Recent News
On July 3, 2025 the Board declared a regular quarterly dividend of $0.16 per share payable September 15, 2025 to holders of record August 29, 2025.
On July 2, 2025 the company announced timing for its first-quarter fiscal 2026 results release scheduled for August 5, 2025.
On August 18, 2025 Mesa executed a previously announced financing plan, drawing on its credit facility and using proceeds to settle $97.5 million aggregate principal of convertible notes that matured in August 2025.
Technical Analysis
ADX at 21.99 indicates an emerging trend strength; the directional indicators show DI+ at 21.43 moving higher while DI- at 22.72 moves lower, which signals a shift toward bullish directional momentum.
MACD sits at -$1.20 with the MACD line above the signal line at -$2.39 and the MACD trending upward, which constitutes a bullish momentum crossover supporting near-term upside bias.
MRO registers -11.04 with a dip-and-reversal pattern, a negative value that implies the current price sits below the model target and that upward pressure likely exists as the oscillator works toward equilibrium.
RSI at 44.49 and rising portrays improving buying pressure from oversold/neutral levels while remaining below typical overbought thresholds, leaving room for additional near-term gains.
Price closed at $73.14, above the 20-day average of $64.50 and the 50-day average of $69.25 but below the 200-day average of $108.78; that posture supports short-term strength but identifies the 200-day average as a material longer-term resistance level.
Bollinger band narrowness (20-day average $64.50, ±1σ bounds $60.65–$68.35) and a 20-day standard deviation of $3.85 indicate price recently moved above the 1σ upper band; volume today at 1,121,858 far exceeds the 10-day average of 255,287, signaling convective interest accompanying the recent upside.
Ichimoku components place Senkou A at $73.58 and Senkou B at $85.11, with price marginally below Senkou A, which leaves cloud-based resistance nearby; short-term EMAs show a dip-and-reversal on the 12-day EMA, aligning with the MACD crossover and RSI improvement.
Short-term volatility shows a 42-day beta of 4.53 versus a 52-week beta of 1.52, indicating elevated near-term sensitivity relative to the one-year baseline and the need to expect larger intraperiod moves.
Fundamental Analysis
Revenue and growth: Total revenue registers $59,543,000. YoY revenue growth shows 234.83% while trailing overall revenue growth reads -4.17%; QoQ revenue growth shows 271.84% per the provided metrics, indicating sizable period-to-period swings in reported growth rates.
Profitability: Gross margin measures 62.04%, operating margin registers 5.15%, and EBIT margin stands at 15.47%. EBIT margin improved QoQ by 222.52% and improved YoY by 33.36%. EBIT at $9,210,000 and EBITDA at $15,167,000 underpin operating profitability despite pressure on operating income noted in the quarter.
Earnings: Reported EPS came in at $1.88 versus an estimate of $2.16, producing an EPS surprise of -12.96%, a shortfall that reduced near-term headline upside despite positive cash flow metrics elsewhere.
Cash flow and liquidity: Operating cash flow measures $1,893,000 with free cash flow of $884,000 and a cash flow margin of 19.12%. Cash on hand equals $21,279,000, while net debt totals $159,905,000, producing a net leverage posture that drove a material financing action in August. The cash conversion cycle sits at 141.82 days, indicating longer working capital duration.
Leverage and coverage: Total debt stands at $197,593,000 with debt-to-equity of 1.145 and debt-to-EBITDA of 13.03; interest coverage measures 4.19x. Management’s August financing and note settlement alter near-term capital structure by replacing convertible notes with drawn credit facility balances.
Returns and efficiency: Return on equity registers 2.75% and return on assets registers 1.09%; asset turnover stands at 0.137. These low returns on capital combine with a high gross margin to indicate concentrated margin capture but modest asset utilization.
Valuation multiples: Trailing PE at 110.38x and forward PE at 59.77x reflect elevated multiple levels; price-to-sales at 7.49x and price-to-book at 2.59x also convey premium valuation characteristics. Enterprise value to revenue equals 10.45 and the enterprise multiple equals 41.03x.
