Mesoblast Limited (MESO) Key Metrics
MESO valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $1.72B
- Enterprise value
- $2.09B
- P/E (TTM)
- —
- Forward P/E
- 454.5
- PEG ratio
- —
- Price / sales
- 14.3 10-yr median 67.8
- Price / book
- 3.5 10-yr median 1.6
- EV / EBITDA
- —
- Dividend yield
- —
- Beta
- 0.86
MESO key metrics, FY2017–FY2026
Fiscal year ended June 30, 2026 · U.S. dollarsMESO valuation Price multiples at each fiscal year-end price.
Price / sales−81.0%
14.5
FY2026 · hover or tap a bar for each year
FY2017FY2026
Price / book+40.0%
3.1
FY2026 · hover or tap a bar for each year
FY2017FY2026
Free cash flow yield+1.3 pts
−2.6%
FY2026 · hover or tap a bar for each year
FY2017FY2026
MESO returns How much profit the business earns on the capital it uses.
Return on equity+9.0 pts
−9.9%
FY2026 · hover or tap a bar for each year
FY2017FY2026
Return on invested capital+2.3 pts
−6.7%
FY2026 · hover or tap a bar for each year
FY2017FY2026
Return on assets+6.6 pts
−7.4%
FY2026 · hover or tap a bar for each year
FY2017FY2026
Free cash flow margin+257.7 pts
−37.0%
FY2026 · hover or tap a bar for each year
FY2017FY2026
Asset turnover+555.5%
0.16
FY2026 · hover or tap a bar for each year
FY2017FY2026
MESO per-share figures Results divided by the shares outstanding at year-end.
Revenue per share+555.1%
$0.93
FY2026 · hover or tap a bar for each year
FY2017FY2026
Earnings per share
−$0.45
FY2026 · hover or tap a bar for each year
FY2017FY2026
Free cash flow per share
−$0.35
FY2026 · hover or tap a bar for each year
FY2017FY2026
Book value per share−11.3%
$4.39
FY2026 · hover or tap a bar for each year
FY2017FY2026
Dividends per share
$0.00
FY2026 · hover or tap a bar for each year
FY2017FY2026
Shares outstanding+7.2%
129.5M
FY2026 · hover or tap a bar for each year
FY2017FY2026
MESO financial health Debt, liquidity and how easily interest is covered.
Debt / equity+4.4%
0.22
FY2026 · hover or tap a bar for each year
FY2017FY2026
Net debt+$112.9M
$79.9M
FY2026 · hover or tap a bar for each year
FY2017FY2026
Current ratio+22.3%
2.43
FY2026 · hover or tap a bar for each year
FY2017FY2026
Interest coverage
-2.2
FY2026 · hover or tap a bar for each year
FY2017FY2026
Debt / assets+0.8%
0.16
FY2026 · hover or tap a bar for each year
FY2017FY2026
MESO efficiency & capital use Working capital cycle and where the cash goes.
Days sales outstanding−271 days
110 days
FY2026 · hover or tap a bar for each year
FY2017FY2026
Days of inventory−313 days
478 days
FY2026 · hover or tap a bar for each year
FY2017FY2026
Days payables outstanding−421 days
509 days
FY2026 · hover or tap a bar for each year
FY2017FY2026
Cash conversion cycle−162 days
79 days
FY2026 · hover or tap a bar for each year
FY2017FY2026
Capex / revenue−3.5 pts
0.7%
FY2026 · hover or tap a bar for each year
FY2017FY2026
MESO valuation history
Fiscal year-endToday10-year median
MESO returns on capital
ROEROICROA
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
MESO debt vs cash
Total debtCash & short-term investments
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
MESO price vs earnings per share
Share price at year-endEPS (right axis)
MESO key metrics
FY2017–FY2026| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $1.75B | $1.32B | $671.9M | $656.3M | $303.2M | $905.2M | $1.20B | $525.0M | $1.02B | $854.9M |
| Enterprise value | $1.83B | $1.28B | $728.3M | $701.9M | $350.1M | $873.8M | $1.17B | $555.9M | $1.05B | $809.1M |
| Price / sales | 14.5 | 76.5 | 113.9 | 87.5 | 29.7 | 121.4 | 37.5 | 31.4 | 59.1 | 354.4 |
| Price / book | 3.1 | 2.2 | 1.4 | 1.3 | 0.6 | 1.6 | 2.2 | 1.1 | 1.9 | 1.7 |
