Cash flow remains inconsistent, evidenced by a volatile OCF/NI ratio of -3.38 in 2026Q4, which suggests that reported earnings are frequently decoupled from actual cash generation.
| Metric | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 | Mar'09 | Mar'08 | Mar'07 | Mar'06 | Mar'05 | Mar'04 | Mar'03 | Mar'02 | Mar'01 | Mar'00 | Mar'99 | Mar'98 | Mar'97 |
|---|
| Cash from Operations | 42.83M | 46.81M | 44.13M | 27.98M | 39.22M | 37.07M | 26.56M | 30.55M | 24.81M | 7.75M | 16.9M | 10.82M | 12.37M | 11.4M | 12.49M | 8.87M | 5.98M | 5.08M | 4.62M | 4.03M | 2.31M | 2.5M | 3.27M | 2.9M | 2.26M | 1.05M | 2.33M | 2.7M | 2.2M | 2.4M |
| Operating CF Margin % | 17.19% | 19.42% | 20.41% | 12.77% | 21.28% | 27.68% | 22.57% | 29.63% | 25.8% | 8.27% | 19.97% | 15.16% | 23.47% | 24.55% | 31.53% | 27.03% | 27.27% | 23.57% | 23.6% | 23.38% | 19.91% | 24.91% | 35.86% | 31.92% | 24.95% | 11.49% | 26.9% | 33.33% | 27.85% | 30.77% |
| Operating CF Growth % | -8.5% | 6.06% | 57.71% | -28.66% | 5.8% | 39.59% | -13.08% | 23.13% | 220.18% | -54.15% | 56.28% | -12.58% | 8.52% | -8.7% | 40.75% | 48.38% | 17.83% | 9.94% | 14.48% | 74.85% | -7.8% | -23.59% | 12.91% | 28.45% | 115.77% | -55.08% | -13.76% | 22.73% | -8.33% | 41.18% |
| Net Income | 6.71M | -1.97M | -254.25M | 930K | 1.87M | 3.27M | 1.35M | 7.48M | -2.96M | 11.18M | 11.17M | 9.58M | 9M | 8.45M | 7.92M | 6.18M | 4.77M | 4.79M | 4.61M | 3.96M | 2.81M | 2.31M | 2.13M | 2.13M | 2.03M | 1.83M | 2.11M | 2.1M | 2.1M | 1.7M |
| Depreciation & Amortization | 0 | 24.53M | 31.57M | 33.13M | 25.07M | 17.66M | 12.99M | 9.43M | 9.47M | 8.74M | 7.17M | 5.66M | 3.84M | 3.43M | 2.21M | 1.84M | 786K | 788K | 742K | 669K | 93K | 90K | 97K | 115.35K | 115.09K | 521.69K | 332.59K | 200K | 200K | 200K |
| Stock-Based Compensation | 0 | 13.14M | 11.94M | 12.54M | 11.39M | 9.27M | 5.53M | 4.21M | 1.67M | 1.41M | 1.33M | 993K | 840K | 1.11M | 464K | 383K | 282K | 276K | 246M | 216M | 97K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | -72K | -28.42M | -3.49M | 128K | -3.5M | -1.97M | -2.47M | -2.7M | -630K | -807K | 450K | -43K | -291K | -258K | -414K | 92K | 116K | 9K | -243K | 37K | 31K | 108K | 31.44K | 20.57K | -107.14K | 50.45K | 0 | 0 | 0 |
| Other Non-Cash Items | 41.11M | 4.28M | 277.32M | 1.99M | 7.96M | 5.12M | 11.8M | 4.01M | 16.1M | 93K | 53K | -160K | -420K | 146K | 350K | 10K | -60K | 80K | -245.75M | -215.63M | 85K | 40K | -65K | 45K | -22K | 103.97K | -12K | 200K | 0 | 0 |
| Working Capital Changes | -4.99M | 6.9M | 5.97M | -17.11M | -7.19M | 5.25M | -3.14M | 7.89M | 3.24M | -13.04M | -2.01M | -5.71M | -848K | -1.3M | 1.8M | 867K | 111K | -975K | -991K | -723K | -811K | 28K | 1M | 580.01K | 112.06K | -1.3M | -149.1K | 200K | -100K | 500K |
| Change in Receivables | -3.21M | -2.92M | 4.94M | -2.12M | -6.75M | -647K | -1.67M | 1.59M | 680K | 994K | -1.96M | -2.29M | 697K | -1.51M | 493K | -965K | -43M | -494M | -82M | -703M | -503M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -4.43M | 1.15M | 2.56M | -10.18M | -1.04M | 929K | 414K | 2.57M | 2.29M | 295K | -1.2M | -3.16M | -1.3M | -228K | 1.28M | -72K | -143K | -479K | -723K | -397K | -468K | 123K | 285K | 54.09K | -244 | -501.79K | 252.19K | 100K | 0 | 100K |
| Change in Payables | -1.2M | -388K | -97K | -1.54M | 1.37M | 967K | -61K | 1.09M | 212K | -655K | -150K | 410K | 754K | 437K | -150K | -1K | 184K | 123K | -84M | -33M | 28M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -3.25M | -4.5M | -81.31M | -9.49M | -305.23M | -1.99M | -185.59M | -3.88M | -17.18M | -18.41M | -31.84M | -23.37M | -23.14M | -17.57M | -1.42M | -20.67M | -3.16M | -531K | -352K | -3.53M | 544K | 124K | -2.13M | -64.93K | -41.82K | -80.05K | -4.19M | 2M | -2.3M | -200K |
