Recent News
Mesa management presented at the J.P. Morgan Healthcare Conference on January 14, 2026, continuing investor outreach ahead of quarterly reporting. The company’s board declared a quarterly dividend of $0.16 per share payable in mid‑March 2026.
Technical Analysis
Directional indicators show bearish pressure: DI+ registered at 28.26 with a peak-and-reversal (DI+ decreasing) while DI- sits at 18.27 with a dip-and-reversal (DI- increasing). ADX at 23.17 signals an emerging trend whose direction currently favors the downside, weighing on near-term upside relative to the current valuation.
MACD sits at 2.18 with a 1.75 signal line; the MACD trend shows a peak-and-reversal, indicating waning bullish momentum even as the oscillator remains modestly above its signal line. That combination suggests momentum has weakened after a recent bullish phase.
MRO at -7.22 indicates price sits below the WMDST target and implies upward pressure toward the target; the MRO peak-and-reversal suggests that upside potential may moderate in magnitude near term.
RSI at 56.56 with a peak-and-reversal shows the oscillator rolling over from a neutral‑to‑mildly‑bullish level, consistent with loss of short-term internals despite no overbought condition.
Price structure remains above key averages: close $90.59 exceeds the 20‑day average $86.80, 50‑day $83.11 and 200‑day $82.81; the 12‑day EMA at $88.69 shows short‑term momentum increasing. Bollinger band midstructure and a super‑trend lower support near $82.84 provide reference levels beneath current price while 52‑week high remains distant at $151.26 and low at $55.32.
Fundamental Analysis
The company reported total revenue of $65,126,000 and net income of $3,630,000 for the period ending December 31, 2025 (reported February 3, 2026). Gross profit totaled $41,795,000 and operating income reached $7,975,000; management cited margin expansion driven by mix, cost alignment and recovery in key product lines.
Profitability metrics from the latest period show gross margin at 64.18% and operating margin at 12.25%; EBIT margin registers 11.72%. EBIT margin sits below the industry peer mean of 25.53% and the industry peer median of 26.12%, indicating room to converge toward peer profitability levels if current improvements persist. QoQ and YoY momentum in margins display expansion: EBIT margin QoQ rose 46.43% and YoY increased 1,077.79% (expressed per supplied metrics), supporting the current profitability narrative.
Earnings per share data show EPS actual $1.76 versus an estimate of $1.47, an EPS beat of $0.29 or +19.73%; the surprise ratio aligns with improved reported profitability for the quarter. Free cash flow stands at $18,022,000 with a free cash flow yield of 4.07% and free cash to net income of 4.96, underscoring cash conversion strength relative to earnings.
Balance sheet and leverage metrics present mixed signals. Cash and short‑term investments total $28,975,000 while net debt equals $137,152,000. Interest coverage sits at 2.51 and debt to EBITDA at 13.56, highlighting elevated leverage and tighter coverage compared with industry averages; management has acted on leverage reduction, including recent debt repayments noted in company disclosures. Working capital and liquidity remain adequate: current ratio 1.94 and quick ratio 1.45. The cash conversion cycle at ~142 days runs below the industry peer mean of ~197 days, supporting operational liquidity.
Valuation context: WMDST values the stock as under‑valued. Market multiples show a price‑to‑earnings ratio of 45.51 and EV/revenue and enterprise multiple metrics consistent with mixed growth and profitability expectations; WMDST’s under‑valued assessment reflects the combination of margin improvement, solid cash generation and elevated but manageable leverage given management’s stated deleveraging steps.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-02-03 |
| NEXT REPORT DATE: | 2026-05-05 |
| CASH FLOW | Begin Period Cash Flow | $ 20.4 M |
| Operating Cash Flow | $ 18.8 M | |
| Capital Expenditures | $ -732.00 K | |
| Change In Working Capital | $ 4.5 M | |
