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MESAMesa Air Group, Inc.
$21.00$879M
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Mesa Air Group, Inc. (MESA) Financial Ratios

Latest Ratios: P/E Ratio -0.0x · EV/EBITDA N/A · ROE -528.9%. (1991–2025 historical series)

Income StatementBalance SheetCash FlowRatios
AnnualQuarterly

MESA Valuation Multiples

Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow

MetricTTMFY 2025FY 2024FY 2023FY 2022FY 2021FY 2020FY 2019FY 2018FY 2017FY 2016
Market Cap$879M$54M$50M$34M$60M$298M$104M$236M$349M——
Enterprise Value$1.2B$116M$354M$542M$637M$905M$843M$1.0B$1.2B——
P/E Ratio →-0.04————17.813.784.9610.50——
P/S Ratio1.850.140.100.070.110.590.190.330.51——
P/B Ratio0.03—0.450.170.190.610.230.550.93——
P/FCF63.13—3.57——2.720.708.98367.23——
P/OCF25.68—1.45—4.462.240.601.562.93——

P/E links to full P/E history page with 30-year chart

MESA EV Ratios

Enterprise-value multiples — capital-structure-neutral measures of total business value

MetricTTMFY 2025FY 2024FY 2023FY 2022FY 2021FY 2020FY 2019FY 2018FY 2017FY 2016
EV / Revenue—0.300.741.091.201.801.551.401.70——
EV / EBITDA—————6.205.195.088.43——
EV / EBIT—————15.8310.398.4915.97——
EV / FCF——25.41——8.275.7038.401222.01——

MESA Profitability

Margins and return-on-capital ratios measuring operating efficiency

Margins

Full margin charts and quarterly trend are on the Earnings History page

MetricTTMFY 2025FY 2024FY 2023FY 2022FY 2021FY 2020FY 2019FY 2018FY 2017FY 2016
Gross Margin99.1%99.1%12.5%3.0%6.3%0.3%9.7%25.1%20.7%21.6%16.8%
Operating Margin-46.5%-46.5%-13.8%-16.9%-34.8%12.5%14.7%16.7%10.7%15.6%9.7%
Net Profit Margin-39.9%-39.9%-19.1%-24.1%-34.4%3.3%5.0%6.6%4.9%5.1%2.5%

Return on Capital

MetricTTMFY 2025FY 2024FY 2023FY 2022FY 2021FY 2020FY 2019FY 2018FY 2017FY 2016
ROE-528.9%-528.9%-58.7%-47.3%-45.9%3.5%6.2%11.9%11.1%16.0%10.0%
ROA-40.3%-40.3%-12.2%-11.9%-14.2%1.1%1.9%3.3%2.4%2.5%1.3%
ROIC-62.9%-62.9%-8.8%-7.9%-14.0%4.1%5.0%7.6%4.7%6.9%5.0%
ROCE-86.2%-86.2%-12.5%-11.0%-17.6%5.4%6.8%10.0%6.2%9.0%6.4%

MESA Leverage & Debt

Solvency and debt-coverage ratios — lower is generally safer

MetricTTMFY 2025FY 2024FY 2023FY 2022FY 2021FY 2020FY 2019FY 2018FY 2017FY 2016
Debt / Equity——2.902.702.061.491.831.982.444.254.83
Debt / EBITDA—————4.985.164.246.655.858.88
Net Debt / Equity——2.762.541.871.241.611.822.173.994.63
Net Debt / EBITDA—————4.164.553.895.905.508.52
Debt / FCF——21.84——5.554.9929.42854.77——
Interest Coverage——-1.71-1.69-5.241.821.822.171.282.181.74

MESA Liquidity & Efficiency

Short-term solvency ratios and asset-utilisation metrics

MetricTTMFY 2025FY 2024FY 2023FY 2022FY 2021FY 2020FY 2019FY 2018FY 2017FY 2016
Current Ratio0.670.670.350.520.460.610.440.610.790.670.55
Quick Ratio0.580.580.190.410.330.520.380.530.730.600.48
Cash Ratio0.250.250.090.120.270.470.280.270.490.260.20
Asset Turnover—2.400.800.550.480.350.360.500.460.470.46
Inventory Turnover0.210.2114.7516.5118.6220.5221.4425.4134.5033.3740.23
Days Sales Outstanding—19.484.036.052.732.309.1811.657.655.025.77

MESA Shareholder Yields

Earnings, FCF, buyback, and dividend yields — total returns to shareholders

Dividends

Full dividend history and growth charts are on the Dividend History page

MetricTTMFY 2025FY 2024FY 2023FY 2022FY 2021FY 2020FY 2019FY 2018FY 2017FY 2016
Dividend Yield———————————
Payout Ratio———————————

