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Mesoblast LTD (MESO) stock

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NASDAQ: MESO Nasdaq Biotechnology

B Fundamentals grade

Mesoblast LTD is a US-listed company in the biotechnology industry. Its financial year ends in June.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: free cash flow after stock pay is not positive.

Price vs value

Under review: free cash flow after stock pay is not positive. We'll show the comparison once resolved.

Mesoblast LTD valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders1 buying, 0 selling24 purchases and 0 sales by directors and officers, last 12 monthsInsider trades
  • Funds33 adding, 25 cuttingOf 6 active managers that changed their stake, 3 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Mesoblast files

Where Mesoblast LTD stands after its latest Filing

Revenue for the twelve months was $120m, up 599.2% on a year earlier, faster than the 191.4% growth a quarter earlier. That growth ranks 15 of 172 among the biotechnology companies we cover. Free-cash-flow margin held at -37.1%. The diluted share count is up 7.2% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 3 of our 6 financial-health checks.

Our model value for Mesoblast is under review, so past values are not shown until it is resolved.

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Mesoblast LTD's trailing-twelve-month revenue grew 599.2% year on year, with a free-cash-flow margin of -37.1%. Where it stands out: change in growth rate of +407.8pp ranks 9 of 172 biotechnology companies we cover. Where it lags: days sales outstanding of 175 days ranks 95 of 100 biotechnology companies we cover.

Current signal Revenue growth accelerating: TTM revenue growth rose to 599.2% (+407.8pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 599.2% over the last 12 months, against a median of 12.6% for biotechnology companies we cover.
  • Growth speeding up. The growth rate is 407.8 points higher than a quarter earlier.

Things to watch

  • Burning cash. Free cash flow was -37.1% of revenue over the last 12 months.
  • Share dilution. Diluted shares rose 7.2% in a year.
  • Below peers: days sales outstanding. Days sales outstanding of 175 days ranks 95 of 100 biotechnology companies we cover (median 75 days).

Price chart

  • 1 day-4.1%
  • 1 week+17.4%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$120M
Net margin
-47.8%
EPS (TTM, diluted)
$-0.44

Growth

Revenue growth
+599.2%
Change in growth rate
+407.8 pts
Share count change
+7.2%

Cash

Free cash flow (TTM)
-$44.7M
FCF margin
-37.1%
Stock pay % of revenue
12.4%

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

No recent updates are available for MESO from the sources we follow. See filings →

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Mesoblast LTD valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: free cash flow after stock pay is not positive.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Mesoblast LTD as an operating company, with every model that fits that kind of business. Cost of equity 9.9%: the 10-year Treasury yield (4.9%) plus a beta of 1.1 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. ~$1.8 ~$1.2–$2.5 Left out: out of range vs price (0.12x)
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: This model is withheld pending its input or assumption review.
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: This model is withheld pending its input or assumption review.
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: This model is withheld pending its input or assumption review.
Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. ~$1.1 ~$2.5–$8.6 Left out: out of range vs price (0.08x)
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Mesoblast LTD with Biotechnology in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current — — $254m +52%
Next — — $416m +63%

Analyst recommendations

3 analysts, Nov 2026
Buy3100%
Hold00%
Sell00%

Monthly trend

  1. Nov 2026213
  2. Oct 2026213
  3. Sep 2026213

Counts of recommendations published by analysts covering Mesoblast LTD, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
3.4%
of tradable shares
Days to cover
14.11
at average volume
Short interest, 1 month
−1%
to October 15, 2026
Held by institutions
3%
of shares
Held by insiders
57.3%
of shares
Employees
108
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

Price behaviour

52-week range
Not enough history
From 52-week high
—
vs 50-day average
—
vs 200-day average
—
Volatility (1 year)
—
Beta vs S&P 500
—

