Latest Ratios: P/E Ratio 109.9x · EV/EBITDA 21.2x · ROE 3.9%. (1997–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $744M | $492M | $644M | $591M | $937M | $1.4B | $1.2B | $988M | $930M | $560M | $472M |
| Enterprise Value | $886M | $634M | $798M | $794M | $1.1B | $1.5B | $1.1B | $1.0B | $942M | $600M | $521M |
| P/E Ratio → | 109.93 | 73.07 | — | — | 1027.82 | 728.23 | 380.47 | 729.32 | 123.92 | — | 42.16 |
| P/S Ratio | 2.99 | 1.98 | 2.67 | 2.73 | 4.28 | 7.38 | 9.32 | 8.40 | 9.01 | 5.82 | 5.04 |
| P/B Ratio | 3.97 | 2.64 | 4.03 | 4.06 | 2.38 | 3.45 | 3.07 | 4.49 | 8.35 | 5.63 | 4.82 |
| P/FCF | 18.80 | 12.43 | 15.23 | 14.22 | 39.96 | 39.08 | 35.57 | 39.43 | 31.74 | 25.42 | — |
| P/OCF | 17.38 | 11.49 | 13.76 | 13.39 | 33.47 | 34.67 | 33.66 | 37.21 | 30.43 | 22.55 | 60.86 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.54 | 3.31 | 3.67 | 4.98 | 8.31 | 8.44 | 8.91 | 9.14 | 6.24 | 5.56 |
| EV / EBITDA | 21.21 | 15.17 | 19.54 | — | 29.90 | 51.45 | 37.66 | 50.12 | 48.94 | 51.52 | 20.78 |
| EV / EBIT | 47.87 | 52.77 | 44.80 | — | 248.79 | 205.33 | 109.47 | 111.92 | 109.26 | 278.74 | 31.92 |
| EV / FCF | — | 16.02 | 18.87 | 19.10 | 46.50 | 44.02 | 32.23 | 41.83 | 32.16 | 27.27 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 63.5% | 63.5% | 62.6% | 61.6% | 61.0% | 59.2% | 65.0% | 55.5% | 59.1% | 56.8% | 56.8% |
| Operating Margin | 7.4% | 7.4% | 6.8% | -125.9% | 1.5% | 2.6% | 9.2% | 6.7% | 9.5% | 2.3% | 17.4% |
| Net Profit Margin | 2.7% | 2.7% | -0.8% | -117.6% | 0.4% | 1.0% | 2.4% | 1.5% | 7.3% | -3.1% | 11.9% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 3.9% | 3.9% | -1.3% | -94.4% | 0.2% | 0.5% | 1.0% | 1.1% | 7.1% | -3.0% | 12.3% |
| ROA | 1.6% | 1.6% | -0.4% | -45.9% | 0.1% | 0.3% | 0.6% | 0.6% | 4.7% | -1.8% | 6.7% |
| ROIC | 4.3% | 4.3% | 3.7% | -45.6% | 0.4% | 0.8% | 3.3% | 2.9% | 5.6% | 1.1% | 9.0% |
| ROCE | 5.8% | 5.8% | 4.9% | -53.3% | 0.5% | 0.8% | 2.6% | 3.0% | 7.0% | 1.4% | 11.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.91 | 0.91 | 1.14 | 1.59 | 0.47 | 0.56 | 0.36 | 0.64 | 0.20 | 0.47 | 0.56 |
| Debt / EBITDA | 4.04 | 4.04 | 4.44 | — | 5.11 | 7.43 | 4.89 | 6.76 | 1.18 | 3.97 | 2.19 |
| Net Debt / Equity | — | 0.76 | 0.96 | 1.40 | 0.39 | 0.44 | -0.29 | 0.27 | 0.11 | 0.41 | 0.50 |
| Net Debt / EBITDA | 3.40 | 3.40 | 3.77 | — | 4.20 | 5.77 | -3.90 | 2.87 | 0.65 | 3.50 | 1.96 |
| Debt / FCF | — | 3.59 | 3.64 | 4.89 | 6.54 | 4.94 | -3.34 | 2.39 | 0.43 | 1.85 | — |
| Interest Coverage | 1.12 | 1.12 | 1.50 | -47.38 | 0.92 | 1.92 | 1.29 | 1.70 | — | 1.16 | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.72 | 1.72 | 0.63 | 2.47 | 2.74 | 2.59 | 9.32 | 4.72 | 1.42 | 1.85 | 2.16 |
| Quick Ratio | 1.29 | 1.29 | 0.47 | 1.73 | 1.94 | 2.07 | 8.98 | 4.17 | 1.13 | 1.32 | 1.32 |
| Cash Ratio | 0.44 | 0.44 | 0.17 | 0.64 | 0.76 | 1.03 | 8.10 | 3.13 | 0.43 | 0.32 | 0.35 |
| Asset Turnover | — | 0.58 | 0.56 | 0.48 | 0.33 | 0.26 | 0.22 | 0.28 | 0.66 | 0.59 | 0.55 |
| Inventory Turnover | 3.45 | 3.45 | 3.55 | 2.54 | 2.46 | 3.06 | 4.20 | 3.68 | 6.23 | 4.50 | 2.91 |
| Days Sales Outstanding | — | 64.61 | 63.57 | 65.94 | 70.89 | 81.63 | 64.82 | 65.54 | 44.29 | 54.28 | 55.80 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.5% | 0.7% | 0.5% | 0.6% | 0.4% | 0.2% | 0.3% | 0.3% | 0.3% | 0.4% | 0.5% |
| Payout Ratio | 52.5% | 52.5% | — | — | 366.2% | 178.5% | 96.7% | 153.1% | 32.9% | — | 21.1% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 0.9% | 1.4% | — | — | 0.1% | 0.1% | 0.3% | 0.1% | 0.8% | — | 2.4% |
| FCF Yield | 5.3% | 8.0% | 6.6% | 7.0% | 2.5% | 2.6% | 2.8% | 2.5% | 3.2% | 3.9% | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.5% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.5% | 0.7% | 0.5% | 0.6% | 0.4% | 0.2% | 0.3% | 0.3% | 0.8% | 0.4% | 0.5% |
| Shares Outstanding | — | $6M | $5M | $5M | $5M | $5M | $5M | $4M | $4M | $4M | $4M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying MLAB stock.