Total Shareholder Return Metrics

MetricTTMFY 2025FY 2024FY 2023FY 2022FY 2021FY 2020FY 2019FY 2018FY 2017FY 2016
Earnings Yield—————5.6%26.4%20.2%9.5%——
FCF Yield1.6%—28.0%——36.8%142.1%11.1%0.3%——
Buyback Yield0.0%0.0%0.0%0.0%0.8%0.5%0.6%0.8%1.4%——
Total Shareholder Yield0.0%0.0%0.0%0.0%0.8%0.5%0.6%0.8%1.4%——
Shares Outstanding—$42M$41M$39M$36M$39M$35M$35M$25M$35M$35M

Key Metrics

Growth RegimeContracting
ProfitabilityNegative
Balance SheetVulnerable
Cash FlowBurning
Top Statement Risk

Insolvency and liquidity risk

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2025Q4)

Distressed Valuation Reflects Operational Uncertainty

Based on reported financial data, Mesa's P/S ratio of 1.85 and negative TTM P/E suggest the market is pricing the firm as a distressed asset, with forward multiples of 30.88x P/E indicating that investors are heavily discounting the probability of a return to sustainable profitability in the near term.

The valuation multiples appear to be driven by extreme skepticism regarding the company's ability to stabilize its core regional operations. Given the negative equity position, traditional valuation metrics like P/B are effectively rendered meaningless, forcing investors to focus on the potential for asset liquidation or a fundamental restructuring of the capacity purchase agreements.

Capital Returns Impaired by Losses

As reported in recent financial statements, Mesa's ROIC has remained deeply negative, reaching -6.0% in 2025Q4, which underscores a persistent inability to generate returns on invested capital that exceed the company's cost of capital, a trend that has worsened significantly since the 2024Q2 period.

The decay in ROIC appears to be a direct consequence of the company's inability to maintain operational efficiency while managing a high fixed-cost base. This trend suggests that the current business model is failing to compound value, as the capital deployed into the fleet is not being utilized effectively to generate positive operating margins.

Working Capital Strains Operational Flow

According to quarterly filings, Mesa's cash conversion cycle remains deeply negative, with the 2025Q4 figure of -103 days indicating that the company is heavily reliant on the timing of payments from its major partner to manage its immediate liquidity needs and cover ongoing operational expenses.

The high days payable outstanding, which reached 260 days in 2025Q4, suggests that Mesa is effectively using its suppliers as a source of financing to bridge its cash flow gaps. This reliance on extended payment terms warrants investigation, as it may indicate a lack of alternative financing options and heightened vulnerability to supplier credit tightening.

Liquidity Position Remains Critically Thin

Based on the most recent quarterly data, Mesa's current ratio of 0.67 highlights a persistent inability to cover short-term liabilities with existing liquid assets, a condition that has remained largely unchanged over the past two years and signals a high risk of near-term liquidity stress.

The quick ratio of 0.58 further confirms that the company lacks sufficient liquid resources to meet its immediate obligations without relying on continued support from its primary capacity purchase partner. Investors should monitor this metric closely, as any disruption in the timing of partner payments could lead to an immediate liquidity crisis.

Misapplication of Traditional Airline Metrics

The most commonly misapplied metric for Mesa is the P/E ratio, which obscures the company's reality as a specialized labor and asset-provision vehicle rather than a traditional passenger airline, leading to misleading expectations regarding earnings growth and valuation parity with mainline carriers.

Because Mesa's revenue is dictated by fixed-rate capacity purchase agreements rather than market-driven ticket prices, traditional airline metrics like yield or load factor are less relevant than block hour production and pilot utilization. Analysts should instead focus on the sustainability of the CPA structure and the company's ability to manage its fixed-cost base relative to these contractual payments.

Download Financial Ratios Data

Includes 30+ ratios · 28 years · Updated daily

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MESA — Frequently Asked Questions

Quick answers to the most common questions about buying MESA stock.

What is Mesa Air Group, Inc.'s P/E ratio?

Mesa Air Group, Inc.'s current P/E ratio is -0.0x. The historical average is 9.3x.

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

Mesa Air Group, Inc.'s return on equity (ROE) is -528.9%. The historical average is -2.3%.

Is MESA stock overvalued?

Based on historical data, Mesa Air Group, Inc. is trading at a P/E of -0.0x. Compare with industry peers and growth rates for a complete picture.

What are Mesa Air Group, Inc.'s profit margins?

Mesa Air Group, Inc. has 99.1% gross margin and -46.5% operating margin.