Recent News
March 9, 2026 — Company announced a CEO transition: Gary Owens to step down April 12, 2026; Dr. Siddhartha Kadia appointed President and CEO effective April 13, 2026. March 10, 2026 — Multiple directors reported open-market purchases of Mesa shares (Form 4 filings).
Technical Analysis
ADX and Directional Indicators: ADX at 30.2 signals a strong trend presence. DI- at 27.1 with a peak-and-reversal signals a bullish implication from the negative directional index, while DI+ at 14.39 and decreasing carries a bearish implication; together, directional readings point to a strong downward directional bias that nevertheless shows signs of potential counter-move.
MACD: MACD stands at -2.09 and declines below the signal line at -0.77, which indicates continuing bearish momentum; a MACD cross back above the signal line would mark a material shift toward bullish momentum.
Price vs. Moving Averages and Ichimoku: Last close $80.33 sits below the 20-day ($84.78), 26-day EMA ($85.40) and 50-day ($86.85) but slightly above the 200-day average ($79.72). Tenkan and Kijun at $84.03 and the cloud boundaries above current price imply short-term resistance; the placement above the 200-day average suggests longer-term support near the current level.
MRO: Momentum/Regression Oscillator reads -27.21 (negative), which indicates price currently trades below the model target and suggests potential upside toward the target over time given the magnitude of the reading.
RSI: RSI at 50.91 and decreasing describes fading near-term momentum; the ~51 level indicates neither overbought nor oversold but trending lower, which keeps risk skewed toward consolidation or further short-term weakness absent a momentum reversal.
Fundamental Analysis
Profitability and Margins: EBIT equals $7,632,000 and EBIT margin sits at 11.72%. QoQ improvement in EBIT margin measured +46.43%; YoY change in EBIT margin measured +10.78%. Gross margin at 64.18% exceeds the industry peer mean of ~62.82% and sits near the peer median level; operating margin at 12.25% improved YoY by +11.31% and shows operating leverage versus prior periods.
Revenue and Growth: Trailing total revenue equals $65,126,000. Revenue growth sequentially improved QoQ, while revenue growth YoY shows a decline of -16.54% (year-over-year). Core segment commentary in the investor materials describes higher exposure to biopharma and genomics as the growth vector.
Cash Flow and Liquidity: Operating cash flow reached $18,754,000 and free cash flow reached $18,022,000, producing a free cash flow yield of 4.07%, which exceeds the industry peer mean of ~0.91%. Cash and short-term investments total $28,975,000; current ratio stands at 1.94 and quick ratio at 1.45, indicating a solid near-term liquidity position versus typical working-capital needs.
Leverage and Coverage: Net debt equals $137,152,000 against market cap $442,509,400. Debt-to-equity equals 0.97, above the industry peer mean of ~0.54; debt-to-EBITDA equals 13.56, and interest coverage measures 2.51, which highlights elevated leverage and tighter coverage versus peer averages.
Valuation Metrics and Market Signals: Reported EPS came in at $1.76 versus estimate $1.47, producing an EPS surprise of +19.73%. Trailing P/E at 45.51 and forward P/E near 57.09 both sit below the provided industry peer mean and median in the dataset. Price-to-book at 2.37 trades below the industry peer mean and median. WMDST values the stock as undervalued, supported by a free cash flow yield above the industry peer mean and price multiples below the industry peer mean/median, offset by elevated leverage and modest ROE (~1.94%).
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: 0.279 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: 0.536 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: 5.991 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: 119.927 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: 12.891 mean: 2.71 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: 2.062 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: 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: 188.889 % mean: 10.329 % 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: 0.907 % 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: 4.755 % 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: 5.765 % mean: 2.002 % 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 % |
|