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Midland States Bancorp, Inc. MSBI | NASDAQ

$32.16 -$0.23 | -0.71%

SIGNAL:

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|2026-09-30 |F&G 39 |RSI 40.0

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Company Overview:

Market Cap: $667.39M

Trailing PE: 20.6x

FWD PE *: 9.5x

Payout Ratio (TTM): 85.3%

52-Week Range: $14.24 - $35.10

* Forward PE is based on street estimates.

10 Year MSBI Performance Metrics:

Total Return (with DRIP): 100.6% (7.21% CAGR)

Total Return (no DRIP): 70.1% (5.46% CAGR)

Share Price: 26.9% (2.41% CAGR)

Yield on Cost (with DRIP): 8.23%

Total Invested: $10,000

Total Value (with DRIP): $20,058

Total Return $ (with DRIP): $10,058

Dividend Increase: 60.0% (4.94% CAGR)

Dividend Yield (FWD): 4.10% ($1.32)

MSBI 10-yr Total Return ($10K invested)

1M 3M 6M YTD 1Y 3Y 5Y 10Y

MSBI Share Price

1M 3M 6M YTD 1Y 3Y 5Y 10Y All

MSBI Price CAGR:1Y: 87.63%2Y: 19.87%5Y: 5.39%10Y: 2.41%

MSBI Dividend Charts

MSBI - Dividends

MSBI Dividend CAGR:1Y: 3.13%2Y: 3.18%5Y: 3.34%10Y: 6.25%

MSBI - Dividend Payout Ratio

MSBI Dividend Payout Ratio CAGR:1Y: -39.45%2Y: 13.16%5Y: 7.62%10Y: 3.74%

MSBI - Dividend to Free Cash Flow Ratio

MSBI Dividend to FCF Ratio CAGR:1Y: 2.57%2Y: -24.65%5Y: 23.10%10Y: 12.05%

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MSBI Fundamentals: Earnings, Revenue, Cash Flow, Ebitda, Cash/Debt, Shares Float, etc:

MSBI - Revenue

MSBI Revenue CAGR:1Y: -32.96%2Y: -23.30%5Y: 0.56%10Y: 5.68%

MSBI - Earnings Per Share (EPS)

MSBI EPS CAGR:1Y: 82.22%2Y: -12.05%5Y: -1.40%10Y: 5.07%

MSBI - Net Income

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MSBI Net Income CAGR:1Y: 65.40%2Y: -12.06%5Y: -0.24%10Y: 11.35%

MSBI - EBITDA

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MSBI EBITDA CAGR:1Y: 59.35%2Y: -10.01%5Y: 4.16%10Y: 7.57%

MSBI - Free Cash Flow

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MSBI Free Cash Flow CAGR:1Y: -2.35%2Y: 32.96%5Y: -12.78%10Y: 3.08%

MSBI - Free Cash Flow / Share

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MSBI Free Cash Flow / Share CAGR:1Y: 1.10%2Y: 35.02%5Y: -11.56%10Y: -1.57%

MSBI - Operating Income

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MSBI Operating Income CAGR:1Y: 73.41%2Y: -9.97%5Y: 6.25%10Y: 9.43%

MSBI - Gross Profit

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MSBI Gross Profit CAGR:1Y: 24.48%2Y: -0.97%5Y: 2.06%10Y: 6.49%

MSBI - Shares Outstanding

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MSBI Shares Outstanding CAGR:1Y: -3.42%2Y: -1.53%5Y: -1.46%10Y: 4.45%

MSBI - Share Buybacks

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MSBI Share Buybacks CAGR:1Y: 0.00%2Y: -4.77%5Y: 0.00%10Y: 0.00%

MSBI - Stock-Based Comp

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MSBI Stock-Based Comp CAGR:1Y: -22.53%2Y: -9.22%5Y: 3.72%10Y: 18.55%

MSBI - Expenses

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MSBI Expenses CAGR:1Y: -85.05%2Y: -57.82%5Y: -8.31%10Y: -12.09%

MSBI - Revenue vs Net Income

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MSBI - EPS vs FCF / Share

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MSBI - EPS vs PE Ratio

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MSBI - FCF vs FCF / Share

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MSBI - FCF vs Stock Based Comp

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MSBI - Cash & Debt

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MSBI - Revenue by Segment

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MSBI Revenue CAGR:1Y: -32.96%2Y: -23.30%5Y: 0.56%10Y: 5.68%

Revenue, EPS, Net Income & Ebitda - Estimates VS Actual:

MSBI - REVENUE: Actual + Estimates

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MSBI Actual Revenue CAGR:1Y: -32.96%2Y: -23.30%5Y: 0.56%10Y: 5.68%

