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Mesa Laboratories, Inc.

MLAB Technology Scientific & Technical Instruments

Mesa Laboratories, Inc.’s revenue for fiscal 2026 (year ended March 2026) was $249.1 million, up 3.38% from fiscal 2025.

Revenue
+1.00%
EPS
−42.5%
Free cash flow
+1,503.7%
Total debt
+70.6%

Quarter to June 2026, against a year earlier

128.25 8.95 +7.50%
Market cap
$667.6M
P/E
148×
Fwd P/E
60.4×
Dividend yield
0.50%
F-score
7/9
Altman Z
1.45
Beneish M
−2.80
Dividend safety
67/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 1.35
Sold, $m 1.57
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — 3 — — — — 2 — — —
Sell — — — — — — 6 — 1 — — —
Insider Ownership 5.25%

Capital & Financial Ratios $m

Size
Market Cap 667.58
Revenue ttm 249.73
Net income ttm 4.80
Free cash flow ttm 52.87
Net debt Q 112.17
Valuation
P/E 147.88 (above 35: high)
Forward P/E 60.40 (above 35: high)
Price / sales 2.88
Forward P/S Powerpack
Price / FCF 13.61
Price / book 3.81
Financial health
Current ratio Q 1.79 (at or above 1.5: strong)
Debt / equity Q 0.76
Interest coverage Q 2.98
Growth
Revenue growth Q +1.00% (above 0%: growing)
Operating income growth Q +129.47% (above 0%: growing)
EPS, this year −10.69% (below 0%: weak)
EPS, next year A +6.82%
Revenue, next year A +2.12%
EPS, past 5 yrs +13.59%
EPS, next 5 yrs A −5.81% (below 0%: weak)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 3.3×, against a ten-year median of 5.6×; over the ten years it ranged from 1.8× in 2025 to 11.6× in 2021.
P/E against its own 10 years 58.74%
10-year low 10-year high
P/S against its own 10 years 22.95%
10-year low 10-year high
P/B against its own 10 years 46.30%
10-year low 10-year high
EV/Sales against its own 10 years 17.23%
10-year low 10-year high
EV/FCF against its own 10 years 8.22%
10-year low 10-year high

Dividends

Yield
0.50%
Annual rate
0.64
Payout ratio
76.2%
Growth, 2017–25
0.00%/yr
  1. 0.64 ’17
  2. 0.64 ’18 +0
  3. 0.64 ’19 +0
  4. 0.64 ’20 +0
  5. 0.64 ’21 +0
  6. 0.64 ’22 +0
  7. 0.64 ’23 +0
  8. 0.64 ’24 +0
  9. 0.64 ’25 +0
  10. 0.64 ’26e +0
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2024 2025 2026 Q'26
Cash 28 27 27 31
Receivables 39 42 44 34
Inventory 33 25 26 27
Other 81 — 79 —
109 103 106 103
2024 2025 2026 Q'26
Payables 6 6 5 7
ST’ Debt — 4 6 6
Other 15 15 15 15
44 164 62 57

Compound Annual Growth %

10y 5y 3y
Sales 11.40% 13.22% 4.38%
Cash Flow 9.74% 2.93% 15.24%
Earnings (4.96%) 15.44% 93.25%
Book Value 8.20% (14.44%) (22.07%)

Earnings Trends EPS, adjusted, against the consensus

Q4 FY26 Estimate 2.45 Actual 2.76

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 2.75 2.23 Miss by 0.52
Q1 FY25 2.46 2.32 Miss by 0.14
Q3 FY25 2.41 3.07 Beat by 0.66
Q4 FY26 2.45 2.76 Beat by 0.31

EPS $

Jun Sep Dec Mar Year
’26 0.49 — — — —
’26 0.85 0.45 0.65 (0.75) 1.21
’25 0.62 0.63 (0.31) (1.31) (0.36)
’24 (0.10) (0.23) 0.39 (47.20) (47.20)
’23 (0.27) 0.24 0.08 0.11 0.17
’22 0.38 0.70 (0.39) (0.34) 0.35
’21 0.22 0.51 (0.89) 0.74 0.64
Fiscal quarters ending in the months shown.

