# Mesa Laboratories, Inc. (MLAB)

> Source: Nexqual · https://nexqual.com/MLAB · data as of 2026-10-23 20:00 UTC · cite as "Nexqual, Mesa Laboratories, Inc. (MLAB), nexqual.com/MLAB" · informational, not investment advice.

**Price:** USD 128.66 (-0.34% on the day) · last close of Oct 23, 2026; US market closed, not a live price. Prev close 129.1 · day 125.14–129.62 · 52w 69.51–144.35 · market cap $720M · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $250M, net income $4.8M (1.9% margin), free cash flow $52.9M (SEC filings).
- Valuation: P/E 150.0x (avg 73.3x at the last 1 fiscal year-ends), EV/EBITDA 27.4x, net debt $35.4M.
- Earnings quality: non-operating income -$13.1M vs operating income $22.5M over the last four quarters; P/E excluding non-operating income ≈54.0x (estimate: non-operating income taxed at the company's 35% effective rate).
- Insider open-market sales, last ~7 months: 7 Form 4 filings, $1.6M; 3 not under a Rule 10b5-1 plan ($1.1M); 2 by opportunistic insiders (1 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $102K; 0 by opportunistic insiders, 0 by routine insiders.
- Total return with dividends: 1Y +63.6% vs S&P 500 +13.4%; 5Y -56.8% vs S&P 500 +76.9%.
- Next earnings: 2026-11-09, EPS estimate USD 2.24, revenue estimate $62.2M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $184M | $219M | $216M | $241M | $249M | $250M |
| Gross profit | $109M | $134M | $133M | $151M | $158M | — |
| Operating income | $4.7M | $3.3M | -$272M | $16.3M | $18.5M | $22.5M |
| Net income | $1.9M | $930K | -$254M | -$2.0M | $6.7M | $4.8M |
| EPS (diluted) | $0.35 | $0.17 | -$47.20 | -$0.36 | $1.21 | — |
| Free cash flow | $34.8M | $23.4M | $41.6M | $42.6M | $39.6M | $52.9M |
| Gross margin | 59.2% | 61.0% | 61.6% | 62.6% | 63.5% | — |
| Operating margin | 2.6% | 1.5% | -125.9% | 6.8% | 7.4% | 9.0% |
| Net margin | 1.0% | 0.4% | -117.6% | -0.8% | 2.7% | 1.9% |
| Revenue growth | +37.6% | +18.8% | -1.3% | +11.5% | +3.4% | — |
| Cash + short-term investments | $49.3M | $32.9M | $28.2M | $27.3M | $26.9M | — |
| Total debt | $169M | $170M | $171M | $71.3M | $67.5M | — |
Fiscal years end Mar. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 150.0x · P/E ex non-operating (est.) ≈54.0x · P/S 2.9x · EV/EBITDA 27.4x · EV/Sales 3.0x · P/FCF 13.6x · P/B 3.8x · FCF yield 7.34% · Earnings yield 0.67% · Dividend yield (paid, TTM) 0.49% · Net debt $35.4M · EV $755M
P/E at fiscal year-ends: Mar 2026 73.3x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
4 of 7 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-13 | Sullivan John James | Director | 7,093 | $800K | 10.1% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-06-22 | Crennen Lyndsey Elizabeth | CAO | 442 | $40K | 18% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-06-22 | Archbold Brian David | SVP Operations | 2,516 | $225K | 28.3% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-22 | Sakys John | CFO | 2,827 | $253K | 12.5% | Yes | Too little history (no open-market trades in 2024) |
| 2026-06-16 | Archbold Brian David | SVP Operations | 1,151 | $117K | 23.7% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-16 | Crennen Lyndsey Elizabeth | CAO | 118 | $12K | 7.4% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-06-16 | Sakys John | CFO | 1,223 | $124K | 6.9% | Yes | Too little history (no open-market trades in 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $102K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-08-13 | Tripeny R Tony | Director | 900 | $102K | 113.69 | Too little history (no open-market trades in 2023–2025) |

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-14 | Wells Fargo | Target raised | Equal-Weight | $94 → $110 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-24) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +63.6% | -56.8% |
| S&P 500 (SPY) | +13.4% | +76.9% |
| Per year | +63.8% | -15.5% |
| Volatility (annualized) | 53.5% | 46.8% |
| Max drawdown | -24.2% (Feb 2026→Mar 2026) | -80.9% (Dec 2021→Sep 2025) |

## Peers (Scientific & Technical Instruments)
VPG (Vishay Precision Group, Inc.) USD 53.25 +1.06% · ITRN (Ituran Location and Control Ltd) USD 50.52 +0.30% · ITRI (Itron, Inc.) USD 87.65 -0.59% · BMI (Badger Meter, Inc.) USD 151.24 +1.07% · VNT (Vontier Corporation) USD 34.36 -0.52% · NOVT (Novanta Inc.) USD 140.8 +3.03%

## More
Full page: https://nexqual.com/MLAB · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Sterilization & Disinfection Control | $24.5M | 40.7% | -3.6% |
| Calibration Solutions | $13.3M | 22.1% | +7.6% |
| Biopharmaceutical Development | $12.1M | 20.1% | +5.0% |
| Clinical Genomics | $10.3M | 17.1% | -0.1% |
| Total revenue | $60.1M | 100% | — |

## Revenue by product line (fiscal year ended 2026-03-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Product | $203.4M | 81.6% | +2.5% |
| Service | $45.7M | 18.4% | +7.4% |
| Total revenue | $249.1M | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $29.7M | 49.5% | +7.6% |
| Other | $25.0M | 41.5% | -5.7% |
| China | $5.4M | 9.0% | +0.1% |
| Total revenue | $60.1M | 100% | — |

## Company outlook (8-K filed 2026-08-10)

- "In November, alongside first-half results, I will give full-year guidance," said Siddhartha Kadia, President and CEO of Mesa. "First quarter revenues of $60,138 represented 1.0% organic (0.4% core organic) growth, returning the Company to positive core organic growth in 1Q27 as we stated last quarter."
- "AOI excluding unusual items was 25.6% of revenues versus 21.7% in 1Q26, above expectations even as we increased investment in SDC to support future organic growth."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $2.24 | $1.26 | +77.8% | $62.2M | 1 |
| Next quarter (ends 2026-12-31) | $2.71 | $1.67 | +62.3% | $66.0M | 1 |
| Current fiscal year (ends 2027-03-31) | $9.95 | $5.39 | +84.6% | $254.4M | 1 |
| Next fiscal year (ends 2028-03-31) | $10.27 | $0.00 | — | $270.9M | 1 |