MLAB

MKT CAP:$540M

Mesa Laboratories, Inc.

Market Cap

$540M

Technology·Hardware, Equipment & Parts·🇺🇸 United States·NASDAQ

Technology·Hardware,·🇺🇸·NASDAQ

Stock Price

$96.90+$17.47 (+21.99%)

Apr 23, 2026

Company Details

Mesa Laboratories, Inc. develops, manufactures, and sells life sciences tools and quality control products and services in the United States, Europe, the Asia Pacific, and internationally. The company's Sterilization and Disinfection Contro...

CEO

Gary Owens

IPO Date

Feb 29, 1984

Website

www.mesalabs.com

Key Metrics TTM

Revenue

$248M

+4.1% YoY

Net Income

$4M

EPS (Diluted)

$0.64

Free Cash Flow

$38M

Revenue / Share

$44.48

Gross Margin

60.6%

Operating Margin

7.0%

Net Margin

1.5%

FCF Margin

15.2%

P/S

2.2x

P/E

144.5x

Earnings Reports

Q3 2026

Feb 3, 2026

$65M+3.6%EPS $0.65

Q2 2026

Nov 6, 2025

$61M+5.0%EPS $0.45

Q1 2026

Aug 5, 2025

$60M+2.4%EPS $0.85

FY 2025

May 28, 2025

$241M+11.5%EPS -$0.36

Q4 2025

May 28, 2025

$62M+5.5%EPS -$1.31

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 22	$59M	$35M	-$110.0K
Q1 23	$50M	$31M	-$5M
Q2 23	$59M	$36M	$4M
Q3 23	$54M	$33M	$3M
Q4 23	$56M	$33M	$517.0K
Q1 24	$51M	$31M	-$664.0K
Q2 24	$53M	$32M	-$60.0K
Q3 24	$53M	$33M	-$67.0K
Q4 24	$59M	$37M	-$271M
Q1 25	$58M	$37M	$6M
Q2 25	$58M	$35M	$4M
Q3 25	$63M	$40M	$6M
Q4 25	$62M	$38M	$1M
Q1 26	$60M	$32M	$3M
Q2 26	$61M	$37M	$5M
Q3 26	$65M	$42M	$8M

Valuation

Quarter	P/S	P/E
Q4 22	2.9x	288.4x
Q1 23	2.7x	—
Q2 23	2.4x	—
Q3 23	2.4x	—
Q4 23	2.5x	580.1x
Q1 24	2.5x	296.6x
Q2 24	2.5x	—
Q3 24	2.5x	569.1x
Q4 24	2.5x	—
Q1 25	2.4x	—
Q2 25	2.4x	—
Q3 25	2.3x	—
Q4 25	2.2x	—
Q1 26	2.2x	—
Q2 26	2.2x	—
Q3 26	2.2x	144.5x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 22	$9M	$9M
Q1 23	-$3M	-$3M
Q2 23	$11M	$9M
Q3 23	$8M	$6M
Q4 23	$13M	$11M
Q1 24	$10M	$10M
Q2 24	$10M	$9M
Q3 24	$12M	$10M
Q4 24	$13M	$12M
Q1 25	$10M	$10M
Q2 25	$5M	$3M
Q3 25	$18M	$18M
Q4 25	$13M	$12M
Q1 26	$2M	$884.0K
Q2 26	$8M	$7M
Q3 26	$19M	$18M

Capital Expenditures

Quarter	CapEx
Q4 22	$782.0K
Q1 23	$225.0K
Q2 23	$2M
Q3 23	$2M
Q4 23	$1M
Q1 24	$270.0K
Q2 24	$634.0K
Q3 24	$1M
Q4 24	$535.0K
Q1 25	$891.0K
Q2 25	$2M
Q3 25	$813.0K
Q4 25	$1M
Q1 26	$1M
Q2 26	$1M
Q3 26	$732.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 22	+55.1%	+75.2%
Q1 23	+44.5%	+73.1%
Q2 23	+63.9%	+73.1%
Q3 23	-0.7%	-11.1%
Q4 23	-5.6%	-6.6%
Q1 24	+0.4%	-6.8%
Q2 24	-9.5%	-2.8%
Q3 24	-1.5%	+5.2%
Q4 24	+6.0%	+499.5%
Q1 25	+14.9%	+2.5%
Q2 25	+8.8%	+2.1%
Q3 25	+17.5%	+6.6%
Q4 25	+5.5%	-81.6%
Q1 26	+2.4%	+7.4%
Q2 26	+5.0%	+3.1%
Q3 26	+3.6%	+0.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 22	$0	0.0%
Q1 23	$3M	6.8%
Q2 23	$4M	7.4%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$3M	5.9%
Q2 24	$3M	6.0%
Q3 24	$3M	5.6%
Q4 24	$3M	4.7%
Q1 25	$3M	5.0%
Q2 25	$4M	6.6%
Q3 25	$3M	5.2%
Q4 25	$3M	5.1%
Q1 26	$4M	6.5%
Q2 26	$4M	6.3%
Q3 26	$3M	5.2%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q4 22	$5M	$20M	$10M
Q1 23	$6M	$20M	$10M
Q2 23	$5M	$18M	$9M
Q3 23	$5M	$16M	$8M
Q4 23	$5M	$18M	$10M
Q1 24	$5M	$18M	$9M
Q2 24	$5M	$18M	$10M
Q3 24	$4M	$19M	$10M
Q4 24	$5M	$18M	$10M
Q1 25	$5M	$17M	$10M
Q2 25	$5M	$17M	$10M
Q3 25	$5M	$18M	$10M
Q4 25	$5M	$21M	$11M
Q1 26	$5M	$18M	$11M
Q2 26	$5M	$18M	$10M
Q3 26	$5M	$19M	$10M