| Dividends Paid | $ -884.00 K | |
| Cash Flow Delta | $ 8.6 M | |
| End Period Cash Flow | $ 29.0 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 65.1 M | |
| Forward Revenue | $ 33.4 M | |
| COSTS | ||
| Cost Of Revenue | $ 23.3 M | |
| Depreciation | $ 1.3 M | |
| Depreciation and Amortization | $ 5.7 M | |
| Research and Development | $ 5.0 M | |
| Total Operating Expenses | $ 57.2 M | |
| PROFITABILITY | ||
| Gross Profit | $ 41.8 M | |
| EBITDA | $ 13.3 M | |
| EBIT | $ 7.6 M | |
| Operating Income | $ 8.0 M | |
| Interest Income | — | |
| Interest Expense | $ 3.0 M | |
| Net Interest Income | $ -3.04 M | |
| Income Before Tax | $ 4.6 M | |
| Tax Provision | $ 966.0 K | |
| Tax Rate | 21.0 % | |
| Net Income | $ 3.6 M | |
| Net Income From Continuing Operations | $ 3.6 M | |
| EARNINGS | ||
| EPS Estimate | $ 1.47 | |
| EPS Actual | $ 1.76 | |
| EPS Difference | $ 0.29 | |
| EPS Surprise | 19.728 % | |
| Forward EPS | $ 1.35 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 434.8 M | |
| Intangible Assets | $ 278.9 M | |
| Net Tangible Assets | $ -92.26 M | |
| Total Current Assets | $ 105.6 M | |
| Cash and Short-Term Investments | $ 29.0 M | |
| Cash | $ 29.0 M | |
| Net Receivables | $ 40.2 M | |
| Inventory | $ 26.6 M | |
| Long-Term Investments | $ 17.2 M | |
| LIABILITIES | ||
| Accounts Payable | $ 5.3 M | |
| Short-Term Debt | $ 5.2 M | |
| Total Current Liabilities | $ 54.4 M | |
| Net Debt | $ 137.2 M | |
| Total Debt | $ 181.0 M | |
| Total Liabilities | $ 248.2 M | |
| EQUITY | ||
| Total Equity | $ 186.7 M | |
| Retained Earnings | $ -180.73 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 33.79 | |
| Shares Outstanding | 5.525 M | |
| Revenue Per-Share | $ 11.79 | |
| VALUATION | Market Capitalization | $ 442.5 M |
| Enterprise Value | $ 594.5 M | |
| Enterprise Multiple | 44.543 | |
| Enterprise Multiple QoQ | -17.325 % | |
| Enterprise Multiple YoY | -65.041 % | |
| Enterprise Multiple IPRWA | high: 68.596 median: 68.596 mean: 65.163 MLAB: 44.543 low: -13.859 |
|
| EV/R | 9.129 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.329 | |
| Asset To Liability | 1.752 | |
| Debt To Capital | 0.492 | |
| Debt To Assets | 0.416 | |
| Debt To Assets QoQ | -5.946 % | |
| Debt To Assets YoY | 80.294 % | |
| Debt To Assets IPRWA | high: 0.64 MLAB: 0.416 mean: 0.334 median: 0.331 low: 0.011 |
|
| Debt To Equity | 0.969 | |
| Debt To Equity QoQ | -9.15 % | |
| Debt To Equity YoY | 49.104 % | |
| Debt To Equity IPRWA | high: 1.344 MLAB: 0.969 mean: 0.711 median: 0.707 low: 0.012 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 2.37 | |
| Price To Book QoQ | 3.932 % | |
| Price To Book YoY | -48.189 % | |
| Price To Book IPRWA | high: 10.911 mean: 7.65 median: 6.173 MLAB: 2.37 low: 1.123 |
|
| Price To Earnings (P/E) | 45.508 | |
| Price To Earnings QoQ | 29.79 % | |
| Price To Earnings YoY | -109.054 % | |
| Price To Earnings IPRWA | high: 252.809 mean: 141.843 median: 68.23 MLAB: 45.508 low: -7.63 |
|
| PE/G Ratio | 0.156 | |
| Price To Sales (P/S) | 6.795 | |
| Price To Sales QoQ | 1.394 % | |
| Price To Sales YoY | -39.869 % | |
| Price To Sales IPRWA | high: 19.3 median: 19.3 mean: 16.341 MLAB: 6.795 low: 0.541 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 57.092 | |
| Forward PE/G | 0.196 | |
| Forward P/S | 13.252 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 7.889 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.151 | |
| Asset Turnover Ratio QoQ | 7.344 % | |
| Asset Turnover Ratio YoY | 6.758 % | |
| Asset Turnover Ratio IPRWA | high: 0.371 MLAB: 0.151 median: 0.144 mean: 0.139 low: 0.095 |
|
| Receivables Turnover | 1.622 | |
| Receivables Turnover Ratio QoQ | 5.671 % | |
| Receivables Turnover Ratio YoY | 1.774 % | |
| Receivables Turnover Ratio IPRWA | high: 2.545 mean: 2.007 median: 1.909 MLAB: 1.622 low: 0.741 |
|
| Inventory Turnover | 0.859 | |
| Inventory Turnover Ratio QoQ | 2.52 % | |
| Inventory Turnover Ratio YoY | 7.69 % | |
| Inventory Turnover Ratio IPRWA | high: 1.175 MLAB: 0.859 mean: 0.548 median: 0.531 low: 0.31 |
|
| Days Sales Outstanding (DSO) | 56.273 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 141.954 | |
