Mesa Laboratories, Inc. (MLAB) Cash Flow Statement
Where MLAB’s cash came from and went, FY2026
March 31, 2026 · U.S. dollars- Cash from operations
- $42.8M −8.5% vs FY2025
- Capital expenditures
- $3.2M 1.3% of revenue
- Free cash flow
- $39.6M 15.9% margin
- Returned to shareholders
- $3.5M 9% of free cash flow
- Change in cash
- −$393,000 cash at year-end $26.9M
Drawn to scale: where the cash came from and how it was used. Hover for values.
MLAB operating cash flow, capex and free cash flow
MLAB cash flow trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $7.8MFY2017 | $42.8MFY2026 | +20.9%/yr | |
| Capital expenditures | $11.6MFY2017 | $3.2MFY2026 | −13.2%/yr | |
| Free cash flow | −$3.9MFY2017 | $39.6MFY2026 | — | |
| Free cash flow margin | −4.1%FY2017 | 15.9%FY2026 | +20.0 pts | |
| Operating cash flow / net income | 0.69FY2017 | 6.38FY2026 | +5.69 | |
| Stock-based compensation | $1.4MFY2017 | $17.9MFY2026 | +32.6%/yr | |
| Dividends paid | $2.4MFY2017 | $3.5MFY2026 | +4.6%/yr | |
| Share buybacks (net) | $0FY2017 | $728,000FY2024 | — | |
| Capex / revenue | 12.4%FY2017 | 1.3%FY2026 | −11.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
MLAB cash flow by activity
MLAB net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
MLAB cash flow statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $6.7M | −$2.0M | −$254.2M | $930,000 | $1.9M | $3.3M | $1.3M | $7.5M | −$3.0M | $11.2M |
| Depreciation & amortization | $23.3M | $24.5M | $31.6M | $33.8M | $25.1M | $17.7M | $13.0M | $9.4M | $9.5M | $8.7M |
| Stock-based compensation | $17.9M | $13.1M | $11.9M | $12.5M | $11.4M | $9.3M | $5.5M | $4.2M | $1.7M | $1.4M |
| Change in working capital | −$5.0M | $6.9M | $6.0M | −$17.1M | −$7.2M | $5.3M | −$3.1M | $7.9M | $3.2M | −$13.0M |
| Other non-cash items | −$33,000 | $4.2M | $248.9M | −$2.2M | $8.1M | $1.6M | $9.8M | $1.5M | $13.4M | −$537,000 |
| Cash from operating activities | $42.8M | $46.8M | $44.1M | $28.0M | $39.2M | $37.1M | $26.6M | $30.6M | $24.8M | $7.8M |
| Investing activities | ||||||||||
| Capital expenditures | −$3.2M | −$4.5M | −$2.6M | −$4.5M | −$4.4M | −$2.0M | −$1.5M | −$1.3M | −$2.8M | −$11.6M |
| Investments (net) | — | −$4.5M | −$81.3M | −$9.5M | −$305.2M | −$2.0M | −$185.6M | −$3.9M | −$17.2M | −$18.4M |
| Acquisitions & other investing | $0 | $4.5M | $2.6M | $4.5M | $4.4M | $2.0M | $1.5M | $1.3M | $2.8M | $11.6M |
| Cash from investing activities | −$3.2M | −$4.5M | −$81.3M | −$9.5M | −$305.2M | −$2.0M | −$185.6M | −$3.9M | −$17.2M | −$18.4M |
| Financing activities | ||||||||||
| Dividends paid | −$3.5M | −$3.5M | −$3.4M | −$3.4M | −$3.3M | −$3.2M | −$2.7M | −$2.5M | −$2.4M | −$2.4M |
| Share repurchases & issuance (net) | — | — | −$728,000 | $7.0M | −$875,000 | $150.4M | $177.4M | −$5.1M | $2.9M | $3.5M |
| Net borrowing (repayment) | −$26.7M | −$42.3M | $37.5M | −$36.0M | $49.0M | −$664,000 | $144.1M | −$23.6M | −$8.6M | $9.6M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $145.9M | $85.0M | $0 | $0 | $0 |
| Other financing | −$11.6M | $1.3M | −$489,000 | −$919,000 | $7.8M | −$146.2M | −$172.5M | $9.5M | $0 | $0 |
| Cash from financing activities | −$41.9M | −$44.5M | $32.8M | −$33.3M | $52.6M | $146.2M | $231.3M | −$21.7M | −$8.1M | $10.7M |
| Summary | ||||||||||
| Net change in cash | −$393,000 | −$893,000 | −$4.7M | −$16.4M | −$214.5M | $182.5M | $71.2M | $4.7M | −$351,000 | $125,000 |
| Cash at end of period | $26.9M | $27.3M | $28.2M | $32.9M | $49.3M | $263.9M | $81.4M | $10.2M | $5.5M | $5.8M |
| Free cash flow | $39.6M | $42.3M | $41.6M | $23.4M | $34.8M | $35.1M | $25.1M | $29.3M | $22.0M | −$3.9M |
| Free cash flow margin | 15.9% | 17.6% | 19.2% | 10.7% | 18.9% | 26.2% | 21.3% | 28.4% | 22.9% | −4.1% |
| Capex / revenue | 1.3% | 1.9% | 1.2% | 2.1% | 2.4% | 1.5% | 1.3% | 1.2% | 2.9% | 12.4% |
| Operating cash flow / net income | 6.38 | — | — | 30.09 | 20.96 | 11.32 | 19.69 | 4.08 | — | 0.69 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $2.8M | −$10.8M | $3.6M | $2.5M | $4.7M | −$7.1M | −$1.7M | $3.4M | $3.4M | −$254.6M | $2.1M | −$1.2M |
