What is Mesa Air Group, Inc.'s earnings per share (EPS)?

Mesa Air Group, Inc. (MESA) reported diluted earnings per share of $1.87 for fiscal year 2025. This represents a 15.4% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Mesa Air Group, Inc. (MESA) Financials

MESA

FY2025 annual

Revenue $1.7B +13.7% YoY

Net Income $76.2M +18.0% YoY

EPS (Diluted) $1.87 +15.4% YoY

Free Cash Flow -$74.9M -12383.3% YoY

Source SEC Filings (10-K/10-Q) Latest period Q1 FY2026, ended Mar 31, 2026 Reported May 1, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q1 FY2026, filed May 1, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the MESA SEC filings page.

Mesa Air Group, Inc. (MESA) reported $1.7B in revenue for fiscal year 2025, up 13.7% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 10 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI MESA FY2025 2026-10-04

Revenue is scaling, but asset investment and higher leverage keep reported profits from translating into free cash flow.

In FY2025, operating cash flow of $322M exceeded net income of $76.2M, indicating that non-cash charges and working-capital effects supported cash generation. Yet free cash flow was -$74.9M because capital spending reached $396.9M; profitability therefore did not equal cash available after reinvestment.

Revenue grew 13.7% in FY2025 while the operating margin increased from 9.3% to 10.0%, showing modest margin expansion alongside growth rather than a dramatic change in the business model. The improvement suggests incremental scale helped, but the company remains a moderate-margin operator.

Debt-to-equity rose from 0.1x in FY2024 to 0.8x in FY2025, so the expansion in the asset base was financed with materially more borrowing. The current ratio remained below 1.0x at 0.9x, meaning near-term obligations still exceeded reported current assets.

Financial Health Signals

Financial Health Score 36/100

Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Mesa Air Group, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Mesa Air Group, Inc. has an operating margin of 10.0%, meaning the company retains $10 of operating profit per $100 of revenue. This results in a moderate score of 47/100, indicating healthy but not exceptional operating efficiency. This is up from 9.3% the prior year.

Growth

Mesa Air Group, Inc.'s revenue grew 13.7% year-over-year to $1.7B, a solid pace of expansion. This earns a growth score of 61/100.

Leverage

Mesa Air Group, Inc. has elevated debt relative to equity (D/E of 0.77), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 25/100, reflecting increased financial risk.

Liquidity

Mesa Air Group, Inc.'s current ratio of 0.94 is below the typical benchmark, resulting in a score of 16/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow

While Mesa Air Group, Inc. generated $322.0M in operating cash flow, capex of $396.9M consumed most of it, leaving -$74.9M in free cash flow. This results in a low score of 19/100, reflecting heavy capital investment rather than weak cash generation.

Returns

Mesa Air Group, Inc.'s ROE of 5.7% shows moderate profitability relative to equity, earning a score of 50/100. This is down from 5.8% the prior year.

Altman Z-Score Distress

0.99

Mesa Air Group, Inc. scores 0.99, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial

4/8

Mesa Air Group, Inc. passes 4 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed

4.23x

For every $1 of reported earnings, Mesa Air Group, Inc. generates $4.23 in operating cash flow ($322.0M OCF vs $76.2M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Adequate

2.78x

Mesa Air Group, Inc. earns $2.78 in operating income for every $1 of interest expense ($168.3M vs $60.6M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.

Key Financial Metrics

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Earnings & Revenue

Revenue

$527.4M

YoY+33.6%

QoQ-52.0%

5Y CAGR+40.2%

Mesa Air Group, Inc. generated $527.4M in revenue in Q1 2026. This represents an increase of 33.6% from the same quarter a year earlier. Against the prior quarter it is down 52.0%.

EBITDA

$88.7M

YoY+6.2%

QoQ-58.7%

5Y CAGR+18.8%

Mesa Air Group, Inc.'s EBITDA was $88.7M in Q1 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 6.2% from the same quarter a year earlier. Against the prior quarter it is down 58.7%.

Net Income

$26.9M

YoY-0.7%

QoQ-36.5%

5Y CAGR+36.4%

Mesa Air Group, Inc. reported $26.9M in net income in Q1 2026. This represents a decrease of 0.7% from the same quarter a year earlier. Against the prior quarter it is down 36.5%.

