Midland States Bancorp, Inc. Financial Ratios — MSBI Stock

Profitability (USD)

	2009 Y	2010 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	- -	15.53	34.34	8.64	29.41	30.97	14.05	31.59	37.04	13.97	44.05	39.19	19.77	11.8	-79.53
Return on Assets (%)	- -	0.88	1.78	0.81	0.87	1.03	0.42	0.78	0.95	0.35	1.14	1.31	0.78	0.5	-1.77
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	5.67	11.57	7.17	7.66	6.65	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	40.11	26.31	31.18	26.63	29.8	36.38	7.19	6.39	7.27	7.22	5.77	3.78	3.74	3.69	4.12
Operating Margin (%)	38.37	21.53	24.65	19.19	21.99	28.75	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	-203.87	65.18	189.76	24.79	107.17	-430.37	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	38.37	21.53	24.65	19.19	21.94	28.76	14.15	20.21	27.12	11.85	35.01	34.53	25.85	13.16	-39.56
Profit Margin (%)	25.49	15.61	17.42	13.42	15.07	17.99	8.58	15.68	20.87	8.34	28.72	26.34	17.98	10.68	-42.8
Net Income to Common Margin (%)	22.3	10.87	11.75	3.99	15.07	17.99	8.54	15.62	20.8	8.34	28.72	25.51	15.36	8.18	-45.87
Effective Tax Rate (%)	33.58	27.49	29.34	30.07	31.32	37.46	39.34	22.41	23.03	29.6	17.95	23.71	30.48	18.88	- -
Dvd Payout Ratio (%)	3.27	18.6	29.1	5.13	31.52	31.25	88.33	51.34	42.45	110.74	30.96	26.71	50.87	92.93	-20.78
Sustainable Growth Rate (%)	- -	12.64	24.35	8.2	20.14	21.29	1.64	15.37	21.32	-1.5	30.41	28.73	9.71	0.83	-96.06

Credit (USD)

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	2009 Y	2010 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	101	144	- -	82	102	292	590	735	685	961	449	602	604	423	380
ST Debt	90	128	- -	10	- -	- -	9	33	- -	- -	- -	142	201	87	60
LT Debt	11	16	- -	72	102	292	581	702	685	961	449	460	404	336	320
Total Debt/EBITDA	3.52	7.09	- -	3.81	2.12	4.58	43.9	45.71	35.26	49.24	27.48	41.88	47.51	32.17	31.81
Net Debt/EBITDA	0.61	4.29	- -	-3.65	-2.29	1.61	27.94	32.59	14.26	31.35	-13.72	31.21	36.96	23.5	21.16
Total Debt/EBIT	3.67	8.67	- -	5.28	2.87	5.79	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	0.64	5.24	- -	-5.07	-3.1	2.03	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	4.6	3.49	- -	2.78	3.16	3.48	2.6	2.38	2.73	2.28	2.86	3.6	3.16	3.3	1.34
Long-Term Debt/Equity (%)	15.42	15.3	- -	32.61	43.78	90.76	129.29	115.32	103.51	154.61	67.65	60.61	56.43	47.23	56.59
Long-Term Debt/Capital (%)	6.41	6.55	- -	45.8	52.8	72.15	82.11	80.53	80.48	85.99	67.86	46.2	42	42.95	55.39
Long-Term Debt/Total Assets (%)	1.01	1	- -	2.68	3.54	9.03	13.17	12.45	11.26	13.99	6.03	5.85	5.18	4.47	4.91
Total Debt/Equity (%)	138.43	135.45	- -	37.16	43.78	90.76	131.29	120.72	103.51	154.61	67.65	79.37	84.52	59.54	67.23
Total Debt/Capital (%)	57.56	58.03	- -	52.19	52.8	72.15	83.38	84.3	80.48	85.99	67.86	60.5	62.91	54.14	65.8
Total Debt/Total Assets (%)	9.11	8.83	- -	3.05	3.54	9.03	13.38	13.03	11.26	13.99	6.03	7.66	7.76	5.64	5.84
Net Debt to Equity	24.03	81.88	- -	-35.65	-47.25	31.85	83.58	86.08	41.86	98.44	-33.77	59.16	65.75	43.5	44.73
Net Debt/Capital (%)	19.06	45.53	- -	2,464.79	587.79	47.62	76.15	79.29	60.42	78.4	1,947.42	53.3	56.88	46.31	56.14
EBITDA	29	20	26	21	48	64	13	16	19	20	16	14	13	13	12
EBITDA-CapEx	27	10	22	19	42	62	7	9	14	17	14	11	4	6	7
Operating Income (Loss)	28	17	21	15	35	50	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

