Recent News
On February 11–12, Mesoblast reported high survival outcomes for Ryoncil® (remestemcel‑L) from Emergency IND program data presented at ASTCT/CIBMTR, noting comparable survival whether used in children or adults and across second‑ and third‑line use. On March 17–18 the company announced an inaugural R&D Day for April 8, 2026 to present corporate strategy, commercial progress for Ryoncil®, and new technology intended to advance manufacturing and pipeline programs.
Technical Analysis
ADX at 10.52 signals no prevailing trend; momentum lacks structural strength, implying price action should remain range‑bound absent a catalyst.
Directional indicators show bearish bias: DI+ sits at 35.01 and registered a peak‑and‑reverse, while DI‑ at 31.25 shows a dip‑and‑reverse—both conditions point toward increased downside pressure into the near term.
MACD recently peaked and reversed (MACD 0.09 with a peak‑and‑reversal pattern), indicating bearish momentum as the oscillator retreats from prior strength.
MRO reads 22.94 and positive, indicating the share price currently sits above the model target with moderate downside potential to mean‑revert.
RSI at 47.86 with a peak‑and‑reversal shows weakening internals from a neutral position rather than oversold or overbought extremes.
Price context: last close $15.33 sits below the 200‑day average ($16.26) and just beneath short‑term averages (20‑day $15.43, 12‑day EMA peak‑and‑reversed), reinforcing short‑term technical fatigue. Volume (105,088) trails the 10‑ and 50‑day averages, signaling lower participation during recent moves. Volatility and beta remain elevated (42‑day beta 1.28; 52‑week beta 1.73), so catalyst‑driven moves can amplify quickly.
Fundamental Analysis
Balance sheet and cash: cash and short‑term investments total $129,573,000 with end‑period cash flow $129,975,000 and beginning‑period cash flow $144,719,000; free cash flow was negative $15,571,000. Current ratio stands at 1.58, up 65.07% year‑over‑year, and the cash ratio at 1.01 provides near‑term liquidity coverage for current liabilities.
Profitability and valuation signals: forward EPS consensus sits at negative $0.0175 and forward P/E implies an elevated multiple (forward PE ~403.5x), consistent with the reported WMDST valuation of over‑valued. Book value per share $0.4454 contrasts sharply with a price‑to‑book of 39.04, well above the industry peer mean ($5.19) and above the peer high (~$19.43), indicating a premium market valuation relative to tangible equity.
Capital structure trends show modest deleveraging: debt to assets 0.1728 decreased ~10.51% year‑over‑year and debt to equity 0.2352 fell ~13.99% year‑over‑year, improving financial flexibility while retained earnings remain a deep deficit ($‑1,051,065,000).
Operational growth: revenue growth logged 20.50% year‑over‑year, while free cash flow yield sits slightly negative at ‑0.069% despite a year‑over‑year improvement in free cash flow yield of +25.46%. WMDST’s valuation assessment classifies the equity as over‑valued given current multiples, cashflow profile, and the premium relative to peer book multiples.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-02-26 |
| NEXT REPORT DATE: | 2026-05-28 |
| CASH FLOW | Begin Period Cash Flow | $ 144.7 M |
| Operating Cash Flow | $ 0.00 | |
| Capital Expenditures | $ -133.00 K | |
| Change In Working Capital | — | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -14.74 M | |
| End Period Cash Flow | $ 130.0 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | — | |
| Forward Revenue | — | |
| COSTS | ||
| Cost Of Revenue | — | |
| Depreciation | — | |
| Depreciation and Amortization | — | |
| Research and Development | — | |
| Total Operating Expenses | — | |
| PROFITABILITY | ||
| Gross Profit | — | |
| EBITDA | — | |
| EBIT | — | |
| Operating Income | — | |
| Interest Income | — | |
| Interest Expense | — | |
| Net Interest Income | — | |
| Income Before Tax | — | |
| Tax Provision | — | |
| Tax Rate | — | |
| Net Income | — | |
| Net Income From Continuing Operations | — | |
| EARNINGS | ||
| EPS Estimate | — | |
| EPS Actual | — | |
| EPS Difference | $ 0.00 | |
| EPS Surprise | — | |
| Forward EPS | $ -0.02 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 782.3 M | |
| Intangible Assets | $ 568.8 M | |
| Net Tangible Assets | $ 5.9 M | |
| Total Current Assets | $ 202.5 M | |
| Cash and Short-Term Investments | $ 129.6 M | |
| Cash | $ 129.6 M | |
| Net Receivables | $ 42.9 M | |
| Inventory | $ 21.7 M | |
| Long-Term Investments | $ 1.2 M | |
| LIABILITIES | ||
| Accounts Payable | $ 27.1 M | |
| Short-Term Debt | $ 66.7 M | |
| Total Current Liabilities | $ 128.1 M | |
| Net Debt | — | |
| Total Debt | $ 135.1 M | |
| Total Liabilities | $ 207.6 M | |
| EQUITY | ||
| Total Equity | $ 574.7 M | |
| Retained Earnings | $ -1.05 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 0.45 | |
