MESA LABORATORIES INC /CO/ financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data MESA LABORATORIES INC /CO/ 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

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	93.7	96.2	103	118	134	184	219	216	241	249
Cost of revenue	40.4	41.6	42.2	52.3	46.9	75.2	85.4	82.9	90.1	90.9
Gross profit	53.2	54.6	60.9	65.4	87	109	134	133	151	158
Research and development	4.16	3.54	3.51	6.36	10.4	15.8	20.5	19.3	19.5	20.3
General and administrative	22.8	26.3	31.3	38.2	45.8	60.3	72.4	72.9	73.3	78.7
Operating expenses	36.9	52.4	51.1	57.4	74.7	104	130	405	135	140
Operating income	16.3	2.18	9.78	7.92	12.4	4.7	3.32	-272	16.3	18.5
Interest expense		1.85	1.75	5.5	8.02	3.89	4.77	5.7	11.9	10.7
Interest income		0.01	0.03	0.96	0.11
Other non-operating income	-2.02	-1.88	-1.16	-4.06	-10.1	-1.13	-3.71	-3.57	-10.4	-6.5
Pre-tax income	14.3	0.3	8.62	3.86	2.3	3.57	-0.39	-276	5.96	12
Income tax	3.11	3.26	1.14	2.08	-0.97	1.7	-1.32	-21.4	7.94	5.3
Income from continuing operations							-0.39	-276	5.96	12
Net income	11.2	-2.96	7.48	1.78	3.27	1.87	0.93	-254	-1.97	6.71
EBITDA	25.1	11.7	19.2	20.9	30	29.8	37.1	-268	21.7	23.8
EPS, basic	3.04	-0.79	1.95	0.42	0.66	0.36	0.17	-47.20	-0.36	1.22
EPS, diluted	2.91	-0.79	1.86	0.41	0.64	0.35	0.17	-47.20	-0.36	1.21
Shares, basic (weighted)	3.68	3.77	3.84	4.2	4.98	5.21	5.32	5.39	5.42	5.51
Shares, diluted (weighted)	3.84	3.77	4.03	4.37	5.12	5.34	5.36	5.39	5.42	5.57
Dividend per share			0.64	0.64	0.64	0.64	0.64	0.64	0.64	0.64

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	5.82	5.47	10.2	81.4	264	49.3	32.9	28.2	27.3	26.9
Receivables	14.3	14.3	12.5	21.1	23.8	41.2	42.6	39.1	42	44.1
Inventory	13.9	9.23	6.77	11.2	11.2	24.6	34.6	32.7	25.4	26.4
Other current assets	1.19	0.78	1.6	1.91	4.92	2.33	4.05	3.34	2.87	3.62
Total current assets	35.8	32	33.6	123	304	124	119	109	103	106
Property, plant and equipment	26	23.6	22.2	22.1	22	28.6	28.1	31.8	32.3	30.6
Lease right-of-use assets							8.69	9.67	16.4	17.5
Goodwill	72.2	65.5	66.4	142	161	291	286	180	182	187
Intangible assets	37.8	42.9	33.2	120	112	250	217	114	96.9	83.3
Other non-current assets				2.48	2.53	11.8	10.4	10.5	18.3	19.2
Total assets	172	164	157	409	601	707	662	447	433	428
Accounts payable	2.17	2.38	2.9	3.41	4.47	7.9	6.13	6.04	5.75	4.93
Accrued liabilities	3	3.36	4	6.61	9.95	11.6	12.1	12.9	24.6	17.6
Deferred revenue	4.12	3.92	3.97	6.81	8.78	13.8	15.7	15.5	14.7	14.7
Short-term debt	1.13	1.63	2.13
Total current liabilities	16.6	17.3	23.7	26	32.6	48.1	43.4	44.3	164	61.9
Long-term debt	53.7	44.6	20.6
Lease liabilities							5.75	6.61	12.4	13.7
Other non-current liabilities	0.12	0.19	0.11	1.36	0.72	7.92	6.16	15.6	12.5	13.7
Total liabilities	73.9	64.7	45.5	189	195	314	268	301	274	242
Total debt	55.3	46,625	23						71.3	67.5
Retained earnings	73.7	68.3	73.3	72.4	72.5	76.7	74.2	-183	-189	-186
Other comprehensive income	-1.76	0.56	-1.82	-10.4	16.1	3.67	-12.8	-14.8	-9.78	-3.36
Shareholders' equity	97.8	99.4	111	220	406	394	393	145	160	186
Total equity	97.8	99.4	111	220	406	394	393	145	160	186
Total liabilities and equity	172	164	157	409	601	707	662	447	433	428
Shares outstanding	3.73	3.8	3.89	4.39	5.14	5.27	5.37	5.39	5.46	5.52