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	2009 Y	2010 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	4.6	3.49	- -	2.78	3.16	3.48	2.6	2.38	2.73	2.28	2.86	3.6	3.16	3.3	1.34
Long-Term Debt/Equity (%)	15.42	15.3	- -	32.61	43.78	90.76	129.29	115.32	103.51	154.61	67.65	60.61	56.43	47.23	56.59
Long-Term Debt/Capital (%)	6.41	6.55	- -	45.8	52.8	72.15	82.11	80.53	80.48	85.99	67.86	46.2	42	42.95	55.39
Long-Term Debt/Total Assets (%)	1.01	1	- -	2.68	3.54	9.03	13.17	12.45	11.26	13.99	6.03	5.85	5.18	4.47	4.91
Total Debt/Equity (%)	138.43	135.45	- -	37.16	43.78	90.76	131.29	120.72	103.51	154.61	67.65	79.37	84.52	59.54	67.23
Total Debt/Capital (%)	57.56	58.03	- -	52.19	52.8	72.15	83.38	84.3	80.48	85.99	67.86	60.5	62.91	54.14	65.8
Total Debt/Total Assets (%)	9.11	8.83	- -	3.05	3.54	9.03	13.38	13.03	11.26	13.99	6.03	7.66	7.76	5.64	5.84
CFO/Total Liabilities	0.87	1.17	- -	0.88	2.76	0.83	1.78	1.93	9.93	7.99	4.93	4.03	2.17	2.6	2.11
CFO/CapEx	6.48	1.68	8.63	7.36	11.99	11.07	11.4	13.49	97.26	192.8	123.05	82.37	17.56	25.58	23.51
Altman's Z-Score	0.21	0.13	- -	0.09	0.15	0.27	0.17	0.14	0.16	0.11	0.13	0.15	0.14	0.14	0.11

Working Capital (USD)

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	2009 Y	2010 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	- -	10.81	19.61	18.66	19.76	22.06	18.78	17.78	16.24	13.55	13.16	19.13	12.5	11.98	11.81
Days Sales Outstanding	- -	33.77	18.62	19.57	18.47	16.55	19.43	20.52	22.47	26.94	27.73	19.08	29.21	30.46	30.89
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2009 Y	2010 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	- -	- -	- -	- -	- -	511	578	517	703	417	557	595	610	519	464
- Cash & Cash Equivalents	84	57	- -	160	212	190	215	211	393	337	673	153	134	114	127
+ Preferred Equity and Hybrid Capital	24	47	- -	- -	- -	- -	3	3	- -	- -	- -	111	111	111	111
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	101	144	- -	82	102	292	590	735	685	961	449	602	604	423	380
Enterprise Value	41	135	- -	-331	-346	367	506	386	346	364	-573	386	274	-269	-465
Total Capital	176	249	- -	157	193	405	708	871	851	1,117	662	995	961	782	578
Total Debt/Capital (%)	57.56	58.03	- -	52.19	52.8	72.15	83.38	84.3	80.48	85.99	67.86	60.5	62.91	54.14	65.8
Total Debt / EV	2.46	1.07	- -	-0.25	-0.29	0.79	1.17	1.9	1.98	2.64	-0.78	1.56	2.2	-1.58	-0.82
EV/Sales	0.57	1.74	- -	- -	- -	2.1	2.7	1.53	1.3	1.35	- -	1.01	0.81	- -	- -
EV/EBITDA	1.43	6.62	- -	- -	- -	5.76	37.61	24.01	17.83	18.66	- -	26.83	21.57	- -	- -
EV/EBIT	1.49	8.09	- -	- -	- -	7.29	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	4.57	7.52	- -	- -	- -	15.23	7.18	3.97	0.64	0.73	- -	1.35	1.79	- -	- -
EV/Free Cash Flow to Firm	3.96	4.71	- -	- -	- -	13.97	6.6	3.7	0.64	0.73	- -	1.33	1.69	- -	- -
Diluted Market Cap	- -	- -	- -	- -	- -	522	594	526	709	417	559	596	610	530	464
Diluted Enterprise Value	41	135	- -	-78	-110	625	973	1,053	1,002	1,041	335	1,155	1,190	950	827
EV per Share	2.78	9.06	- -	- -	- -	26	28.44	16.68	14.26	15.6	- -	17.27	12.41	- -	- -
TTM Sales	72	77	83	81	161	175	187	251	267	270	283	380	340	356	290
TTM EBITDA	29	20	26	21	48	64	13	16	19	20	16	14	13	13	12
TTM Operating Income	28	17	21	15	35	50	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	9	18	31	21	73	24	70	97	539	499	334	286	153	177	126
TTM Free Cash Flow to Firm	10	29	35	24	79	26	77	104	544	502	337	289	162	183	131