EPS (Diluted)

$0.58

YoY-14.7%

Mesa Air Group, Inc. earned $0.58 per diluted share (EPS) in Q1 2026. This represents a decrease of 14.7% from the same quarter a year earlier.

Cash & Balance Sheet

Free Cash Flow

-$35.3M

YoY-343.4%

QoQ-0.1%

Mesa Air Group, Inc. recorded an outflow of $35.3M in free cash flow in Q1 2026, representing a cash shortfall after capex. This represents a decrease of 343.4% from the same quarter a year earlier. Against the prior quarter it is down 0.1%.

Cash & Debt

$111.3M

YoY+105.7%

QoQ-17.1%

5Y CAGR-5.5%

Mesa Air Group, Inc. held $111.3M in cash against $909.2M in long-term debt as of Q1 2026.

Shares Outstanding

47M

YoY+13.3%

QoQ+2.4%

5Y CAGR+5.6%

Mesa Air Group, Inc. had 47M shares outstanding in Q1 2026. This represents an increase of 13.3% from the same quarter a year earlier. Against the prior quarter it is up 2.4%.

Dividends Per Share

Not reported for Q1 2026.

Margins & Returns

Operating Margin

10.3%

YoY-3.1pp

QoQ-1.1pp

5Y change-7.0pp

Mesa Air Group, Inc.'s operating margin was 10.3% in Q1 2026, reflecting core business profitability. This is down 3.1 percentage points from the same quarter a year earlier. Against the prior quarter it is down 1.1 percentage points.

Net Margin

5.1%

YoY-1.8pp

QoQ+1.2pp

5Y change-0.8pp

Mesa Air Group, Inc.'s net profit margin was 5.1% in Q1 2026, showing the share of revenue converted to profit. This is down 1.8 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.2 percentage points.

Return on Equity

2.0%

YoY-0.4pp

QoQ-1.2pp

Mesa Air Group, Inc.'s ROE was 2.0% in Q1 2026, measuring profit generated per dollar of shareholder equity. This is down 0.4 percentage points from the same quarter a year earlier. Against the prior quarter it is down 1.2 percentage points.

Gross Margin

Not reported for Q1 2026.

Capital Allocation

Capital Expenditures

$93.1M

YoY+136.9%

QoQ-76.2%

Mesa Air Group, Inc. invested $93.1M in capex in Q1 2026, funding long-term assets and infrastructure. This represents an increase of 136.9% from the same quarter a year earlier. Against the prior quarter it is down 76.2%.

R&D Spending

Not reported for Q1 2026.

Share Buybacks

Not reported for Q1 2026.

MESA Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

MESA quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY22	FY21	FY20	FY19	FY18	FY17	FY16
Revenue	$1.8B	$1.7B+13.7%	$1.5B+3.1%	$1.4B+169.1%	$531.0M+5.4%	$503.6M-7.6%	$545.1M-24.6%	$723.4M+6.1%	$681.6M+5.9%	$643.6M+9.5%	$587.8M
SG&A Expenses	$982.3M	$762.6M+1623.5%	$44.2M-9.3%	$48.8M+10.9%	$44.0M-11.8%	$49.9M-4.6%	$52.2M+3.4%	$50.5M-5.8%	$53.6M+37.6%	$39.0M-7.6%	$42.2M
Operating Income	$169.6M	$168.3M+22.8%	$137.0M+1.3%	$135.3M+173.1%	-$185.0M-392.7%	$63.2M-21.2%	$80.2M-33.8%	$121.1M+66.7%	$72.6M-27.6%	$100.3M+76.7%	$56.8M
EBITDA	N/A	$294.6M+16.0%	$254.0M-13.8%	$294.7M+384.8%	-$103.5M-170.9%	$146.0M-10.1%	$162.5M-18.4%	$199.1M+44.6%	$137.7M-14.7%	$161.3M+57.0%	$102.8M
Interest Expense	$63.1M	$60.6M+5.0%	$57.7M+15.6%	$49.9M+41.5%	$35.3M+1.6%	$34.7M-21.3%	$44.1M-20.8%	$55.7M-2.0%	$56.9M+23.3%	$46.1M+41.4%	$32.6M
Income Tax	$38.4M	$37.2M+66.8%	$22.3M-32.8%	$33.2M+163.9%	-$52.0M-992.1%	$5.8M-38.9%	$9.5M-39.3%	$15.7M+190.1%	-$17.4M-183.5%	$20.9M+110.3%	$9.9M
Net Income	$76.0M	$76.2M+18.0%	$64.6M+17.9%	$54.8M+130.0%	-$182.7M-1201.3%	$16.6M-39.6%	$27.5M-42.3%	$47.6M+43.1%	$33.3M+1.3%	$32.8M+120.0%	$14.9M
EPS (Basic)	N/A	$1.90+15.2%	$1.65+17.9%	$1.40+127.7%	-$5.06-1200.0%	$0.46-41.0%	$0.78-43.1%	$1.37+2.2%	$1.34-5.0%	$1.41-9.6%	$1.56
EPS (Diluted)	—	$1.87+15.4%	$1.62+17.4%	$1.38+127.3%	-$5.06-1276.7%	$0.43-44.9%	$0.78-42.6%	$1.36+3.0%	$1.32	$1.40+125.8%	$0.62
Diluted Shares (Avg)	N/A	41M+2.3%	40M+0.3%	40M+9.7%	36M-7.0%	39M+10.0%	35M+0.7%	35M+38.8%	25M	23M-3.0%	24M