Peer comparisons where available: EBIT margin at 15.47% sits below the industry peer mean of 18.465% and below the industry peer median of 17.478%, and within the industry peer range (low -200.872% to high 33.709%). Book-to-price shows a P/B of 2.59 versus an industry peer mean of 6.29015 and median of 6.86889.
Valuation view: The current valuation as determined by WMDST registers as fair-valued given the mix of high gross margins, low asset turnover, elevated leverage after the financing action, and stretched earnings multiples relative to expected forward earnings.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-06-30 |
| REPORT DATE: | 2025-08-05 |
| NEXT REPORT DATE: | 2025-11-26 |
| CASH FLOW | Begin Period Cash Flow | $ 27.3 M |
| Operating Cash Flow | $ 1.9 M | |
| Capital Expenditures | $ -1.01 M | |
| Change In Working Capital | $ -7.95 M | |
| Dividends Paid | $ -873.00 K | |
| Cash Flow Delta | $ -6.04 M | |
| End Period Cash Flow | $ 21.3 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 59.5 M | |
| Forward Revenue | $ 31.7 M | |
| COSTS | ||
| Cost Of Revenue | $ 22.6 M | |
| Depreciation | $ 1.4 M | |
| Depreciation and Amortization | $ 6.0 M | |
| Research and Development | $ 5.0 M | |
| Total Operating Expenses | $ 56.5 M | |
| PROFITABILITY | ||
| Gross Profit | $ 36.9 M | |
| EBITDA | $ 15.2 M | |
| EBIT | $ 9.2 M | |
| Operating Income | $ 3.1 M | |
| Interest Income | — | |
| Interest Expense | $ 2.2 M | |
| Net Interest Income | $ -2.20 M | |
| Income Before Tax | $ 7.0 M | |
| Tax Provision | $ 2.3 M | |
| Tax Rate | 32.373 % | |
| Net Income | $ 4.7 M | |
| Net Income From Continuing Operations | $ 4.7 M | |
| EARNINGS | ||
| EPS Estimate | $ 2.16 | |
| EPS Actual | $ 1.88 | |
| EPS Difference | $ -0.28 | |
| EPS Surprise | -12.963 % | |
| Forward EPS | $ 1.84 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 435.7 M | |
| Intangible Assets | $ 285.5 M | |
| Net Tangible Assets | $ -112.95 M | |
| Total Current Assets | $ 98.3 M | |
| Cash and Short-Term Investments | $ 21.3 M | |
| Cash | $ 21.3 M | |
| Net Receivables | $ 39.1 M | |
| Inventory | $ 28.1 M | |
| Long-Term Investments | $ 18.9 M | |
| LIABILITIES | ||
| Accounts Payable | $ 6.3 M | |
| Short-Term Debt | $ 101.7 M | |
| Total Current Liabilities | $ 149.5 M | |
| Net Debt | $ 159.9 M | |
| Total Debt | $ 197.6 M | |
| Total Liabilities | $ 263.2 M | |
| EQUITY | ||
| Total Equity | $ 172.5 M | |
| Retained Earnings | $ -185.07 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 31.35 | |
| Shares Outstanding | 5.501 M | |
| Revenue Per-Share | $ 10.82 | |
| VALUATION | Market Capitalization | $ 446.0 M |
| Enterprise Value | $ 622.4 M | |
| Enterprise Multiple | 41.033 | |
| Enterprise Multiple QoQ | -47.111 % | |
| Enterprise Multiple YoY | -6.259 % | |
| Enterprise Multiple IPRWA | high: 123.29 median: 110.415 mean: 94.042 MLAB: 41.033 low: -147.649 |
|
| EV/R | 10.452 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.526 | |
| Asset To Liability | 1.655 | |
| Debt To Capital | 0.534 | |
