MESO Healthcare

Mesoblast Limited

$14.77+1.58%

Price as of close on Nov 3, 2026 · Financials updated Sep 30, 2026

Basics

Sector: Healthcare
Industry: Biotechnology
Country: Australia
Market cap: 1.9B USD
Enterprise value: 3.5B USD
Full-time employees: 108

Overall health

Strength: growing faster than most peersgrowing faster than peers
Drawback: less profitable than most peersless profitable than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
About average: risk (debt, liquidity and share-price swings)risk

Ranks #753 of 1,157 healthcare companies (bottom 36%)

See how it ranks against its peers

Worth knowing

Stock-based pay is a large cost. Stock pay was 12% of revenue in FY Jun 2026.
Mesoblast paid employees $15M in stock in FY Jun 2026, 12% of its $120M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.
Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on earnings.
Relative to its free cash flow, Mesoblast looks cheaper than 50% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.
Growing fast, still losing money. Revenue grew faster than 95% of peers, at an operating loss.
Revenue grew faster than 95% of peers, but the business runs at an operating loss (margin -43%).

StockQuotient Score

44/ 100

Oct 5 44 → Nov 4 44

Valuation

Is the price right?

8/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield
▼ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-1.5%

SEC filings (IFRS mapped) · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.00Sector median: 0.0148 · MAD: 0.0148

EBITDA yield-2.3%

Yahoo Finance fallback · SEC enterprise value unavailable (debt or EBITDA not reported in standard form) · trailing 12 monthsNegative (a loss or cash outflow), so it counts as zero whatever the share price50% base weight · Z-score -1.00Sector median: 0.0401 · MAD: 0.0401

Free cash flow yield-1.2%

SEC filings (IFRS mapped) · 12 months to Jun 2026 · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score 0.00Sector median: 0.0000 · MAD: 0.0000

Other data (not scored)

Book yield14.8%

SEC filings (IFRS mapped) · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.3716 · MAD: 0.2313

Growth

Is it growing?

96/100

Strong

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 83.9%

Why

Stronger than most peers on:

▲ 3-yr revenue
▲ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

Still loss-making, but the loss per share narrowed33% base weight · Z-score 0.29Sector median: 0.0976 · MAD: 0.2991

3-year revenue growth152.1%

SEC filings (IFRS mapped) · 3 years to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score 8.59Sector median: 0.0584 · MAD: 0.0840

Revenue growth599.2%

SEC filings (IFRS mapped) · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score 10.15Sector median: 0.0609 · MAD: 0.0974

Profitability

Does it earn well?

25/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Operating margin
▼ ROA
▼ ROIC

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-42.6%

Yahoo Finance fallback · SEC operating income not reported in standard form · fiscal year to Jun 2026Reported value33% base weight · Z-score -4.08Sector median: 0.0706 · MAD: 0.1217

Return on assets-7.4%

SEC filings (IFRS mapped) · 12 months to Jun 2026Reported value33% base weight · Z-score -1.70Sector median: 0.0166 · MAD: 0.0537

Return on invested capital-5.3%

Yahoo Finance fallback · SEC operating income or invested capital unavailable · trailing 12 monthsReported value33% base weight · Z-score -1.00Sector median: 0.0471 · MAD: 0.1004

Other data (not scored)

Gross margin86.1%

SEC filings (IFRS mapped) · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.4697 · MAD: 0.2310

Return on equity-10.1%

SEC filings (IFRS mapped) · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0330 · MAD: 0.1225

Risk

Debt, liquidity, price swings

Moderate

Moderate relative risk

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

Debt down 33%

Why

Held back by:

▼ Beta

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta0.82

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -0.58Sector median: 0.6250 · MAD: 0.3380

Current ratio2.43×

SEC filings (IFRS mapped) · latest balance sheetReported value33% base weight · Z-score -0.11Sector median: 2.5860 · MAD: 1.3850

Debt / equity0.23×

SEC filings (IFRS mapped) · latest balance sheetReported value33% base weight · Z-score -0.03Sector median: 0.2215 · MAD: 0.2039

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Mesoblast

Is Mesoblast getting weaker?: Its latest SEC filing (Aug 27, 2026) got stronger: debt down 33%. Its overall score is unchanged at 44/100 since Oct 28, 2026.
How is Mesoblast valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 8/100 against 1,393 healthcare peers. Earnings yield -1.5% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -1.5% vs peers 1.5% (weaker than 100% of peers).
Is Mesoblast growing?: Yes, faster than most of its peers. Growth scores 96/100 against 1,393 healthcare peers. 3-year revenue growth 152.1% vs a peer median of 5.8% (stronger than 95% of peers).3-year revenue growth 152.1% vs peers 5.8% (stronger than 95% of peers).
How profitable is Mesoblast?: Less profitable than most of its peers. Profitability scores 25/100 against 1,393 healthcare peers. Operating margin -42.6% vs a peer median of 7.1% (weaker than 83% of peers).Operating margin -42.6% vs peers 7.1% (weaker than 83% of peers).
How risky is Mesoblast?: Moderate risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Beta 0.82 vs a peer median of 0.63 (weaker than 61% of peers).Beta 0.82 vs peers 0.63 (weaker than 61% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 27, 2026 · compared with the quarter ended Dec 31, 2025