Metric	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'25	Q1'2510-Q	Q4'24	Q3'2410-Q	Q2'24
Revenue	$527.4M+33.6%	$1.1B+963.8%	$90.7M-21.3%	$92.8M-16.3%	$394.8M+200.0%	$103.2M-13.1%	$115.3M-89.3%	$110.8M-3.4%
SG&A Expenses	$231.2M+1913.2%	$728.6M+7554.4%	$10.9M-4.2%	$11.6M+19.2%	$11.5M+3.2%	$9.5M-20.7%	$11.4M-4.1%	$9.7M-14.4%
Operating Income	$54.2M+2.5%	$124.7M+212.6%	-$9.2M+46.1%	-$146K+98.4%	$52.9M+354.4%	-$110.8M-115.5%	-$17.0M-106.7%	-$9.0M+77.6%
EBITDA	$88.7M+6.2%	$214.8M+308.9%	-$6.9M+29.7%	$3.2M+359.6%	$83.5M+289.0%	-$102.8M-169.8%	-$9.8M-102.7%	$703K+102.8%
Interest Expense	$16.8M+17.5%	$40.2M+469.3%	$2.8M-62.9%	$3.3M-64.0%	$14.3M+34.4%	$7.1M-36.7%	$7.6M-44.4%	$9.0M-24.8%
Income Tax	$10.7M+12.6%	$25.4M+684.8%	$2.5M+546.1%	-$238K+70.6%	$9.5M+13094.4%	-$4.3M-602.7%	$393K-98.9%	-$810K+70.7%
Net Income	$26.9M-0.7%	$42.4M+137.8%	-$14.1M+43.3%	$20.9M+204.8%	$27.1M+132.4%	-$111.9M-93.5%	-$24.9M-112.8%	-$19.9M+58.1%
EPS (Basic)	$0.59-14.5%	N/A	-$0.34+43.3%	$0.50+204.2%	$0.69+146.4%	-$2.71-92.2%	-$0.60	-$0.48+59.0%
EPS (Diluted)	$0.58-14.7%	N/A	-$0.34+43.3%	$0.50+204.2%	$0.68+142.9%	-$2.71-92.2%	-$0.60	-$0.48+59.0%
Diluted Shares (Avg)	46M+15.7%	N/A	42M+1.3%	42M+1.1%	40M-3.1%	41M+1.0%	41M	41M+1.3%

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses.

