Mesa Laboratories, Inc.
Rank #150HypergrowthMLAB · Nasdaq · Technology
Mesa Laboratories, Inc. (MLAB) — Rank #150 by gross profitability (GP/assets 0.38) · ROE 3.6% · Piotroski F-Score 6 / 9.
As-of 2026-09-15 · CIK 0000724004 · all metrics point-in-time as of the filing date.
About
Mesa Laboratories, Inc. develops, designs, manufactures, sells, and services life sciences tools and quality control products and services in North America, Europe, the Asia Pacific, and internationally.
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The Sterilization and Disinfection Control segment offers biological, chemical, and cleaning indicators, used to assess the effectiveness of sterilization, decontamination, disinfection, and cleaning processes in the pharmaceutical, medical device, and healthcare industries. This segment also provides sterility assurance testing and laboratory services to the dental and pharmaceutical industries. The Biopharmaceutical Development segment develops, manufactures, sells, and services automated systems for protein analysis (immunoassays) and peptide synthesis solutions. Its Clinical Genomics segment offers MassARRAY, a genetic analysis tool system, and related consumables, including chips, panels, and chemical reagent solutions used by clinical labs to analyze DNA samples for hereditary disease screenings, pharmacogenetics, oncology related applications, and toxicology research. The Biopharmaceutical Development segment provides automated systems, such as Gyrolab xPand and Gyrolab xPlore hardware and software, Gyrolab Bioaffy consumable microfluidic disks, Gyrolab kits and Rexxip buffers for protein analysis; and PurePep Symphony and Chorus instruments for peptide synthesis. Its Calibration Solutions segment offers quality control products to measure and calibrate critical parameters in applications, such as renal care, gas flow, environmental and process monitoring, and torque testing in pharmaceutical, laboratory, medical device, manufacturing, industrial, and environmental applications. This segment's products include continuous monitoring systems, data loggers, and torque testing systems under the DialyGuard, DryCal, DataTrace, and ViewPoint brands. Mesa Laboratories, Inc.
was incorporated in 1982 and is headquartered in Lakewood, Colorado.
- Industry
- Scientific & Technical Instruments
- Sector
- Technology
- State
- CO
- Filer Category
- Accelerated filer
- Fiscal Year End
- March 31
- Website
- mesalabs.com
Price History
Company Snapshot
P/S is the primary valuation lens — earnings are reinvested, not available for P/E.
Market Cap
$695.12M
P/E (annual)
102.7
P/S (annual)
2.8
P/B
3.7
P/OCF (annual)
16.2
Shareholder Yield
-44.3%
Employees
717
Industry
Scientific & Technical Instruments
Exchange
Nasdaq
Signal Flags
Quality Profile
Profitability
1/1 passSafety
1/1 passCash Flow
3/3 passGrowth
1/2 passTerry Smith quality gate
Passes 2/5 Terry Smith thresholds1 of 5 threshold not computable from filed data.
What Growth Is Priced In
Implied revenue growth (10Y)
5.9%
The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).
Dilution drag: 44.8% — per-share value needs a total required return of 50.6% once share-count change is priced in.
vs. own 6-year median revenue growth: 22.8%
within its own historyCost-of-equity sensitivity (implied growth at different discount rates)
r = 8%
1.7%
r = 10% (base)
5.9%
r = 12%
9.5%
Net debt / market cap: 5.1%
Valuation History
Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.
P / E
Price / diluted EPS
P / S
Price / revenue per share
P / B
Price / book value per share
P / GP
Price / gross profit per share
P / FCF
Price / free cash flow per share
Earnings bubble check
Current margins may be above sustainable levels — a P/E based on peak earnings can overstate cheapness.
Revenue growth and the path to profitability (margin trend) are the primary reads at this stage.
Profitability
Gross profitability (GP / assets)
0.38
Primary signal (Novy-Marx).
61st pctl of 37 SIC 38 peers
Return on equity
3.6%
Gross margin
63.5%
67th pctl of 37 SIC 38 peers
Revenue growth (YoY)
166.0%
Gross margin improving
Margin trend vs prior year.
Operating Leverage
| 2018 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|
| Revenue vs COGS | ||||
| Revenue vs OpEx | ||||
| Op. Income vs Revenue |
Growth
Revenue CAGR (3Y)
4.4%
Revenue CAGR (5Y)
13.2%
Earnings CAGR (3Y)
93.3%
FCF CAGR (3Y)
19.1%
Anti-fragile safety
Balance-sheet safety
Composite anti-fragile check.
Debt / equity
1.22
35th pctl of 35 SIC 38 peers (best = lowest)
Current ratio
1.79×
17th pctl of 36 SIC 38 peers
Quick ratio
1.14×
Net cash
-$35.40M
Cash & equivalents minus total debt.
Cash-flow health
Free cash flow
$39.58M
Operating cash flow minus capex.
Positive free cash flow
FCF / net income
4.90
Cash-backing of earnings.
FCF/NI divergence
Unfavorable divergence (yellow flag).
Accruals healthy
Cash-backed earnings.
SBC / revenue
7.2%
Stock-based comp intensity.
Dividend safety
Composite score
2.2 / 5
Piotroski F-Score
F-Score
6 / 9
Fundamental-strength score (0-9).