MSBI

MKT CAP:$543M

Midland States Bancorp, Inc.

Market Cap

$543M

Financial Services·Banks - Regional·🇺🇸 United States·NASDAQ

Financials·Banks - Regional·🇺🇸·NASDAQ

Stock Price

$23.34+$2.13 (+10.02%)

Apr 22, 2026

Company Details

Midland States Bancorp, Inc. operates as a financial holding company for Midland States Bank that provides various banking products and services to individuals, businesses, municipalities, and other entities. It operates through Banking, We...

CEO

Jeffrey G. Ludwig

IPO Date

May 24, 2016

Website

www.midlandsb.com

Key Metrics TTM

Revenue

$456M

-23.1% YoY

Net Income

-$124M

EPS (Diluted)

$1.02

Free Cash Flow

$122M

Revenue / Share

$20.86

Gross Margin

56.3%

Operating Margin

-25.2%

Net Margin

-27.3%

FCF Margin

26.9%

P/S

1.2x

P/E

—

Earnings Reports

FY 2025

Mar 2, 2026

$468M-14.4%EPS -$6.14

Q4 2025

Mar 2, 2026

$107M-41.2%EPS -$0.24

Q3 2025

Nov 6, 2025

$116M-16.0%EPS $0.24

Q2 2025

Sep 8, 2025

$118M-12.3%EPS $0.45

Q1 2025

Aug 8, 2025

$115M-16.9%EPS $0.57

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$78M	$68M	$27M
Q2 22	$84M	$70M	$29M
Q3 22	$94M	$72M	$29M
Q4 22	$119M	$89M	$44M
Q1 23	$111M	$72M	$29M
Q2 23	$118M	$70M	$29M
Q3 23	$114M	$64M	$23M
Q4 23	$117M	$64M	$21M
Q1 24	$138M	$73M	$29M
Q2 24	$135M	$78M	$32M
Q3 24	$138M	$70M	$25M
Q4 24	$182M	$52M	-$2M
Q1 25	$115M	$63M	-$138M
Q2 25	$118M	$61M	$15M
Q3 25	$116M	$58M	$11M
Q4 25	$107M	$74M	-$3M

Valuation

Quarter	P/S	P/E
Q1 22	2.1x	8.0x
Q2 22	1.7x	6.4x
Q3 22	1.6x	6.0x
Q4 22	1.6x	6.1x
Q1 23	1.2x	4.8x
Q2 23	1.0x	4.5x
Q3 23	1.0x	5.1x
Q4 23	1.3x	8.6x
Q1 24	1.1x	7.7x
Q2 24	1.0x	6.6x
Q3 24	0.9x	5.9x
Q4 24	0.9x	7.9x
Q1 25	0.8x	—
Q2 25	0.8x	—
Q3 25	0.7x	—
Q4 25	1.0x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$39M	$39M
Q2 22	$115M	$115M
Q3 22	$52M	$50M
Q4 22	$31M	$29M
Q1 23	$16M	$13M
Q2 23	$45M	$43M
Q3 23	$6M	$4M
Q4 23	$87M	$86M
Q1 24	$27M	$26M
Q2 24	$18M	$17M
Q3 24	$33M	$31M
Q4 24	$98M	$96M
Q1 25	$25M	$23M
Q2 25	$28M	$30M
Q3 25	$80M	$79M
Q4 25	-$7M	-$9M