| EV / sales | 15.2 | 74.6 | 123.4 | 93.6 | 34.3 | 117.2 | 36.5 | 33.2 | 60.3 | 335.5 |
| Earnings yield | −3.3% | −7.8% | −13.1% | −12.5% | −30.1% | −10.9% | −6.5% | −17.1% | −3.4% | −9.0% |
| Free cash flow yield | −2.6% | −3.9% | −7.3% | −9.7% | −21.8% | −12.0% | −4.9% | −11.1% | −7.3% | −11.2% |
| Dividend yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — |
| Shareholder yield (dividends + buybacks) | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Share price at fiscal year-end | $13.53 | $10.89 | $6.81 | $7.82 | $4.44 | $14.96 | $22.78 | $10.62 | $11.00 | $15.90 |
| Per share | ||||||||||
| Revenue per share | $0.93 | $0.14 | $0.06 | $0.09 | $0.15 | $0.12 | $0.61 | $0.34 | $0.19 | $0.04 |
| Earnings per share | −$0.45 | −$0.85 | −$0.89 | −$0.98 | −$1.34 | −$1.63 | −$1.47 | −$1.82 | −$0.38 | −$1.43 |
| Operating cash flow per share | −$0.34 | −$0.41 | −$0.49 | −$0.75 | −$0.96 | −$1.76 | −$1.07 | −$1.17 | −$0.81 | −$1.78 |
| Free cash flow per share | −$0.35 | −$0.42 | −$0.49 | −$0.76 | −$0.97 | −$1.79 | −$1.11 | −$1.17 | −$0.81 | −$1.78 |
| Cash per share | $0.37 | $1.33 | $0.63 | $0.85 | $0.88 | $2.26 | $2.45 | $1.02 | $0.41 | $0.85 |
| Book value per share | $4.39 | $4.95 | $4.87 | $5.98 | $7.28 | $9.61 | $10.39 | $9.73 | $5.86 | $9.61 |
| Tangible book value per share | $0.02 | $0.21 | −$0.97 | −$0.90 | −$1.20 | $0.01 | −$0.61 | −$2.06 | −$0.41 | −$1.29 |
| Dividends per share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | — | — | — |
| Capex per share | $0.01 | $0.01 | $0.00 | $0.00 | $0.00 | $0.03 | $0.04 | $0.01 | $0.00 | $0.01 |
| Debt per share | $0.98 | $1.06 | $1.21 | $1.39 | $1.57 | $1.74 | $1.88 | $1.64 | $0.64 | — |
| Shares outstanding | 129.5M | 120.8M | 98.7M | 83.9M | 68.3M | 60.5M | 52.9M | 49.4M | 93.1M | 53.8M |
| Change in shares outstanding | +7.2% | +22.4% | +17.6% | +22.9% | +12.9% | +14.4% | +7.0% | −46.9% | +73.2% | 0.0% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | −9.9% | −19.0% | −17.9% | −16.4% | −16.9% | −17.5% | −15.1% | −17.5% | −6.6% | −14.7% |
| Return on invested capital (ROIC) | −6.7% | −9.0% | −12.3% | −10.0% | −11.6% | −16.1% | −11.5% | −11.7% | −11.8% | −14.6% |
| Return on assets (ROA) | −7.4% | −14.1% | −13.1% | −12.3% | −13.0% | −13.4% | −11.2% | −13.4% | −5.2% | −11.5% |
| Return on tangible assets | −27.9% | −48.0% | −94.2% | −88.8% | −109.4% | −60.2% | −51.3% | −130.2% | −32.7% | −110.8% |
| Free cash flow margin | −37.0% | −294.7% | −826.7% | −847.7% | −646.5% | — | −182.3% | −347.3% | −433.7% | — |
| Financial health | ||||||||||
| Total debt | $127.3M | $128.2M | $118.9M | $116.5M | $106.9M | $105.5M | $99.3M | $81.3M | $59.4M | — |
| Cash & short-term investments | $47.4M | $161.2M | $62.6M | $70.9M | $60.0M | $136.9M | $129.3M | $50.4M | $37.8M | $45.8M |
| Net debt | $79.9M | −$33.0M | $56.4M | $45.6M | $46.9M | −$31.4M | −$30.0M | $30.9M | $21.6M | −$45.8M |
| Debt / equity | 0.22 | 0.21 | 0.25 | 0.23 | 0.22 | 0.18 | 0.18 | 0.17 | 0.11 | — |
| Debt / assets | 0.16 | 0.16 | 0.18 | 0.17 | 0.16 | 0.14 | 0.14 | 0.12 | 0.09 | — |
| Current ratio | 2.43 | 1.99 | 1.18 | 1.95 | 1.36 | 1.57 | 1.51 | 1.41 | 4.21 | 1.73 |
| Quick ratio | 2.09 | 1.77 | 1.18 | 2.05 | 1.36 | 1.57 | 1.52 | 1.42 | 4.22 | 1.36 |
| Interest coverage | -2.2 | -2.7 | -4.1 | -3.6 | -4.7 | -10.2 | -5.1 | -6.9 | -42.3 | — |
| Working capital | $116.4M | $101.7M | $13.2M | $39.7M | $18.5M | $54.0M | $46.4M | $18.2M | $77.1M | $26.9M |
| Invested capital | $648.3M | $564.4M | $536.7M | $547.4M | $543.9M | $550.0M | $519.3M | $511.9M | $567.6M | $471.0M |
| Tangible asset value | $2.0M | $25.6M | −$95.4M | −$75.3M | −$81.6M | $851,000 | −$32.3M | −$102.1M | −$38.6M | −$69.6M |
