Mesa Laboratories, Inc. (MLAB) Income Statement

30Y historyFree accessUpdated daily

Mesa's growth has stalled with revenue growth decelerating to just 1.0% in Q1 2027, while its gross margin remains erratic, having swung from 54.6% to 73.2% within a single year.

Annual statement

MLAB Income Statement

Mesa Laboratories, Inc. (MLAB) annual income statement — 30-year revenue, gross profit & net income history

Annual Quarterly

Metric	TTM	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

Sales/Revenue	249.72M	249.13M	240.98M	216.19M	219.08M	184.34M	133.94M	117.69M	103.14M	96.18M	93.67M	84.66M	71.33M	52.72M	46.44M	39.62M	32.83M	21.93M	21.54M	19.56M	17.24M	11.58M	10.04M	9.13M	9.08M	9.04M	9.1M	8.66M	8.1M	7.9M	7.8M
Revenue Growth %	3.04%	3.38%	11.47%	-1.32%	18.85%	37.63%	13.81%	14.11%	7.23%	2.68%	10.64%	18.69%	35.29%	13.54%	17.21%	20.68%	49.69%	1.82%	10.11%	13.43%	48.86%	15.36%	10.03%	0.49%	0.42%	-0.62%	5.14%	6.86%	2.53%	1.28%	-3.7%
Cost of Goods Sold	84.94M	90.86M	90.11M	82.94M	85.39M	75.25M	46.92M	52.33M	42.22M	41.56M	40.43M	33.25M	27.94M	21.04M	17.57M	16.11M	13.26M	8.73M	7.72M	6.7M	6.35M	4.15M	3.72M	3.43M	3.4M	3.65M	3.07M	2.8M	2.4M	2.5M	2.7M
COGS % of Revenue	-	36.47%	37.39%	38.36%	38.98%	40.82%	35.03%	44.46%	40.94%	43.21%	43.16%	39.27%	39.17%	39.9%	37.84%	40.65%	40.39%	39.83%	35.84%	34.26%	36.81%	35.79%	37.06%	37.56%	37.41%	40.39%	33.7%	32.38%	29.63%	31.65%	34.62%
Gross Profit	164.79M	158.27M	150.87M	133.25M	133.69M	109.09M	87.01M	65.36M	60.92M	54.62M	53.24M	51.41M	43.39M	31.69M	28.86M	23.51M	19.57M	13.19M	13.82M	12.86M	10.89M	7.44M	6.32M	5.7M	5.68M	5.39M	6.03M	5.85M	5.7M	5.4M	5.1M
Gross Margin %	65.99%	63.53%	62.61%	61.64%	61.02%	59.18%	64.97%	55.54%	59.06%	56.79%	56.84%	60.73%	60.83%	60.1%	62.16%	59.35%	59.61%	60.17%	64.16%	65.74%	63.19%	64.21%	62.94%	62.44%	62.59%	59.61%	66.3%	67.62%	70.37%	68.35%	65.38%
Gross Profit Growth %	-	4.9%	13.22%	-0.33%	22.55%	25.37%	33.13%	7.3%	11.53%	2.59%	3.55%	18.48%	36.94%	9.79%	22.76%	20.15%	48.31%	-4.51%	7.46%	18.02%	46.5%	17.67%	10.92%	0.24%	5.44%	-10.64%	3.08%	2.69%	5.56%	5.88%	-3.77%