MESA Balance Sheet

MESA quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY22	FY21	FY20	FY19	FY18	FY17	FY16
Total Assets	$3.3B+18.4%	$2.8B+256.8%	$775.6M-30.5%	$1.1B-23.4%	$1.5B-3.0%	$1.5B+3.4%	$1.5B-1.4%	$1.5B+8.5%	$1.4B	N/A
Current Assets	$540.7M+19.3%	$453.3M+201.6%	$150.3M+52.8%	$98.3M-37.9%	$158.4M+1.8%	$155.6M-1.4%	$157.8M-20.2%	$197.9M+35.7%	$145.8M	N/A
Cash & Equivalents	$134.3M+21.5%	$110.5M+587.7%	$16.1M-72.1%	$57.7M-52.1%	$120.5M+21.3%	$99.4M+44.4%	$68.9M-33.4%	$103.3M+81.9%	$56.8M+50.7%	$37.7M
Inventory	$88.5M+40.5%	$63.0M	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$122.5M+5733.3%	$2.1M0.0%	$2.1M	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$1.9B+18.0%	$1.7B+711.1%	-$270.3M-133.5%	$807.4M-16.6%	$968.5M-7.2%	$1.0B+1.8%	$1.0B-6.5%	$1.1B-3.3%	$1.1B	N/A
Current Liabilities	$574.3M+17.4%	$489.1M+92.6%	$253.9M+18.4%	$214.5M-16.9%	$258.2M-26.9%	$353.3M+37.6%	$256.7M+2.1%	$251.4M+15.2%	$218.2M	N/A
Non-Current Liabilities	$1.4B+938.8%	$132.2M-65.1%	$379.1M-36.1%	$593.0M-16.5%	$710.4M+2.8%	$690.7M-10.2%	$769.3M-9.1%	$846.5M-7.7%	$917.2M	N/A
Long-Term Debt	$882.9M+953.8%	$83.8M-73.4%	$315.5M-37.2%	$502.5M-6.9%	$539.7M-0.5%	$542.5M-19.9%	$677.4M-10.9%	$760.2M-5.4%	$803.9M	N/A
Total Equity	$1.3B+19.6%	$1.1B+6.2%	$1.0B+239.4%	$308.2M-36.9%	$488.0M+6.6%	$457.9M+7.5%	$425.9M+13.7%	$374.5M+68.5%	$222.2M+17.5%	$189.2M
Retained Earnings	$708.5M+12.0%	$632.5M+590.4%	-$129.0M-363.2%	$49.0M-78.9%	$231.7M+7.7%	$215.1M+14.8%	$187.4M+34.0%	$139.8M+29.7%	$107.8M	N/A

Metric	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'25	Q1'2510-Q	Q4'24	Q3'2410-Q	Q2'24
Total Assets	$3.3B+1418.9%	$3.3B+18.4%	$158.9M-73.4%	$178.6M-73.1%	$215.0M-69.6%	$2.8B+256.8%	$596.9M-33.6%	$664.4M-30.9%
Current Assets	$486.5M+197.4%	$540.7M+19.3%	$114.6M+87.1%	$133.4M+57.2%	$163.6M+66.2%	$453.3M+201.6%	$61.3M-55.8%	$84.9M-53.1%
Cash & Equivalents	$111.3M+105.7%	$134.3M+21.5%	$38.7M+148.0%	$42.5M+160.5%	$54.1M+192.1%	$110.5M+587.7%	$15.6M-52.6%	$16.3M-66.3%
Inventory	$95.3M	$88.5M+40.5%	N/A	N/A	N/A	$63.0M	N/A	N/A
Accounts Receivable	$21.6M	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$122.5M	$122.5M+5733.3%	N/A	N/A	N/A	$2.1M0.0%	N/A	N/A
Total Liabilities	$1.9B+307.4%	$1.9B+18.0%	$211.6M-56.5%	$219.9M-58.5%	-$922.6M-267.3%	$1.7B+711.1%	$486.6M-30.3%	$529.5M-27.9%
Current Liabilities	$520.2M+157.5%	$574.3M+17.4%	$170.0M-2.6%	$174.6M-6.9%	$202.0M+2.7%	$489.1M+92.6%	$174.5M-34.9%	$187.5M-25.8%
Non-Current Liabilities	$1.4B+1749.6%	$1.4B+938.8%	$41.6M-86.7%	$45.3M-86.7%	$75.3M-78.8%	$132.2M-65.1%	$312.2M-27.5%	$342.0M-29.0%
Long-Term Debt	$909.2M+2772.5%	$882.9M+953.8%	$27.0M-89.6%	$28.2M-90.2%	$31.7M-89.4%	$83.8M-73.4%	$259.8M-28.8%	$287.7M-34.9%
Total Equity	$1.4B+18.8%	$1.3B+19.6%	-$52.6M-147.7%	-$38.7M-128.7%	$1.1B+635.5%	$1.1B+6.2%	$110.2M-44.9%	$134.9M-40.8%
Retained Earnings	$735.4M+319.3%	$708.5M+12.0%	-$326.0M-101.1%	-$314.5M-129.2%	-$335.3M-185.8%	$632.5M+590.4%	-$162.1M-128.0%	-$137.2M-220.8%

Not reported in any period shown, so not listed: Short-Term Investments, Long-Term Investments.