Multiples (USD)

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	2009 Y	2010 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	- -	- -	- -	- -	- -	19.85	7.75	5.04	1.3	0.83	1.66	2.06	3.76	2.89	3.54
EV/EBIT	1.49	8.09	- -	- -	- -	7.29	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	41	135	- -	-331	-346	367	506	386	346	364	-573	386	274	-269	-465
Low Price	- -	- -	- -	- -	- -	20.8	28.7	19.56	21.81	12.48	17.7	23.48	17.98	20.54	14.24
EV/Sales	0.57	1.74	- -	- -	- -	2.1	2.7	1.53	1.3	1.35	- -	1.01	0.81	- -	- -
EV/EBITDA	1.43	6.62	- -	- -	- -	5.76	37.61	24.01	17.83	18.66	- -	26.83	21.57	- -	- -
Price/Earnings	- -	- -	- -	- -	- -	16.21	36.16	13.16	12.65	18.5	6.85	6.13	11.67	17.82	- -
Price/Earnings Average	- -	- -	- -	- -	- -	11.52	36.86	18.47	11.36	18.13	6.98	6.16	9.58	17.52	-2.98
Price/Earnings High	- -	- -	- -	- -	- -	16.84	40.77	21.23	12.89	30.11	8.38	7.04	12.05	20.53	-4.24
Price/Earnings Low	- -	- -	- -	- -	- -	9.32	31.95	11.52	9.53	12.92	4.89	5.4	7.61	15	-2.34
Price/Book Value	- -	- -	- -	- -	- -	4.54	5.04	3.86	4.23	2.66	2.62	2.1	2.48	2.09	5.33
Price/Book Value Average	- -	- -	- -	- -	- -	3.23	5.14	5.41	3.8	2.61	2.67	2.11	2.04	2.06	4.56
Price/Book Value High	- -	- -	- -	- -	- -	4.71	5.68	6.22	4.31	4.33	3.2	2.42	2.56	2.41	6.48
Price/Book Value Low	- -	- -	- -	- -	- -	2.61	4.45	3.38	3.19	1.86	1.87	1.86	1.62	1.76	3.58
Price/Tangible Book Value	- -	- -	- -	- -	- -	2.59	2.1	1.48	1.75	1.07	1.24	1.28	1.5	1.27	1.09
Price/Tangible Book Value Average	- -	- -	- -	- -	- -	1.84	2.14	2.07	1.57	1.05	1.27	1.29	1.23	1.25	0.93
Price/Tangible Book Value High	- -	- -	- -	- -	- -	2.69	2.37	2.38	1.78	1.74	1.52	1.47	1.55	1.46	1.32
Price/Tangible Book Value Low	- -	- -	- -	- -	- -	1.49	1.86	1.29	1.32	0.74	0.89	1.13	0.98	1.07	0.73
Price/Sales	- -	- -	- -	- -	- -	2.92	3.09	2.06	2.63	1.54	1.97	1.56	1.79	1.46	1.6
Price/Sales Average	- -	- -	- -	- -	- -	2.07	3.15	2.88	2.36	1.51	2.01	1.57	1.47	1.43	1.37
Price/Sales High	- -	- -	- -	- -	- -	3.03	3.48	3.32	2.68	2.51	2.41	1.8	1.85	1.68	1.94
Price/Sales Low	- -	- -	- -	- -	- -	1.68	2.73	1.8	1.98	1.08	1.41	1.38	1.17	1.23	1.07
Price/Cash Flow	- -	- -	- -	- -	- -	21.19	8.2	5.32	1.31	0.84	1.67	2.08	3.97	2.94	3.69
Price/Cash Flow Average	- -	- -	- -	- -	- -	15.06	8.36	7.47	1.17	0.82	1.7	2.09	3.26	2.89	3.16
Price/Cash Flow High	- -	- -	- -	- -	- -	22.01	9.24	8.59	1.33	1.36	2.04	2.39	4.11	3.39	4.49
Price/Cash Flow Low	- -	- -	- -	- -	- -	12.18	7.24	4.66	0.98	0.58	1.19	1.84	2.59	2.48	2.48
Price/Free Cash Flow Average	- -	- -	- -	- -	- -	14.11	7.9	7.08	1.17	0.81	1.69	2.07	3.09	2.84	3.03
Price/Free Cash Flow High	- -	- -	- -	- -	- -	20.61	8.74	8.14	1.33	1.35	2.03	2.37	3.89	3.33	4.31
Price/Free Cash Flow Low	- -	- -	- -	- -	- -	11.41	6.85	4.42	0.98	0.58	1.18	1.82	2.45	2.43	2.38
EV/Sales Average	0.57	1.74	- -	- -	- -	2.66	5.17	4.98	3.46	3.82	1.21	3.04	3.18	2.61	2.62
EV/Sales High	0.57	1.74	- -	- -	- -	3.61	5.51	5.41	3.78	4.82	1.62	3.27	3.56	2.86	3.19
EV/Sales Low	0.57	1.74	- -	- -	- -	2.26	4.75	3.89	3.08	3.39	0.61	2.85	2.88	2.4	2.33
EV/EBITDA Average	1.43	6.62	- -	-3.61	-2.28	7.3	71.96	77.9	47.55	52.91	21.03	80.48	85	70.69	63.65
EV/EBITDA High	1.43	6.62	- -	-3.61	-2.28	9.93	76.59	84.67	51.93	66.75	27.99	86.45	95.15	77.35	77.61
EV/EBITDA Low	1.43	6.62	- -	-3.61	-2.28	6.21	66.12	60.92	42.32	46.89	10.63	75.39	76.91	65.13	56.5
EV/EBIT Average	1.49	8.09	- -	-5.02	-3.09	9.24	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	1.49	8.09	- -	-5.02	-3.09	12.56	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	1.49	8.09	- -	-5.02	-3.09	7.86	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	- -	- -	- -	- -	- -	36.18	32.48	22.34	28.96	17.87	24.79	26.62	27.56	24.4	21.17
High Price	- -	- -	- -	- -	- -	37.58	36.62	36.06	29.5	29.08	30.32	30.6	28.47	28.1	25.76
Enterprise Value Average	41	135	- -	-78	-110	466	968	1,252	924	1,032	344	1,157	1,081	930	761
Enterprise Value High	41	135	- -	-78	-110	634	1,030	1,361	1,009	1,302	457	1,243	1,210	1,018	928
Enterprise Value Low	41	135	- -	-78	-110	396	889	979	822	915	174	1,084	978	857	675