Operating Expenses	142.31M	139.76M	134.53M	405.32M	130.37M	104.39M	74.66M	57.44M	43.06M	38.62M	36.93M	35.09M	27.53M	19.9M	15.76M	10.68M	9.7M	5.83M	6.21M	5.8M	5.24M	3.33M	2.85M	2.45M	2.5M	2.45M	2.71M	3.01M	2.6M	2.6M	2.6M
OpEx % of Revenue	-	56.1%	55.83%	187.49%	59.51%	56.63%	55.74%	48.81%	41.75%	40.15%	39.42%	41.45%	38.59%	37.75%	33.94%	26.97%	29.56%	26.57%	28.83%	29.64%	30.37%	28.72%	28.33%	26.84%	27.51%	27.08%	29.73%	34.75%	32.1%	32.91%	33.33%
Selling, General & Admin	107.94M	119.45M	115.02M	111.49M	109.88M	88.62M	64.27M	51.08M	39.55M	35.08M	32.77M	31.12M	24.23M	17.58M	13.75M	9.32M	8.26M	5.16M	5.57M	5.26M	4.84M	2.97M	2.49M	2.12M	2.24M	2.16M	2.4M	2.39M	2.2M	2.1M	2.1M
SG&A % of Revenue	-	47.95%	47.73%	51.57%	50.16%	48.08%	47.98%	43.41%	38.35%	36.47%	34.99%	36.76%	33.97%	33.35%	29.6%	23.54%	25.17%	23.52%	25.88%	26.92%	28.09%	25.63%	24.77%	23.2%	24.64%	23.88%	26.34%	27.65%	27.16%	26.58%	26.92%
Research & Development	20.05M	20.31M	19.52M	19.3M	20.49M	15.77M	10.39M	6.36M	3.51M	3.54M	4.16M	3.97M	3.29M	2.32M	2.01M	1.36M	1.44M	669K	636K	532K	392K	358K	358K	332K	259.97K	289.94K	308.17K	281.65K	200K	300K	300K
R&D % of Revenue	-	8.15%	8.1%	8.93%	9.35%	8.55%	7.76%	5.4%	3.4%	3.68%	4.44%	4.69%	4.62%	4.4%	4.33%	3.43%	4.39%	3.05%	2.95%	2.72%	2.27%	3.09%	3.57%	3.64%	2.86%	3.21%	3.39%	3.25%	2.47%	3.8%	3.85%
Other Operating Expenses	2M	0	0	274.53M	0	0	0	0	0	0	0	0	0	0	-126K	0	0	0	0	0	0	0	0	0	0	0	0	332.59K	200K	200K	200K
Operating Income	22.48M	18.51M	16.34M	-272.07M	3.32M	4.7M	12.36M	7.92M	9.78M	2.18M	16.31M	16.32M	15.86M	11.79M	13.1M	12.48M	9.86M	7.37M	7.61M	7.06M	5.66M	4.11M	3.48M	3.25M	3.19M	2.94M	2.81M	2.85M	3.1M	2.8M	2.5M
Operating Margin %	9%	7.43%	6.78%	-125.85%	1.52%	2.55%	9.23%	6.73%	9.48%	2.27%	17.42%	19.28%	22.24%	22.35%	28.22%	31.49%	30.05%	33.6%	35.33%	36.1%	32.82%	35.48%	34.61%	35.6%	35.09%	32.53%	30.84%	32.87%	38.27%	35.44%	32.05%
Operating Income Growth %	-	13.31%	106%	-8295.03%	-29.39%	-61.95%	55.98%	-19%	348.05%	-86.62%	-0.06%	2.89%	34.61%	-10.07%	5.03%	26.49%	33.88%	-3.15%	7.75%	24.77%	37.69%	18.27%	6.96%	1.96%	8.31%	4.84%	-1.37%	-8.22%	10.71%	12%	4.17%
