What is Mesoblast's earnings per share (EPS)?

Mesoblast (MESO) reported diluted earnings per share of $-0.08 for fiscal year 2025. This represents a 5.1% 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.

Mesoblast Financials

MESO

Source SEC Filings (10-K/10-Q) Data as of Dec 31, 2025 Currency USD FYE June

This page shows Mesoblast (MESO) financial statements, including the 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 MESO FY2025 2026-04-22

Mesoblast’s current business mechanic is external cash funding, with financing replenishing liquidity faster than revenue can support operations.

Cash climbed to $161.6M in FY2025 from $63.0M a year earlier. Because operating cash flow still consumed about $50.0M and free cash flow remained negative, the stronger liquidity position reflects financing inflow rather than a self-funding operating model; runway improved without the core business yet carrying its own costs.

Shares outstanding rose from 1.14B to 1.28B between FY2024 and FY2025. With long-term debt still only $3.6M, that pattern suggests an equity-funded balance sheet where creditor pressure is limited, but continued access to outside capital remains central to how the business operates.

FY2025 assets totaled $784.7M, but $571.8M of that was goodwill. Because so much of the asset base is intangible and annual revenue was only $17.2M, book size overstates operating scale: the balance sheet looks large, yet the sales engine behind it is still comparatively small.

Financial Health Signals

Financial Health Score 52/100

Scored as: Emerging companies peer group

Scored against emerging 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 Mesoblast'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.

Cash Runway

Dilution

Revenue Progress

Burn Trend

Balance Sheet

Piotroski F-Score Partial

4/8

Mesoblast passes 4 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Low Quality

0.49x

For every $1 of reported earnings, Mesoblast generates $0.49 in operating cash flow (-$50.0M OCF vs -$102.1M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

$17.2M

YoY+191.4%

5Y CAGR-11.8%

Mesoblast generated $17.2M in revenue in fiscal year 2025. This represents an increase of 191.4% from the prior year.

EBITDA

N/A

Net Income

-$102.1M

YoY-16.1%

Mesoblast reported -$102.1M in net income in fiscal year 2025. This represents a decrease of 16.1% from the prior year.

EPS (Diluted)

$-0.08

YoY+5.1%

Mesoblast earned $-0.08 per diluted share (EPS) in fiscal year 2025. This represents an increase of 5.1% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$50.6M

YoY-3.9%

Mesoblast generated -$50.6M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 3.9% from the prior year.

Cash & Debt

$161.6M

YoY+156.6%

5Y CAGR+4.5%

Mesoblast held $161.6M in cash against $3.6M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

1.28B

YoY+12.1%

5Y CAGR+17.0%

Mesoblast had 1.28B shares outstanding in fiscal year 2025. This represents an increase of 12.1% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

-593.9%

YoY+896.4pp

5Y CAGR-351.5pp

Mesoblast's net profit margin was -593.9% in fiscal year 2025, showing the share of revenue converted to profit. This is up 896.4 percentage points from the prior year.

Return on Equity

-17.1%

YoY+1.2pp

5Y CAGR-2.9pp

Mesoblast's ROE was -17.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 1.2 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$680K

YoY+150.9%

Mesoblast invested $680K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 150.9% from the prior year.

MESO Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$17.2M+191.4%	$5.9M-21.3%	$7.5M-26.5%	$10.2M+37.4%	$7.4M-76.9%	$32.2M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$400K0.0%	$400K-20.0%	$500K-16.7%	$600K0.0%	$600K+20.0%	$500K
Income Tax	$330K+272.8%	-$191K+9.9%	-$212K+11.3%	-$239K+70.8%	-$819K+91.3%	-$9.4M
Net Income	-$102.1M-16.1%	-$88.0M-7.4%	-$81.9M+10.4%	-$91.3M+7.6%	-$98.8M-26.8%	-$77.9M
EPS (Diluted)	$-0.08+5.1%	$-0.09+15.4%	$-0.11+21.3%	$-0.13+18.1%	$-0.16-10.8%	$-0.15

Metric	Q2'26	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q3'23	Q2'23
Revenue	N/A	N/A	N/A	N/A	N/A	$1.9M-0.7%	$1.9M-9.1%	$2.1M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	-$40K+13.0%	-$46K+35.2%	-$71K
Net Income	N/A	N/A	N/A	N/A	N/A	-$21.9M-17.8%	-$18.6M+24.0%	-$24.5M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	$-0.03+23.8%	$-0.03