Got stronger

Debt down 33%

	Previous quarter	Latest quarter	Change
Revenue (12 months)	65.4M USD	120.3M USD	+83.9%
Net income (12 months)	−94.4M USD	−57.5M USD	−39.1%
Free cash flow (12 months)	−60.6M USD	−44.7M USD	−26.3%
Debt	193.6M USD	129.8M USD	−32.9%
Cash	130.0M USD	102.9M USD	−20.8%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY Jun 2022	FY Jun 2023	FY Jun 2024	FY Jun 2025	FY Jun 2026	Change
Gross margin	—	100.0%	100.0%	70.2%	86.1%	▲ 16 pts
Net margin	-894.6%	-1091.7%	-1490.3%	-593.9%	-47.8%	▲ 546 pts
Return on assets (ROA)	-13.8%	-12.2%	-13.1%	-13.0%	-7.4%	▲ 5.6 pts
Return on equity (ROE)	-18.4%	-16.3%	-18.3%	-17.1%	-10.1%	▲ 7.0 pts
Free cash flow margin	—	-847.0%	-825.6%	-294.4%	-37.1%	▲ 257 pts
Current ratio	1.36×	1.95×	1.18×	1.99×	2.43×	▲ 22%
Quick ratio	—	—	1.18×	1.77×	2.09×	▲ 18%
Debt to equity	0.20×	0.23×	0.27×	0.29×	0.23×	▼ 22%

MESO price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Strength: growing faster than most peersgrowing faster than peers

Drawback: less profitable than most peersless profitable than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

About average: risk (debt, liquidity and share-price swings)risk

Ranks #753 of 1,157 healthcare companies (bottom 36%)

See how it ranks against its peers

Worth knowing

Stock-based pay is a large cost. Stock pay was 12% of revenue in FY Jun 2026.

Mesoblast paid employees $15M in stock in FY Jun 2026, 12% of its $120M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on earnings.

Relative to its free cash flow, Mesoblast looks cheaper than 50% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.

Growing fast, still losing money. Revenue grew faster than 95% of peers, at an operating loss.

Revenue grew faster than 95% of peers, but the business runs at an operating loss (margin -43%).

Questions investors ask about Mesoblast

Is Mesoblast getting weaker?

Its latest SEC filing (Aug 27, 2026) got stronger: debt down 33%. Its overall score is unchanged at 44/100 since Oct 28, 2026.

How is Mesoblast valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 8/100 against 1,393 healthcare peers. Earnings yield -1.5% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -1.5% vs peers 1.5% (weaker than 100% of peers).

Is Mesoblast growing?

Yes, faster than most of its peers. Growth scores 96/100 against 1,393 healthcare peers. 3-year revenue growth 152.1% vs a peer median of 5.8% (stronger than 95% of peers).3-year revenue growth 152.1% vs peers 5.8% (stronger than 95% of peers).

How profitable is Mesoblast?

Less profitable than most of its peers. Profitability scores 25/100 against 1,393 healthcare peers. Operating margin -42.6% vs a peer median of 7.1% (weaker than 83% of peers).Operating margin -42.6% vs peers 7.1% (weaker than 83% of peers).

How risky is Mesoblast?

Moderate risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Beta 0.82 vs a peer median of 0.63 (weaker than 61% of peers).Beta 0.82 vs peers 0.63 (weaker than 61% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

65.4M USD

120.3M USD

+83.9%

Net income (12 months)

−94.4M USD

−57.5M USD

−39.1%

Free cash flow (12 months)

−60.6M USD

−44.7M USD

−26.3%

Debt

193.6M USD

129.8M USD

−32.9%

Cash

130.0M USD

102.9M USD

−20.8%

Key ratios

FY Jun 2022

FY Jun 2023

FY Jun 2024

FY Jun 2025

FY Jun 2026

Change

Gross margin

—

100.0%

70.2%

86.1%

▲ 16 pts

Net margin

-894.6%

-1091.7%

-1490.3%

-593.9%

-47.8%

▲ 546 pts

Return on assets (ROA)

-13.8%

-12.2%

-13.1%

-13.0%

-7.4%

▲ 5.6 pts

Return on equity (ROE)

-18.4%

-16.3%

-18.3%

-17.1%

-10.1%

▲ 7.0 pts

Free cash flow margin

—

-847.0%

-825.6%

-294.4%

-37.1%

▲ 257 pts

Current ratio

1.36×

1.95×

1.18×

1.99×

2.43×

▲ 22%

Quick ratio

—

1.18×

1.77×

2.09×

▲ 18%

Debt to equity

0.20×

0.23×

0.27×

0.29×

0.23×

▼ 22%