| Debt To Assets | 0.453 | |
| Debt To Assets QoQ | 8.284 % | |
| Debt To Assets YoY | 5222.3 % | |
| Debt To Assets IPRWA | high: 0.843 MLAB: 0.453 mean: 0.299 median: 0.292 low: 0.0 |
|
| Debt To Equity | 1.145 | |
| Debt To Equity QoQ | 0.888 % | |
| Debt To Equity YoY | 4504.059 % | |
| Debt To Equity IPRWA | high: 3.369 MLAB: 1.145 mean: 0.63 median: 0.579 low: -0.395 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 2.586 | |
| Price To Book QoQ | -37.257 % | |
| Price To Book YoY | -30.312 % | |
| Price To Book IPRWA | high: 16.759 median: 6.869 mean: 6.29 MLAB: 2.586 low: -5.981 |
|
| Price To Earnings (P/E) | 110.378 | |
| Price To Earnings QoQ | -219.57 % | |
| Price To Earnings YoY | -10.327 % | |
| Price To Earnings IPRWA | high: 249.6 mean: 136.547 median: 121.658 MLAB: 110.378 low: -167.592 |
|
| PE/G Ratio | -0.669 | |
| Price To Sales (P/S) | 7.491 | |
| Price To Sales QoQ | -29.337 % | |
| Price To Sales YoY | -22.087 % | |
| Price To Sales IPRWA | high: 73.117 mean: 32.447 median: 24.499 MLAB: 7.491 low: 0.6 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 59.767 | |
| Forward PE/G | -0.362 | |
| Forward P/S | 14.056 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -50.116 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.137 | |
| Asset Turnover Ratio QoQ | -4.021 % | |
| Asset Turnover Ratio YoY | 4.484 % | |
| Asset Turnover Ratio IPRWA | high: 0.412 MLAB: 0.137 median: 0.124 mean: 0.121 low: 0.008 |
|
| Receivables Turnover | 1.47 | |
| Receivables Turnover Ratio QoQ | -4.67 % | |
| Receivables Turnover Ratio YoY | -5.743 % | |
| Receivables Turnover Ratio IPRWA | high: 3.133 mean: 1.735 median: 1.672 MLAB: 1.47 low: 0.374 |
|
| Inventory Turnover | 0.845 | |
| Inventory Turnover Ratio QoQ | -4.689 % | |
| Inventory Turnover Ratio YoY | 30.213 % | |
| Inventory Turnover Ratio IPRWA | high: 2.014 MLAB: 0.845 mean: 0.648 median: 0.568 low: 0.084 |
|
| Days Sales Outstanding (DSO) | 62.096 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 141.822 | |
| Cash Conversion Cycle Days QoQ | -2.507 % | |
| Cash Conversion Cycle Days YoY | -14.671 % | |
| Cash Conversion Cycle Days IPRWA | high: 448.876 mean: 170.993 median: 167.784 MLAB: 141.822 low: -175.55 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | -1.162 | |
| CapEx To Revenue | -0.017 | |
| CapEx To Depreciation | -0.719 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 252.0 M | |
| Net Invested Capital | $ 353.7 M | |
| Invested Capital | $ 353.7 M | |
| Net Tangible Assets | $ -112.95 M | |
| Net Working Capital | $ -51.24 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.142 | |
| Current Ratio | 0.657 | |
| Current Ratio QoQ | 4.95 % | |
| Current Ratio YoY | -66.2 % | |
| Current Ratio IPRWA | high: 19.146 mean: 2.549 median: 1.718 MLAB: 0.657 low: 0.027 |
|
| Quick Ratio | 0.469 | |
| Quick Ratio QoQ | -0.49 % | |
| Quick Ratio YoY | -65.637 % | |
| Quick Ratio IPRWA | high: 12.697 mean: 1.881 median: 1.167 MLAB: 0.469 low: 0.315 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 13.028 | |