| Capital Expenditures | -3.25M | -4.25M | -2.57M | -4.54M | -4.43M | -1.99M | -1.5M | -1.26M | -2.8M | -11.61M | -7.73M | -2.83M | -1.04M | -908K | -683K | -2.65M | -3.16M | -676K | -352K | -1.78M | -115K | -70K | -34K | -64.93K | -41.82K | -80.05K | -4.1M | 0 | -200K | -100K |
| CapEx % of Revenue | 1.3% | 1.76% | 1.19% | 2.07% | 2.4% | 1.49% | 1.27% | 1.22% | 2.91% | 12.39% | 9.13% | 3.96% | 1.97% | 1.96% | 1.72% | 8.06% | 14.43% | 3.14% | 1.8% | 10.32% | 0.99% | 0.7% | 0.37% | 0.71% | 0.46% | 0.88% | 47.39% | - | 2.53% | 1.28% |
| Acquisitions | 0 | 0 | -78.74M | -4.95M | -300.79M | 0 | -184.1M | -4.84M | -15.52M | -6.8M | -24.11M | -20.54M | -22.76M | -16.66M | -737K | -17.97M | 0 | 0 | 0 | -3M | -659M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | -250K | 0 | 0 | 0 | 0 | 15K | 2.22M | 1.13M | -6.8M | -31.84M | -20.54M | 661K | -16.66M | -737K | -56K | -3.16B | 145K | -145M | -1.75B | 659M | 0 | 0 | 0 | 0 | 0 | -83.13K | 0 | -100K | -100K |
| Cash from Financing | -41.85M | -44.51M | 32.84M | -33.33M | 52.58M | 146.23M | 231.28M | -21.67M | -8.12M | 10.71M | 18.62M | 9.07M | 12.33M | 2.98M | -7.42M | 4.88M | -1.46M | -1.2M | -1.84M | -1.62M | -3.36M | -2.32M | -1.23M | -1.53M | -1.07M | -1.5M | -1.97M | -1.4M | -500K | -200K |
| Debt Issued (Net) | -26.75M | -42.35M | 37.5M | -36M | 49M | 0 | 149.5M | -23.63M | -8.63M | 9.55M | 19M | 9.75M | 12.5M | 4M | -6.5M | 6.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -168.69K | 0 | 0 | -300K |
| Equity Issued (Net) | 0 | 0 | 0 | 0 | 0 | 145.94M | 89.94M | 5.09M | 0 | 3.51M | 0 | 0 | -22K | -102K | 721K | 91K | -265K | 33K | -729K | -349K | -1.81M | -1.03M | -502K | -1.53M | -1.07M | -1.5M | -1.8M | -1.3M | -500K | 100K |
| Dividends Paid | -3.52M | -3.47M | -3.45M | -3.41M | -3.34M | -3.17M | -2.72M | -2.46M | -2.41M | -2.35M | -2.3M | -2.18M | -1.99M | -1.81M | -1.65M | -1.49M | -1.34M | -1.27M | -1.14M | -1.27M | -1.55M | -1.28M | -770K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -5.09M | 0 | 0 | 0 | 0 | -22K | -98K | -92K | -105K | -265K | -132K | -831K | -480K | -1.99M | -1.16M | -800K | -1.62M | -1.1M | -1.54M | -1.88M | -1.4M | -600K | 0 |
| Other Financing | -11.58M | 1.3M | -1.22M | 6.08M | 6.92M | 3.46M | -5.44M | -680K | 2.92M | 0 | 1.92M | 1.5M | 1.84M | 898K | 0 | -227K | 152K | 36K | 29K | 0 | 0 | 0 | 40K | 0 | 0 | 0 | 0 | -100K | 0 | 0 |
| Net Change in Cash | -393K | -893K | -4.7M | -16.44M | -214.52M | 182.49M | 71.19M | 4.72M | -351K | 125K | 3.66M | -3.54M | 1.57M | -3.19M | 3.65M | -6.92M | 1.36M | 3.34M | 2.42M | -1.12M | -512K | 308K | -91K | 1.3M | 1.15M | -532.94K | -3.83M | -1.4M | -500K | -200K |
| Free Cash Flow | 42.83M | 42.31M | 41.57M | 23.44M | 34.79M | 35.08M | 25.06M | 29.29M | 22.02M | -3.85M | 9.17M | 7.99M | 11.33M | 10.49M | 11.81M | 6.23M | 2.82M | 4.4M | 4.26M | 2.25M | 2.19M | 2.43M | 3.24M | 2.83M | 2.21M | 965.83K | -1.77M | 2.7M | 2M | 2.3M |
| FCF Margin % | 17.19% | 17.56% | 19.23% | 10.7% | 18.87% | 26.19% | 21.29% | 28.4% | 22.89% | -4.12% | 10.84% | 11.2% | 21.49% | 22.6% | 29.8% | 18.97% | 12.84% | 20.43% | 21.8% | 13.06% | 18.92% | 24.21% | 35.49% | 31.2% | 24.49% | 10.61% | -20.49% | 33.33% | 25.32% | 29.49% |
| FCF Growth % | 1.23% | 1.79% | 77.34% | -32.63% | -0.83% | 39.98% | -14.44% | 33.05% | 671.08% | -142.02% | 14.85% | -29.51% | 7.99% | -11.11% | 89.56% | 121.16% | -35.99% | 3.17% | 89.34% | 2.78% | -9.87% | -24.95% | 14.3% | 27.94% | 129.32% | 154.46% | -165.69% | 35% | -13.04% | 76.92% |
| FCF per Share | 7.70 | 7.79 | 7.72 | 4.37 | 6.52 | 6.85 | 5.73 | 7.26 | 5.84 | -1.00 | 2.44 | 2.19 | 3.14 | 2.92 | 3.41 | 1.87 | 0.86 | 1.36 | 1.30 | 0.70 | 0.72 | 0.78 | 1.03 | 0.86 | 0.64 | 0.26 | -0.46 | 0.65 | 0.45 | 0.51 |
| FCF Conversion (FCF/Net Income) | 6.38x | -23.71x | -0.17x | 30.09x | 20.96x | 11.32x | 14.94x | 4.08x | -8.38x | 0.69x | 1.51x | 1.13x | 1.37x | 1.35x | 1.58x | 1.44x | 1.25x | 1.06x | 1.00x | 1.02x | 0.82x | 1.08x | 1.54x | 1.36x | 1.11x | 0.57x | 1.11x | 1.29x | 1.05x | 1.41x |
