Midland States Bancorp Inc's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of Midland States Bancorp Inc (MSBI) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: Midland States Bancorp Inc vs Its Competitors
- TTM: Trailing 12-month revenue of 307M vs -M combined for its competitors (100.0% combined share).
- Trending: Latest-quarter revenue run-rate is accelerating (+7.0% annualized vs trailing 12 months).
- Scale: Midland States Bancorp Inc ranks #103 of 218 companies by market capitalization in the Regional Banks industry, holding 0.1% of industry market cap.
- Peer revenue share: Midland States Bancorp Inc accounted for 100.0% of combined revenue among its tracked peer group, up from 100.0% a year earlier.
- Peer differentiation: Revenue per employee of $0.14M compares with $0.00M for the peer group (31.7x).
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
MSBI Sales vs. its Competitors, Q3 2026
Midland States Bancorp Inc generated 100.00 % of the combined sales of its peer group, up from 100.00 % a year earlier.
API endpoints for this dataset
For context: the Regional Banks industry grew revenue 6.8% year over year, combined, vs 34.5% for Midland States Bancorp Inc. Midland States Bancorp Inc's share of combined industry revenue moved from 0.04% to 0.05%, a gain of 0.01 percentage points.
Midland States Bancorp Inc's Competitor Quality Breadth
Group definitions: see Methodology: Performance Group Definitions.
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Midland States Bancorp Inc | Yes | Yes | Yes | No |
| Competitors combined (3) | ||||
| Similar-Size Competitors (10) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
MSBI Stock Performance relative to its Competitors
MSBI Stock Performance relative to Similar-Size Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | Financial Institutions Inc | 282.9% | Outperformed |
| 2 | Bank Bradesco | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for Midland States Bancorp Inc's best-performing competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
Publicly Traded Peers of Midland States Bancorp Inc
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
 Midland States Bancorp Inc |
670.57 | 307.24 |
 Bank Bradesco |
13,455.15 | 118.96 |
 Financial Institutions Inc |
792.26 | 243.46 |
 Strategic Acquisitions Inc |
17.74 | 0.08 |
| SUBTOTAL | 14,935.72 | 669.75 |
Sources: see Methodology: Peer & Competitor Identification, Sourcing.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on Midland States Bancorp Inc versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
Midland States Bancorp Inc's Competitors Named by the Company
Competitive relationships identified from Midland States Bancorp Inc reports and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| Bank Bradesco | Company report | 85% |
| Strategic Acquisitions Inc | Company report | 85% |
| Two | Company report | 85% |
| Financial Institutions Inc | Company report | 85% |
| First Busey Corporation | Company report | 85% |
| Qcr Holdings inc | Company report | 85% |
| First Community Financial Partners, Inc. | Company report | 85% |
| Hoyne Bancorp, Inc. | Company report | 85% |
| Old Second Bancorp Inc | Company report | 85% |
| Choice Bancorp, Inc. | Company report | 85% |
| First Robinson Financial Corp | Company report | 85% |
| First Mid Bancshares Inc | Company report | 85% |
| Tri county Financial Group Inc | Company report | 85% |
| First Community Financial Corp | Company report | 85% |
| Associated Banc corp | Company report | 85% |
| PFS Bancorp, Inc. | Company report | 85% |
| Centrue Financial Corp | Company report | 85% |
| Hbt Financial Inc | Company report | 85% |
| Heartland Financial Usa Inc | Company report | 85% |
| Wintrust Financial Corp | Company report | 85% |
| Byline Bancorp Inc | Company report | 85% |
| First Ottawa Bancshares Inc | Company report | 85% |
Company report basis, confidence, active dates and source counts for Midland States Bancorp Inc's named competitors require a Commercial License.
Methodology: see Methodology: Peer & Competitor Identification, Sourcing.
