Recent News
On December 18, 2025 the company announced management will present at the 44th Annual J.P. Morgan Healthcare Conference on January 14, 2026. On December 3, 2025 Mesa notified investors it would publish third-quarter fiscal 2026 results on February 3, 2026. On January 7, 2026 the Board declared a regular quarterly dividend of $0.16 per share, payable March 16, 2026 (record date February 28, 2026).
Technical Analysis
Directional indicators show an emerging bullish regime: ADX at 21.5 signals an emerging trend rather than a strong trend, while DI+ at 27.09 (dip & reversal) and DI- at 20.07 (peak & reversal) both read as bullish directional developments that support upside continuation toward the valuation gap identified by WMDST.
MACD sits at 1.76 above the signal line at 1.04, and the MACD trend registers as dip & reversal; the MACD crossing above its signal line confirms a shift to bullish momentum and aligns with the near-term price bias toward the WMDST valuation level.
MRO at -9.59 indicates the current price sits below the model target and therefore carries potential to increase; the MRO trend registers as dip & reversal, reinforcing that upside potential exists from the current price band.
RSI at 57.32, trend labeled dip & reversal, shows momentum in bullish territory without overbought extremes, consistent with further room to run before mean-reversion risks materialize.
Price relationships reinforce the bullish tilt: last close $93.27 trades above the 20-day average $84.44, 50-day average $81.98 and 200-day average $83.45; price exceeds the 1× Bollinger upper band $90.02, suggesting short-term extension off recent strength with the SuperTrend lower band at $82.62 acting as nearby technical support. Trading volume sits below recent 10-, 50- and 200-day averages, indicating the current move showed limited participation so follow-through will depend on increased volume.
Fundamental Analysis
Profitability: EBIT equals $7,632,000 and EBIT margin measures 11.72%. That EBIT margin sits below the industry peer mean of 29.63% and below the industry peer median of 30.16%. Quarter-over-quarter the EBIT margin expanded by 46.43% QoQ and the data shows a YoY change of 1,077.79% YoY as reported. Operating margin equals 12.25% and rose 57.43% QoQ while operating margin YoY increased 11.31%.
Earnings: Reported EPS reached $1.76 versus an estimate of $1.47, producing an EPS surprise ratio of 19.73% (EPS surprise +$0.29). Reported forward EPS stands at $1.3475 with a forward P/E of 57.09; trailing P/E registers at 45.51. WMDST’s valuation model concludes the stock sits under-valued relative to its internal target.
Cash flow and liquidity: Cash and short-term investments total $28,975,000 and operating cash flow reached $10,547,000 with free cash flow $18,022,000, yielding a free cash flow yield of 4.07%. Current ratio equals 1.94 and quick ratio 1.45, while the cash ratio registers 0.53, indicating adequate near-term liquidity alongside material current liabilities.
Leverage and coverage: Total debt equals $180,979,000 with net debt $137,152,000 and debt-to-equity 0.97. Interest coverage ratio sits at 2.51, reflecting limited headroom on interest expense although coverage improved materially year-over-year. Debt-to-EBITDA stands at 13.56 in the reported snapshot; monitor coverage and cash generation to assess leverage trajectory.
Efficiency and growth: Total revenue reached $65,126,000 with revenue growth of 7.23% (reported as 0.07226). Asset turnover measures 0.15 (slightly above the industry peer mean of 0.1421), and days inventory outstanding 105.8 with cash conversion cycle about 142 days. Earnings growth QoQ posted +22.80% while earnings growth YoY showed -3.20% in the supplied metrics.
Valuation note: WMDST values the stock as under-valued. Key valuation ratios include P/B 2.37, P/S 6.79 and enterprise multiple 44.54; enterprise value stands near $594,513,400 while market capitalization sits near $442,509,400. Given the cash generation profile and the margin expansion QoQ, the WMDST under-valued designation aligns with the technical setup that favors measured upside.
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 | $ 10.5 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 | 21.018 % | |
| 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: 163.226 mean: 59.012 median: 55.596 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 | MLAB: 0.416 high: 0.319 median: 0.319 mean: 0.264 low: 0.047 |
|
| Debt To Equity | 0.969 | |
| Debt To Equity QoQ | -9.15 % | |
| Debt To Equity YoY | 49.104 % | |
| Debt To Equity IPRWA | high: 1.264 MLAB: 0.969 median: 0.598 mean: 0.474 low: 0.064 |
|
| 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 median: 10.911 mean: 10.285 MLAB: 2.37 low: 1.286 |
|
| Price To Earnings (P/E) | 45.508 | |
| Price To Earnings QoQ | 29.79 % | |
| Price To Earnings YoY | -109.054 % | |
| Price To Earnings IPRWA | high: 216.462 mean: 205.086 median: 58.775 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: 67.849 median: 67.849 mean: 63.634 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: 0.142 low: 0.115 |
|
| Receivables Turnover | 1.622 | |
| Receivables Turnover Ratio QoQ | 5.671 % | |
| Receivables Turnover Ratio YoY | 1.774 % | |
| Receivables Turnover Ratio IPRWA | high: 10.118 median: 2.165 mean: 2.134 low: 1.768 MLAB: 1.622 |
|
| Inventory Turnover | 0.859 | |
| Inventory Turnover Ratio QoQ | 2.52 % | |
| Inventory Turnover Ratio YoY | 7.69 % | |
| Inventory Turnover Ratio IPRWA | high: 3.525 MLAB: 0.859 mean: 0.543 low: 0.531 median: 0.531 |
|
| 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: 208.658 median: 208.658 mean: 203.642 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: 4.875 median: 4.875 mean: 4.803 MLAB: 1.942 low: 0.771 |
|
| Quick Ratio | 1.454 | |
| Quick Ratio QoQ | 0.734 % | |
| Quick Ratio YoY | 173.923 % | |
| Quick Ratio IPRWA | high: 3.957 median: 3.957 mean: 3.901 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: 30.115 median: 30.115 mean: 28.408 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 | MLAB: 7.226 % high: 4.916 % mean: -0.015 % low: -0.171 % median: -0.171 % |
|
| Earnings Growth | 291.111 % | |
| Earnings Growth QoQ | 2279.524 % | |
| Earnings Growth YoY | -319.706 % | |
| Earnings Growth IPRWA | high: 500.0 % MLAB: 291.111 % median: 5.417 % mean: 4.378 % low: -7.965 % |
|
| MARGINS | ||
| Gross Margin | 64.176 % | |
| Gross Margin QoQ | 4.414 % | |
| Gross Margin YoY | 1.445 % | |
| Gross Margin IPRWA | high: 66.44 % median: 66.44 % mean: 65.596 % MLAB: 64.176 % low: 23.355 % |
|
| EBIT Margin | 11.719 % | |
| EBIT Margin QoQ | 46.433 % | |
| EBIT Margin YoY | 1077.789 % | |
| EBIT Margin IPRWA | high: 30.155 % median: 30.155 % mean: 29.634 % 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 % median: 30.155 % mean: 29.513 % 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: 1.182 % mean: 0.437 % median: 0.375 % low: -25.174 % |
|
| 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: -0.761 % median: -0.761 % mean: -4.154 % low: -446.345 % |
|
| 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: 3.993 % median: 3.993 % mean: 3.819 % 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: 0.045 median: 0.045 mean: 0.044 MLAB: 0.019 low: -0.428 |
|
| 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: 4.057 % median: 4.057 % mean: 3.927 % MLAB: 1.708 % low: -20.838 % |
|