| Shares Outstanding | 1.289 B | |
| Revenue Per-Share | — | |
| VALUATION | Market Capitalization | $ 22.4 B |
| Enterprise Value | $ 22.4 B | |
| Enterprise Multiple | — | |
| Enterprise Multiple QoQ | — | |
| Enterprise Multiple YoY | — | |
| Enterprise Multiple IPRWA | — | |
| EV/R | — | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.361 | |
| Asset To Liability | 3.768 | |
| Debt To Capital | 0.19 | |
| Debt To Assets | 0.173 | |
| Debt To Assets QoQ | — | |
| Debt To Assets YoY | -10.506 % | |
| Debt To Assets IPRWA | high: 1.032 MESO: 0.173 mean: 0.122 median: 0.003 low: 0.0 |
|
| Debt To Equity | 0.235 | |
| Debt To Equity QoQ | — | |
| Debt To Equity YoY | -13.987 % | |
| Debt To Equity IPRWA | high: 1.524 MESO: 0.235 mean: 0.135 median: 0.005 low: -0.957 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 39.036 | |
| Price To Book QoQ | — | |
| Price To Book YoY | -2.953 % | |
| Price To Book IPRWA | MESO: 39.036 high: 19.432 median: 6.164 mean: 5.188 low: -10.511 |
|
| Price To Earnings (P/E) | 0.0 | |
| Price To Earnings QoQ | — | |
| Price To Earnings YoY | — | |
| Price To Earnings IPRWA | high: 74.171 MESO: 0.0 mean: -0.945 median: -16.894 low: -119.903 |
|
| PE/G Ratio | — | |
| Price To Sales (P/S) | — | |
| Price To Sales QoQ | — | |
| Price To Sales YoY | — | |
| Price To Sales IPRWA | — | |
| FORWARD MULTIPLES | ||
| Forward P/E | 403.507 | |
| Forward PE/G | — | |
| Forward P/S | — | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | — | |
| ASSET & SALES | ||
| Asset Turnover Ratio | — | |
| Asset Turnover Ratio QoQ | — | |
| Asset Turnover Ratio YoY | — | |
| Asset Turnover Ratio IPRWA | — | |
| Receivables Turnover | — | |
| Receivables Turnover Ratio QoQ | — | |
| Receivables Turnover Ratio YoY | — | |
| Receivables Turnover Ratio IPRWA | — | |
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | — | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | — | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | — | |
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | — | |
| CapEx To Revenue | — | |
| CapEx To Depreciation | — | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 634.8 M | |
| Net Invested Capital | $ 701.6 M | |
| Invested Capital | $ 701.6 M | |
| Net Tangible Assets | $ 5.9 M | |
| Net Working Capital | $ 74.4 M | |
| LIQUIDITY | ||
| Cash Ratio | 1.012 | |
| Current Ratio | 1.581 | |
| Current Ratio QoQ | — | |
| Current Ratio YoY | 65.073 % | |
| Current Ratio IPRWA | high: 27.397 mean: 3.927 median: 2.827 MESO: 1.581 low: 0.027 |
|
| Quick Ratio | 1.412 | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | 125.823 % | |
| Quick Ratio IPRWA | high: 13.851 mean: 2.777 median: 2.452 MESO: 1.412 low: 0.069 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | — | |
| Cost Of Debt | 0.0 % | |
| Interest Coverage Ratio | — | |
| Interest Coverage Ratio QoQ | — | |
| Interest Coverage Ratio YoY | — | |
| Interest Coverage Ratio IPRWA | — | |
| Operating Cash Flow Ratio | 0.0 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | — | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | — | |
| Revenue Growth | 20.504 % | |
| Revenue Growth QoQ | 0.0 % | |
| Revenue Growth YoY | 0.0 % | |
| Revenue Growth IPRWA | high: 443.939 % MESO: 20.504 % mean: 12.917 % median: 3.233 % low: -242.388 % |
|
| Earnings Growth | — | |
| Earnings Growth QoQ | — | |
| Earnings Growth YoY | — | |
| Earnings Growth IPRWA | — | |
| MARGINS | ||
| Gross Margin | — | |
| Gross Margin QoQ | — | |
| Gross Margin YoY | — | |
| Gross Margin IPRWA | — | |
| EBIT Margin | — | |
| EBIT Margin QoQ | — | |
| EBIT Margin YoY | — | |
| EBIT Margin IPRWA | — | |
| Return On Sales (ROS) | — | |
| Return On Sales QoQ | — | |
| Return On Sales YoY | — | |
| Return On Sales IPRWA | — | |
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -15.57 M | |
| Free Cash Flow Yield | -0.069 % | |
| Free Cash Flow Yield QoQ | — | |
| Free Cash Flow Yield YoY | 25.455 % | |
| Free Cash Flow Yield IPRWA | high: 21.452 % median: 0.303 % mean: 0.181 % MESO: -0.069 % low: -51.848 % |
|
| Free Cash Growth | 2.858 % | |
| Free Cash Growth QoQ | -126.297 % | |
| Free Cash Growth YoY | -181.401 % | |
| Free Cash Growth IPRWA | high: 177.21 % MESO: 2.858 % median: -27.693 % mean: -33.46 % low: -201.25 % |
|
| Free Cash To Net Income | — | |
| Cash Flow Margin | — | |
| Cash Flow To Earnings | — | |
| VALUE & RETURNS | ||
| Economic Value Added | — | |
| Return On Assets (ROA) | — | |
| Return On Assets QoQ | — | |
| Return On Assets YoY | — | |
| Return On Assets IPRWA | — | |
| Return On Capital Employed (ROCE) | — | |
| Return On Equity (ROE) | — | |
| Return On Equity QoQ | — | |
| Return On Equity YoY | — | |
| Return On Equity IPRWA | — | |
| DuPont ROE | — | |
| Return On Invested Capital (ROIC) | — | |
| Return On Invested Capital QoQ | — | |
| Return On Invested Capital YoY | — | |
| Return On Invested Capital IPRWA | — | |