Mesoblast Ltd
MESOHealthcare|Biotechnology|Australia
$15.46
+0.60 (+4.04%)
Tangible Book
$0.07
Financials
Financial Snapshot
Market Cap
$2.00B
Enterprise Value
$-5.8M
Revenue (TTM)
$17.2M
Net Income (TTM)
$0.00
Cash & Equivalents
—
Net Cash/Share
$-0.62
Free Cash Flow (TTM)
$-52.4M
Operating CF (TTM)
$-51.1M
Debt/Equity
0.24
Cash Runway & Burn Rate
Cash on Hand
$0.00
Quarterly Burn
$12.8M
Monthly Burn
$4.3M
Est. Runway
—
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $21.9M | $7.7M | $37.2M | $50.0M | $128.9M | $136.4M | $60.0M | $70.9M | $62.6M | $161.2M | $129.6M | |
| Operating Cash Flow | $-88.0M | $-95.5M | $-75.0M | $-57.8M | $-56.4M | $-100.7M | $-65.8M | $-63.3M | $-48.5M | $-50.0M | $-51.1M | |
| Free Cash Flow | $-88.9M | $-95.8M | $-75.2M | $-58.1M | $-58.6M | $-102.4M | $-66.0M | $-63.6M | $-48.8M | $-50.7M | $-52.4M | |
| Capital Expenditure | $-922.0K | $-311.0K | $-201.0K | $-279.0K | $-2.2M | $-1.6M | $-232.0K | $-314.0K | $-331.0K | $-730.0K | $-1.3M | |
| Financing Cash Flow | $62.1M | $60.0M | $68.6M | $71.6M | $131.1M | $108.5M | $-9.9M | $74.5M | $40.3M | $147.3M | $-10.5M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $41.5M | $1.9M | $17.0M | $16.7M | $31.6M | $7.4M | $10.2M | $7.5M | $5.9M | $17.2M | $0.00 | |
| Cost of Goods Sold | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $5.1M | $0.00 | |
| Gross Profit | $41.5M | $1.9M | $17.0M | $16.7M | $31.6M | $7.4M | $10.2M | $7.5M | $5.9M | $12.1M | $0.00 | |
| R&D | $50.0M | $58.9M | $65.9M | $59.8M | $56.2M | $53.0M | $32.8M | $52.8M | $39.7M | $34.8M | $0.00 | |
| SG&A | $52.3M | $35.1M | $27.4M | $37.0M | $50.9M | $63.6M | $58.0M | $27.5M | $25.0M | $39.3M | $0.00 | |
| Operating Income | $-57.0M | $-90.5M | $-75.2M | $-80.4M | $-75.4M | $-107.6M | $-81.1M | $-69.3M | $-58.0M | $-62.4M | $0.00 | |
| Interest Expense | $0.00 | $0.00 | $-1.8M | $-12.1M | $-14.7M | $-10.7M | $-17.3M | $-19.4M | $-20.7M | $-21.8M | $0.00 | |
| Pretax Income | $-90.8M | $-90.2M | $-66.0M | $-98.8M | $-87.4M | $-99.6M | $-91.6M | $-82.1M | $-88.1M | $-101.8M | $0.00 | |
| Net Income | $-4.1M | $-76.8M | $-35.3M | $-89.8M | $-77.9M | $-98.8M | $-91.3M | $-81.9M | $-88.0M | $-102.1M | $0.00 | |
| EPS (Diluted) | -0.11 | -1.82 | -0.72 | -1.72 | -1.40 | -1.55 | -133.80 | -1.05 | -0.89 | -0.85 | 0.00 | |
| EBITDA | $-88.6M | $-90.2M | $-61.5M | $-86.7M | $-72.6M | $-84.7M | $-74.3M | $-62.7M | $-67.5M | $-80.1M | $0.00 | |
| Shares Out. (M) | 38.41 | 42.09 | 49.12 | 52.14 | 55.77 | 63.81 | 68.29 | 77.77 | 98.67 | 120.78 | 128.85 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $21.9M | $7.7M | $37.2M | $50.0M | $128.9M | $136.4M | $60.0M | $70.9M | $62.6M | $161.2M | $129.6M | |
