MLAB
Mesa Laboratories, Inc.Technology·Hardware, Equipment & Parts
$102.02
$564M market cap
Revenue
$247.5M
Free Cash Flow
$37.4M
Rev Growth
+0.0%
FCF Margin
15.1%
P/FCF
15.1x
EV/FCF
17.0x
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
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 Control segment manufactures and sells biological, cleaning, and chemical indicators that are used to assess the effectiveness of sterilization and disinfection processes in the hospital, dental, medical device, and pharmaceutical industries. This segment also provi
2-Year Price History
$108.64+14.8%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q3 | 65.1 | 8.0 | 8.0 | 3.6 | 18.8 | 18.0 | -0.7 | 29.0 | 103.4 | 5.6 | 15.6% | 2.6x | 11.4x |
| Act | 2026-Q2 | 60.7 | 10.7 | 4.7 | 2.5 | 8.2 | 7.1 | -1.1 | 20.4 | 178.7 | 5.5 | 7.6% | 3.7x | -- |
| Act | 2026-Q1 | 59.5 | 15.2 | 3.1 | 4.7 | 1.9 | 0.9 | -1.0 | 21.3 | 197.6 | 5.6 | 3.0% | 6.9x | -- |
| Act | 2025-Q4 | 62.1 | 10.5 | 1.5 | -7.1 | 12.7 | 11.4 | -1.0 | 27.3 | 181.5 | 5.4 | 1.6% | 4.2x | -- |
Historical Valuation
Multiples vs the company's own history — cheap or rich relative to itself? Historical fiscal years, then TTM, then forward projections (E). Forward rows hold today's price against projected earnings, so the multiple compresses if the company grows into it.
| Year | Price | Rev Gr | EBITDA % | EBITDA | EV/EBITDA | EV/FCF | P/E | P/S |
|---|---|---|---|---|---|---|---|---|
| TTM | 102.02 | 0.0% | 17.9% | 44 | 0.0× | 0.0× | 0.0× | 0.0× |
EBITDA in reporting-currency $M. Historical multiples use year-end market cap (split-adjusted price history); TTM & forward years use today's.
Valuation & Metrics
Market Stats
Price$102.02
Market Cap$564M
Enterprise Value$638M
P/S Ratio2.3x
P/FCF15.1x
EV/FCF17.0x
FCF Margin (TTM)15.1%
FCF Yield6.6%
Dividend Yield (TTM)0.8%
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$247.5M
Net Income$3.7M
Free Cash Flow$37.4M
Revenue Growth (YoY)+0.0%
EBITDA Margin17.9%
Net Margin1.5%
FCF Margin15.1%
CapEx % of Revenue1.6%
SBC % of Revenue5.7%
ROIC7.0%
WC Change % Rev0.0%
Interest Coverage4.2x
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares0.2M
Days to Cover1.8
Change (vs Prior)+0.1%
Need at least 2 settlement dates for chart
Employees
Headcount736
Revenue / Employee$336,333
Gross Profit / Employee$203,848
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
52.9%(-12.9% YoY)
146 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
16.9%(-17.5% YoY)
9 filers
Vanguard, iShares, SPDR
Market makers
0.0%(-0.3% YoY)
3 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| Long Path Partners LP | $35.9M | $82.79 | +$15.8M | +$35.9M | -3.9% | $220M |
| BlackRock, Inc.Passive | $34.8M | $128.01 | −$426K | −$38.4M | -0.2% | $5.69T |
| Boston Partners | $23.8M | $76.30 | +$4.9M | +$23.3M | +0.5% | $95.40B |
| Select Equity Group, L.P. | $20.9M | $94.23 | +$2.6M | +$14.3M | -1.1% | $18.77B |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $20.6M | $88.42 | +$20.6M | +$20.6M | — | $4.04T |
| Ranger Investment Management, L.P. | $17.9M | $165.45 | −$209K | −$2.5M | -1.8% | $1.38B |
| AQR CAPITAL MANAGEMENT LLC | $15.1M | $86.07 | +$8.9M | +$14.4M | -0.2% | $218.19B |
| MORGAN STANLEY | $14.3M | $147.63 | −$1.2M | −$4.8M | -0.3% | $1.65T |
| ROYCE & ASSOCIATES LP | $14.3M | $95.02 | +$696K | −$9.7M | -0.9% | $10.09B |
| DIAMOND HILL CAPITAL MANAGEMENT INC | $13.7M | $83.53 | +$1.2M | +$11.1M | -1.4% | $15.99B |
| KENNEDY CAPITAL MANAGEMENT LLC | $12.6M | $115.55 | −$200K | +$2.6M | -1.5% | $4.72B |
| Russell Investments Group, Ltd. | $11.9M | $98.22 | +$1.7M | +$4.2M | +1.5% | $93.03B |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $11.3M | $119.70 | +$5K | −$841K | +2.3% | $1.61T |
