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Mesa Laboratories cash flow, quarter by quarter

Latest: Q1 FY27 · from the cash-flow statements filed with the SEC

Free cash flow$14.2M in Q1 FY27 · $52.9M over twelve months

Operating cash flow$14.7M
Capital spending−$559K
Free cash flow+$14.2M
Cash / net income5.2×
Cash conversion cycle148 days

Analysis

In Q1 FY27, Mesa Laboratories generated $14.7M of operating cash flow and spent $559K on capital projects, leaving free cash flow of $14.2M. That is $13.3M more than in Q1 FY26 ($884K).

Over the twelve months to Jun 30, 2026, operating cash flow was $55.7M; the largest uses were other financing ($98.5M), dividends ($3.5M), capital spending ($2.8M); besides operations, cash came from net borrowing (+) / repaid (−) ($59.0M); the cash balance rose by $9.4M.

Operating cash flow was $14.7M against net income of $2.8M — 5.2× profit, cash ran ahead of reported earnings. The largest differences: receivables +$9.8M, depreciation & amortization +$5.6M, accrued liabilities −$5.3M.

Its cash conversion cycle was 148 days (receivables 59 + inventory 115 − payables 27).

Free cash flow

Mesa Laboratories: free cash flow by quarterMesa Laboratories: free cash flow by quarter$3.5MQ2 FY25$17.3MQ3 FY25$11.9MQ4 FY25$884KQ1 FY26$7.1MQ2 FY26$18.0MQ3 FY26$13.5MQ4 FY26$14.2MQ1 FY27
Operating cash flow less capital spending.
Mesa Laboratories: operating cash flow against capital spendingMesa Laboratories: operating cash flow against capital spendingOperating cash flowCapital spending$5.3M$1.8MQ2 FY25$18.1M$813KQ3 FY25$12.7M$757KQ4 FY25$1.9M$1.0MQ1 FY26$8.2M$1.1MQ2 FY26$18.8M$732KQ3 FY26$14.0M$417KQ4 FY26$14.7M$559KQ1 FY27
Latest (Q1 FY27): Operating cash flow $14.7M, Capital spending $559K.

Capital allocation, year by year

Mesa Laboratories: where the cash came from (up) and went (down), by fiscal yearMesa Laboratories: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsDividendsFY22: Operating cash flow $39.2MFY22: Net borrowing $49.0MFY22: Shares issued $8.0MFY22: Capital spending −$4.4MFY22: Acquisitions −$301MFY22: Dividends −$3.3M$96.2MFY22FY23: Operating cash flow $28.0MFY23: Net borrowing −$36.0MFY23: Shares issued $7.0MFY23: Capital spending −$4.5MFY23: Acquisitions −$5.0MFY23: Dividends −$3.4M$35.0MFY23FY24: Operating cash flow $44.1MFY24: Net borrowing $37.5MFY24: Shares issued $358KFY24: Capital spending −$2.6MFY24: Acquisitions −$78.7MFY24: Dividends −$3.4M$82.0MFY24FY25: Operating cash flow $46.8MFY25: Net borrowing −$42.3MFY25: Shares issued $2.6MFY25: Capital spending −$4.2MFY25: Dividends −$3.5M$49.5MFY25FY26: Operating cash flow $42.8MFY26: Net borrowing −$36.7MFY26: Capital spending −$3.2MFY26: Dividends −$3.5M$42.8MFY26
Over these 5 years operating cash flow totalled $201M; the largest uses were acquisitions ($384M) and net borrowing ($115M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$30.7M
Debt$66.1M
Net debt$35.4M
Due within a year$5.6M

Mesa Laboratories funds itself: free cash flow was $52.9M over the last twelve months, and $30.7M of cash and investments stands against $66.1M of debt ($5.6M due within a year, 5.5× covered by cash).

Mesa Laboratories: debt maturities by year (FY26)Mesa Laboratories: debt maturities by year (FY26)$5.6MYear 1$5.6MYear 2$7.5MYear 3$48.8MYear 4
Principal due in each year as disclosed in the annual report, against $30.7M of cash and investments now.

Where the cash came from and went

Mesa Laboratories: sources (+) and uses (−) of cash, Q1 FY27Mesa Laboratories: sources (+) and uses (−) of cash, Q1 FY27Operating cash flow$14.7MNet borrowing (+) / repaid (−)−$8.7MCash drawn (+) / kept (−)−$3.8MTaxes on employees’ shares−$958KDividends−$884KCapital spending−$559KExchange rates$88K
Mesa Laboratories: sources (+) and uses (−) of cash, TTM to Q1 FY27Mesa Laboratories: sources (+) and uses (−) of cash, TTM to Q1 FY27Other financing−$98.5MNet borrowing (+) / repaid (−)$59.0MOperating cash flow$55.7MCash drawn (+) / kept (−)−$9.4MDividends−$3.5MCapital spending−$2.8MTaxes on employees’ shares−$958KExchange rates$467K

From profit to cash

Mesa Laboratories: net income to operating cash flow, Q1 FY27Mesa Laboratories: net income to operating cash flow, Q1 FY27Net income$2.8MDepreciation & amortization$5.6MStock-based pay$2.4MOther non-cash$623KReceivables$9.8MInventory−$1.5MPayables$2.4MAccrued liabilities−$5.3MDeferred revenue−$171KPrepaid and other assets−$2.3MOperating cash flow$14.7M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q1 FY275911527148
Q4 FY266011121149
Q3 FY265710720143
Q2 FY266011022147
Q1 FY266210824145
Q4 FY25619622135
Q3 FY256011023147
Q2 FY256012624163

Every quarter

QuarterOperating cash flowCapital spendingDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q1 FY27$14.7M−$559K−$884K−$8.7M−$3.8M$14.2M
Q4 FY26$14.0M−$417K−$884K−$14.7M$2.0M$13.5M
Q3 FY26$18.8M−$732K−$884K−$8.7M−$8.6M$18.0M
Q2 FY26$8.2M−$1.1M−$882K−$5.9M$857K$7.1M
Q1 FY26$1.9M−$1.0M−$873K−$7.4M$6.0M$884K
Q4 FY25$12.7M−$757K−$870K−$17.9M$3.6M$11.9M
Q3 FY25$18.1M−$813K−$869K−$9.4M−$6.6M$17.3M
Q2 FY25$5.3M−$1.8M−$866K−$7.4M$4.1M$3.5M

Mesa Laboratories: income statement and cash flow

Mesa Laboratories, Q1 FY27: revenue $60.1M (+1% year over year), operating margin 11.7%. The chart follows the revenue to costs, profit and cash.

Mesa Laboratories: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.