MLABMESA LABORATORIES INC /CO/

Industrial Instruments For Measurement, Display, And Control

Revenue: $249M; 3.4% YoY
Operating margin: 7.4%; 9.6% YoY
EBITDA: $24M; 9.4% YoY
Market cap: $715M
Employees: 717; $347K revenue each
Net debt / EBITDA: 1.5×; $35M net debt
AI in 10-K: 1.9; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersNo
0 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$7M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
638% of net income
Cash flow under 80% of net income
Dilutive SBCNo
7% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
8% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyYes
44% of assets
Over 40% of assets
Shareholder dissentNo
—
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$347K · 42nd pct
Bottom quartile of its SIC industry
Quiet on AINo
1.9 per 10K words · 54th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.5× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$715M market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$216K net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$184M	$219M	$216M	$241M	$249M	3.4%
Operating income	$5M	$3M	−$272M	$16M	$19M	13%
Net income	$2M	$930K	−$254M	−$2M	$7M	440%
Operating cash flow	$39M	$28M	$44M	$47M	$43M	8.5%
Capex	$4M	$5M	$3M	$4M	$3M	24%
Stock-based comp	$11M	$13M	$12M	$13M	$18M	36%
Dividends	$3M	$3M	$3M	$3M	$4M	1.6%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $1M · 5
Open-market sells, 12 mo: $2M · 7
Net: −$216K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	$7M	$516K	37	35
FY2025	$7M	$8M	50	33
FY2024	$5M	$78K	46	43
FY2023	$5M	−$4M	72	46
FY2022	$18M	$17M	105	66