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Mesoblast LTD in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Mesoblast LTD
$0 $50M $100M $150M FY16 Q4 FY18 Q4 FY20 Q4 FY22 Q4 FY24 Q4 FY26 Q4 Revenue (TTM), FY16 Q4: $42.5M Revenue (TTM), FY17 Q4: $2.4M Revenue (TTM), FY18 Q4: $17.3M Revenue (TTM), FY19 Q4: $16.7M Revenue (TTM), FY20 Q4: $32.2M Revenue (TTM), FY21 Q4: $7.4M Revenue (TTM), FY22 Q4: $10.2M Revenue (TTM), FY23 Q4: $7.5M Revenue (TTM), FY24 Q4: $5.9M Revenue (TTM), FY25 Q4: $17.2M Revenue (TTM), FY26 Q4: $120.3M $120.3M

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Revenue (TTM)
FY16 Q4 $42.5M
FY17 Q4 $2.4M
FY18 Q4 $17.3M
FY19 Q4 $16.7M
FY20 Q4 $32.2M
FY21 Q4 $7.4M
FY22 Q4 $10.2M
FY23 Q4 $7.5M
FY24 Q4 $5.9M
FY25 Q4 $17.2M
FY26 Q4 $120.3M
Revenue growth, TTM YoY Mesoblast LTD
-200% 0% 200% 400% 600% 800% FY17 Q4 FY19 Q4 FY21 Q4 FY23 Q4 FY26 Q4 Revenue growth, TTM YoY, FY17 Q4: -94.3% Revenue growth, TTM YoY, FY18 Q4: 618.9% Revenue growth, TTM YoY, FY19 Q4: -3.6% Revenue growth, TTM YoY, FY20 Q4: 92.3% Revenue growth, TTM YoY, FY21 Q4: -76.9% Revenue growth, TTM YoY, FY22 Q4: 37.4% Revenue growth, TTM YoY, FY23 Q4: -26.5% Revenue growth, TTM YoY, FY24 Q4: -21.3% Revenue growth, TTM YoY, FY25 Q4: 191.4% Revenue growth, TTM YoY, FY26 Q4: 599.2% 599.2%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Revenue growth, TTM YoY
FY17 Q4 -94.3%
FY18 Q4 618.9%
FY19 Q4 -3.6%
FY20 Q4 92.3%
FY21 Q4 -76.9%
FY22 Q4 37.4%
FY23 Q4 -26.5%
FY24 Q4 -21.3%
FY25 Q4 191.4%
FY26 Q4 599.2%
FCF margin (TTM) Mesoblast LTD
-1000% -500% 0% FY23 Q4 FY24 Q4 FY25 Q4 FY26 Q4 FCF margin (TTM), FY23 Q4: -847.0% FCF margin (TTM), FY24 Q4: -825.6% FCF margin (TTM), FY25 Q4: -294.4% FCF margin (TTM), FY26 Q4: -37.1% -37.1%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 -847.0%
FY24 Q4 -825.6%
FY25 Q4 -294.4%
FY26 Q4 -37.1%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 20-F. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2016 Jun 2016 2017 Jun 2017 2018 Jun 2018 2019 Jun 2019 2020 Jun 2020 2021 Jun 2021 2022 Jun 2022 2023 Jun 2023 2024 Jun 2024 2025 Jun 2025 2026 Jun 2026
Income
Revenue 43 2 17 17 32 7 10 8 6 17 120
Gross profit — — — — — — — 8 6 12 104
Net income −4 −77 −35 −90 −78 −99 −91 −82 −88 −102 −58
Diluted EPS −$0.11 −$1.93 −$0.76 −$1.82 −$1.47 −$1.63 −$1.34 −$1.05 −$0.89 −$0.85 −$0.44
Growth (year on year)
Revenue — −94.3% +618.9% −3.6% +92.3% −76.9% +37.4% −26.5% −21.3% +191.4% +599.2%
Margins
Gross margin — — — — — — — 100.0% 100.0% 70.2% 86.1%
Net margin −9.7% <−999% −203.5% −537.0% −242.4% <−999% −894.6% <−999% <−999% −593.9% −47.8%