Mesa Laboratories, Inc.'s current P/E ratio is 109.9x. The historical average is 25.1x. This places it at the 96th percentile of its historical range.
Mesa Laboratories, Inc.'s current EV/EBITDA is 21.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 17.5x.
Mesa Laboratories, Inc.'s return on equity (ROE) is 3.9%. The historical average is 9.0%.
Based on historical data, Mesa Laboratories, Inc. is trading at a P/E of 109.9x. This is at the 96th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Mesa Laboratories, Inc.'s current dividend yield is 0.48% with a payout ratio of 52.5%.
Mesa Laboratories, Inc. has 63.5% gross margin and 7.4% operating margin.
Mesa Laboratories, Inc.'s Debt/EBITDA ratio is 4.0x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Erratic Profitability and Growth
Metrics are mathematically derived from official filings.
Pricing in a Strong Recovery Narrative
The forward P/E of 14.19 suggests the market is pricing in a significant earnings recovery, a stark contrast to the trailing P/E of 106.32 which is heavily distorted by volatile and non-recurring items in recent periods.
This valuation disconnect indicates investors are looking past the erratic historical earnings and projecting a normalized profitability level well above recent results. The 7.83 PEG ratio further confirms that current market pricing embeds expectations of future earnings acceleration, which appears highly contingent on the company's ability to stabilize its gross margins and execute on operational improvements.
Gross Margin Volatility Masks Core Earnings
Gross margin has swung by over 1,800 basis points in a single year, from 54.6% in Q1 2026 to 73.2% in Q4 2026, making it an unreliable indicator of underlying operational performance.
The extreme volatility in gross margin, paired with inconsistent operating margins ranging from 2.4% to 12.2%, suggests the business is subject to significant one-time impacts, pricing variability, or unstable cost of goods sold. Consequently, core profitability appears more accurately reflected by the recent stabilization of operating margin in the mid-single to low-double digits, but this still represents a modest return given the company's cost structure.
Compounding Value Destruction vs. Cash Flow
ROIC has been below 2% for nine of the last ten quarters, a stark contrast to the robust free cash flow margins, suggesting a severe disconnect between cash generation and long-term value creation for shareholders.
This persistent low return on invested capital, especially when viewed alongside the massive retained earnings deficit of -$183.8M reported in the latest balance sheet, indicates a history of capital allocation that has destroyed book value. The recent improvement in ROIC to 1.8% in Q1 2027 is encouraging but remains deeply below the cost of capital, implying the business is not yet creating economic value.
Lengthy Cash Cycle Highlights Working Capital Drag
The cash conversion cycle has consistently exceeded 130 days over the past ten quarters, primarily due to high days inventory outstanding averaging 119 days, which ties up significant capital and suppresses cash flow efficiency.
This prolonged cycle, with DSO also elevated around 60 days, suggests the company may face challenges in inventory management or holds specialized, slow-moving stock. While the cycle has recently compressed to 148 days from a high of 176 days, it remains a substantial operational drag on the return of cash to the business.
Deleveraging Improves Interest Coverage
The company's aggressive debt repayment has slashed the D/E ratio from 1.55 to 0.54, causing interest coverage to swing from a negative -144.83 in Q4 2024 to a comfortable 2.84 in Q1 2027.
This rapid improvement in the leverage profile reduces refinancing risk and should lower financial volatility going forward. However, the interest coverage metric has been erratic, swinging from negative to positive territory multiple times, which underscores that the balance sheet's stability is now more dependent on consistent operating profitability than on the debt structure itself.
The Misleading Stability of Current Ratio
The current ratio of 2.07 appears strong but is dangerously misleading because 44% of total assets are comprised of goodwill, a non-liquid asset that provides no real short-term cash coverage.
Investors relying on this headline liquidity metric are obscuring the underlying weakness of the asset base. A more accurate stress-test would exclude goodwill and intangibles entirely, which would dramatically reduce the ratio and reveal a much tighter, potentially vulnerable, liquidity position. The ratio's sharp deterioration to below 1.0 in late 2025 further demonstrates its historical instability and the company's past reliance on operational cash flow to meet obligations.