MSBI - EPS: Actual + Estimates

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MSBI Actual EPS CAGR:1Y: 82.22%2Y: -12.05%5Y: -1.40%10Y: 5.07%

MSBI - NET INCOME: Actual + Estimates

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MSBI Actual Net Income CAGR:1Y: 65.40%2Y: -12.06%5Y: -0.24%10Y: 11.35%

MSBI - EBITDA: Actual + Estimates

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MSBI Actual EBITDA CAGR:1Y: 59.35%2Y: -10.01%5Y: 4.16%10Y: 7.57%

Ratios, Profit Margins & Return on Capital:

MSBI - Net Profit Margin

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MSBI Net Profit Margin CAGR:1Y: 74.56%2Y: -23.93%5Y: -7.44%10Y: 1.78%

MSBI - Gross Profit Margin

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MSBI Gross Profit Margin CAGR:1Y: 31.30%2Y: -17.31%5Y: -5.31%10Y: -2.66%

MSBI - Price to Earnings

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MSBI Price to Earnings CAGR:1Y: -3.68%2Y: 38.22%5Y: 4.68%10Y: -1.40%

MSBI - Price To Sales Ratio

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MSBI Price To Sales Ratio CAGR:1Y: 83.17%2Y: -0.82%5Y: -5.33%10Y: -0.81%

MSBI - Return on Capital Employed

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MSBI Return on Capital Employed CAGR:1Y: 88.30%2Y: 6.46%5Y: 13.28%10Y: 2.75%

MSBI - Return on Invested Capital

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MSBI Return on Invested Capital CAGR:1Y: 97.62%2Y: 10.54%5Y: 7.83%10Y: 7.20%

MSBI Dividends Info:

Annual Dividend: $1.32

Forward Yield: 4.1%

Ex-Dividend Date: 2026-08-14

Lifetime Dividends / Share: $11.03

MSBI Dividend History: Dates, Payments & Yield list

Below is a schedule of all MSBI dividend payments, ex-dates, share price on the day of the payment as well as the annualized yield & forward yield

Ex-Date	Payment Date	Amount	Yield	Forward Yield	Price on Ex-Date
08/14/2026	08/21/2026	$0.330	3.95%	4.02%	$32.85
05/15/2026	05/22/2026	$0.320	4.82%	4.63%	$27.63
02/13/2026	02/20/2026	$0.320	5.57%	5.41%	$23.64
11/14/2025	11/21/2025	$0.320	7.92%	8.09%	$15.83
08/15/2025	08/22/2025	$0.320	7.38%	6.93%	$18.48
05/16/2025	05/23/2025	$0.310	6.94%	7.31%	$16.97
02/14/2025	02/21/2025	$0.310	6.41%	6.47%	$19.18
11/18/2024	11/25/2024	$0.310	4.72%	4.52%	$27.41
08/16/2024	08/23/2024	$0.310	5.72%	5.38%	$23.05
05/16/2024	05/24/2024	$0.310	5.29%	5.43%	$22.83
02/15/2024	02/23/2024	$0.310	4.92%	5.12%	$24.23
11/16/2023	11/24/2023	$0.300	5.15%	5.16%	$23.27
08/10/2023	08/18/2023	$0.300	5.2%	5.41%	$22.18
05/11/2023	05/19/2023	$0.300	6.41%	6.13%	$19.57
02/16/2023	02/24/2023	$0.300	4.6%	4.6%	$26.07
11/10/2022	11/21/2022	$0.290	4.13%	4.31%	$26.91
08/18/2022	08/26/2022	$0.290	4.13%	4.38%	$26.50
05/12/2022	05/23/2022	$0.290	4.58%	4.52%	$25.67
02/10/2022	02/18/2022	$0.290	3.91%	3.89%	$29.83
11/19/2021	11/29/2021	$0.280	4.48%	4.68%	$23.91
08/12/2021	08/20/2021	$0.280	4.4%	4.41%	$25.38
05/13/2021	05/21/2021	$0.280	3.97%	4.03%	$27.81
02/11/2021	02/19/2021	$0.280	5.4%	4.96%	$22.60
11/19/2020	11/30/2020	$0.268	6.03%	6.31%	$16.95
08/13/2020	08/21/2020	$0.268	7.21%	7.6%	$14.08
05/14/2020	05/22/2020	$0.268	7.97%	7.41%	$14.44
02/13/2020	02/21/2020	$0.268	3.96%	4%	$26.78
11/15/2019	11/25/2019	$0.243	3.46%	3.46%	$28.06
08/15/2019	08/23/2019	$0.243	3.82%	3.83%	$25.32
05/10/2019	05/20/2019	$0.243	3.65%	3.71%	$26.18
02/14/2019	02/22/2019	$0.243	3.94%	3.79%	$25.60
11/16/2018	11/26/2018	$0.220	3.38%	3.35%	$26.27
08/16/2018	08/24/2018	$0.220	2.54%	2.52%	$34.92
05/17/2018	05/25/2018	$0.220	2.73%	2.68%	$32.84
02/15/2018	02/23/2018	$0.220	2.91%	2.8%	$31.44
11/16/2017	11/24/2017	$0.200	2.58%	2.55%	$31.33
08/16/2017	08/25/2017	$0.200	2.68%	2.68%	$29.85
05/10/2017	05/19/2017	$0.200	2.27%	2.33%	$34.38
02/15/2017	02/24/2017	$0.200	2.3%	2.27%	$35.26
11/16/2016	11/28/2016	$0.180	2.52%	2.24%	$32.11
08/10/2016	08/19/2016	$0.180	3.21%	3.06%	$23.56

