Mesa Laboratories, Inc. (MLAB) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-93.2%

$8.34

vs $121.97 price

Levered DCF

$149.71

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.05

Grey zone

Rating

B-

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	72.48×	-329.61×	-2.37×	1,027.82×	708×	368.94×	706.53×	117.38×
P/B	2.62×	4.03×	4.15×	2.36×	3.37×	2.98×	4.32×	7.89×
P/S	1.96×	2.67×	2.79×	4.24×	7.21×	9.04×	8.07×	8.52×
EV / EBITDA	17.84×	18.85×	-3.38×	28.87×	46.12×	39.1×	45.16×	49.37×
Gross margin	63.5%	62.6%	61.6%	61.0%	59.2%	65.0%	55.5%	59.1%
Operating margin	7.4%	6.8%	-125.9%	1.5%	2.6%	9.2%	6.7%	9.5%
Net margin	2.7%	-0.8%	-117.6%	0.4%	1.0%	2.4%	1.5%	7.3%
Current ratio	1.72×	0.63×	2.47×	2.74×	2.59×	9.32×	4.72×	1.42×
Debt / equity	0.91×	1.14×	1.59×	0.47×	0.56×	0.36×	0.64×	0.2×
Interest coverage	1.73×	1.38×	-47.76×	0.7×	1.21×	1.54×	1.44×	0×
Dividend yield	0.7%	0.5%	0.6%	0.4%	0.3%	0.3%	0.3%	0.3%
Payout ratio	52.5%	-175.7%	-1.4%	366.2%	178.5%	96.7%	153.1%	32.9%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	3.6%	-1.2%	-174.9%	0.2%	0.5%	0.8%	0.8%	6.7%
Return on invested capital	2.8%	-1.4%	-61.9%	-1.3%	0.4%	2.2%	0.9%	6.3%
Return on assets	1.6%	-0.5%	-56.9%	0.1%	0.3%	0.5%	0.4%	4.8%
Free cash flow yield	8.1%	6.6%	6.9%	2.5%	2.6%	2.9%	2.6%	3.3%
Earnings yield	1.4%	-0.3%	-42.1%	0.1%	0.1%	0.3%	0.2%	0.9%
Enterprise value	$629.5M	$798.4M	$806.3M	$1.1B	$1.5B	$1.1B	$1B	$891.3M
Net debt / EBITDA	4.02×	3.64×	-0.85×	4.08×	5.28×	-4.19×	2.68×	0.7×
Cash conversion cycle (days)	151	143	183	193	163	117	141	78