MESA Cash Flow Statement

MESA quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY22	FY21	FY20	FY19	FY18	FY17	FY16
Operating Cash Flow	N/A	$322.0M+42.4%	$226.1M-31.3%	$329.2M+2363.7%	$13.4M-89.9%	$132.9M-23.9%	$174.7M+15.2%	$151.7M+27.5%	$118.9M+59.2%	$74.7M-28.5%	$104.5M
Depreciation & Amortization	N/A	$126.3M+7.9%	$117.0M-26.6%	$159.4M+95.6%	$81.5M-1.6%	$82.8M+0.7%	$82.3M+5.5%	$78.0M+19.9%	$65.0M+6.5%	$61.0M+32.7%	$46.0M
Stock-Based Compensation	N/A	$20.2M+1920.0%	$1.0M-33.3%	$1.5M-45.7%	$2.8M-11.7%	$3.1M-29.2%	$4.4M-19.9%	$5.5M-57.4%	$12.9M+903.8%	$1.3M-16.7%	$1.5M
Capital Expenditures	N/A	$396.9M+75.1%	$226.7M-40.0%	$378.1M+826.4%	$40.8M+138.0%	$17.1M-35.7%	$26.7M-78.7%	$125.3M+6.2%	$118.0M+39.6%	$84.5M-82.8%	$490.1M
Free Cash Flow	N/A	-$74.9M-12383.3%	-$600K+98.8%	-$48.9M-78.1%	-$27.5M-123.7%	$115.7M-21.8%	$148.0M+462.2%	$26.3M+2671.2%	$950K+109.7%	-$9.8M+97.5%	-$385.6M
Investing Cash Flow	N/A	-$350.9M-232.6%	-$105.5M+74.9%	-$420.9M-30935.2%	$1.4M+104.1%	-$33.5M-25.5%	-$26.7M+74.6%	-$104.8M+24.3%	-$138.6M-64.8%	-$84.1M+82.9%	-$491.1M
Financing Cash Flow	N/A	$54.7M+153.5%	-$102.2M-195.4%	$107.1M+238.1%	-$77.6M+1.0%	-$78.4M+33.4%	-$117.7M-44.4%	-$81.5M-222.7%	$66.4M+133.0%	$28.5M-92.2%	$365.8M
Share Buybacks	N/A	N/A	N/A	N/A	$455K-69.4%	$1.5M+153.6%	$586K-68.7%	$1.9M-62.5%	$5.0M+378.7%	$1.0M-26.1%	$1.4M

Metric	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'25	Q1'2510-Q	Q4'24	Q3'2410-Q	Q2'24
Operating Cash Flow	$57.8M+7.4%	$356.6M+3184.6%	N/A	-$9.4M-183.8%	$53.8M+231.5%	-$11.6M-47.4%	N/A	$11.2M+315.5%
Depreciation & Amortization	$34.5M+12.7%	$90.1M+1028.7%	$2.3M-68.6%	$3.4M-65.3%	$30.6M+211.5%	$8.0M-40.0%	$7.2M-93.7%	$9.7M-36.5%
Stock-Based Compensation	$1.3M+333.3%	N/A	$200K0.0%	$300K+50.0%	$300K-25.0%	$279K-34.7%	$200K	$200K-66.7%
Capital Expenditures	$93.1M+136.9%	$391.9M+18877.1%	N/A	$1.1M-70.3%	$39.3M+523.0%	$2.1M-70.0%	N/A	$3.7M-47.6%
Free Cash Flow	-$35.3M-343.4%	-$35.3M-158.8%	N/A	-$10.5M-240.1%	$14.5M+46.2%	-$13.6M+7.5%	N/A	$7.5M+161.0%
Investing Cash Flow	-$92.0M-121.2%	-$446.4M-485.3%	N/A	$15.7M-14.8%	-$41.6M-186.8%	$115.8M+148.5%	N/A	$18.4M-61.0%
Financing Cash Flow	$10.0M+127.9%	$116.7M+246.1%	N/A	-$17.9M+43.7%	-$35.9M+41.9%	-$79.9M-43.7%	N/A	-$31.9M+29.3%

Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.