Capital Expenditures

Quarter	CapEx
Q1 22	$414.0K
Q2 22	$514.0K
Q3 22	$1M
Q4 22	$1M
Q1 23	$3M
Q2 23	$2M
Q3 23	$2M
Q4 23	$2M
Q1 24	$527.0K
Q2 24	$2M
Q3 24	$2M
Q4 24	$3M
Q1 25	$2M
Q2 25	$2M
Q3 25	$1M
Q4 25	$2M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+1.6%	-4.1%
Q2 22	+8.6%	-6.1%
Q3 22	+22.9%	+26.6%
Q4 22	+40.5%	+38.9%
Q1 23	+42.0%	+62.3%
Q2 23	+41.0%	+63.6%
Q3 23	+21.2%	+40.8%
Q4 23	-1.7%	+28.3%
Q1 24	+25.2%	+33.6%
Q2 24	+14.2%	+15.4%
Q3 24	+20.4%	+23.3%
Q4 24	+55.4%	+90.6%
Q1 25	-16.9%	+131.3%
Q2 25	-12.3%	+0.4%
Q3 25	-16.0%	-7.5%
Q4 25	-41.2%	-40.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$527.0K	0.7%
Q2 22	$519.0K	0.6%
Q3 22	$501.0K	0.5%
Q4 22	$664.0K	0.6%
Q1 23	$625.0K	0.6%
Q2 23	$567.0K	0.5%
Q3 23	$604.0K	0.5%
Q4 23	$693.0K	0.6%
Q1 24	$701.0K	0.5%
Q2 24	$705.0K	0.5%
Q3 24	$733.0K	0.5%
Q4 24	$892.0K	0.5%
Q1 25	$784.0K	0.7%
Q2 25	$750.0K	0.6%
Q3 25	$651.0K	0.6%
Q4 25	-$56.0K	-0.1%

OpEx Breakdown

Quarter	G&A	S&M
Q1 22	$23M	$688.0K
Q2 22	$23M	$733.0K
Q3 22	$24M	$1M
Q4 22	$23M	$871.0K
Q1 23	$26M	$703.0K
Q2 23	$24M	$670.0K
Q3 23	$23M	$950.0K
Q4 23	$25M	$835.0K
Q1 24	$25M	$737.0K
Q2 24	$24M	$741.0K
Q3 24	$26M	$967.0K
Q4 24	$24M	$1M
Q1 25	$28M	$793.0K
Q2 25	$27M	$1M
Q3 25	$28M	$1M
Q4 25	$39M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$326M	$849M	$1.2B
Q2 22	$264M	$761M	$1.0B
Q3 22	$310M	$682M	$991M
Q4 22	$153M	$768M	$922M
Q1 23	$136M	$812M	$948M
Q2 23	$160M	$883M	$1.0B
Q3 23	$131M	$835M	$966M
Q4 23	$134M	$916M	$1.1B
Q1 24	$166M	$1.0B	$1.2B
Q2 24	$124M	$1.1B	$1.2B
Q3 24	$121M	$1.2B	$1.3B
Q4 24	$114M	$952M	$1.1B
Q1 25	$101M	$1.1B	$1.2B
Q2 25	$176M	$4M	$180M
Q3 25	$166M	$1.1B	$1.3B
Q4 25	$128M	$1.3B	$1.4B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	22M	-1.0%	-1.0%
Q2 22	22M	+0.0%	-1.4%
Q3 22	22M	+0.1%	-0.8%
Q4 22	23M	+0.5%	-0.3%
Q1 23	23M	-0.0%	+0.7%
Q2 23	22M	-1.3%	-0.7%
Q3 23	22M	-1.0%	-1.8%
Q4 23	22M	-0.7%	-3.0%
Q1 24	22M	-0.2%	-3.2%
Q2 24	22M	-0.2%	-2.1%
Q3 24	22M	-0.3%	-1.4%
Q4 24	22M	0.0%	-0.7%
Q1 25	22M	+1.7%	+1.2%
Q2 25	22M	-1.1%	+0.4%
Q3 25	22M	+0.2%	+0.9%
Q4 25	22M	-0.0%	+0.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$85.8K	907
Q2 22	$92.2K	907
Q3 22	$103.9K	907
Q4 22	$127.8K	935
Q1 23	$118.2K	935
Q2 23	$126.0K	935
Q3 23	$122.2K	935
Q4 23	$128.5K	914
Q1 24	$151.4K	914
Q2 24	$147.2K	914
Q3 24	$150.5K	914
Q4 24	$203.7K	896
Q1 25	$128.4K	896
Q2 25	$131.8K	896
Q3 25	$128.9K	896
Q4 25	$124.7K	861

Revenue / Employee