| Marketable Securities | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $88.8M | $63.6M | $101.1M | $62.5M | $136.5M | $148.2M | $69.8M | $81.7M | $86.5M | $204.3M | $202.5M | |
| Total Assets | $684.0M | $655.7M | $692.4M | $652.1M | $733.6M | $744.7M | $662.1M | $669.4M | $669.2M | $784.7M | $782.3M | |
| Total Current Liabilities | $29.4M | $36.7M | $24.0M | $44.3M | $90.1M | $94.3M | $51.4M | $42.0M | $73.2M | $102.6M | $128.1M | |
| Long-Term Debt | $0.00 | $0.00 | $59.4M | $67.3M | $57.0M | $41.0M | $91.6M | $102.8M | $100.5M | $67.7M | $60.1M | |
| Total Liabilities | $155.9M | $138.9M | $146.4M | $171.1M | $184.3M | $163.3M | $165.1M | $167.6M | $188.8M | $187.2M | $207.6M | |
| Stockholders' Equity | $528.2M | $516.8M | $546.0M | $481.1M | $549.3M | $581.4M | $497.0M | $501.8M | $480.4M | $597.4M | $574.7M | |
| Retained Earnings | $-268.1M | $-344.9M | $-380.2M | $-470.0M | $-548.8M | $-647.6M | $-738.9M | $-820.8M | $-908.8M | $-1.01B | $-1.05B |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $-88.0M | $-95.5M | $-75.0M | $-57.8M | $-56.4M | $-100.7M | $-65.8M | $-63.3M | $-48.5M | $-50.0M | $-51.1M | |
| Capital Expenditure | $-922.0K | $-311.0K | $-201.0K | $-279.0K | $-2.2M | $-1.6M | $-232.0K | $-314.0K | $-331.0K | $-730.0K | $-1.3M | |
| Free Cash Flow | $-88.9M | $-95.8M | $-75.2M | $-58.1M | $-58.6M | $-102.4M | $-66.0M | $-63.6M | $-48.8M | $-50.7M | $-52.4M | |
| Investing Cash Flow | $-1.7M | $142.0K | $-1.2M | $-1.0M | $-3.3M | $-1.6M | $-232.0K | $-194.0K | $-97.0K | $120.0K | $-1.4M | |
| Financing Cash Flow | $62.1M | $60.0M | $68.6M | $71.6M | $131.1M | $108.5M | $-9.9M | $74.5M | $40.3M | $147.3M | $-10.5M | |
| Issuance of Stock | $68.5M | $61.9M | $40.6M | $30.3M | $144.9M | $106.3M | $209.0K | $88.6M | $65.4M | $161.2M | $2.6M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Issuance of Debt | $0.00 | $0.00 | $31.7M | $43.6M | $512.0K | $0.00 | $51.9M | $0.00 | $0.00 | $0.00 | $71.4M | |
| Payments of Debt | $0.00 | $0.00 | $0.00 | $0.00 | $-2.1M | $-2.9M | $-58.2M | $-2.7M | $-13.5M | $-9.8M | $-75.1M | |
| Net Change in Cash | $-29.8M | $-35.2M | $-8.0M | $12.7M | $73.0M | $7.6M | $-76.4M | $10.9M | $-8.4M | $98.6M | $-60.2M |
Dilution Tracker
Shares outstanding grew 101.9% over 5 years — significant dilution
Shares Outstanding
129M
5-Year Share Growth
+101.9%
Stock Issuance (TTM)
$2.6M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 38.41 | 42.09 | 49.12 | 52.14 | 55.77 | 63.81 | 68.29 | 77.77 | 98.67 | 120.78 | 128.85 | |
| YoY Change % | — | 9.6% | 16.7% | 6.2% | 7.0% | 14.4% | 7.0% | 13.9% | 26.9% | 22.4% | 6.7% | |