Revenue $m

Jun Sep Dec Mar Year
’26 60 — — — —
’26 60 61 65 64 249
’25 58 58 63 62 241
’24 51 53 53 59 216
’23 50 59 54 56 219
’22 35 36 55 59 184
’21 30 32 34 38 134
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Jun Sep Dec Mar Year
’26 15 — — — —
’26 2 8 19 14 43
’25 11 5 18 13 47
’24 10 10 12 13 44
’23 (3) 11 8 13 28
’22 10 4 16 9 39
’21 2 10 11 14 37
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Jun Sep Dec Mar Year
’26 14 — — — —
’26 1 7 18 14 40
’25 10 3 17 12 42
’24 10 9 10 12 42
’23 (3) 9 6 11 23
’22 9 3 14 9 35
’21 2 10 11 12 35
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to March

Ten-year view Analyst estimates Powerpack
Group Line 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 TTM Jun ’26 Trend 10 yrs 2027e 2028e 2029e Next 3/yr
Income, $m
Income, $m Revenue 94 96 103 118 134 184 219 216 241 249 250 +11.5% 254 271 — +4.3%
Gross margin, % 56.84 56.79 59.06 55.54 64.97 59.18 61.02 61.64 62.61 63.53 64.21 +6.7 pt
EBT 14 0 9 4 2 4 0 (276) 6 12 9 (1.9%)
EBT margin, % 15.26 0.31 8.36 3.28 1.72 1.94 (0.18) (127.50) 2.47 4.82 3.75 (10.4) pt
Net income 11 (3) 7 2 3 2 1 (254) (2) 7 5 (5.5%)
Per share, $
Per share, $ Revenue 25.46 25.51 26.87 28.02 26.92 35.37 41.17 40.14 44.45 45.18 44.14 +6.6%
Earnings 3.04 (0.79) 1.95 0.42 0.66 0.36 0.17 (47.20) (0.36) 1.22 0.86 (9.6%)
Cash flow 4.70 6.82 7.96 6.43 7.45 7.53 5.26 8.19 8.63 7.77 9.84 +5.7%
Capex (3.15) (0.44) 0.25 (0.35) (0.40) (0.85) (0.85) (0.48) (0.83) (0.59) (0.49) (17.0%)
Free cash flow 1.55 6.38 8.21 6.07 7.05 6.68 4.41 7.72 7.80 7.18 9.35 +18.6%
Book value 26.59 26.36 28.99 52.38 81.65 75.56 73.95 26.99 29.48 33.78 33.37 +2.7%
Shares, m 4 4 4 4 5 5 5 5 5 6 6 +4.6%
Valuation, ×
Valuation, × P/E 40.50 0.00 117.38 471.02 392.74 688.86 1,027.82 0.00 0.00 71.89 147.88 281.0
P/S 4.82 5.58 8.52 8.07 9.04 7.21 4.24 2.79 2.67 1.96 2.88 5.5
P/B 4.61 5.40 7.89 4.32 2.98 3.37 2.36 4.15 4.02 2.62 3.81 4.2
EV/Sales 5.36 6.02 8.64 8.58 8.17 8.14 4.94 3.70 2.89 2.46 3.33 5.9
EV/FCF 88.13 24.07 28.28 39.58 31.19 43.12 46.20 19.23 16.37 15.46 15.73 35.2
Cash, $m
Cash, $m Operating cash flow 17 26 31 27 37 39 28 44 47 43 56 +10.6%
Capex (12) (2) 1 (1) (2) (4) (5) (3) (4) (3) (3) (13.2%)
Free cash flow 6 24 32 26 35 35 23 42 42 40 53 +24.0%
Balance, $m
Balance, $m Working capital 19 15 10 97 271 76 76 65 (61) 44 46 +9.7%
Net debt 49 41 13 60 (117) 172 153 193 53 125 112 +10.9%
Shareholders’ equity 98 99 111 220 406 394 393 145 160 186 189 +7.4%
Returns, %
Returns, % ROA 6.73 (1.76) 4.66 0.63 0.65 0.29 0.14 (45.87) (0.45) 1.56 1.12 (5.2) pt
ROIC 6.95 0.97 4.94 1.77 2.67 0.52 0.38 (50.18) 4.79 3.72 4.67 (3.2) pt
ROE 12.26 (3.00) 7.10 1.07 1.05 0.47 0.24 (94.36) (1.29) 3.88 2.66 (8.4) pt
People
People Employees 381 366 347 460 506 681 698 736 730 717 — +7.3%
Revenue/emp, $m 0.25 0.26 0.30 0.26 0.26 0.27 0.31 0.29 0.33 0.35 — +3.9%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Mar 2026 · latest quarter Jun 2026 · fundamentals updated 25 Oct 2026