EBITDA	45.44M	41.78M	40.86M	-240.5M	36.45M	29.77M	30.02M	20.91M	19.25M	11.65M	25.05M	23.5M	21.52M	15.63M	16.54M	14.69M	11.71M	8.15M	8.4M	7.8M	6.33M	4.2M	3.56M	3.35M	3.3M	3.06M	3.33M	3.18M	3.3M	3M	2.7M
EBITDA Margin %	18.19%	16.77%	16.96%	-111.25%	16.64%	16.15%	22.41%	17.77%	18.66%	12.12%	26.74%	27.75%	30.17%	29.64%	35.61%	37.09%	35.67%	37.18%	38.99%	39.9%	36.7%	36.29%	35.5%	36.66%	36.36%	33.8%	36.57%	36.72%	40.74%	37.97%	34.62%
EBITDA Growth %	16.99%	2.25%	116.99%	-759.74%	22.45%	-0.83%	43.54%	8.64%	65.18%	-53.48%	6.61%	9.19%	37.69%	-5.49%	12.55%	25.49%	43.59%	-2.88%	7.6%	23.31%	50.56%	17.9%	6.55%	1.34%	8%	-8.14%	4.73%	-3.7%	10%	11.11%	0%
D&A (Non-Cash Add-back)	22.96M	23.27M	24.53M	31.57M	33.13M	25.07M	17.66M	12.99M	9.47M	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
EBIT	17.62M	12.01M	17.82M	-269.95M	4.38M	7.46M	10.33M	9.37M	8.62M	2.15M	16.31M	16.32M	15.86M	11.79M	13.1M	12.83M	9.86M	7.37M	7.61M	7.06M	5.66M	4.11M	3.48M	3.25M	3.19M	2.94M	3.33M	2.85M	3.1M	3M	2.5M
Net Interest Income	-10.86M	-10.69M	-11.86M	-5.7M	-4.77M	-3.88M	-7.92M	-4.54M	-1.72M	-1.85M	0	0	0	0	0	0	0	0	86K	195K	0	0	0	0	0	0	0	0	0	0	0
Interest Income	0	0	0	0	0	0	107K	960K	1.72M	5K	0	0	0	0	0	0	0	0	86K	195M	130M	193M	0	0	0	0	0	0	0	0	0
Interest Expense	10.86M	10.69M	11.86M	5.7M	4.77M	3.88M	8.02M	5.5M	0	1.85M	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Income/Expense	-13.12M	-6.5M	-10.38M	-3.57M	-3.71M	-1.13M	-10.05M	-4.06M	-1.16M	-1.88M	-2.02M	-768K	-517K	1.32M	-126K	-146K	-113K	36K	86K	195K	130K	193K	98K	50K	55.16K	78.51K	70.96K	243.83K	100K	400K	100K
Pretax Income	9.36M	12.01M	5.96M	-275.65M	-389K	3.57M	2.3M	3.86M	8.62M	301K	14.3M	15.55M	15.35M	13.1M	12.98M	12.33M	9.75M	7.4M	7.69M	7.26M	5.79M	4.3M	3.57M	3.3M	3.24M	3.02M	2.88M	3.09M	3.2M	3.2M	2.6M
Pretax Margin %	3.75%	4.82%	2.47%	-127.5%	-0.18%	1.94%	1.72%	3.28%	8.36%	0.31%	15.26%	18.37%	21.52%	24.85%	27.95%	31.13%	29.71%	33.76%	35.73%	37.1%	33.58%	37.15%	35.58%	36.15%	35.69%	33.4%	31.62%	35.69%	39.51%	40.51%	33.33%
Income Tax	4.55M	5.3M	7.93M	-21.4M	-1.32M	1.7M	-971K	2.08M	1.14M	3.26M	3.11M	4.39M	5.76M	4.1M	4.53M	4.41M	3.57M	2.63M	2.9M	2.65M	1.83M	1.5M	1.26M	1.17M	1.11M	989.66K	1.05M	982.46K	1.1M	1.1M	900K