Revenue Segments

Quarter	Product	Biopharmaceutical Development	Calibration Solutions	Clinical Genomics	Sterilization and Disinfection Control
Q1 23	$50M	—	—	—	—
Q2 23	$59M	—	—	—	—
Q3 23	$54M	—	—	—	—
Q1 24	—	$10M	$11M	$13M	$16M
Q2 24	—	$9M	$11M	$16M	$17M
Q3 24	—	$9M	$12M	$13M	$19M
Q4 24	—	$12M	$13M	$11M	$23M
Q1 25	$58M	—	—	—	—
Q2 25	$58M	—	—	—	—
Q3 25	$63M	—	—	—	—
Q1 26	—	$11M	$12M	$10M	$25M
Q2 26	—	$14M	$14M	$11M	$22M
Q3 26	—	$14M	$14M	$12M	$25M

Revenue by Geography

Quarter	Non-US	United States	China	Other
Q4 22	$28M	$31M	—	—
Q1 23	$21M	$29M	—	—
Q2 23	—	$31M	$7M	$20M
Q3 23	—	$29M	$7M	$18M
Q1 24	—	$27M	$6M	$18M
Q2 24	—	$27M	$8M	$19M
Q3 24	—	$26M	$5M	$23M
Q4 24	—	$27M	$6M	$25M
Q1 25	—	$27M	$7M	$25M
Q2 25	—	$28M	$7M	$22M
Q3 25	—	$30M	$6M	$26M
Q4 25	—	$31M	$5M	$26M
Q1 26	—	$28M	$5M	$26M
Q2 26	—	$29M	$5M	$26M
Q3 26	—	$30M	$6M	$30M

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 22	$49M	$0	$49M
Q1 23	$44M	$0	$44M
Q2 23	$32M	$0	$32M
Q3 23	$26M	$0	$26M
Q4 23	$33M	$0	$33M
Q1 24	$32M	$0	$32M
Q2 24	$36M	$0	$36M
Q3 24	$28M	$0	$28M
Q4 24	$28M	$0	$28M
Q1 25	$28M	$0	$28M
Q2 25	$24M	$0	$24M
Q3 25	$31M	$0	$31M
Q4 25	$27M	$0	$27M
Q1 26	$21M	$0	$21M
Q2 26	$20M	$0	$20M
Q3 26	$29M	$0	$29M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 22	5M	+0.4%	-0.9%
Q1 23	5M	+0.4%	-0.5%
Q2 23	5M	+1.7%	+0.4%
Q3 23	5M	-0.1%	+2.4%
Q4 23	5M	+0.4%	+2.4%
Q1 24	5M	-0.2%	+1.9%
Q2 24	5M	+0.3%	+0.4%
Q3 24	5M	+0.2%	+0.7%
Q4 24	5M	-0.0%	+0.2%
Q1 25	5M	+0.6%	+1.0%
Q2 25	5M	+0.9%	+1.6%
Q3 25	5M	-0.8%	+0.6%
Q4 25	5M	0.0%	+0.6%
Q1 26	6M	+2.3%	+2.4%
Q2 26	6M	-0.3%	+1.2%
Q3 26	6M	+0.5%	+2.5%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 22	$86.5K	681
Q1 23	$74.1K	681
Q2 23	$86.3K	681
Q3 23	$79.7K	681
Q4 23	$79.6K	698
Q1 24	$72.6K	698
Q2 24	$76.2K	698
Q3 24	$76.6K	698
Q4 24	$80.0K	736
Q1 25	$79.0K	736
Q2 25	$78.6K	736
Q3 25	$85.4K	736
Q4 25	$85.1K	730
Q1 26	$81.6K	730
Q2 26	$83.2K	730
Q3 26	$89.2K	730

Revenue / Employee