MESA Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

MESA quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY22	FY21	FY20	FY19	FY18	FY17	FY16
Operating Margin	10.0%+0.8pp	9.3%-0.2pp	9.5%+44.3pp	-34.8%-47.4pp	12.6%-2.2pp	14.7%-2.0pp	16.8%+6.1pp	10.7%-4.9pp	15.6%+5.9pp	9.7%
Net Margin	4.5%+0.2pp	4.4%+0.5pp	3.8%+38.2pp	-34.4%-37.7pp	3.3%-1.8pp	5.0%-1.5pp	6.6%+1.7pp	4.9%-0.2pp	5.1%+2.6pp	2.5%
Return on Equity	5.7%-0.1pp	5.8%+0.6pp	5.2%+64.5pp	-59.3%-62.7pp	3.4%-2.6pp	6.0%-5.2pp	11.2%+2.3pp	8.9%-5.9pp	14.8%+6.9pp	7.9%
Return on Assets	2.3%0.0pp	2.3%-4.7pp	7.1%+23.4pp	-16.4%-17.5pp	1.1%-0.7pp	1.8%-1.5pp	3.3%+1.0pp	2.3%-0.2pp	2.4%	N/A
Current Ratio	0.940.0x	0.93+0.3x	0.59+0.1x	0.46-0.2x	0.61+0.2x	0.44-0.2x	0.61-0.2x	0.79+0.1x	0.67	N/A
Debt-to-Equity	0.77+0.7x	0.08-0.2x	0.30-1.3x	1.63+0.5x	1.11-0.1x	1.18-0.4x	1.59-0.4x	2.03-1.6x	3.62	N/A
Asset Turnover	0.510.0x	0.53-1.3x	1.84+1.4x	0.48+0.1x	0.350.0x	0.36-0.1x	0.500.0x	0.460.0x	0.47	N/A
FCF Margin	-4.5%-4.4pp	0.0%+3.4pp	-3.4%+1.8pp	-5.2%-28.2pp	23.0%-4.2pp	27.2%+23.5pp	3.6%+3.5pp	0.1%+1.7pp	-1.5%+64.1pp	-65.6%

Metric	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'25	Q1'2510-Q	Q4'24	Q3'2410-Q	Q2'24
Operating Margin	10.3%-3.1pp	11.4%	-10.1%+4.7pp	-0.2%+8.0pp	13.4%+4.6pp	-107.3%	-14.8%-38.4pp	-8.2%+26.9pp
Net Margin	5.1%-1.8pp	3.9%	-15.6%+6.0pp	22.5%+40.4pp	6.9%-2.0pp	-108.4%	-21.6%-39.8pp	-18.0%+23.5pp
Return on Equity	2.0%-0.4pp	3.2%+13.3pp	N/A	N/A	2.4%-5.2pp	-10.1%-4.5pp	-22.6%-120.3pp	-14.8%+6.1pp
Return on Assets	0.8%-11.8pp	1.3%+5.3pp	-8.9%-4.7pp	11.7%+14.7pp	12.6%+11.0pp	-4.0%+3.4pp	-4.2%-25.9pp	-3.0%+1.9pp
Current Ratio	0.94+0.1x	0.940.0x	0.67+0.3x	0.76+0.3x	0.81+0.3x	0.93+0.3x	0.35-0.2x	0.45-0.3x
Debt-to-Equity	0.67+0.6x	0.77+0.7x	N/A	N/A	0.03-1.9x	0.08-0.2x	2.36+0.5x	2.13+0.2x
Asset Turnover	0.16-1.7x	0.34+0.3x	0.57+0.4x	0.52+0.4x	1.84+1.7x	0.04-0.1x	0.19-1.0x	0.170.0x
FCF Margin	-6.7%-10.4pp	-3.2%+10.0pp	N/A	-11.3%-18.1pp	3.7%-3.9pp	-13.2%-0.8pp	N/A	6.8%+17.5pp

Not reported in any period shown, so not listed: Gross Margin.

Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin.

Note: The current ratio is below 1.0 (0.94), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Mesa Air Group, Inc. MESA	FY2025	$1.7B	$76.2M	4.5%	$58.6M	36/100
Surf Air Mobility Inc. SRFM	FY2025	$106.6M	-$110.6M	N/A	$118.1M	37/100
flyExclusive, Inc. FLYX	FY2025	$375.9M	-$17.6M	-4.7%	$70.4M	23/100
Frontier Group Holdings, Inc. ULCC	FY2025	$3.7B	-$137.0M	-3.7%	$1.3B	28/100
CONTROLADORA VUELA COMPANIA DE AVIACION, S.A.B. DE C.V. VLRS	FY2025	N/A	-$103.9M	N/A	$717.3M	—
JetBlue Airways Corp JBLU	FY2025	$9.1B	-$602.0M	-6.6%	$1.4B	18/100

Where Mesa Air Group, Inc. Ranks

Frequently Asked Questions

What is Mesa Air Group, Inc.'s annual revenue?

Mesa Air Group, Inc. (MESA) reported $1.7B in total revenue for fiscal year 2025. This represents a 13.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Mesa Air Group, Inc.'s revenue growing?

Mesa Air Group, Inc. (MESA) revenue grew by 13.7% year-over-year, from $1.5B to $1.7B in fiscal year 2025.

Is Mesa Air Group, Inc. profitable?

Yes, Mesa Air Group, Inc. (MESA) reported a net income of $76.2M in fiscal year 2025, with a net profit margin of 4.5%.

What is Mesa Air Group, Inc.'s EBITDA?

Mesa Air Group, Inc. (MESA) had EBITDA of $294.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Mesa Air Group, Inc. have?

As of fiscal year 2025, Mesa Air Group, Inc. (MESA) had $134.3M in cash and equivalents against $882.9M in long-term debt.

What is Mesa Air Group, Inc.'s operating margin?

Mesa Air Group, Inc. (MESA) had an operating margin of 10.0% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Mesa Air Group, Inc.'s net profit margin?

Mesa Air Group, Inc. (MESA) had a net profit margin of 4.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Mesa Air Group, Inc.'s return on equity (ROE)?

Mesa Air Group, Inc. (MESA) has a return on equity of 5.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Mesa Air Group, Inc.'s free cash flow?

Mesa Air Group, Inc. (MESA) recorded an outflow of $74.9M in free cash flow during fiscal year 2025. This represents a -12383.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Mesa Air Group, Inc.'s operating cash flow?

Mesa Air Group, Inc. (MESA) generated $322.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Mesa Air Group, Inc.'s total assets?

Mesa Air Group, Inc. (MESA) had $3.3B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Mesa Air Group, Inc.'s capital expenditures?

Mesa Air Group, Inc. (MESA) invested $396.9M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How many shares does Mesa Air Group, Inc. have outstanding?

Mesa Air Group, Inc. (MESA) had 46M shares outstanding as of fiscal year 2025.

What is Mesa Air Group, Inc.'s current ratio?

Mesa Air Group, Inc. (MESA) had a current ratio of 0.94 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

What is Mesa Air Group, Inc.'s debt-to-equity ratio?

Mesa Air Group, Inc. (MESA) had a debt-to-equity ratio of 0.77 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Mesa Air Group, Inc.'s return on assets (ROA)?

Mesa Air Group, Inc. (MESA) had a return on assets of 2.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Mesa Air Group, Inc.'s Altman Z-Score?

Mesa Air Group, Inc. (MESA) has an Altman Z-Score of 0.99, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Mesa Air Group, Inc.'s Piotroski F-Score?

Mesa Air Group, Inc. (MESA) has a Piotroski F-Score of 4 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Mesa Air Group, Inc.'s earnings high quality?

Mesa Air Group, Inc. (MESA) has an earnings quality ratio of 4.23x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Mesa Air Group, Inc. cover its interest payments?

Mesa Air Group, Inc. (MESA) has an interest coverage ratio of 2.78x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Mesa Air Group, Inc.?

Mesa Air Group, Inc. (MESA) scores 36 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.