MESO Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$784.7M+17.3%	$669.2M0.0%	$669.4M+1.1%	$662.1M-11.1%	$744.7M+1.5%	$733.6M
Current Assets	$204.3M+136.3%	$86.5M+5.9%	$81.7M+16.9%	$69.8M-52.9%	$148.2M+8.6%	$136.5M
Cash & Equivalents	$161.6M+156.6%	$63.0M-11.7%	$71.3M+18.0%	$60.4M-55.8%	$136.9M+5.8%	$129.3M
Inventory	$22.2M	$0	N/A	N/A	N/A	N/A
Accounts Receivable	$14.9M-29.0%	$21.0M+199.4%	$7.0M+58.9%	$4.4M-9.1%	$4.8M+207.6%	$1.6M
Goodwill	$571.8M-0.7%	$575.7M-0.3%	$577.2M-0.3%	$578.7M-0.3%	$580.5M-0.2%	$581.6M
Total Liabilities	$187.2M-0.8%	$188.8M+12.7%	$167.6M+1.5%	$165.1M+1.1%	$163.3M-11.4%	$184.3M
Current Liabilities	$102.6M+40.1%	$73.2M+74.5%	$42.0M-18.3%	$51.4M-45.5%	$94.3M+4.6%	$90.1M
Long-Term Debt	$3.6M+83.6%	$2.0M-46.8%	$3.7M-48.2%	$7.1M-16.5%	$8.5M+34.3%	$6.3M
Total Equity	$597.4M+24.4%	$480.4M-4.3%	$501.8M+1.0%	$497.0M-14.5%	$581.4M+5.8%	$549.3M
Retained Earnings	-$1.0B-11.2%	-$908.8M-10.7%	-$820.8M-11.1%	-$738.9M-14.1%	-$647.6M-18.0%	-$548.8M

Metric	Q2'26	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q3'23	Q2'23
Total Assets	$782.3M-0.3%	$784.7M+20.1%	$653.3M-2.4%	$669.2M-0.2%	$670.3M+0.1%	$669.4M+2.9%	$650.4M-2.6%	$668.1M
Current Assets	$202.5M-0.9%	$204.3M+193.3%	$69.7M-19.4%	$86.5M+1.5%	$85.2M+4.3%	$81.7M+33.1%	$61.4M-21.5%	$78.1M
Cash & Equivalents	$130.0M-19.5%	$161.6M+324.8%	$38.0M-39.6%	$63.0M-18.8%	$77.6M+8.7%	$71.3M+46.1%	$48.8M-27.8%	$67.6M
Inventory	$21.7M-2.6%	$22.2M-8.1%	$24.2M	$0	N/A	N/A	N/A	N/A
Accounts Receivable	$43.3M+191.3%	$14.9M+396.2%	$3.0M-85.7%	$21.0M+424.1%	$4.0M-42.9%	$7.0M-16.6%	$8.4M+64.1%	$5.1M
Goodwill	$568.8M-0.5%	$571.8M-0.5%	$574.9M-0.1%	$575.7M-0.1%	$576.6M-0.1%	$577.2M-0.1%	$577.5M-0.1%	$577.9M
Total Liabilities	$207.6M+10.9%	$187.2M-2.5%	$192.1M+1.7%	$188.8M+16.9%	$161.6M-3.6%	$167.6M-0.4%	$168.3M+0.1%	$168.1M
Current Liabilities	$128.1M+24.8%	$102.6M+41.1%	$72.8M-0.7%	$73.2M+133.5%	$31.4M-25.3%	$42.0M-22.1%	$53.9M-1.2%	$54.6M
Long-Term Debt	$5.9M+64.4%	$3.6M-24.6%	$4.8M+143.3%	$2.0M-42.4%	$3.4M-7.8%	$3.7M-21.0%	$4.6M-7.1%	$5.0M
Total Equity	$574.7M-3.8%	$597.4M+29.5%	$461.3M-4.0%	$480.4M-5.6%	$508.7M+1.4%	$501.8M+4.1%	$482.2M-3.6%	$500.0M
Retained Earnings	-$1.1B-4.0%	-$1.0B-5.7%	-$956.7M-5.3%	-$908.8M-6.5%	-$853.3M-4.0%	-$820.8M-2.7%	-$798.9M-2.4%	-$780.3M

