Mesoblast LTD key statistics and ratios

In fiscal 2026, Mesoblast LTD had return on equity of -9.9%, a net margin of -47.8%, debt equal to 22.8% of equity and a current ratio of 2.43. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Mesoblast LTD: financial ratios, annual
Fiscal year	2016Jun 2016	2017Jun 2017	2018Jun 2018	2019Jun 2019	2020Jun 2020	2021Jun 2021	2022Jun 2022	2023Jun 2023	2024Jun 2024	2025Jun 2025	2026Jun 2026
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%
Return on equity	−0.8%	−14.7%	−6.6%	−17.5%	−15.1%	−17.5%	−16.9%	−16.4%	−17.9%	−19.0%	−9.9%
Return on assets	—	−11.7%	−5.2%	−13.4%	−11.2%	−13.4%	−13.0%	−12.3%	−13.1%	−14.1%	−7.4%
Asset turnover	—	0.00	0.03	0.02	0.05	0.01	0.01	0.01	0.01	0.02	0.15
Current ratio	—	1.73	4.21	1.41	1.51	1.57	1.36	1.95	1.18	1.99	2.43
Debt to equity	0.0%	0.0%	10.9%	19.8%	22.2%	25.4%	20.5%	22.9%	26.7%	29.5%	22.8%
R&D as % of revenue	117.5%	>999%	380.2%	357.7%	174.7%	713.1%	321.4%	704.1%	672.9%	202.4%	81.1%
Capital spending as % of revenue	—	—	—	—	—	—	—	3.5%	4.6%	4.0%	0.7%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

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Figures from Mesoblast LTD's SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Mesoblast LTD.