| Interest Paid | 0 | 11.08M | 4.65M | 3.48M | 2.76M | 2.37M | 1.63M | 1.64M | 1.96M | 1.38M | 848K | 499K | 133K | 116K | 176K | 141K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 5.73M | 4.59M | 1.36M | 3.05M | 1.37M | 2.63M | 5.87M | -4.55M | 5.61M | 3.95M | 3.35M | 4.71M | 4.78M | 4.46M | 3.53M | 2.5M | 2.67M | 2.79M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Earnings and Cash Divergence
As reported in recent financial filings, MLAB exhibits a persistent disconnect between net income and operating cash flow, highlighted by a volatile OCF/NI ratio that reached -3.38 in 2026Q4, suggesting that reported earnings are heavily influenced by non-cash charges rather than actual cash generation.
The frequent divergence between net income and operating cash flow indicates that accounting adjustments, likely related to amortization from past acquisitions, are obscuring the company's true operational performance. Investors should monitor whether this gap narrows as the integration of acquired assets matures, as the current reliance on non-cash add-backs to support cash flow metrics warrants caution.
Based on the provided cash flow data, MLAB's free cash flow trajectory remains inconsistent, with margins fluctuating from a low of 1.5% in 2026Q1 to a high of 28.0% in 2025Q3, indicating that cash generation is highly sensitive to quarterly operational and working capital shifts.
The lack of a stable FCF growth trend suggests that the company's business model is currently struggling to translate its high gross margins into predictable cash flow. This volatility may reflect the lumpy nature of capital equipment sales in the genomics segment, which complicates the ability to forecast long-term cash availability for reinvestment or debt service.
According to quarterly cash flow statements, working capital changes have been a significant driver of cash flow variability, with swings ranging from a $10.0 million inflow in 2026Q3 to an $8.0 million outflow in 2026Q1, highlighting the impact of inventory and receivables management on liquidity.
These erratic working capital movements suggest that the company may be facing challenges in aligning its inventory levels with actual demand, particularly as it navigates the integration of newer product lines. Analysts should investigate whether these fluctuations are indicative of supply chain inefficiencies or the inherent complexity of managing a diverse portfolio of life science hardware.
Analysis of recent SEC filings reveals that MLAB's cash flow statement is significantly impacted by stock-based compensation and amortization, such as the $11.1 million SBC charge in 2026Q4, which effectively masks the true economic cost of maintaining the company's current human capital and asset base.
The consistent presence of these non-cash adjustments suggests that the company's reported cash flow figures may overstate the actual cash available to shareholders. Investors should be wary of relying solely on operating cash flow without adjusting for these recurring expenses, as they represent a real cost to equity holders that is often excluded from headline cash flow metrics.
Quick answers to the most common questions about buying MLAB stock.
Mesa Laboratories, Inc. (MLAB) generated $42.8M in net cash from operating activities in 2026. This reflects the cash generated directly from core business operations.
Mesa Laboratories, Inc. (MLAB) generated $42.8M in free cash flow in 2026. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Mesa Laboratories, Inc. (MLAB) spent $3.3M on capital expenditures in 2026. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2026, Mesa Laboratories, Inc. (MLAB) returned $3.5M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.