MSBI (Midland States Bancorp) Beneish M-Score: -3.45 (As of Jun. 26, 2026)


MSBI Midland States Bancorp Inc MSBI
58 GF Score
Price $30.51
GF Value $19.01
Valuation Significantly Overvalued
! 7 Warning Signs
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What is Midland States Bancorp Beneish M-Score?

Midland States Bancorp MSBI +1.09% 58 Beneish M-Score is -3.45 as of Jun. 26, 2026. GuruFocus rates MSBI with a GF Score™ of 58/100 and a GF Value™ of $19.01 (Significantly Overvalued). The stock has 7 warning signs investors should review. Among 1,396 Banks companies, Midland States Bancorp ranks better than 97.21% on this metric.

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -3.45 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Midland States Bancorp's Beneish M-Score or its related term are showing as below:

MSBI' s Beneish M-Score Range Over the Past 10 Years
Min: -3.64   Med: -2.58   Max: -2.22
Current: -3.45

During the past 13 years, the highest Beneish M-Score of Midland States Bancorp was -2.22. The lowest was -3.64. And the median was -2.58.

MSBI
58GF Score
Midland States Bancorp Inc MSBI
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Midland States Bancorp Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Midland States Bancorp for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 0.1309+0.528 * 1+0.404 * 0.999+0.892 * 0.8766+0.115 * 1.0725
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.2599+4.679 * -0.012644-0.327 * 0.8782
=-3.45

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was $43.8 Mil.
Revenue was 79.539 + 59.404 + 78.138 + 78.853 = $295.9 Mil.
Gross Profit was 79.539 + 59.404 + 78.138 + 78.853 = $295.9 Mil.
Total Current Assets was $0.0 Mil.
Total Assets was $6,548.0 Mil.
Property, Plant and Equipment(Net PPE) was $84.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $11.5 Mil.
Selling, General, & Admin. Expense(SGA) was $116.4 Mil.
Total Current Liabilities was $0.0 Mil.
Long-Term Debt & Capital Lease Obligation was $265.0 Mil.
Net Income was 18.463 + -2.888 + 7.557 + 12.024 = $35.2 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.0 Mil.
Cash Flow from Operations was 16.967 + -7.062 + 79.985 + 28.056 = $117.9 Mil.
 Total Receivables was $381.7 Mil.
Revenue was 73.968 + 89.616 + 87.689 + 86.324 = $337.6 Mil.
Gross Profit was 73.968 + 89.616 + 87.689 + 86.324 = $337.6 Mil.
Total Current Assets was $0.0 Mil.
Total Assets was $7,284.8 Mil.
Property, Plant and Equipment(Net PPE) was $86.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $12.9 Mil.
Selling, General, & Admin. Expense(SGA) was $105.4 Mil.
Total Current Liabilities was $0.0 Mil.
Long-Term Debt & Capital Lease Obligation was $335.8 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(43.803 / 295.934) / (381.714 / 337.597)
=0.148016 / 1.130679
=0.1309

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(337.597 / 337.597) / (295.934 / 295.934)
=1 / 1
=1

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (0 + 84.169) / 6547.963) / (1 - (0 + 86.719) / 7284.804)
=0.987146 / 0.988096
=0.999

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=295.934 / 337.597
=0.8766

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(12.882 / (12.882 + 86.719)) / (11.542 / (11.542 + 84.169))
=0.129336 / 0.120592
=1.0725

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(116.411 / 295.934) / (105.402 / 337.597)
=0.393368 / 0.312212
=1.2599

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((265.024 + 0) / 6547.963) / ((335.754 + 0) / 7284.804)
=0.040474 / 0.04609
=0.8782

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(35.156 - 0 - 117.946) / 6547.963
=-0.012644

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Midland States Bancorp has a M-score of -3.45 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -3.45 mean?
Midland States Bancorp (MSBI) has a Beneish M-Score of -3.45 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Midland States Bancorp and its competitors. According to the industry distribution chart, Midland States Bancorp ranks #39 out of 1396 companies in the Banks industry, placing it in the top 2.8%.
Is Midland States Bancorp's Beneish M-Score too high?
Midland States Bancorp's current Beneish M-Score is -3.45. Based on the distribution chart, Midland States Bancorp ranks #39 out of 1396 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, Midland States Bancorp has a GF Score™ of 58/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Midland States Bancorp's Beneish M-Score compare to BHB and RCBC?
According to the Banks industry distribution chart, Midland States Bancorp ranks #39 out of 1396 companies for Beneish M-Score. This places Midland States Bancorp in the top 3% of its industry — outperforming the majority of peers. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for a Banks company?
A good Beneish M-Score depends on the Banks industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Midland States Bancorp and its competitors. Midland States Bancorp's current Beneish M-Score is -3.45. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Midland States Bancorp stock overvalued right now?
Based on GuruFocus' analysis, Midland States Bancorp (MSBI) is currently considered Significantly Overvalued. The stock's GF Value™ is $19.01, compared to a current price of $30.51 — trading 60.5% above its estimated fair value. The current Beneish M-Score is -3.45. Midland States Bancorp's overall GF Score™ is 58/100 with 7 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For Midland States Bancorp (MSBI), the current Beneish M-Score is -3.45 as of Jun. 26, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Midland States Bancorp (MSBI) Overvalued in 2026?

Based on GuruFocus' analysis, Midland States Bancorp stock appears to be overvalued. The current stock price of $30.51 is trading 60.5% above its estimated GF Value™ of $19.01. GuruFocus considers Midland States Bancorp to be Significantly Overvalued.

Key valuation signals for MSBI:

  • Beneish M-Score: -3.45
  • GF Value™: $19.01 vs. price of $30.51 (60.5% above fair value)
  • GF Score™: 58/100 with 7 warning signs

No single metric tells the full story. See the MSBI stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Midland States Bancorp Business Description

Address 1201 Network Centre Drive, Effingham, IL, USA, 62401
Midland States Bancorp Inc is a diversified financial holding company. The company provides a full range of commercial and consumer banking products and services, business equipment financing, merchant credit card services, trust and investment management, and insurance and financial planning services. The Banking segment, which generates the majority of the revenue, provides financial products and services to consumers and businesses, including commercial, commercial real estate, mortgage, and other consumer loan products; commercial equipment financing, etc. The Wealth Management segment consists of trust and fiduciary services, brokerage, and retirement planning services. The Corporate segment includes the holding company's financing and investment activities, administrative expenses.
58GF Score

Get the complete analysis for MSBI

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$30.51
Price
$19.01
GF Value