MESO Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$50.0M-3.1%	-$48.5M+23.4%	-$63.3M+3.8%	-$65.8M+34.7%	-$100.7M-99.8%	-$50.4M
Capital Expenditures	$680K+150.9%	$271K+2.7%	$264K	N/A	N/A	N/A
Free Cash Flow	-$50.6M-3.9%	-$48.7M+23.3%	-$63.5M	N/A	N/A	N/A
Investing Cash Flow	$120K+223.7%	-$97K+50.0%	-$194K+16.4%	-$232K+85.9%	-$1.6M+49.7%	-$3.3M
Financing Cash Flow	$147.3M+266.0%	$40.3M-46.0%	$74.5M+854.8%	-$9.9M-109.1%	$108.5M-17.2%	$131.1M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'26	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q3'23	Q2'23
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	-$16.3M-0.2%	-$16.3M+1.2%	-$16.5M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	$16K-40.7%	$27K+179.4%	-$34K
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	$38.8M+1625.3%	-$2.5M-26.3%	-$2.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

MESO Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	-593.9%+896.4pp	-1490.3%-398.6pp	-1091.7%-197.1pp	-894.6%+434.6pp	-1329.2%-1086.8pp	-242.4%
Return on Equity	-17.1%+1.2pp	-18.3%-2.0pp	-16.3%+2.1pp	-18.4%-1.4pp	-17.0%-2.8pp	-14.2%
Return on Assets	-13.0%+0.1pp	-13.1%-0.9pp	-12.2%+1.6pp	-13.8%-0.5pp	-13.3%-2.7pp	-10.6%
Current Ratio	1.99+0.8	1.18-0.8	1.95+0.6	1.36-0.2	1.57+0.1	1.51
Debt-to-Equity	0.010.0	0.000.0	0.010.0	0.010.0	0.010.0	0.01
FCF Margin	-294.4%+531.2pp	-825.6%+21.4pp	-847.0%	N/A	N/A	N/A

Metric	Q2'26	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q3'23	Q2'23
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	-1138.7%-179.4pp	-959.3%+188.2pp	-1147.4%
Return on Equity	N/A	N/A	N/A	N/A	N/A	-4.4%-0.5pp	-3.9%+1.0pp	-4.9%
Return on Assets	N/A	N/A	N/A	N/A	N/A	-3.3%-0.4pp	-2.9%+0.8pp	-3.7%
Current Ratio	1.58-0.4	1.99+1.0	0.96-0.2	1.18-1.5	2.71+0.8	1.95+0.8	1.14-0.3	1.43
Debt-to-Equity	0.010.0	0.010.0	0.010.0	0.000.0	0.010.0	0.010.0	0.010.0	0.01
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Mesoblast's annual revenue?

Mesoblast (MESO) reported $17.2M in total revenue for fiscal year 2025. This represents a 191.4% 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 Mesoblast's revenue growing?

Mesoblast (MESO) revenue grew by 191.4% year-over-year, from $5.9M to $17.2M in fiscal year 2025.

Is Mesoblast profitable?

No, Mesoblast (MESO) reported a net income of -$102.1M in fiscal year 2025, with a net profit margin of -593.9%.

How much debt does Mesoblast have?

As of fiscal year 2025, Mesoblast (MESO) had $161.6M in cash and equivalents against $3.6M in long-term debt.

What is Mesoblast's net profit margin?

Mesoblast (MESO) had a net profit margin of -593.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Mesoblast's return on equity (ROE)?

Mesoblast (MESO) has a return on equity of -17.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Mesoblast's free cash flow?

Mesoblast (MESO) generated -$50.6M in free cash flow during fiscal year 2025. This represents a -3.9% 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 Mesoblast's operating cash flow?

Mesoblast (MESO) generated -$50.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Mesoblast's total assets?

Mesoblast (MESO) had $784.7M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Mesoblast's capital expenditures?

Mesoblast (MESO) invested $680K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How many shares does Mesoblast have outstanding?

Mesoblast (MESO) had 1.28B shares outstanding as of fiscal year 2025.

What is Mesoblast's current ratio?

Mesoblast (MESO) had a current ratio of 1.99 as of fiscal year 2025, which is generally considered healthy.

What is Mesoblast's debt-to-equity ratio?

Mesoblast (MESO) had a debt-to-equity ratio of 0.01 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Mesoblast's return on assets (ROA)?

Mesoblast (MESO) had a return on assets of -13.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Mesoblast's cash runway?

Based on fiscal year 2025 data, Mesoblast (MESO) had $161.6M in cash against an annual operating cash burn of $50.0M. This gives an estimated cash runway of approximately 39 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Mesoblast's Piotroski F-Score?

Mesoblast (MESO) 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 Mesoblast's earnings high quality?

Mesoblast (MESO) has an earnings quality ratio of 0.49x, considered low quality (accrual-driven). 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.

How financially healthy is Mesoblast?

Mesoblast (MESO) scores 52 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), 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.