Projected Future Returns & Dividends for MSBI

Based on past 10-year performance, here are MSBI growth metrics:

Share price CAGR of +2.41%
Dividend CAGR of +6.25%

Using MSBI CAGR metrics, we can estimate that your initial $10000 investment, over the next 10 years, should grow as follows:

	MSBI (DRIP)	MSBI - No DRIP
Current Price	$32.16	$32.16
Start Shares	310.95	310.95
Start Value	$10,000	$10,000

After 10 years:
Final Share Count	504.55	310.95
Dividends Payment	$0.61	$0.61
Annual Dividends	$1,221	$752
Yield on cost	12.21%	7.52%
Share Price	$40.82	$40.82
Total Dividends	$7,063	$5,474
Final Value	$20,594	$18,165

Estimated Future Value + Dividends - MSBI

NOTE: Above numbers are our estimate based on MSBI's Dividend and Price CAGR over past 10 years. These numbers should only be considered as "potential future returns"! DRIP assumes reinvesting dividends; No-DRIP assumes collecting dividends as cash.

We cannot guarantee that your actual returns will meet these estimates.

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Company Info

Midland States Bancorp, Inc. (MSBI) had its IPO on 2016-05-24, and is traded on NASDAQ stock exchange.

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 in Banking and Wealth Management segments. The company offers commercial loans; commercial real estate loans that include various property types, such as owner-occupied offices, warehouses and production facilities, office buildings, hotels, mixed-use residential and commercial facilities, retail centers, multifamily properties, assisted living facilities, and farmland; construction and land development loans, including loans to small and midsized businesses to construct owner-user properties, loans to developers of commercial real estate investment properties and residential developments, and loans to individual clients for construction of single family homes; and residential real estate loans comprising first and second mortgage loans, and home equity lines of credit. It also provides commercial equipment leasing; depository products consisting of checking, savings, money market, certificates of deposits, and sweep accounts; and trust and wealth management products and services, such as financial and estate planning, trustee and custodial services, investment management, tax and insurance planning, business planning, corporate retirement plan consulting and administration, and retail brokerage services. The company was founded in 1881 and is headquartered in Effingham, Illinois.

MSBI website: https://www.midlandsb.com

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DCF Model — MSBI

Value from:

EPS (TTM)icompany profit per share over the last 12 months

EPS Growth %ihow fast profit per share grows each of the next 5 years — prefilled with what analysts expect

EPS growth after year 5 (forever)ithe slower pace once the fast 5 years are over — only drives years 6-10 of the price path below

Exit multiple (PE in 5 yrs)iwhat buyers pay per $1 of profit in 2031 — prefilled with today’s forward PE

Desired return %/yrithe yearly return you want from buying today — the S&P has done ~14%/yr, ask for more from a single stock

FCF growth %/yr (next 5 yrs)ihow fast free cash flow grows while the company is still expanding fast

Years of fast FCF growthihow many years the fast growth lasts before the business settles down

FCF growth after year 5 (forever)ithe slow, steady pace once the company is mature — usually 2-3%, near inflation. Must stay below your target return

Risk-free rate %iwhat a 10-yr US treasury pays with zero risk — the floor any risky stock must beat

Your target return %/yrithe yearly return you want for taking this risk — rule of thumb: risk-free rate + extra for risk

FCF base ($M, TTM)ilast 12 months of free cash flow, added up from reported quarters

Include dividends in returnidividends hand you part of the return in cash, so the share price needs to climb less

Pay up to today

—

vs current price $32.16

—

Cash flow & implied price by year

FCF is negative or missing for this company (common for banks) — the model discounts EPS instead.

EPS is negative or missing for this company — Simple mode uses free cash flow per share instead.

Free cash flow today

—

grows for the next years

Then mature

—

every future dollar counted back to today

Pile of today-dollars

—

÷ shares

Implied price path

Year	FCF	Implied price

Sensitivity — fair value: growth ↓ × target return →

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