Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data MESOBLAST LTD files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2016
FY2018
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
42.5
2.41
17.3
16.7
32.2
7.43
10.2
7.5
5.9
17.2
Cost of revenue
0
0
5.13
Gross profit
7.5
5.9
12.1
Research and development
50
58.9
65.9
59.8
56.2
53
32.8
52.8
39.7
34.8
Selling, general and administrative
27.5
25
39.3
Interest expense
1.83
12.1
14.1
10.7
17.3
20.1
23
23
Pre-tax income
-90.8
-90.2
-66
-98.8
-87.4
-99.6
-91.6
-82.1
-88.1
-102
Income tax
-86.7
-13.4
-30.7
-8.96
-9.42
-0.82
-0.24
-0.21
-0.19
0.33
Net income
-4.13
-76.8
-35.3
-89.8
-77.9
-98.8
-91.3
-81.9
-88
-102
EPS, basic
-0.01
-0.18
-0.07
-0.17
-0.14
-0.16
-0.13
-0.11
-0.09
-0.08
EPS, diluted
-0.01
-0.18
-0.07
-0.17
-0.14
-0.16
-0.13
-0.11
-0.09
-0.08
Balance sheet
FY2016
FY2018
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
80.9
45.8
37.8
50.4
129
137
60.4
71.3
63
162
Receivables
3.74
50.4
4.06
1.57
4.84
4.4
7
21
14.9
Inventory
0
22.2
Total current assets
63.6
101
62.5
137
148
69.8
81.7
86.5
204
Property, plant and equipment
3.06
1.81
1.08
0.83
2.29
3.02
2.05
1.36
1.11
1.7
Lease right-of-use assets
7.98
9.12
7.92
5.13
2.73
4.12
Total assets
656
692
652
734
745
662
669
669
785
Accounts payable
21.8
18.9
13.1
25
19.6
23.1
20.1
7.07
19.1
Short-term debt
14
32.5
53.2
5.02
5.95
13.9
54.2
Total current liabilities
36.7
24
44.3
90.1
94.3
51.4
42
73.2
103
Lease liabilities
6.32
8.49
7.09
3.67
1.95
3.58
Total liabilities
139
146
171
184
163
165
168
189
187
Total debt
0
59.4
81.3
89.5
94.2
96.6
109
114
122
Retained earnings
-345
-380
-470
-549
-648
-739
-821
-909
-1,011
Total equity
528
517
546
481
549
581
497
502
480
597
Total liabilities and equity
656
692
652
734
745
662
669
669
785
Cash flow statement
FY2016
FY2018
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-4.13
-76.8
-35.3
-89.8
-77.9
-98.8
-91.3
-81.9
-88
-102
Depreciation and amortization
4.11
4.67
2.46
Cash from operations
-88
-95.5
-75
-57.8
-50.4
-101
-65.8
-63.3
-48.5
-50
Capital expenditures
-0.26
-0.27
-0.68
Cash from investing
-1.73
0.14
-1.15
-1
-3.27
-1.65
-0.23
-0.19
-0.1
0.12
Debt issued
31.7
43.6
0.51
0
51.9
0
0
Debt repaid
-0.51
0
-55.5
0
-10
-7.82
Stock issued
68.5
61.9
40.6
30.3
145
106
0.21
88.6
65.4
161
Cash from financing
62.1
60
68.6
71.6
131
109
-9.87
74.5
40.3
147
Exchange rate effect
-2.11
0.15
-0.45
-0.16
1.5
1.42
-0.55
-0.17
-0.06
1.09
Free cash flow
-63.5
-48.7
-50.6
Interest paid
0.82
Income taxes paid
0
0.03
0
0.01
0.04
0.02
-0.02
-0
0
Key metrics
Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $14.50 on September 28, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
70.2%
Gross profit / revenue.
Pre-tax margin
-592.0%
Pre-tax income / revenue.
Net margin
-593.9%
Net income / revenue.
FCF margin
-294.4%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-290.5%
Cash from operations / revenue.
Return on assets (ROA)
-14.1%
Net income / average total assets.
R&D / revenue
202.4%
Research and development expense / revenue.
SG&A / revenue
228.6%
Selling, general and administrative expense / revenue.
Capex / revenue
4.0%
Capital expenditures / revenue.
D&A / revenue
14.3%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
191.4%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
19.0%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
-11.8%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y
104.5%
Gross profit vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
17.3%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
5.8%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
1.4%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
1.99x
Current assets / current liabilities.
Quick ratio
1.72x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
1.57x
(Cash + short-term investments) / current liabilities.
Debt / assets
15.5%
Total debt / total assets.
Liabilities / assets
23.9%
Total liabilities / total assets.
Net debt
-$39.7M
Total debt - cash - short-term investments. Negative means more cash than debt.
Working capital
$101.7M
Current assets - current liabilities.
Efficiency
Metric
Value
How it is calculated
Asset turnover
0.02x
Revenue / average total assets.
Fixed asset turnover
12.2x
Revenue / average property, plant and equipment.
Inventory turnover
0.46x
Cost of revenue / average inventory.
Days inventory
791 days
365 x average inventory / cost of revenue.
Receivables turnover
0.96x
Revenue / average receivables.
Days sales outstanding
380 days
365 x average receivables / revenue.
Days payables
930 days
365 x average accounts payable / cost of revenue.
Cash conversion cycle
241 days
Days inventory + days sales outstanding - days payables.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$0.08
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic
-$0.08
Net income per basic share, as reported (split-adjusted).
Valuation
Metric
Value
How it is calculated
Market cap
$1.87B
Share price x shares outstanding.
Enterprise value
$1.83B
Market cap + total debt - cash - short-term investments.
P/S
109x
Market cap / revenue.
EV/Sales
107x
Enterprise value / revenue.
FCF yield
-2.7%
Free cash flow / market cap.
Earnings yield
-5.5%
Net income / market cap (the inverse of P/E).
What was MESOBLAST LTD's revenue in fiscal 2025?
MESOBLAST LTD reported revenue of $17.2M for fiscal 2025, 191.4% higher than the year before.
Was MESOBLAST LTD profitable in fiscal 2025?
No. It reported a net loss of $102.1M.
How much free cash flow did MESOBLAST LTD generate in fiscal 2025?
Cash from operations of $50.0M minus capital expenditures of $680.0K left free cash flow of -$50.6M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.