Recent News
On January 7, 2026 the company declared a regular quarterly dividend of $0.16 per share payable March 16, 2026. On February 3, 2026 Mesa reported third-quarter FY26 results showing revenue growth, a sequential recovery across key divisions and operating income growth to $7.98M. The company had previously announced on December 3, 2025 the timing for the February 3 results release.
Technical Analysis
Directional strength (ADX / DI+/DI-): ADX at 23.13 indicates an emerging trend; DI+ at 26.95 with a decreasing trend reads as bearish pressure, while DI- at 17.02 showing a peak-and-reversal reads as bullish for directional balance, producing a mixed but stabilizing trend that supports a cautious near-term upside bias relative to the valuation.
MACD: MACD sits at 2.38 with a dip-and-reversal trend and the MACD line above the signal line (2.03), a bullish momentum configuration that favors continued short-term upside to price if momentum holds.
MRO (Momentum/Regression Oscillator): MRO equals -8.94, a negative reading that indicates price sits below the model target and therefore carries upward potential pressure toward fair value; the recent MRO peak-and-reversal signals a cessation of the previous over-extension.
RSI: RSI at 57.16 with a dip-and-reversal indicates regained momentum without overbought conditions, aligning with a near-term bullish tilt that complements the MACD signal.
Price Structure & Moving Averages: Price closed at $93.36, above the 20-day average ($90.33), the 50-day average ($84.28) and the 200-day average ($82.32); the 12-day EMA trend increases. Bollinger band placement shows price nearer the 1x upper band ($94.10). These align with momentum indicators to support the immediate outlook for stabilization and selective upside toward the mean analyst target band.
Fundamental Analysis
Profitability: EBIT equals $7.632M and EBIT margin stands at 11.72%. That margin trails the industry peer mean (25.49%) and median (26.12%) but sits comfortably above the industry low; recent quarter-over-quarter dynamics show material improvement, with EBIT margin up about 46.4% QoQ, signaling operating leverage recovery that links directly to the near-term margin expansion noted above.
Earnings and guidance signals: Reported EPS of $1.76 exceeded the estimate of $1.47, an EPS surprise of +19.7%, which demonstrates near-term earnings beat momentum and strengthens reported profitability metrics that underpin valuation.
Cash generation and balance sheet: Cash and short-term investments total $28.98M with free cash flow of $18.02M and a free cash flow yield of 4.07%, above the industry peer mean of about 0.85% for free cash flow yield. Operating cash flow at $18.75M and an operating cash conversion ratio of 1.27 support ample internal funding for operations and the declared dividend.
Leverage and coverage: Total debt stands at $180.98M with net debt $137.15M; debt-to-EBITDA measures a high 13.56x while interest coverage equals 2.51x. Debt-to-equity of 0.97 sits above the industry peer mean (0.70) but within the industry peer range, indicating leverage that reduces flexibility relative to more lightly geared peers and increases sensitivity to operating performance.
Revenue and growth: Total revenue of $65.13M and a reported revenue growth of 7.23% show durable top-line activity; segment commentary from the quarter indicated recovery in Biopharmaceutical Development and stabilization in Clinical Genomics outside China, supporting the margin rebound cited earlier.
Valuation posture: WMDST values the stock as under-valued. Market multiples show a PE ratio near 45.5x and an EV/Revenue and enterprise multiple that reflect premium expectations; free cash flow metrics and the recent EPS beat help justify the WMDST valuation while leverage and lower relative EBIT margin qualify the degree of potential re-rating.
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: 64.806 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: 0.64 MLAB: 0.416 median: 0.331 mean: 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 median: 0.707 mean: 0.704 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: 7.62 median: 6.173 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: 252.809 mean: 141.229 median: 68.23 MLAB: 45.508 low: -23.452 |
|
| 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: 16.254 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: 0.14 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: 2.008 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: 0.546 median: 0.531 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 median: 201.642 mean: 198.016 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 median: 4.04 mean: 3.307 MLAB: 1.942 low: 0.771 |
|
| Quick Ratio | 1.454 | |
| Quick Ratio QoQ | 0.734 % | |
| Quick Ratio YoY | 173.923 % | |
| Quick Ratio IPRWA | high: 9.809 median: 3.316 mean: 2.539 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: 861.5 median: 30.115 mean: 29.051 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: 19.856 % median: 14.415 % mean: 11.609 % MLAB: 7.226 % low: -10.847 % |
|
| Earnings Growth | 291.111 % | |
| Earnings Growth QoQ | 2279.524 % | |
| Earnings Growth YoY | -319.706 % | |
| Earnings Growth IPRWA | high: 500.0 % MLAB: 291.111 % mean: 14.182 % 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: 86.595 % median: 64.538 % MLAB: 64.176 % mean: 62.567 % 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: 25.489 % 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: 25.463 % 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: 0.852 % 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: 4.52 % median: -0.761 % 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: 5.088 % mean: 2.66 % median: 1.969 % MLAB: 0.839 % low: -11.044 % |
|
| 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: 0.038 median: 0.038 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: 3.502 % MLAB: 1.708 % low: -1.411 % |
|