| Stock Issuance | $68.5M | $61.9M | $40.6M | $30.3M | $144.9M | $106.3M | $209.0K | $88.6M | $65.4M | $161.2M | $2.6M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 70.2% | 0.0% | |
| Operating Margin % | -137.4% | -4655.9% | -443.1% | -480.9% | -238.5% | -1447.4% | -794.3% | -923.7% | -982.2% | -363.1% | - | |
| Net Margin % | -10.0% | -3951.4% | -207.9% | -537.0% | -246.5% | -1329.2% | -894.6% | -1091.7% | -1490.3% | -593.9% | - | |
| EBITDA Margin % | -213.7% | -4640.7% | -362.3% | -518.3% | -229.8% | -1138.7% | -727.6% | -835.3% | -1143.5% | -465.5% | - | |
| FCF Margin % | -214.4% | -4927.1% | -443.1% | -347.3% | -185.4% | -1377.4% | -646.5% | -847.7% | -826.7% | -294.7% | -304.7% | |
| ROE % | -0.8% | -14.7% | -6.6% | -17.5% | -15.1% | -17.5% | -16.9% | -16.4% | -17.9% | -19.0% | 0.0% | |
| ROA % | -0.6% | -11.5% | -5.2% | -13.4% | -11.2% | -13.4% | -13.0% | -12.3% | -13.1% | -14.1% | 0.0% | |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - | - |
Valuation
P/E (TTM)N/A
Historical0.03 / 0.15 / 268.79
Industry Med.27.51
P/S101.82
Historical7.10 / 51.90 / 792.50
Industry Med.9.49
P/B3.34
Historical0.35 / 1.04 / 3.81
Industry Med.2.93
EV/EBITDA-23.62
Historical-118.72 / -9.03 / -2.87
Industry Med.13.02
EV/Revenue109.93
Historical6.84 / 56.49 / 1009.39
Industry Med.8.59
P/FCF—
Historical— / — / —
Industry Med.27.13
Intrinsic Value Models
Tangible Book
$0.07
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PE Ratio | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | N/A | |
| PS Ratio | 6.91 | 325.39 | 30.51 | 30.40 | 37.58 | 125.16 | 27.54 | 76.87 | 110.00 | 75.23 | 101.82 | |
| PB Ratio | 0.61 | 1.39 | 1.02 | 1.15 | 2.54 | 1.76 | 0.61 | 1.34 | 1.62 | 2.33 | 3.34 | |
| EV/EBITDA | -3.18 | -7.32 | -9.00 | -6.21 | -17.52 | -11.22 | -4.38 | -10.62 | -11.95 | -16.81 | -23.62 | |
| EV/Revenue | 6.79 | 339.77 | 32.62 | 32.20 | 40.24 | 127.77 | 31.88 | 88.71 | 136.67 | 78.27 | 109.93 |
Analyst Estimates & Quality
Altman Z-Score
—
Distress
Piotroski F-Score
2
Weak
Beneish M-Score
—
Possible Manipulator
Forward Estimates
| Metric | Current Year | Next Year | 2 Years Out |
|---|---|---|---|
| Revenue | $127.99M | $202.76M | $296.38M |
| Net Income | $-56.41M | $8.87M | $77.71M |
| EPS | -0.44 | 0.06 | 0.51 |
| Book Value per Share | 0.00 | 0.00 | 0.00 |
| Operating Cash Flow per Share | 0.00 | 0.00 | 0.00 |
| Operating CF | $0.00M | $0.00M | $0.00M |
Dividends
Revenue Segments
By Business
| Segment | 2025 |
|---|---|
| Development of adult stem cell technology platform for commercialization | $17.2M |
By Geography
| Segment | 2025 |
|---|---|
| Australia | $17.2M |