Effective Tax Rate %	48.69%	44.13%	133.12%	7.76%	339.07%	47.65%	-42.16%	53.96%	13.21%	1084.05%	21.78%	28.2%	37.56%	31.31%	34.89%	35.78%	36.59%	35.59%	37.74%	36.47%	31.63%	34.81%	35.29%	35.43%	34.39%	32.76%	36.32%	31.8%	34.38%	34.38%	34.62%
Net Income	4.8M	6.71M	-1.97M	-254.25M	930K	1.87M	3.27M	1.78M	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
Net Margin %	1.92%	2.69%	-0.82%	-117.6%	0.42%	1.01%	2.44%	1.51%	7.26%	-3.08%	11.94%	13.19%	13.43%	17.07%	18.2%	19.99%	18.84%	21.75%	22.24%	23.57%	22.96%	24.22%	23.03%	23.34%	23.42%	22.46%	20.13%	24.34%	25.93%	26.58%	21.79%
Net Income Growth %	874.19%	440.02%	99.22%	-27438.28%	-50.29%	-42.85%	84.14%	-76.24%	352.67%	-126.49%	0.13%	16.55%	6.48%	6.51%	6.71%	28.08%	29.65%	-0.44%	3.9%	16.47%	41.11%	21.32%	8.54%	0.15%	4.72%	10.84%	-13.02%	0.32%	0%	23.53%	6.25%
Net Income (Continuing)	4.8M	6.71M	-1.97M	-254.25M	930K	1.87M	3.27M	1.78M	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
Discontinued Operations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)	0.83	1.21	-0.36	-47.20	0.17	0.35	0.64	0.31	1.86	-0.79	2.91	2.97	2.63	2.49	2.35	2.29	1.86	1.45	1.48	1.41	1.22	0.92	0.74	0.68	0.64	0.59	0.59	0.55	0.50	0.47	0.39
EPS Growth %	700%	436.11%	99.24%	-27864.71%	-51.43%	-45.31%	106.45%	-83.33%	335.44%	-127.15%	-2.02%	12.93%	5.62%	5.96%	2.62%	23.12%	28.28%	-2.03%	4.96%	15.57%	32.61%	24.32%	8.82%	6.25%	8.47%	0%	7.27%	10%	6.38%	20.51%	34.48%
EPS (Basic)	-	1.22	-0.36	-47.20	0.17	0.36	0.66	0.32	1.95	-0.79	3.04	3.10	2.72	2.61	2.52	2.41	1.91	1.49	1.51	1.46	1.25	0.94	0.76	0.70	0.66	0.60	0.59	0.55	0.51	0.48	0.39
Diluted Shares Outstanding	5.76M	5.57M	5.43M	5.39M	5.36M	5.33M	5.12M	4.37M	4.03M	3.77M	3.84M	3.76M	3.65M	3.61M	3.59M	3.46M	3.33M	3.29M	3.24M	3.28M	3.23M	3.05M	3.14M	3.14M	3.3M	3.45M	3.72M	3.84M	4.17M	4.4M	4.47M
Basic Shares Outstanding	5.66M	5.51M	5.43M	5.39M	5.32M	5.21M	4.97M	4.2M	3.84M	3.75M	3.68M	3.6M	3.52M	3.44M	3.36M	3.29M	3.23M	3.19M	3.18M	3.17M	3.16M	2.99M	3.06M	3.05M	3.23M	3.41M	3.69M	3.82M	4.14M	4.3M	4.47M
Dividend Payout Ratio	-	52.49%	-	-	366.24%	178.46%	96.67%	153.09%	32.9%	-	21.06%	20.62%	22.77%	22.1%	21.48%	20.77%	24.07%	28.16%	26.56%	24.73%	32.11%	55.33%	55.45%	36.15%	-	-	-	-	-	-	-

