Mesoblast - Public Comps and Valuation Multiples

Mesoblast Overview

About Mesoblast

Mesoblast Ltd is a commercial-stage biotechnology company and a world leader in developing allogeneic (off-the-shelf) cellular medicines for the treatment of severe and life-threatening inflammatory conditions. The company's product candidates include: Ryoncil (remestemcel-L) for the treatment of steroid-refractory acute graft versus host disease, as well as for the treatment of moderate to severe acute respiratory distress syndrome; Revascor (rexlemestrocel-L) for the treatment of chronic heart failure; and Rexlemestrocel-L for chronic low back pain. The company is managed as one operating segment, being the development of an adult stem cell technology platform for commercialization.

Founded

2004

HQ

Employees

Website

mesoblast.com

Sectors

Regenerative Medicine
Drug Development & Therapeutics
BioTech

Financials

LTM Revenue $61.8M

LTM EBITDA -$77.3M

EV

$2.2B

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Mesoblast Financials

As of September 2025, Mesoblast reported last 12-month revenue of $61.8M and EBITDA of -$77.3M.

In the same period, Mesoblast generated $51.1M in LTM gross profit and -$124M in net income.

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Mesoblast P&L

In the most recent fiscal year, Mesoblast reported revenue of $11.2M and EBITDA of -$52.1M.

Mesoblast expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$61.8M	XXX	$11.2M	XXX	XXX	XXX
Gross Profit	$51.1M	XXX	$7.9M	XXX	XXX	XXX
Gross Margin	83%	XXX	70%	XXX	XXX	XXX
EBITDA	-$77.3M	XXX	-$52.1M	XXX	XXX	XXX
EBITDA Margin	-125%	XXX	-466%	XXX	XXX	XXX
EBIT	-$93.0M	XXX	-$40.7M	XXX	XXX	XXX
EBIT Margin	-151%	XXX	-363%	XXX	XXX	XXX
Net Profit	-$124M	XXX	-$66.5M	XXX	XXX	XXX
Net Margin	-201%	XXX	-594%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Mesoblast including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $61.8M. EBITDA for the last twelve months was -$77.3M. In the most recent fiscal year, Mesoblast achieved $11.2M in revenue and -$52.1M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$61.8M	Analyst estimates available to subscribers	$11.2M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$51.1M	Analyst estimates available to subscribers	$7.9M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	82.8% gross margin	Analyst estimates available to subscribers	70.2% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	-$77.3M	Analyst estimates available to subscribers	-$52.1M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	-125.2% EBITDA margin	Analyst estimates available to subscribers	-465.5% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	-$93.0M	Analyst estimates available to subscribers	-$40.7M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	-150.6% EBIT margin	Analyst estimates available to subscribers	-363.1% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	-$124M	Analyst estimates available to subscribers	-$66.5M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	-201.4% net profit margin	Analyst estimates available to subscribers	-593.9% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Mesoblast

This financial data table provides comprehensive performance metrics for Mesoblast, a company based in Australia. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Mesoblast generated $61.8M in revenue over the last twelve months.
The company achieved -$77.3M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $51.1M.
Net income over the last twelve months reached -$124M.

Fiscal Year Performance

In the most recent fiscal year, Mesoblast reported $11.2M in total revenue.
Fiscal year EBITDA was -$52.1M.
The company maintained a gross profit margin of 70.2% in the most recent fiscal year.
EBITDA margin for the fiscal year was -465.5%.
Net profit margin reached -593.9% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Mesoblast. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Mesoblast Stock Performance

Mesoblast has current market cap of AUD 3.4B (or $2.2B), and EV of AUD 3.3B (or $2.2B).

Market Cap Evolution

Mesoblast Stock Data

As of October 17, 2025, Mesoblast's stock price is AUD 3 (or $2).

See Mesoblast trading valuation data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$2.2B	$2.2B	XXX	XXX	XXX	XXX	$-0.06

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Mesoblast Valuation Multiples

Mesoblast's trades at 286.6x EV/Revenue multiple, and -46.3x EV/EBITDA.

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Mesoblast Financial Valuation Multiples

As of October 17, 2025, Mesoblast has market cap of $2.2B and EV of $2.2B.

Equity research analysts estimate Mesoblast's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Mesoblast has a P/E ratio of -27.0x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$2.2B	XXX	$2.2B	XXX	XXX	XXX
EV (current)	$2.2B	XXX	$2.2B	XXX	XXX	XXX
EV/Revenue	53.6x	XXX	286.6x	XXX	XXX	XXX
EV/EBITDA	-42.8x	XXX	-46.3x	XXX	XXX	XXX
EV/EBIT	-35.6x	XXX	-55.0x	XXX	XXX	XXX
EV/Gross Profit	64.8x	XXX	n/a	XXX	XXX	XXX
P/E	-27.0x	XXX	-35.4x	XXX	XXX	XXX
EV/FCF	-51.0x	XXX	-66.6x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Mesoblast Margins & Growth Rates

Mesoblast's last 12 month revenue growth is 232%

Mesoblast's revenue per employee in the last FY averaged $0.1M, while opex per employee averaged $0.6M for the same period.

Mesoblast's rule of 40 is -387% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Mesoblast's rule of X is 455% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Mesoblast Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	232%	XXX	361%	XXX	XXX	XXX
EBITDA Margin	-125%	XXX	-619%	XXX	XXX	XXX
EBITDA Growth	-153%	XXX	n/a	XXX	XXX	XXX
Rule of 40	-387%	XXX	-387%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	455%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.6M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	94%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	202%	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	433%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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