| DIMENSIONAL FUND ADVISORS LPPassive | $11.0M | $140.41 | +$731K | +$1.2M | -0.4% | $480.92B |
| STATE STREET CORPPassive | $10.8M | $128.14 | +$126K | −$8.6M | -0.2% | $2.89T |
| RAYMOND JAMES FINANCIAL INC | $10.7M | $119.13 | +$2.0M | −$12.3M | -0.0% | $322.69B |
| MONIMUS CAPITAL MANAGEMENT, LP | $9.0M | $80.50 | +$5.3M | +$9.0M | -4.0% | $361M |
| CRAWFORD INVESTMENT COUNSEL INC | $8.4M | $90.10 | +$1.3M | +$6.1M | -0.7% | $5.85B |
| Roubaix Capital, LLC | $6.4M | $70.69 | +$1.5M | +$6.4M | -0.2% | $214M |
| GOLDMAN SACHS GROUP INC | $6.2M | $105.50 | +$1.4M | +$4.9M | -0.2% | $760.93B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)BEARISH
Holders
-0.91%
avg per quarter
Holders (ex-self)
-0.91%
excl. this stock
Buyers (this Q)
-1.21%
81 buyers · $0.11B in
Sellers (this Q)
+0.27%
45 sellers · $0.01B out
alpha coverage: 93% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
+8.3%
how holders react when this stock falls
On quiet Qs
+2.9%
−10% to +10% baseline
On rallies (+10%+)
-17.8%
how they react when this stock rises
Holders' portfolio flow this Q
+4.0%
inflows — adds are organic
Sellers' portfolio flow this Q
+10.0%
Sellers grew AUM elsewhere — opinionated cut of this stock.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-1.2%
Holder mid (any stock)
-1.6%
Holder rally (any stock)
-5.6%
Biggest decreases this quarter
GENEVA CAPITAL MANAGEMENT LLCexited−$14.0MMASON CAPITAL MANAGEMENT LLCexited−$5.5MJANE STREET GROUP, LLCexited−$4.4MJANUS HENDERSON GROUP PLC−$4.2Mα+1.2Qube Research & Technologies Ltdexited−$2.2MIrenic Capital Management LPexited−$2.0MMeros Investment Management, LP−$1.5Mα-3.2MORGAN STANLEY−$1.2Mα-0.3GSA CAPITAL PARTNERS LLPexited−$912KMARSHALL WACE, LLPexited−$560K
New buyers this quarter
Top-5 holders · 32.0%
Long Path Partners LP--
BlackRock, Inc.--
Boston Partners--
Select Equity Group, L.P.--
VANGUARD CAPITAL MANAGEMENT LLC--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
Conestoga Capital Advisors, LLC—ROYCE & ASSOCIATES LP161KInvesco Ltd.14KRanger Investment Management, L.P.203KPRICE T ROWE ASSOCIATES INC /MD/4KKAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC—MORGAN STANLEY162KATLANTA CAPITAL MANAGEMENT CO L L C—SCHRODER INVESTMENT MANAGEMENT GROUP—Long Path Partners LP406K
Analyst Coverage
Analyst Coverage
Price Targets
Last Year (2 analysts)$88.50-1330.0%
Current Price$102.02
Analyst Ratings
3
5
Buy: 3Hold: 5Consensus: Hold
Corporate
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Officers & directors
Buys ($, 12mo)
$452K
3 txns · 3 insiders · 6,116 sh
Sells ($, 12mo)
$297K
3 txns · 3 insiders · 3,053 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-03-10 | BUY | Capone Mark Christopher | director | 1,301 | $76.35 | $99K | $262K |
| 2026-03-10 | BUY | Ladiwala Shiraz Shabanali | director | 3,500 | $72.23 | $253K | $616K |
| 2026-03-10 | BUY | Tripeny R Tony | director | 1,315 | $76.00 | $100K | $410K |
| 2025-06-16 | SELL | Archbold Brian David | officer: SVP Operations | 472 | $97.12 | $46K | $54K |
| 2025-06-16 | SELL | Owens Gary M | officer: President and CEO | 1,939 | $97.12 | $188K | $4.45M |
| 2025-06-16 | SELL | Sakys John | officer: CFO | 642 | $97.12 | $62K | $1.25M |
Order Flow (FINRA, ~3w lag)
14.4%retail+2.6pp
24.3%dark-1.2pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
Mesa Laboratories: The High Cost of Rollover Debt and Intangible Bloat
Overall Risk
6/10
Fraud
3/10
Dilution
5/10
Insolvency
6/10
Earnings Overstated
4/10
Hidden Liabilities
2/10
Legal
2/10
Audit Warnings
3/10
Hidden Upside
2/10
Contextually Acceptable
6/10