| Depreciation & amortization | $5.6M | $5.8M | $5.7M | $5.8M | $6.0M | $7.5M | $5.5M | $6.1M | $5.5M | $6.3M | $9.0M | $8.1M |
| Stock-based compensation | $2.4M | −$11.1M | $3.4M | $3.8M | $3.9M | $3.1M | $3.2M | $3.8M | $2.9M | $2.8M | $3.0M | $3.2M |
| Change in working capital | −$71,000 | $3.9M | $10.0M | −$5.4M | −$8.0M | $9.7M | $3.6M | $338,000 | −$338,000 | $8.6M | −$103,000 | −$1.4M |
| Other non-cash items | $4.0M | $26.2M | −$4.0M | $1.5M | −$4.7M | −$542,000 | $7.8M | −$8.4M | −$1.0M | $249.8M | −$2.5M | $1.1M |
| Cash from operating activities | $14.7M | $14.0M | $18.8M | $8.2M | $1.9M | $12.7M | $18.4M | $5.3M | $10.4M | $12.9M | $11.5M | $9.8M |
| Investing activities | ||||||||||||
| Capital expenditures | −$559,000 | −$2.8M | −$732,000 | −$1.1M | −$1.0M | −$1.0M | −$813,000 | −$1.8M | −$891,000 | −$535,000 | −$1.1M | −$634,000 |
| Investments (net) | — | — | — | −$1.1M | −$1.0M | −$1.0M | −$813,000 | −$1.8M | −$891,000 | $426,000 | −$80.8M | −$634,000 |
| Acquisitions & other investing | $0 | $2.4M | $0 | $1.1M | $1.0M | $1.0M | $813,000 | $1.8M | $891,000 | $535,000 | $1.1M | $634,000 |
| Cash from investing activities | −$559,000 | −$417,000 | −$732,000 | −$1.1M | −$1.0M | −$1.0M | −$813,000 | −$1.8M | −$891,000 | $426,000 | −$80.8M | −$634,000 |
| Financing activities | ||||||||||||
| Dividends paid | −$884,000 | −$884,000 | −$884,000 | −$882,000 | −$873,000 | −$870,000 | −$869,000 | −$866,000 | −$863,000 | −$864,000 | −$862,000 | −$862,000 |
| Share repurchases & issuance (net) | — | — | — | — | — | — | — | — | — | $716,000 | −$2,000 | −$2,000 |
| Net borrowing (repayment) | −$8.7M | −$14.7M | −$8.7M | −$6.4M | $3.1M | −$17.9M | −$9.4M | −$7.1M | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$958,000 | −$188,000 | −$214,000 | −$564,000 | −$10.6M | $2.6M | −$290,000 | −$617,000 | −$8.2M | −$12.8M | $61.7M | −$4.7M |
| Cash from financing activities | −$10.5M | −$15.8M | −$9.8M | −$7.9M | −$8.4M | −$16.2M | −$10.6M | −$8.6M | −$9.1M | −$12.9M | $60.8M | −$5.6M |
| Summary | ||||||||||||
| Net change in cash | $3.8M | −$2.0M | $8.6M | −$857,000 | −$6.0M | −$3.6M | $6.6M | −$4.1M | $258,000 | −$10,000 | −$7.4M | $3.2M |
| Cash at end of period | $30.7M | $26.9M | $29.0M | $20.4M | $21.3M | $27.3M | $31.0M | $24.3M | $28.5M | $28.2M | $28.2M | $35.6M |
| Free cash flow | $14.2M | $16.8M | $18.0M | $7.1M | $884,000 | $11.7M | $17.6M | $3.5M | $9.5M | $12.3M | $10.4M | $9.1M |
| Free cash flow margin | 23.6% | 26.4% | 27.7% | 11.7% | 1.5% | 18.8% | 28.0% | 6.0% | 16.4% | 21.0% | 19.5% | 17.2% |
| Capex / revenue | 0.9% | 4.4% | 1.1% | 1.8% | 1.7% | 1.6% | 1.3% | 3.1% | 1.5% | 0.9% | 2.1% | 1.2% |
| Operating cash flow / net income | 5.21 | — | 5.17 | 3.32 | 0.40 | — | — | 1.54 | 3.08 | — | 5.45 | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
MLAB cash generation
In fiscal 2026 (ended March 31, 2026), Mesa Laboratories generated $42.8 million of cash from operations (down 8.5%) and spent $3.2 million on capital expenditures, leaving free cash flow of $39.6 million, 15.9% of revenue. It returned $3.5 million to shareholders through dividends ($3.5 million) and net share buybacks ($0). Cash and equivalents fell by $0.4 million over the year.
Related: MLAB income statement, MLAB balance sheet, MLAB dividend history. See the MLAB stock overview for the latest quote and news.
MLAB cash flow FAQ
What is Mesa Laboratories's free cash flow?
Mesa Laboratories's free cash flow was $39.6 million in fiscal 2026: $42.8 million of operating cash flow minus $3.2 million of capital expenditures It was $42.3 million a year earlier..
How much cash does Mesa Laboratories generate from operations?
Mesa Laboratories generated $42.8 million of cash from operating activities in fiscal 2026, 6.38 times its net income of $6.7 million.
How much does Mesa Laboratories spend on capital expenditures?
Mesa Laboratories spent $3.2 million on capital expenditures in fiscal 2026, 1.3% of revenue, compared with $4.5 million the year before.
How much does Mesa Laboratories pay in dividends?
Mesa Laboratories paid $3.5 million in dividends in fiscal 2026, 8.9% of free cash flow.