | 30.1% | 31.6% | 10.1% | 22.2% | 17.2% | 12.6% | 26.4% |
| Net Profit Margin | -26.6% | -26.6% | 7.0% | 12.0% | 23.0% | 26.0% | 7.1% | 17.1% | 13.4% | 7.6% | 16.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -19.5% | -19.5% | 5.1% | 7.9% | 14.1% | 12.7% | 3.5% | 8.8% | 7.5% | 4.2% | 11.4% |
| ROA | -1.8% | -1.8% | 0.5% | 0.8% | 1.3% | 1.1% | 0.3% | 1.0% | 0.8% | 0.4% | 1.0% |
| ROIC | -7.4% | -7.4% | 2.8% | 4.7% | 7.6% | 5.2% | 1.6% | 3.8% | 2.9% | 2.0% | 6.4% |
| ROCE | -9.7% | -9.7% | 4.0% | 7.1% | 11.0% | 6.9% | 2.0% | 5.1% | 4.0% | 2.9% | 9.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.67 | 0.67 | 0.60 | 0.76 | 0.85 | 0.81 | 1.66 | 1.16 | 1.41 | 1.66 | 1.32 |
| Debt / EBITDA | — | — | 7.05 | 6.00 | 4.42 | 4.65 | 19.98 | 8.35 | 12.84 | 18.70 | 6.64 |
| Net Debt / Equity | — | 0.45 | 0.43 | 0.59 | 0.65 | -0.21 | 1.11 | 0.57 | 1.06 | 1.18 | 0.73 |
| Net Debt / EBITDA | — | — | 5.15 | 4.67 | 3.37 | -1.18 | 13.44 | 4.07 | 9.69 | 13.32 | 3.67 |
| Debt / FCF | — | 2.10 | 1.82 | 3.22 | 2.02 | -0.41 | 1.39 | 0.70 | 7.21 | 8.27 | 10.66 |
| Interest Coverage | -0.68 | -0.68 | 0.25 | 0.52 | 2.35 | 3.29 | 0.70 | 1.21 | 1.17 | — | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.26 | 0.26 | 0.23 | 0.23 | 0.22 | 0.32 | 0.28 | 0.30 | 0.27 | 0.27 | 0.25 |
| Quick Ratio | 0.26 | 0.26 | 0.23 | 0.23 | 0.22 | 0.32 | 0.28 | 0.30 | 0.27 | 0.27 | 0.25 |
| Cash Ratio | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.11 | 0.07 | 0.08 | 0.05 | 0.06 | 0.07 |
| Asset Turnover | — | 0.07 | 0.07 | 0.06 | 0.06 | 0.04 | 0.05 | 0.05 | 0.05 | 0.05 | 0.06 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 4.2% | 6.0% | 5.1% | 4.4% | 4.3% | 4.5% | 6.0% | 3.3% | 3.8% | 2.4% | 1.9% |
| Payout Ratio | — | — | 71.2% | 43.5% | 25.9% | 31.0% | 110.7% | 42.3% | 50.7% | 87.2% | 31.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 5.4% | 8.5% | 15.9% | 14.4% | 5.3% | 7.8% | 7.4% | 2.7% | 6.0% |
| FCF Yield | 19.2% | 26.0% | 32.0% | 23.9% | 40.9% | 59.3% | 119.0% | 75.2% | 17.1% | 10.8% | 4.2% |
| Buyback Yield | 1.5% | 2.1% | 1.0% | 2.9% | 0.2% | 2.1% | 9.5% | 0.6% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 5.7% | 8.1% | 6.1% | 7.3% | 4.5% | 6.6% | 15.5% | 3.9% | 3.8% | 2.4% | 1.9% |
| Shares Outstanding | — | $22M | $22M | $22M | $22M | $23M | $23M | $24M | $24M | $18M | $14M |
Credit quality and provisioning
Based on recent market data, MSBI trades at a P/B of 1.21, which appears to discount the bank's historical earnings volatility and suggests that investors are pricing the institution as a distressed franchise rather than a stable regional player with a diversified wealth management component.
The current valuation multiple indicates that the market is heavily discounting the tangible book value due to the persistent earnings instability observed over the last ten quarters. This suggests that until the bank demonstrates a sustained return to positive ROE, the stock will likely remain tethered to its book value rather than reflecting any premium for its specialized leasing or wealth management segments.
As reported in financial statements, MSBI's ROE has struggled to maintain positive territory, with a 3.3% return in 2026Q1, indicating that the bank's profitability is currently constrained by thin net interest margins and the recurring impact of non-interest expenses on the bottom line.
The DuPont analysis highlights that the bank's profitability is hampered by a low NIM of 0.9%, which fails to provide sufficient cushion against the volatility in non-interest income. The reliance on leverage to drive returns appears insufficient to offset the drag from credit-related provisioning, suggesting that the core operating model requires significant restructuring to achieve sustainable profitability.
According to quarterly filings, MSBI's net interest margin has remained stagnant at 0.9%, a level that significantly limits the bank's ability to absorb operational costs and suggests that funding cost pressures are effectively neutralizing the yield benefits from the specialized equipment leasing portfolio.
The efficiency ratio has shown extreme volatility, spiking to 174.7% in 2025Q1, which implies that the bank's cost structure is not currently aligned with its revenue generation capacity. This lack of operating leverage warrants further investigation into whether the branch network and specialized personnel costs are sustainable under the current interest rate environment.
Investors frequently misapply the P/E ratio to MSBI, which obscures the underlying credit-related earnings volatility and fails to account for the non-cash impairments that have historically distorted the bank's reported net income, making P/TBV a far more reliable metric for assessing the bank's current valuation.
Using P/E as a primary valuation tool for MSBI is misleading because the denominator is highly sensitive to one-time provisions and goodwill adjustments that do not reflect the bank's long-term earnings power. Analysts should instead focus on P/TBV to gauge the market's assessment of the bank's capital base, as this metric is less susceptible to the accounting noise that currently plagues the income statement.
Includes 30+ ratios · 17 years · Updated daily
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Quick answers to the most common questions about buying MSBI stock.
Midland States Bancorp, Inc.'s current P/E ratio is -4.9x. The historical average is 15.8x.
Midland States Bancorp, Inc.'s return on equity (ROE) is -19.5%. The historical average is 8.1%.
Based on historical data, Midland States Bancorp, Inc. is trading at a P/E of -4.9x. Compare with industry peers and growth rates for a complete picture.
Midland States Bancorp, Inc.'s current dividend yield is 4.18%.
Midland States Bancorp, Inc. has 57.4% gross margin and -22.1% operating margin.