	2009 Y	2010 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	15	15	- -	15	15	15	19	24	24	22	22	22	22	21	21
Diluted Weighted Avg Shares	15	15	15	15	15	14	18	24	24	23	23	22	22	22	22
Basic Weighted Avg Shares	15	15	15	15	15	14	18	23	24	23	22	22	22	21	22
Revenue per Share	4.85	5.21	5.61	5.43	10.87	12.41	10.52	10.87	11	11.58	12.59	17.03	15.38	16.74	13.26
EBITDA per Share	1.94	1.37	1.75	1.45	3.24	4.51	0.76	0.69	0.8	0.84	0.73	0.64	0.58	0.62	0.55
Operating Income per Share	1.86	1.12	1.38	1.04	2.39	3.57	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	1.08	0.57	0.66	0.22	1.64	2.23	0.9	1.7	2.29	0.97	3.62	4.34	2.36	1.37	-6.08
Basic EPS from Cont Ops	1.23	0.81	0.98	0.73	1.64	2.23	0.9	1.7	2.3	0.97	3.62	4.49	2.77	1.79	-5.68
Diluted EPS, GAAP	1.08	0.57	0.66	0.22	1.64	2.19	0.87	1.67	2.27	0.97	3.61	4.33	2.36	1.34	-6.08
Diluted EPS from Cont Ops	1.23	0.81	0.98	0.73	1.64	2.19	0.88	1.67	2.28	0.97	3.61	4.48	2.76	1.75	-5.68
Dividend per Share	0.19	0.35	0.51	0.52	0.52	0.7	0.8	0.88	0.98	1.07	1.12	1.3	1.6	1.69	1.67
Cash Flow per Share	0.61	1.21	2.09	1.45	4.94	1.71	3.96	4.2	22.18	21.39	14.88	12.79	6.93	8.3	5.74
Free Cash Flow per Basic Share	0.51	0.49	1.85	1.25	4.53	1.55	3.61	3.89	21.95	21.28	14.76	12.64	6.54	7.97	5.5
Cash & Equivalents per Share	5.65	3.84	- -	27.85	30.21	30.85	37.4	37.54	42.91	43.44	70.28	41.25	47.48	62.11	64.8
Book Value per Share	3.45	3.84	- -	5.01	6.13	7.97	6.45	5.79	6.84	6.71	9.46	12.65	11.12	11.65	3.97
Tangible Book Value per Share	2.76	2.58	- -	6.72	7.6	13.99	15.45	15.14	16.53	16.75	19.96	20.77	18.37	19.2	19.46

Midland States Bancorp, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)