| Cash Conversion Cycle Days QoQ | -4.892 % | |
| Cash Conversion Cycle Days YoY | -8.238 % | |
| Cash Conversion Cycle Days IPRWA | high: 278.276 median: 201.642 mean: 197.209 MLAB: 141.954 low: -2.143 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 1.271 | |
| CapEx To Revenue | -0.011 | |
| CapEx To Depreciation | -0.576 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 347.7 M | |
| Net Invested Capital | $ 352.8 M | |
| Invested Capital | $ 352.8 M | |
| Net Tangible Assets | $ -92.26 M | |
| Net Working Capital | $ 51.2 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.533 | |
| Current Ratio | 1.942 | |
| Current Ratio QoQ | -3.743 % | |
| Current Ratio YoY | 173.09 % | |
| Current Ratio IPRWA | high: 9.875 median: 4.04 mean: 3.286 MLAB: 1.942 low: 0.771 |
|
| Quick Ratio | 1.454 | |
| Quick Ratio QoQ | 0.734 % | |
| Quick Ratio YoY | 173.923 % | |
| Quick Ratio IPRWA | high: 8.829 median: 3.316 mean: 2.523 MLAB: 1.454 low: 0.437 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 13.56 | |
| Cost Of Debt | 1.291 % | |
| Interest Coverage Ratio | 2.514 | |
| Interest Coverage Ratio QoQ | 48.006 % | |
| Interest Coverage Ratio YoY | 1043.066 % | |
| Interest Coverage Ratio IPRWA | high: 33.446 median: 30.115 mean: 26.274 MLAB: 2.514 low: -7.547 |
|
| Operating Cash Flow Ratio | 0.194 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 20.161 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 4.106 | |
| Dividend Payout Ratio | 0.244 | |
| Dividend Rate | $ 0.16 | |
| Dividend Yield | 0.002 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 1.045 % | |
| Revenue Growth | 7.226 % | |
| Revenue Growth QoQ | 260.399 % | |
| Revenue Growth YoY | -16.54 % | |
| Revenue Growth IPRWA | high: 18.392 % median: 14.415 % mean: 11.563 % MLAB: 7.226 % low: -10.847 % |
|
| Earnings Growth | 291.111 % | |
| Earnings Growth QoQ | 2279.524 % | |
| Earnings Growth YoY | -319.706 % | |
| Earnings Growth IPRWA | high: 334.211 % MLAB: 291.111 % mean: 12.197 % median: 5.417 % low: -48.649 % |
|
| MARGINS | ||
| Gross Margin | 64.176 % | |
| Gross Margin QoQ | 4.414 % | |
| Gross Margin YoY | 1.445 % | |
| Gross Margin IPRWA | high: 78.42 % median: 64.538 % MLAB: 64.176 % mean: 62.412 % low: 23.355 % |
|
| EBIT Margin | 11.719 % | |
| EBIT Margin QoQ | 46.433 % | |
| EBIT Margin YoY | 1077.789 % | |
| EBIT Margin IPRWA | high: 30.155 % median: 26.119 % mean: 25.534 % MLAB: 11.719 % low: -16.946 % |
|
| Return On Sales (ROS) | 12.245 % | |
| Return On Sales QoQ | 57.431 % | |
| Return On Sales YoY | 1130.653 % | |
| Return On Sales IPRWA | high: 30.155 % mean: 25.519 % median: 25.254 % MLAB: 12.245 % low: -4.912 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 18.0 M | |
| Free Cash Flow Yield | 4.073 % | |
| Free Cash Flow Yield QoQ | 132.477 % | |
| Free Cash Flow Yield YoY | 64.102 % | |
| Free Cash Flow Yield IPRWA | MLAB: 4.073 % high: 2.586 % median: 0.969 % mean: 0.85 % low: -5.003 % |
|
| Free Cash Growth | 152.763 % | |
| Free Cash Growth QoQ | -78.379 % | |
| Free Cash Growth YoY | -62.379 % | |
| Free Cash Growth IPRWA | MLAB: 152.763 % high: 38.581 % mean: 3.08 % median: -0.761 % low: -1265.217 % |
|
| Free Cash To Net Income | 4.965 | |
| Cash Flow Margin | 16.195 % | |
| Cash Flow To Earnings | 2.906 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | 0.839 % | |
| Return On Assets QoQ | 46.678 % | |
| Return On Assets YoY | -323.138 % | |
| Return On Assets IPRWA | high: 5.088 % mean: 2.667 % median: 1.969 % MLAB: 0.839 % low: -6.678 % |
|
| Return On Capital Employed (ROCE) | 2.006 % | |
| Return On Equity (ROE) | 0.019 | |
| Return On Equity QoQ | 40.159 % | |
| Return On Equity YoY | -280.0 % | |
| Return On Equity IPRWA | high: 0.061 median: 0.038 mean: 0.037 MLAB: 0.019 low: -0.036 |
|
| DuPont ROE | 1.988 % | |
| Return On Invested Capital (ROIC) | 1.708 % | |
| Return On Invested Capital QoQ | 57.13 % | |
| Return On Invested Capital YoY | 153.037 % | |
| Return On Invested Capital IPRWA | high: 5.899 % median: 3.865 % mean: 3.493 % MLAB: 1.708 % low: -1.411 % |
|