Mesa Laboratories, Inc. vs peers in Scientific & Technical Instruments (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
VNT Vontier Corporation $5.4B 17.0× 16.9× −2.07% (below 0%: shrinking) +4.69% (above 0%: growing) +57.96% (above 0%: growing) 47.60% 21.50% Compare
NOVT Novanta Inc. $5.0B 84.6× 74.3× +10.27% (above 0%: growing) +158.33% (above 0%: growing) +391.84% (above 0%: growing) 45.49% 6.79% Compare
BMI Badger Meter, Inc. $4.6B 36.3× 35.1× +0.12% (above 0%: growing) +5.04% (above 0%: growing) −16.42% (below 0%: shrinking) 41.90% 20.23% Compare
ITRI Itron, Inc. $4.4B 15.6× 17.8× +3.04% (above 0%: growing) +13.76% (above 0%: growing) −15.75% (below 0%: shrinking) 40.86% 15.93% Compare
ITRN Ituran Location and Control Ltd. $990.4M 15.4× 14.1× +20.73% (above 0%: growing) +31.34% (above 0%: growing) +50.20% (above 0%: growing) 50.91% 22.67% Compare
MLAB Mesa Laboratories, Inc. $667.6M 148× 60.4× +1.00% (above 0%: growing) −42.53% (below 0%: shrinking) +1,503.73% (above 0%: growing) 64.87% 11.69%
VPG Vishay Precision Group, Inc. $549.1M — (loss-making) 204× +6.70% (above 0%: growing) −90.02% (below 0%: shrinking) −25.99% (below 0%: shrinking) 40.18% 3.19% Compare
USBC USBC, INC. $139.7M — (loss-making) — −96.18% (below 0%: shrinking) n/m −820.84% (below 0%: shrinking) 0.00% 0.00% Compare
LGL LGL Group, Inc. (The) $82.6M — (loss-making) — (loss-making) +24.78% (above 0%: growing) n/m −106.84% (below 0%: shrinking) 66.96% (38.77%) Compare
Median of peers $2.7B 17.0× 26.5× +4.87% +9.40% −16.08% 43.70% 11.36%

All 33 Scientific & Technical Instruments stocks →

Pay and ownership Proxy statement filed 22 July 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2026 6.64m 516.20k 37.20
2025 6.60m 7.94m 49.55
2024 5.44m 78.00k 45.59
2023 5.19m (3.60m) 72.18
2022 18.08m 16.81m 104.92

Ownership

Directors and executive officers, together 2.80%
Long Path Smaller Companies Fund, LP 7.20%
BlackRock, Inc. 6.80%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Mesa Laboratories, Inc. (MLAB) Latest News

28 Oct

Impact 3 · · GlobeNewswire

13 Oct

Impact 4 · · GlobeNewswire

17 Aug

Impact 3 · · The Motley Fool transcript

11 Aug

Impact 4 · · Moby transcript
Impact 3 · transcript

10 Aug

Impact 3 · · MarketBeat transcript
Impact 3 ·

17 Jun

Impact 3 ·

27 May

Impact 4 · · The Motley Fool
Impact 3 · · GlobeNewswire

9 Mar

Impact 4 · · GlobeNewswire

5 Feb

Impact 3 · · Simply Wall St.

3 Feb

Impact 4 · · Associated Press Finance earnings
Impact 4 · · GlobeNewswire

7 Dec

Impact 3 ·

25 Nov

Impact 3 ·

9 Nov

Impact 4 · · Simply Wall St.

7 Nov

Impact 4 · · Simply Wall St.

6 Nov

Impact 4 · · GlobeNewswire
Impact 3 · · Associated Press Finance

18 Oct

Impact 3 · · Simply Wall St.

22 Sep

Impact 3 ·

31 Aug

Impact 3 · · Simply Wall St.

24 Aug

Impact 3 ·

20 Aug

Impact 3 ·

18 Aug

Impact 4 ·

9 Aug

Impact 4 ·

5 Aug

Impact 4 ·
Impact 3 ·
Impact 3 ·
stockrow.com/MLAB · Data as of Oct 25, 2026 · For information only; not investment advice. · © 2026 stockrow.com