Midland States Bancorp Inc's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| Midland States Bancorp Inc | 671 | 138,961 | 26,166 |
| Bank Bradesco | 13,455 | 1,449 | 52,215 |
| Financial Institutions Inc | 792 | 385,837 | 130,945 |
| Strategic Acquisitions Inc | 18 | 42,456 | -37,956 |
| PEERS TOTAL | 14,265 | 4,382 | 52,813 |
Midland States Bancorp Inc's Position in Industry Market Structure
Market-capitalization share and concentration across all 198 companies in Midland States Bancorp Inc's industry classification, broader than the peer set above. Market cap in millions of $.Midland States Bancorp Inc ranks #103 of 198 companies by market capitalization in its industry, holding 0.09 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 516, indicating a unconcentrated market structure (see Methodology: Market Structure & Concentration).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 1 | Bank Of Nova Scotia | 113,512 | 15.05 % |
| 2 | Deutsche Bank Aktiengesellschaft | 69,917 | 9.27 % |
| 3 | Fifth Third Bancorp | 48,582 | 6.44 % |
| 4 | State Street Corp | 46,533 | 6.17 % |
| 5 | Ita Unibanco Holding S a | 1,234 | 5.2% |
| 6 | M and t Bank Corporation | 1,234 | 5.2% |
| 7 | Northern Trust Corporation | 1,234 | 5.2% |
| 8 | Citizens Financial Group Inc | 1,234 | 5.2% |
| 9 | First Citizens Bancshares Inc | 1,234 | 5.2% |
| 10 | East West Bancorp inc | 1,234 | 5.2% |
| 103 | Midland States Bancorp Inc | 668 | 0.09 % |
Market cap and industry share for the rest of Midland States Bancorp Inc's industry peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation) across CSIMarket's industry classification, market capitalization as of 2026-11-06.
Midland States Bancorp Inc's Same-Size Peers & Stock Performance
Peers chosen by closeness in market-cap rank within the same industry classification (not the named-competitor list above). Trailing 12-month total return, 3-month price momentum, beta and Sharpe ratio vs the broad U.S. market.| Rank | Company | Market Cap | TTM Return |
|---|---|---|---|
| 98 | Washington Trust Bancorp Inc | 742 | 39.85 % |
| 99 | Community West Bancshares | 704 | 20.03 % |
| 100 | Bar Harbor Bankshares | 689 | 36.66 % |
| 101 | Red River Bancshares Inc | 685 | 58.32 % |
| 102 | Acnb Corporation | 1,234 | 12.3% |
| 103 | Midland States Bancorp Inc | 668 | 95.29 % |
| 104 | Coastal Financial Corporation | 1,234 | 12.3% |
| 105 | Greene County Bancorp Inc | 1,234 | 12.3% |
| 106 | First Business Financial Services Inc | 1,234 | 12.3% |
| 107 | Civista Bancshares Inc | 1,234 | 12.3% |
| 108 | Unity Bancorp inc | 1,234 | 12.3% |
Market cap, return, momentum, beta and Sharpe ratio for the rest of Midland States Bancorp Inc's same-size peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation); returns and risk metrics as of 2026-11-06. Beta and Sharpe ratio are versus the broad U.S. equity market, not this industry.
Midland States Bancorp Inc's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Regional Banks industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (2 companies). See the full Regional Banks industry profitability benchmarks.| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | - | 56.54 % (avg) | - |
| Operating Margin | - | industry median | - |
| EBITDA Margin | 45.16 % | 50.49 % (avg) | -5.3 pp |
| Capital Intensity (Capex / Revenue) | 0.70 % | 1.38 % (avg) | -0.7 pp |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
Midland States Bancorp Inc's Valuation vs Competitive Position
Valuation multiples vs the Regional Banks industry average (2 companies, excluding loss-making/negative-equity outliers), alongside returns on capital for context on whether a premium or discount lines up with measurably stronger or weaker returns. See the full Regional Banks industry valuation benchmarks.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | 14.4x | - | - |
| EV / EBITDA | 4.7x | - | - |
| P/B | 1.2x | - | - |
| Return on Equity | 10.40 % | industry aggregate | -1.16 % |
| Return on Invested Capital | - | 4.16 % (avg) | - |
Source: CSIMarket API, trailing 12 months. A valuation premium or discount is not, by itself, a judgment of over- or under-valuation. Compare it against the return and growth context shown elsewhere on this page.
