Recent News
Mar 9, 2026 — Mesa Laboratories announced that Gary Owens will step down as President and CEO on April 12, 2026; the Board appointed Dr. Siddhartha Kadia as President and CEO, effective April 13, 2026. Feb 3, 2026 — Mesa Labs released third fiscal quarter results for the period ended December 31, 2025; the company reported revenues of $65,126,000 and highlighted division-level organic performance and leverage reduction. Jan 7, 2026 — the Board declared a regular quarterly dividend of $0.16 per share, payable March 16, 2026 to holders of record February 28, 2026.
Technical Analysis
Directional indicators (ADX / DI+ / DI-): ADX at 27.84 indicates a strong directional environment. DI+ shows a dip-and-reversal and DI- shows a decreasing trend; both signals align toward bullish directional pressure supporting the view of a short-term upside biased move.
MACD: MACD registers a dip-and-reversal, signaling returning bullish momentum; MACD remains slightly below its signal line, so momentum requires a confirmed MACD crossover to validate stronger near-term follow-through.
MRO (Momentum/Regression Oscillator): MRO reads -30.52 with a dip-and-reversal pattern, indicating the price sits below the WMDST target and therefore carries measurable upside potential toward fair-value benchmarks.
RSI: RSI at 51.02 with a dip-and-reversal indicates improving internal momentum with ample room before overbought territory, supporting additional upside without immediate exhaustion.
Price vs. moving averages and cloud: Last close $83.60 sits above the 200-day average ($79.26) and above the 20-day average ($81.07) but below the 50-day average ($86.53). The 12-day EMA shows a dip-and-reversal move, implying short-term price re-acceleration toward intermediate averages while the Ichimoku components keep short-term resistance near the lower cloud boundary.
Volatility and volume context: 42-day and 52-week volatility both at 0.04 indicate contained realized volatility; recent volume (92,359) runs below 10- and 200-day averages, suggesting near-term moves may require volume pickup for conviction.
Fundamental Analysis
Profitability and margins: EBIT stands at $7,632,000 and EBITDA at $13,347,000. EBIT margin registers 11.72%, while operating margin equals 12.25% and gross margin 64.18%. The EBIT margin sits below the industry peer mean of 20.82% and below the industry peer median of 20.88%, though well above the industry peer low.
Growth and earnings: Total revenue for the period reached $65,126,000. Reported EPS came in at $1.76 versus an estimate of $1.47, producing an EPS surprise of +19.73%. Reported revenue growth YoY shows a contraction of -16.54% while sequential momentum shows smaller positive movement; available QoQ/YoY indicators point to stronger operating leverage despite near-term top-line pressure.
Cash flow and liquidity: Operating cash flow totaled $18,754,000 and free cash flow $18,022,000, producing a free cash flow yield of 4.07%. Cash and short-term investments equal $28,975,000 and the cash conversion cycle runs about 142 days, below the industry peer mean of approximately 172 days and the industry peer median of about 166 days. Current ratio stands at 1.94 with a quick ratio of 1.45, indicating coverage of near-term obligations.
Capital structure and leverage: Total debt equals $180,979,000 with net debt $137,152,000; debt-to-assets reads 41.62% and debt-to-EBITDA sits at 13.56x. Interest coverage equals 2.51x, materially below the industry peer mean of roughly 20.97x, indicating limited near-term cushion versus peers but consistent with recent active debt reduction efforts noted in corporate commentary.
Efficiency and returns: Asset turnover equals 0.1506, slightly above the industry peer mean and median. Return on equity registers roughly 1.94% and return on assets about 0.84%, reflecting low current capital returns despite stable operating margins.
Valuation context: P/E stands near 45.51x with a forward P/E around 57.09x; price/book equals 2.37x and price/sales about 6.79x. WMDST values the stock as under-valued, supported by a free cash flow yield above the industry peer mean and high, and by an MRO signal that signals price sits below WMDST target levels.
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 median: 85.622 mean: 83.305 MLAB: 44.543 low: -144.328 |
|
| 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: 0.281 median: 0.262 low: 0.009 |
|
| 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: 0.541 median: 0.472 low: 0.01 |
|
| 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: 13.986 mean: 5.978 median: 5.854 MLAB: 2.37 low: 0.42 |
|
| 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: 119.897 median: 101.834 MLAB: 45.508 low: -315.07 |
|
| 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: 52.884 median: 23.476 mean: 20.186 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: 0.133 mean: 0.127 low: 0.003 |
|
| Receivables Turnover | 1.622 | |
| Receivables Turnover Ratio QoQ | 5.671 % | |
| Receivables Turnover Ratio YoY | 1.774 % | |
| Receivables Turnover Ratio IPRWA | high: 2.907 mean: 1.881 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: 1.821 MLAB: 0.859 mean: 0.671 median: 0.548 low: 0.167 |
|
| 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: 453.393 mean: 171.731 median: 165.533 MLAB: 141.954 low: -118.454 |
|
| 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: 13.536 mean: 2.707 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: 12.347 mean: 2.033 median: 1.469 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: 20.967 MLAB: 2.514 low: -66.822 |
|
| 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: 10.141 % MLAB: 7.226 % low: -11.548 % |
|
| Earnings Growth | 291.111 % | |
| Earnings Growth QoQ | 2279.524 % | |
| Earnings Growth YoY | -319.706 % | |
| Earnings Growth IPRWA | MLAB: 291.111 % high: 100.0 % mean: 10.313 % median: 6.667 % 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: 62.816 % low: 1.515 % |
|
| EBIT Margin | 11.719 % | |
| EBIT Margin QoQ | 46.433 % | |
| EBIT Margin YoY | 1077.789 % | |
| EBIT Margin IPRWA | high: 33.51 % median: 20.883 % mean: 20.818 % MLAB: 11.719 % low: -143.917 % |
|
| 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: 22.128 % median: 21.965 % MLAB: 12.245 % low: -146.78 % |
|
| 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: 0.905 % low: -15.714 % |
|
| 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: 4.767 % median: -0.761 % low: -303.638 % |
|
| 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: 15.87 % mean: 2.045 % median: 1.556 % MLAB: 0.839 % low: -17.15 % |
|
| 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: 0.174 mean: 0.03 median: 0.028 MLAB: 0.019 low: -0.349 |
|
| 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: 6.199 % mean: 2.699 % median: 2.127 % MLAB: 1.708 % low: -14.233 % |
|