Latest Ratios: P/E Ratio -0.0x · EV/EBITDA N/A · ROE -528.9%. (1991–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 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 | — | — | — | — | 17.81 | 3.78 | 4.96 | 10.50 | — | — |
| P/S Ratio | 1.85 | 0.14 | 0.10 | 0.07 | 0.11 | 0.59 | 0.19 | 0.33 | 0.51 | — | — |
| P/B Ratio | 0.03 | — | 0.45 | 0.17 | 0.19 | 0.61 | 0.23 | 0.55 | 0.93 | — | — |
| P/FCF | 63.13 | — | 3.57 | — | — | 2.72 | 0.70 | 8.98 | 367.23 | — | — |
| P/OCF | 25.68 | — | 1.45 | — | 4.46 | 2.24 | 0.60 | 1.56 | 2.93 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.30 | 0.74 | 1.09 | 1.20 | 1.80 | 1.55 | 1.40 | 1.70 | — | — |
| EV / EBITDA | — | — | — | — | — | 6.20 | 5.19 | 5.08 | 8.43 | — | — |
| EV / EBIT | — | — | — | — | — | 15.83 | 10.39 | 8.49 | 15.97 | — | — |
| EV / FCF | — | — | 25.41 | — | — | 8.27 | 5.70 | 38.40 | 1222.01 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 99.1% | 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% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 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% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | 2.90 | 2.70 | 2.06 | 1.49 | 1.83 | 1.98 | 2.44 | 4.25 | 4.83 |
| Debt / EBITDA | — | — | — | — | — | 4.98 | 5.16 | 4.24 | 6.65 | 5.85 | 8.88 |
| Net Debt / Equity | — | — | 2.76 | 2.54 | 1.87 | 1.24 | 1.61 | 1.82 | 2.17 | 3.99 | 4.63 |
| Net Debt / EBITDA | — | — | — | — | — | 4.16 | 4.55 | 3.89 | 5.90 | 5.50 | 8.52 |
| Debt / FCF | — | — | 21.84 | — | — | 5.55 | 4.99 | 29.42 | 854.77 | — | — |
| Interest Coverage | — | — | -1.71 | -1.69 | -5.24 | 1.82 | 1.82 | 2.17 | 1.28 | 2.18 | 1.74 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.67 | 0.67 | 0.35 | 0.52 | 0.46 | 0.61 | 0.44 | 0.61 | 0.79 | 0.67 | 0.55 |
| Quick Ratio | 0.58 | 0.58 | 0.19 | 0.41 | 0.33 | 0.52 | 0.38 | 0.53 | 0.73 | 0.60 | 0.48 |
| Cash Ratio | 0.25 | 0.25 | 0.09 | 0.12 | 0.27 | 0.47 | 0.28 | 0.27 | 0.49 | 0.26 | 0.20 |
| Asset Turnover | — | 2.40 | 0.80 | 0.55 | 0.48 | 0.35 | 0.36 | 0.50 | 0.46 | 0.47 | 0.46 |
| Inventory Turnover | 0.21 | 0.21 | 14.75 | 16.51 | 18.62 | 20.52 | 21.44 | 25.41 | 34.50 | 33.37 | 40.23 |
| Days Sales Outstanding | — | 19.48 | 4.03 | 6.05 | 2.73 | 2.30 | 9.18 | 11.65 | 7.65 | 5.02 | 5.77 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | 5.6% | 26.4% | 20.2% | 9.5% | — | — |
| FCF Yield | 1.6% | — | 28.0% | — | — | 36.8% | 142.1% | 11.1% | 0.3% | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.8% | 0.5% | 0.6% | 0.8% | 1.4% | — | — |
| Total Shareholder Yield | 0.0% | 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 |
Insolvency and liquidity risk
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.
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.
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.
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.
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.
Includes 30+ ratios · 28 years · Updated daily
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Quick answers to the most common questions about buying MESA stock.
Mesa Air Group, Inc.'s current P/E ratio is -0.0x. The historical average is 9.3x.
Mesa Air Group, Inc.'s return on equity (ROE) is -528.9%. The historical average is -2.3%.
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.
Mesa Air Group, Inc. has 99.1% gross margin and -46.5% operating margin.