Free-cash-flow margin — — — — — — — −847.0% −825.6% −294.4% −37.1%
Cash flow
Cash from operations −88 −95 −75 −58 −50 −101 −66 −63 −48 −50 −44
Capital spending — — — — — — — 0 0 1 1
Free cash flow — — — — — — — −64 −49 −51 −45
Stock-based pay 3 5 6 4 8 13 6 4 6 22 15
Free cash flow after stock pay — — — — — — — −67 −55 −73 −60
Balance sheet
Cash 81 46 38 50 129 137 60 71 63 162 103
Total debt 0 0 59 95 122 147 102 115 128 176 130
Net debt (negative = net cash) −81 −46 22 45 −7 11 41 43 65 14 27
Diluted shares 36m 40m 47m 49m 53m 61m 68m 78m 99m 121m 129m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 6 checks passed · June 30, 2026
What it owns · $773m
Short-term assets $197mLonger-term assets $576m
What it owes, and who funded it · $773m
Short-term liabilities $81mLonger-term liabilities $124mShareholders' equity $568m
  • Short-term assets cover short-term liabilities $197m of assets due within a year against $81m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $197m short-term assets against $124m of longer-dated liabilities.
  • More cash than debt $103m of cash against $130m of debt.
  • Debt below 40% of shareholders' equity Debt is 23% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 7% to 23% over five years.
  • A year's operating cash flow covers at least 20% of debt −$44m of operating cash flow against $130m of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Mesoblast LTD's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+7.2%
year over year
R&D spending
81.1%
of revenue
Days sales outstanding
175 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in biotechnology
Last 12 months unless stated MESO RCUS SPRY AGEN XNCR KYMR Median
Revenue, last 12 months $120m $117m $117m $133m $105m $102m $56m
Revenue growth, last 12 months 599.2% −55.3% 4.1% 30.5% −28.6% 133.8% 12.6%
Revenue growth, 3-year average — −1.1% 711.3% 10.1% −2.5% 29.7% 13.7%
Revenue growth, latest quarter — −74.4% 114.2% 34.4% 17.5% −100.0% 10.2%
Gross margin 86.1% — — 99.5% — 0.0% 82.9%
Operating margin — −415.4% −185.0% 27.3% −205.8% −396.0% −189.4%
Operating margin, 3-year average — −221.0% <−999% −43.3% −136.0% −461.5% −363.5%
Net margin −47.8% −393.2% −184.2% 69.2% −155.6% −341.8% −169.8%
Cash from operations / revenue −36.4% −405.1% −168.0% −74.2% −196.1% −281.3% −168.0%
Free-cash-flow margin −37.1% −406.0% −168.1% −74.2% −198.4% −282.6% −162.4%
Free-cash-flow margin, 3-year average — −214.9% <−999% −105.5% −128.0% −326.1% −310.0%
Stock pay / revenue 12.4% 53.8% 26.7% 8.0% 37.2% 66.7% 20.0%
Change in share count 7.2% 22.7% −3.9% 50.4% 5.2% 17.6% 8.2%