Key Metrics

Growth RegimeDecelerating

ProfitabilityModerate

Balance SheetAdequate

Cash FlowMixed

Top Statement Risk

Erratic Profitability and Growth

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2027Q1)

Decelerating Top-Line Momentum

Revenue growth has decelerated sharply from a high of 17.5% in Q3 2025 to just 1.0% in Q1 2027, suggesting the post-2024 recovery may be stalling. According to recent SEC filings, the company's quarterly revenue growth rate has trended downward for five consecutive periods.

The deceleration in growth is particularly notable as it coincides with a period of margin volatility. The 1.0% year-over-year growth in Q1 2027 is the slowest in the provided dataset, which may indicate underlying demand challenges or a normalization of growth after a recovery period. Investors should monitor whether this represents a temporary softening or a more durable slowdown in the business.

Volatile and Unpredictable Gross Margins

Gross margin has exhibited extreme volatility, swinging from a low of 54.6% in Q1 2026 to a high of 73.2% in Q4 2026, indicating potential pricing instability or inconsistent cost of goods sold management. As reported in the income statement data, this 1,860-basis-point range within a single year is highly unusual.

This erratic margin performance makes it difficult to ascertain a sustainable structural gross margin level. The 73.2% peak in Q4 2026 appears to be an outlier and was not sustained in the following quarter. The pattern suggests that factors beyond typical cyclical or mix effects may be influencing profitability, warranting further investigation into the drivers of cost of goods sold.

Inconsistent Operating Leverage

Operating leverage has been inconsistent; in Q1 2027, operating income grew 126% on just 1% revenue growth, implying severe SG&A discipline. However, the prior quarter showed a significant 86% operating income decline on a small revenue drop, indicating high fixed costs or unstable spending.

The company's ability to translate top-line movement into operating profit appears highly sensitive and non-linear. The Q1 2027 result, where operating margin expanded to 11.7% on flat revenue, suggests a successful cost containment initiative. However, the lack of consistency implies this leverage is not structural and may be driven by one-time adjustments or volatile expense recognition.

SG&A Drives Operational Volatility

SG&A expenses have been the primary driver of operating profit volatility, spiking to $34.2M in Q4 2026 (54% of revenue) before normalizing to $17.4M in Q1 2027 (29% of revenue). Based on recent financial statements, this suggests inconsistent spending patterns or the recognition of significant non-recurring items.

The extreme swing in SG&A as a percentage of revenue warrants scrutiny. The Q4 2026 spike coincided with a quarterly net loss and may indicate restructuring charges, impairment costs, or other non-operating items flowing through the line item. This volatility complicates the assessment of the company's core underlying cost structure and expense discipline.

Distorted Net Income and EPS

Reported net income and EPS have been severely distorted by non-operating items, exemplified by the -$254.6M net loss in Q4 2024 and the massive $11.1M stock-based compensation in Q4 2026. According to the company's financial data, EPS has swung from -$47.20 to $0.85 within a short timeframe.

The quality of earnings is low due to the magnitude of non-core items impacting the bottom line. The Q4 2024 loss appears to be a significant write-down or restructuring event, while the large Q4 2026 SBC charge suggests significant share dilution accompanying compensation. For an analyst, this indicates that adjusted or non-GAAP metrics are necessary to evaluate underlying operational performance.

Sustainability of Profitability is Questionable

The company's recent return to profitability may be unsustainable, as the strongest quarter (Q4 2026) was immediately followed by a revenue miss and margin compression. This pattern suggests operational inflection points are short-lived and that management may be relying on volatile, non-recurring benefits.

The strongest challenge to the income statement narrative is the lack of durable positive trends. Gross margin expansion, operating leverage, and net income all appear episodic rather than structural. The core challenge is that the business has not yet demonstrated a consistent ability to grow revenue while maintaining stable or expanding margins, which is essential for long-term value creation.

MLAB — Frequently Asked Questions

Quick answers to the most common questions about buying MLAB stock.

What was Mesa Laboratories, Inc.'s (MLAB) revenue in 2026?

For fiscal year 2026, Mesa Laboratories, Inc. (MLAB) reported total revenue of $249.1M. This represents a 3094.0% increase compared to $7.8M in 1997.

Is Mesa Laboratories, Inc. (MLAB) profitable?

Mesa Laboratories, Inc. (MLAB) is profitable, generating $6.7M in net income for the fiscal year ending 2026 with a net profit margin of 2.7%.

What is Mesa Laboratories, Inc.'s operating profit margin?

Mesa Laboratories, Inc. (MLAB) reported an operating income of $18.5M, resulting in an operating profit margin of 7.4%. This margin reflects the operational efficiency of the business before interest and taxes.

What is Mesa Laboratories, Inc.'s gross profit and gross margin?

Mesa Laboratories, Inc. (MLAB) generated $158.3M in gross profit for the year, representing a gross profit margin of 63.5%. This demonstrates the company's core pricing power and production efficiency.