Recent News
Dec. 18, 2025 — Mesa Labs announced management will present at the 44th Annual J.P. Morgan Healthcare Conference on Jan. 14, 2026. Jan. 14, 2026 — Management delivered the company presentation at the J.P. Morgan Healthcare Conference (presentation transcript available). Mar. 3, 2026 — Regulatory filings reported that Roubaix Capital LLC initiated a stake in Mesa Laboratories; the same reporting noted an upcoming quarterly dividend scheduled for mid-March.
Technical Analysis
Directional indicators (ADX / DI+ / DI-): ADX at 22.77 signals an emerging trend rather than a strong directional regime. DI+ sits at 23.48 and shows a decreasing trend, a bearish directional signal; DI- at 15.89 shows a dip-and-reversal pattern, which also reads as bearish. Together these directional indicators bias the near-term directional edge to the downside until DI+ stabilizes or reverses higher.
MACD: MACD equals 2.25 with the signal line at 2.44 and the MACD trend labeled as peak-and-reversal. That configuration indicates weakening bullish momentum and a bearish momentum posture while MACD remains below its signal line.
MRO and RSI: The MRO stands at -5.37, which indicates the price sits below the internal target and therefore carries potential upward corrective pressure. RSI at 56.95 with a peak-and-reversal pattern signals that relative strength recently topped and now leans lower, reinforcing the short-term momentum deterioration.
Price vs. moving averages and volatility: The close at $92.83 sits essentially at the 20-day average ($92.88) and below the 12-day EMA ($92.93) whose trend shows a peak-and-reversal. Price remains above the 50-day ($86.75) and 200-day ($81.19) averages, which provide layered support. Bollinger bands (1σ) range roughly $90.14–$95.61; price inside that band implies consolidation. Shorter-term beta (42‑day 1.21) and 52‑week beta (1.44) indicate above-market volatility potential.
Fundamental Analysis
Profitability & margins: Total revenue reached $65,126,000 with gross profit $41,795,000 and a gross margin of 64.18%. Operating income measured $7,975,000, producing an operating margin of 12.25% and an EBIT of $7,632,000 for an EBIT margin of 11.72%. Mesa’s gross margin slightly exceeds the industry peer mean (62.89%), while EBIT margin trails the industry peer mean (21.68%) and industry peer median (20.88%). QoQ and YoY movements show margin expansion: operating margin QoQ +57.43% and operating margin YoY +11.31% (reported metrics).
Earnings and valuation metrics: Reported EPS came in at $1.76 versus an estimate of $1.47, a $0.29 beat and a surprise ratio of 19.73%. Trailing PE stands at 45.51; forward PE equals 57.09 based on forward EPS $1.3475. Price/book equals 2.37 versus an industry peer mean of 6.02 and median 5.85, indicating a lower market multiple on book value. Enterprise multiple at 44.54 also sits below the industry peer mean (86.84). WMDST values the stock as under-valued given the combination of cash generation and relatively modest market multiples.
Cash flow and balance sheet: Cash and short-term investments total $28,975,000 with operating cash flow $18,754,000 and free cash flow $18,022,000, producing a free cash flow yield of 4.07%, above the industry peer mean. Cash conversion ratio and operating cash coverage show solid conversion (cash flow to earnings ~496%). Net debt equals $137,152,000 and debt-to-EBITDA sits at 13.56x, reflecting elevated leverage versus operating cash generation. Interest coverage at 2.51x remains limited relative to higher peer averages, signaling fiscal servicing pressure despite cash on hand.
Efficiency & returns: Asset turnover equals 0.15 with return on assets near 0.84% and return on equity about 1.94%. Receivables and inventory turnover metrics show modest improvement QoQ and YoY; cash conversion cycle at ~142 days sits well inside the industry peer range midpoint but improved YoY. R&D expense of $5,029,000 supports product and consumable offerings across divisions.
Valuation summary: The combination of a meaningful EPS beat, strong gross margin and above‑mean free cash flow yield contrasts with lower EBIT margin versus peers and materially higher leverage metrics. WMDST’s valuation classification as under-valued reflects market multiples below peer averages and robust cash generation, tempered by leverage and interest-coverage constraints.
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: 158.913 mean: 86.837 median: 85.622 MLAB: 44.543 low: -16.761 |
|
| 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: 0.717 MLAB: 0.416 mean: 0.285 median: 0.262 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: 2.909 MLAB: 0.969 mean: 0.539 median: 0.472 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: 6.024 median: 5.854 MLAB: 2.37 low: 0.61 |
|
| Price To Earnings (P/E) | 45.508 | |
| Price To Earnings QoQ | 29.79 % | |
| Price To Earnings YoY | -109.054 % | |
| Price To Earnings IPRWA | high: 269.298 mean: 125.506 median: 79.324 MLAB: 45.508 low: -92.377 |
|
| 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: 26.836 median: 23.476 mean: 20.521 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 mean: 0.125 median: 0.122 low: 0.024 |
|
| Receivables Turnover | 1.622 | |
| Receivables Turnover Ratio QoQ | 5.671 % | |
| Receivables Turnover Ratio YoY | 1.774 % | |
| Receivables Turnover Ratio IPRWA | high: 2.907 mean: 1.906 median: 1.867 MLAB: 1.622 low: 0.47 |
|
| Inventory Turnover | 0.859 | |
| Inventory Turnover Ratio QoQ | 2.52 % | |
| Inventory Turnover Ratio YoY | 7.69 % | |
| Inventory Turnover Ratio IPRWA | high: 1.343 MLAB: 0.859 mean: 0.661 median: 0.548 low: 0.186 |
|
| 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: 433.862 mean: 171.64 median: 165.533 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: 10.0 mean: 2.675 MLAB: 1.942 median: 1.893 low: 0.168 |
|
| Quick Ratio | 1.454 | |
| Quick Ratio QoQ | 0.734 % | |
| Quick Ratio YoY | 173.923 % | |
| Quick Ratio IPRWA | high: 9.809 mean: 2.024 median: 1.508 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: 25.964 mean: 21.803 MLAB: 2.514 low: -29.155 |
|
| 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: 20.682 % median: 12.969 % mean: 10.351 % 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: 12.276 % median: 5.417 % low: -142.105 % |
|
| MARGINS | ||
| Gross Margin | 64.176 % | |
| Gross Margin QoQ | 4.414 % | |
| Gross Margin YoY | 1.445 % | |
| Gross Margin IPRWA | high: 89.02 % median: 64.538 % MLAB: 64.176 % mean: 62.887 % low: 13.674 % |
|
| EBIT Margin | 11.719 % | |
| EBIT Margin QoQ | 46.433 % | |
| EBIT Margin YoY | 1077.789 % | |
| EBIT Margin IPRWA | high: 30.155 % mean: 21.684 % median: 20.883 % 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: 35.479 % mean: 22.888 % median: 21.965 % 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: 3.107 % median: 0.969 % mean: 0.912 % 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: 115.002 % mean: 5.522 % median: -0.761 % low: -145.018 % |
|
| 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: 2.107 % median: 1.556 % 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 mean: 0.031 median: 0.028 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 % mean: 2.75 % median: 2.127 % MLAB: 1.708 % low: -1.411 % |
|