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	11.2	-2.96	7.48	1.78	3.27	1.87	0.93	-254	-1.97	6.71
Depreciation and amortization	8.74	9.47	9.43	13	17.7	25.1	33.8	4.23	5.38	5.25
Stock-based compensation	1.41	1.67	4.21	5.53	9.27	11.4	12.5	11.9	13.1	17.9
Deferred income tax	-0.53	-2.48	-2.31	-2.07	-3.5	0.13	-3.52	-28.4	-0.06	-1.28
Change in receivables	0.99	0.68	1.59	-1.67	-0.65	-6.75	-2.12	4.94	-2.93	-3.21
Change in inventory	0.1	2.29	2.57	0.41	0.93	-1.05	-10.2	2.56	1.15	-4.43
Change in payables	-0.66	0.21	1.09	-0.06	0.97	1.37	-1.55	-0.1	-0.39	-1.2
Cash from operations	17.3	25.7	30.6	27	37.1	39.2	28	44.1	46.8	42.8
Capital expenditures		-2.8	-1.26	-1.5	-1.99	-4.43	-4.54	-2.57	-4.25	-3.25
Acquisitions	-8.62	-15.5	-4.84	-184	0	-301	-4.95	-78.7	0	0
Cash from investing	-18.4	-17.2	-3.88	-186	-1.99	-305	-9.49	-81.3	-4.5	-3.25
Debt repaid	-57	-19.6	-25.6	-23	0	-21	-36	-33.5	-44.3	-36.7
Stock issued	3.51	2.92	0	85	146	0	0	0.36	2.64	0
Dividends paid	-2.36	-2.41	-2.46	-2.72	-3.17	-3.34	-3.41	-3.45	-3.47	-3.52
Cash from financing	1.15	-9.02	-21.7	231	146	52.6	-33.3	32.8	-44.5	-41.9
Net change in cash	0.13	-0.35	4.72	71.2	182	-215	-16.4	-4.7	-0.89	-0.39
Free cash flow		22.9	29.3	25.5	35.1	34.8	23.4	41.6	42.6	39.6
Interest paid	1.38	1.96	1.64	1.63	2.37	2.76	3.49	4.65	11.1	10
Income taxes paid	5.61	4.55	5.87	2.63	1.37	3.05	1.36	4.59	5.73	1.87

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $134.04 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	64.2%	Gross profit / revenue.
Operating margin	9.0%	Operating income / revenue.
EBITDA margin	11.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	3.7%	Pre-tax income / revenue.
Net margin	1.9%	Net income / revenue.
FCF margin	21.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	22.3%	Cash from operations / revenue.
Effective tax rate	48.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	2.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.1%	Net income / average total assets.
Return on invested capital (ROIC)	5.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	8.0%	Research and development expense / revenue.
Stock-based pay / revenue	6.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.1%	Capital expenditures / revenue.
D&A / revenue	2.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	3.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	4.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	13.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	4.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	5.8%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	12.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	13.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	77.3%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	8.4%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	9.4%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-13.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-4.6%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income CAGR, 3y	93.3%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	15.4%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS CAGR, 3y	92.4%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	13.6%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-8.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	15.2%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	2.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-7.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	19.1%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	2.4%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	0.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	0.0%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	16.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-22.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-14.4%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-1.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-13.5%	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	-6.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	2.7%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	1.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	1.7%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.79x	Current assets / current liabilities.
Quick ratio	1.14x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.54x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.35x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	15.8%	Total debt / total assets.
Liabilities / assets	55.0%	Total liabilities / total assets.
Net debt	$35.4M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.28x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	2.07x	Operating income / interest expense.
Working capital	$45.5M	Current assets - current liabilities.
Goodwill and intangibles / assets	63.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$75.7M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.60x	Revenue / average total assets.
Fixed asset turnover	8.30x	Revenue / average property, plant and equipment.
Inventory turnover	3.28x	Cost of revenue / average inventory.
Days inventory	111 days	365 x average inventory / cost of revenue.
Receivables turnover	7.26x	Revenue / average receivables.
Days sales outstanding	50 days	365 x average receivables / revenue.
Days payables	30 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	131 days	Days inventory + days sales outstanding - days payables.
FCF conversion	1,102.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	5.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.83	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.
Revenue per share	$43.38	Revenue / diluted weighted shares.
FCF per share	$9.18	Free cash flow / diluted weighted shares.
Operating cash flow per share	$9.67	Cash from operations / diluted weighted shares.
Book value per share	$33.73	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$13.52	Tangible book value / shares outstanding.
Cash per share	$5.49	(Cash + short-term investments) / shares outstanding.
Payout ratio	73.6%	Dividends paid / net income, when net income is positive.
Dividends / FCF	6.7%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$750.1M	Share price x shares outstanding.
Enterprise value	$785.5M	Market cap + total debt - cash - short-term investments.
P/E	156x	Market cap / net income. Only when net income is positive.
P/S	3.00x	Market cap / revenue.
P/B	3.97x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	14.2x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	13.5x	Market cap / cash from operations, when positive.
EV/Sales	3.15x	Enterprise value / revenue.
EV/EBIT	34.9x	Enterprise value / operating income, when both are positive.
EV/EBITDA	28.5x	Enterprise value / EBITDA, when both are positive.
EV/FCF	14.9x	Enterprise value / free cash flow, when both are positive.
FCF yield	7.0%	Free cash flow / market cap.
Earnings yield	0.6%	Net income / market cap (the inverse of P/E).
Dividend yield	0.5%	Dividends paid over the period / market cap.
Shareholder yield	0.5%	(Dividends paid + share buybacks) / market cap.
PEG	1.69x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was MESA LABORATORIES INC /CO/'s revenue in fiscal 2026?

MESA LABORATORIES INC /CO/ reported revenue of $249.1M for fiscal 2026, 3.4% higher than the year before.

Was MESA LABORATORIES INC /CO/ profitable in fiscal 2026?

Yes. Net income was $6.7M, a net margin of 2.7%.

How much free cash flow did MESA LABORATORIES INC /CO/ generate in fiscal 2026?

Cash from operations of $42.8M minus capital expenditures of $3.3M left free cash flow of $39.6M.

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.

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