Recent News
Aug 18, 2025 — Mesa Laboratories executed a strategic financing plan, drawing on its credit agreement to repay $97.5M of convertible notes that matured Aug 15, 2025. Oct 3, 2025 — the board declared a regular quarterly dividend of $0.16 per share payable Dec 15, 2025 (record date Nov 28, 2025). Nov 6, 2025 — Mesa announced second-quarter fiscal results reporting revenue growth and an increase in operating income versus the year-ago quarter.
Technical Analysis
ADX registers 18.14, signaling no established trend; limited directional strength reduces conviction for extended moves relative to the company’s fair-valued baseline.
Directional indicators show bullish internals: DI+ at 21.86 with a dip-and-reversal, indicating renewed upside pressure, while DI– at 16.30 shows a peak-and-reversal, indicating falling downside pressure; together these signals point toward a constructive short-term directional bias.
MACD sits at 1.19 below its signal line at 1.50, but the MACD displays a dip-and-reversal pattern that signals developing bullish momentum; a confirmed crossover above the signal line would strengthen that momentum narrative.
MRO stands at –4.15 (negative), which indicates price below the modeled target and therefore room for appreciation; the MRO’s dip-and-reversal trend aligns with a potential recovery toward that target.
RSI at 52.01 sits near the midpoint, with a dip-and-reversal pattern suggesting the indicator moved lower and has begun recovering without yet reaching overbought levels.
Price action sits inside the Bollinger 1σ band (lower: $73.65, upper: $78.71) and above the 50-day average ($70.14) but below the 200-day average ($98.29), implying near-term momentum inside a still-larger long-term downtrend. The 12-day EMA shows a dip-and-reversal, consistent with short-term strengthening.
Volume at 309,800 exceeds the 10-day average (114,650) and the 200-day average (104,333), supporting the recent directional moves with above-average participation. Short-term volatility measures (42-day beta 1.83) imply amplified price swings versus the market.
Fundamental Analysis
Profitability and margins: EBIT equals $9,210,000 and EBIT margin stands at 15.47%, below the industry peer mean of 18.46% and below the industry peer median of 17.48%. EBIT margin rose 222.52% QoQ and improved 33.36% YoY, indicating recent margin expansion relative to prior periods.
Earnings: Reported EPS of $0.45 topped the estimate of $0.16 by $0.29, an EPS surprise of 181.25%, reflecting stronger-than-expected near-term operating performance.
Revenue and growth: Total revenue reached $59,543,000. Reported revenue growth figures show a QoQ change of 271.84% and a YoY change of 234.83%, indicating sizable period-over-period expansion in the reported intervals.
Margins and efficiency: Gross margin equals 62.04%, effectively on par with the industry peer mean of 62.19%. Asset turnover registers 0.137 (13.7%), slightly above the industry peer mean of 0.121, but absolute turnover remains low relative to the asset base.
Liquidity and cash flow: Cash and short-term investments total $21,279,000 while total debt equals $197,593,000 and net debt equals $159,905,000, producing a leverage profile that materially exceeds the industry peer mean on a debt-to-assets basis (company: 45.35% vs industry peer mean 29.86%). Current ratio stands at 0.66 and quick ratio at 0.47, indicating working-capital pressure. Operating cash flow totaled $1,893,000 and free cash flow measured $884,000, producing a free cash flow yield of 0.20%.
Leverage coverage: Debt-to-EBITDA reads 13.03x while interest coverage equals 4.19x, showing the company maintains earnings coverage for interest but carries elevated leverage relative to EBITDA.
Valuation multiples and capital returns: Reported trailing PE equals 110.38x with forward PE at 59.77x; price-to-book at 2.59x sits below the industry peer mean of 6.29x and below the industry peer median of 6.87x. Enterprise value to revenue equals 10.45x and the enterprise multiple registers 41.03x. Dividend policy shows a $0.16 quarterly payout, with a dividend yield of 0.20% and a payout ratio near 18.41%; dividend coverage remains healthy at 5.43x.
WMDST valuation: WMDST values the stock as fair-valued given the combination of recent operating improvement, elevated leverage, low free cash flow yield, and valuation multiples that compress upside despite the earnings beat.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-06-30 |
| REPORT DATE: | 2025-11-06 |
| NEXT REPORT DATE: | 2026-02-05 |
| 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 | $ 0.16 | |
| EPS Actual | $ 0.45 | |
| EPS Difference | $ 0.29 | |
| EPS Surprise | 181.25 % | |
| 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: 94.032 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: 136.543 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: 32.444 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: 170.984 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: 2.55 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: 6.321 % 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: 11.084 % 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: 62.186 % 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: 18.464 % 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: 18.874 % median: 18.374 % MLAB: 5.146 % low: -215.416 % |
|
| 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: 85.561 % 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: 1.741 % median: 1.686 % MLAB: 1.091 % low: -35.697 % |
|
| 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 % |
|