| Cost Of Debt | 0.784 % | |
| Interest Coverage Ratio | 4.19 | |
| Interest Coverage Ratio QoQ | 254.196 % | |
| Interest Coverage Ratio YoY | 76.5 % | |
| Interest Coverage Ratio IPRWA | high: 52.298 mean: 15.464 median: 11.456 MLAB: 4.19 low: -88.481 |
|
| Operating Cash Flow Ratio | 0.076 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 23.112 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 5.432 | |
| Dividend Payout Ratio | 0.184 | |
| Dividend Rate | $ 0.16 | |
| Dividend Yield | 0.002 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 0.553 % | |
| Revenue Growth | -4.172 % | |
| Revenue Growth QoQ | 271.836 % | |
| Revenue Growth YoY | 234.831 % | |
| Revenue Growth IPRWA | high: 26.158 % median: 8.281 % mean: 6.322 % MLAB: -4.172 % low: -39.052 % |
|
| Earnings Growth | -164.885 % | |
| Earnings Growth QoQ | -140.829 % | |
| Earnings Growth YoY | 113.314 % | |
| Earnings Growth IPRWA | high: 103.125 % mean: 11.086 % median: 9.851 % low: -81.818 % MLAB: -164.885 % |
|
| MARGINS | ||
| Gross Margin | 62.038 % | |
| Gross Margin QoQ | 0.353 % | |
| Gross Margin YoY | -3.119 % | |
| Gross Margin IPRWA | high: 91.006 % median: 63.683 % mean: 62.189 % MLAB: 62.038 % low: -7.085 % |
|
| EBIT Margin | 15.468 % | |
| EBIT Margin QoQ | 222.519 % | |
| EBIT Margin YoY | 33.356 % | |
| EBIT Margin IPRWA | high: 33.709 % mean: 18.465 % median: 17.478 % MLAB: 15.468 % low: -200.872 % |
|
| Return On Sales (ROS) | 5.146 % | |
| Return On Sales QoQ | 7.298 % | |
| Return On Sales YoY | -55.634 % | |
| Return On Sales IPRWA | high: 39.857 % mean: 18.985 % median: 18.374 % MLAB: 5.146 % low: -193.243 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 884.0 K | |
| Free Cash Flow Yield | 0.198 % | |
| Free Cash Flow Yield QoQ | -88.814 % | |
| Free Cash Flow Yield YoY | -88.394 % | |
| Free Cash Flow Yield IPRWA | high: 4.685 % median: 0.712 % mean: 0.676 % MLAB: 0.198 % low: -19.501 % |
|
| Free Cash Growth | -92.417 % | |
| Free Cash Growth QoQ | 172.947 % | |
| Free Cash Growth YoY | 306.693 % | |
| Free Cash Growth IPRWA | high: 310.383 % mean: 85.568 % median: 14.619 % MLAB: -92.417 % low: -376.098 % |
|
| Free Cash To Net Income | 0.186 | |
| Cash Flow Margin | 19.117 % | |
| Cash Flow To Earnings | 2.4 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | 1.091 % | |
| Return On Assets QoQ | -166.769 % | |
| Return On Assets YoY | 42.801 % | |
| Return On Assets IPRWA | high: 16.404 % mean: 1.748 % median: 1.686 % MLAB: 1.091 % low: -26.44 % |
|
| Return On Capital Employed (ROCE) | 3.217 % | |
| Return On Equity (ROE) | 0.027 | |
| Return On Equity QoQ | -161.761 % | |
| Return On Equity YoY | 22.286 % | |
| Return On Equity IPRWA | high: 0.175 median: 0.032 mean: 0.029 MLAB: 0.027 low: -0.524 |
|
| DuPont ROE | 2.854 % | |
| Return On Invested Capital (ROIC) | 1.761 % | |
| Return On Invested Capital QoQ | 152.654 % | |
| Return On Invested Capital YoY | -107.434 % | |
| Return On Invested Capital IPRWA | high: 5.672 % median: 2.571 % mean: 2.222 % MLAB: 1.761 % low: -19.888 % |
|