| Net current asset value | −$7.2M | $17.1M | −$102.3M | −$85.9M | −$95.3M | −$15.1M | −$47.7M | −$108.5M | −$45.4M | −$75.3M |
| Graham net-net per share | −$0.77 | −$0.03 | −$1.12 | −$1.11 | −$1.49 | −$0.38 | −$1.02 | −$2.42 | −$0.76 | −$1.59 |
| Capital allocation | ||||||||||
| Dividends paid | $0 | $0 | $0 | $0 | $0 | $0 | $0 | — | — | — |
| Share buybacks (net) | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Capex / revenue | 0.7% | 4.2% | 5.6% | 4.2% | 2.3% | 22.1% | 7.0% | 1.7% | 1.2% | 12.9% |
| Capex / depreciation | 0.10 | 0.11 | 0.07 | 0.08 | 0.05 | 0.39 | 0.61 | 0.13 | 0.08 | 0.10 |
| Stock-based compensation / revenue | — | 128.4% | 99.5% | 48.7% | 54.2% | 167.8% | 23.4% | 26.1% | 35.7% | 218.7% |
| R&D / revenue | 81.1% | 202.4% | 429.6% | 362.5% | 321.4% | 711.0% | 174.7% | 357.7% | 380.2% | 2,442.5% |
| SG&A / revenue | 47.5% | 228.6% | 400.3% | 338.3% | 567.7% | 852.8% | 158.3% | 221.2% | 158.1% | 1,454.1% |
| Efficiency | ||||||||||
| Days sales outstanding | 109.6 | 380.1 | 864.3 | 277.4 | 160.7 | 144.7 | 17.4 | 568.7 | 543.7 | 151.9 |
| Days of inventory on hand | 478.4 | 791.4 | — | -28.7 | — | -1.1 | -1.1 | -1.2 | 450.8 | 1,103.2 |
| Days payables outstanding | 509.1 | 930.4 | 120.9 | 143.6 | 122.5 | 94.9 | 85.2 | 77.6 | 1,349.4 | 740.6 |
| Cash conversion cycle (days) | 78.9 | 241.1 | 724.1 | 105.0 | 38.2 | 48.8 | -68.9 | 489.8 | -355.0 | 514.5 |
| Receivables turnover | 3.33 | 0.96 | 0.42 | 1.32 | 2.27 | 2.52 | 21.00 | 0.64 | 0.67 | 2.40 |
| Payables turnover | 0.72 | 0.39 | 3.02 | 2.54 | 2.98 | 3.85 | 4.29 | 4.70 | 0.27 | 0.49 |
| Inventory turnover | 0.76 | 0.46 | — | — | — | — | — | — | — | 0.33 |
| Asset turnover | 0.16 | 0.02 | 0.01 | 0.01 | 0.01 | 0.01 | 0.05 | 0.02 | 0.03 | 0.00 |
| Average receivables | $36.3M | $17.9M | $14.0M | $5.7M | $4.5M | $3.0M | $1.5M | $26.1M | $25.8M | $1.0M |
| Average payables | $26.8M | $13.1M | $13.6M | $21.6M | $21.3M | $22.3M | $19.0M | $16.0M | $20.4M | $24.5M |
| Average inventory | $25.2M | $11.1M | −$2.2M | −$4.3M | — | −$252,000 | −$251,000 | −$250,000 | $6.8M | $36.5M |
| Intangibles / total assets | 73.3% | 72.9% | 86.0% | 86.2% | 87.4% | 78.0% | 79.3% | 89.4% | 84.4% | 89.4% |
Computed from MESO's annual financial statements (latest annual report filed August 27, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
MESO valuation and financial ratios
Mesoblast earned a return on equity of −9.9% and a return on invested capital of −6.7% in fiscal 2026. It ended the year with $127.3 million of debt and $47.4 million in cash and short-term investments, net debt of $79.9 million. The share count rose 140.8% from 53.8M to 129.5M over 9 years.
See the MESO income statement, the MESO chart for price history, or the MESO stock overview for the latest quote and news.
MESO key metrics FAQ
What is Mesoblast's return on equity?
Mesoblast's return on equity (ROE) was −9.9% in fiscal 2026: net income of -$57.8 million on average shareholders' equity of $582.9 million.
What is Mesoblast's ROIC?
Mesoblast's return on invested capital was −6.7% in fiscal 2026, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Mesoblast have?
Mesoblast had total debt of $127.3 million at the end of fiscal 2026, a debt-to-equity ratio of 0.22.
Does Mesoblast pay a dividend?
Mesoblast did not pay a dividend in fiscal 2026.
What is Mesoblast's free cash flow yield?
Mesoblast generated -$44.7 million of free cash flow in fiscal 2026, a free cash flow yield of −2.6% on its market value at year-end ($1.8 billion).
What is Mesoblast's current ratio?
Mesoblast's current ratio was 2.43 at the end of fiscal 2026: current assets were 2.43 times current liabilities.