Median of all 184 companies we cover in biotechnology. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

184 biotechnology companies
Measure Company Peer median Rank
Revenue growth Growth 599.2% 12.6% 15 of 172
Change in growth rate Growth +407.8pp -0.1pp 9 of 172
Gross margin Profitability 86.1% 82.4% 31 of 75
Net margin Profitability -47.8% -157.3% 63 of 180
Free-cash-flow margin Cash generation -37.1% -145.4% 59 of 176
Stock pay as % of revenue Cash generation 12.4% 19.2% 72 of 179
Long-term debt as % of assets Balance sheet 14.1% 20.6% 33 of 78
Change in share count Balance sheet 7.2% 7.9% 77 of 156
Days sales outstanding Balance sheet 175 days 75 days 95 of 100

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$52.3M
Institutions reporting
70
Shares held vs prior quarter
▲ 17.0%
Positions opened / closed
9 / 6

Top buyers and sellers, Q2 2026: 33 institutions bought and 25 sold ; the biggest buyer was BNP Paribas Asset Management Holding S.A (+260K shares) and the biggest seller Citadel Advisors LLC (−86K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Morgan Stanley $9.7M 719K 18.6% ▲ 39.7%
Blackrock, Inc. $9M 664K 17.2% ▲ 5.3%
Susquehanna International Group, LLP $6.2M 458K 11.8% ▲ 18.4%
Goldman Sachs Group Inc $5.4M 396K 10.2% ▼ 0.4%
BNP Paribas Asset Management Holding S.A. $3.5M 260K 6.7% New
UBS Group AG $2.7M 200K 5.2% ▲ 50.9%
Arax Advisory Partners $2.3M 168K 4.3% ▲ 587.9%
Bank Of America Corp $1.4M 100K 2.6% 0.0%
Penbrook Management LLC $1.2M 87K 2.3% 0.0%
M&G PLC $827,400 59K 1.6% 0.0%
Quadrature Capital Ltd $718,795 53K 1.4% ▲ 208.0%
LPL Financial LLC $647,641 48K 1.2% ▼ 3.5%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Mesoblast LTD's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $30M 24 trades by 1 insider, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $30M net buying
Insider Date Trade Shares Price Value
George Gregory Director April 10, 2026 Buy 2,324,072 $1.48 $3.4M
George Gregory Director April 10, 2026 Buy 2,324,072 $1.48 $3.4M
George Gregory Director April 9, 2026 Buy 10,000 $14.40 $144,000
George Gregory Director April 9, 2026 Buy 4,760 $14.40 $68,544
George Gregory Director April 9, 2026 Buy 20,000 $14.30 $286,000
George Gregory Director April 9, 2026 Buy 5,240 $14.25 $74,670
George Gregory Director April 9, 2026 Buy 10,000 $14.25 $142,500
George Gregory Director April 9, 2026 Buy 5,000 $14.30 $71,500
George Gregory Director April 9, 2026 Buy 10,000 $14.30 $143,000
George Gregory Director April 9, 2026 Buy 500,000 $14.39 $7.2M
George Gregory Director April 9, 2026 Buy 886,890 $1.43 $1.3M
George Gregory Director April 9, 2026 Buy 10,000 $14.10 $141,000

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Recent SEC filings

Data status

When each part of this page on Mesoblast LTD was last updated.

DataLast updatedSource
Share priceExchange closing prices
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Mesoblast LTD in brief

What does Mesoblast LTD do?
Mesoblast LTD is a US-listed company in the biotechnology industry. Its financial year ends in June.
What is Mesoblast LTD's stock ticker?
Mesoblast LTD trades under the ticker MESO on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Mesoblast LTD's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Mesoblast LTD reported revenue of $120M, 599.2% higher than a year earlier, according to its SEC filings.
What is Mesoblast LTD's free cash flow?
Mesoblast LTD's free-cash-flow margin is -37.1% of revenue over the trailing twelve months, ranking 59 of the 176 biotechnology companies we cover.
Who are Mesoblast LTD's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Morgan Stanley, Blackrock, Inc. and Susquehanna International Group, LLP. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
How much debt does Mesoblast LTD have?
Mesoblast LTD's debt-to-equity ratio is 22.8%, from its latest balance sheet (7.1% five years earlier). The financial health section below sets out its other solvency checks.
Who are Mesoblast LTD's competitors?
In our Biotechnology peer group, the companies closest to Mesoblast LTD are Arcus Biosciences, Inc., ARS Pharmaceuticals, Inc., Agenus Inc, Xencor Inc and Kymera Therapeutics, Inc. The side-by-side comparison below sets their revenue, margins and growth against Mesoblast LTD's.
Are insiders buying or selling Mesoblast LTD stock?
Over the last 12 months, Mesoblast LTD's directors and officers reported 24 open-market purchases and 0 sales on Form 4. The insider trading page charts every trade.