Midland States Bancorp Inc's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in company reports.| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth | 41.61 % | -2.38 % | -12.93 % | 26.92 % | 11.42 % | -7.86 % | -9.49 % | 4.07 % |
| Operating Margin | 6.41 % | 88.71 % | 14.82 % | 36.15 % | 42.50 % | - | - | - |
| Return on Invested Capital | 1.19 % | 14.32 % | 2.07 % | 6.13 % | 2.57 % | 1.25 % | 0.56 % | -1.55 % |
| P/E | 12.7x | 12.4x | - | 7.1x | 6.1x | 10.0x | 19.1x | - |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
Midland States Bancorp Inc's BCG Growth-Share Matrix
See Methodology: BCG Growth-Share Matrix for how relative share and growth are calculated and thresholded.
Midland States Bancorp Inc falls in the Question Mark quadrant: relative market share of 0.01x vs its largest competitor, in an industry growing revenue 11.8% (median, trailing 12 months).
Source: CSIMarket API (market-cap share and industry revenue growth). The 10% growth and 1.0x share lines are standard textbook thresholds, not derived from this industry's own distribution.
Midland States Bancorp Inc's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Competitive Rivalry | High | Industry HHI of 516 (see Industry Market Structure & Concentration above) |
| Barriers to Entry | Lower than typical for the industry | Capital intensity (capex / revenue) of 0.70 % vs industry average 1.38 % (see Profitability & Cost Structure above) |
Note: see Methodology: Porter's Five Forces. Supplier power and buyer power are covered on Midland States Bancorp Inc's dedicated Suppliers and Customers pages, not here.
Midland States Bancorp Inc's Industry Attractiveness & Competitive Strength
See Methodology: GE/McKinsey Matrix for how the two axes are built.
Midland States Bancorp Inc falls in the Medium attractiveness / Low strength cell: Harvest.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
Midland States Bancorp Inc's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
- Latest-quarter revenue run-rate is accelerating (+7.0% annualized vs trailing 12 months).
- Outperforming the U.S.A. 500 over the trailing 12 months.
Weaknesses
- Low relative market share vs the industry leader (0.01x).
Opportunities
- Industry revenue growing at a healthy 11.8% median pace.
- A meaningful share of competitors (66.70 %) show financial-distress signals, a possible opening to gain share.
Threats
No rule matched.
Methodology: see Methodology: SWOT Analysis.
Midland States Bancorp Inc's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| Midland States Bancorp Inc | 0.03 | 0.32 | 0.22 |
| Bank Bradesco | 90.31 | 6.18 | - |
| Financial Institutions Inc | 0.01 | 1.33 | 0.37 |
| Strategic Acquisitions Inc | 5.55 | 7.82 | - |
Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
Midland States Bancorp Inc's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| Midland States Bancorp Inc | Q3 2026 | +34.5 % | +201.8 % |
| Bank Bradesco | Q4 2025 | -71.8 % | +31.1 % |
| Financial Institutions Inc | Q2 2026 | +7.0 % | +20.8 % |
| Strategic Acquisitions Inc | Q2 2026 | - | - |
| PEERS TOTAL | -51.4 % | +31.4 % |
Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
Midland States Bancorp Inc's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| Midland States Bancorp Inc | Q3 2026 | +133.4 % | -62.6 % |
| Bank Bradesco | Q4 2025 | -9.8 % | +110.2 % |
| Financial Institutions Inc | Q2 2026 | +21.3 % | -46.9 % |
| Strategic Acquisitions Inc | Q2 2026 | - | - |
Midland States Bancorp Inc's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| Midland States Bancorp Inc | 0.87% | 0.89% | 10.40% |
| Bank Bradesco | 1.01% | 0.97% | 13.12% |
| Financial Institutions Inc | 1.31% | 3.75% | 13.09% |
| Strategic Acquisitions Inc | - | - | - |
ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
Midland States Bancorp Inc's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| Midland States Bancorp Inc | 13.97 | 2.18 |
| Bank Bradesco | 0.57 | 113.11 |
| Financial Institutions Inc | 9.83 | 3.25 |
| Strategic Acquisitions Inc | - | 208.97 |
| PEERS AVERAGE | 3.37 | 22.30 |
P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.