In today’s evolving technology landscape, Ouster, Inc. and Mesa Laboratories, Inc. stand out as key players within the hardware and equipment sector. Ouster specializes in advanced lidar sensors for 3D vision applications, while Mesa Laboratories focuses on life sciences tools and quality control products. Both companies showcase strong innovation strategies, making their comparison essential for investors seeking promising tech opportunities. Join me as we explore which company offers the most compelling investment potential.
Table of contents
Companies Overview
I will begin the comparison between Ouster, Inc. and Mesa Laboratories, Inc. by providing an overview of these two companies and their main differences.
Ouster, Inc. Overview
Ouster, Inc. designs and manufactures high-resolution digital lidar sensors and enabling software to provide 3D vision capabilities for machinery, vehicles, robots, and fixed infrastructure assets. Positioned in the technology sector under hardware and equipment, Ouster is a relatively young company based in San Francisco, with a market cap of 1.63B USD and 292 employees, focused on innovative sensing solutions.
Mesa Laboratories, Inc. Overview
Mesa Laboratories, Inc. develops and sells life sciences tools and quality control products across multiple segments, including sterilization control, biopharmaceutical development, calibration solutions, and clinical genomics. Founded in 1982 and headquartered in Lakewood, Colorado, Mesa operates globally with 736 employees and a market cap of 472M USD, serving healthcare and laboratory markets with specialized testing and analytical instruments.
Key similarities and differences
Both companies operate within the technology sector in hardware and equipment, but Ouster focuses on digital lidar sensors for vision applications, while Mesa Laboratories provides life sciences and quality control products. Ouster is smaller and newer with a higher beta, indicating more volatility, whereas Mesa has a more diversified product portfolio, established markets, and a stable dividend, reflecting a more mature business model.
Income Statement Comparison
The table below presents a side-by-side comparison of the most recent fiscal year income statement metrics for Ouster, Inc. and Mesa Laboratories, Inc., providing an overview of their financial performance.
| Metric | Ouster, Inc. (2024) | Mesa Laboratories, Inc. (2025) |
|---|---|---|
| Market Cap | 1.63B | 472M |
| Revenue | 111.1M | 241.0M |
| EBITDA | -79.9M | 42.3M |
| EBIT | -94.7M | 17.8M |
| Net Income | -97.0M | -2.0M |
| EPS | -2.08 | -0.36 |
| Fiscal Year | 2024 | 2025 |
Income Statement Interpretations
Ouster, Inc.
Ouster, Inc. has shown strong revenue growth from 2020 to 2024, increasing from $19M to $111M, with net income losses narrowing significantly over the period. Gross margins improved to 36.4% in 2024, reflecting better cost management, while net margin remains negative at -87.4%. The latest year saw a 33.4% revenue increase and an 80.6% net margin improvement, signaling positive momentum.
Mesa Laboratories, Inc.
Mesa Laboratories experienced steady revenue growth, reaching $241M in fiscal 2025 from $134M in 2021. Gross margin remains robust at 62.6%, while EBIT margin is modest at 7.4%. Despite a slight net loss in 2025 with a -0.82% net margin, the company improved net margin and EPS growth by around 99% year-over-year, indicating operational progress despite persistent net income challenges.
Which one has the stronger fundamentals?
Ouster exhibits rapid revenue expansion and significant improvements in profitability metrics, albeit with continued net losses. Mesa Laboratories maintains higher gross margins and positive EBIT margin but shows less consistent net income growth, with a prolonged net loss trend. Both companies have favorable income statement evaluations, with Ouster showing a higher proportion of positive metrics overall.
Financial Ratios Comparison
This table compares key financial ratios for Ouster, Inc. (OUST) and Mesa Laboratories, Inc. (MLAB) based on their most recent fiscal year data available.
| Ratios | Ouster, Inc. (2024) | Mesa Laboratories, Inc. (2025) |
|---|---|---|
| ROE | -53.6% | -1.24% |
| ROIC | -50.8% | -1.45% |
| P/E | -5.87 | -326.35 |
| P/B | 3.15 | 4.03 |
| Current Ratio | 2.80 | 0.63 |
| Quick Ratio | 2.59 | 0.47 |
| D/E (Debt-to-Equity) | 0.11 | 1.14 |
| Debt-to-Assets | 7.33% | 41.9% |
| Interest Coverage | -57.15 | 1.38 |
| Asset Turnover | 0.40 | 0.56 |
| Fixed Asset Turnover | 4.54 | 7.45 |
| Payout Ratio | 0 | -176.68% |
| Dividend Yield | 0 | 0.54% |
Interpretation of the Ratios
Ouster, Inc.
Ouster shows a mixed ratio profile with 42.86% favorable and 57.14% unfavorable ratios, indicating financial challenges. Key concerns include a negative net margin (-87.35%), low return on equity (-53.64%), and weak interest coverage (-51.94). The current ratio (2.8) and low debt-to-equity (0.11) are strengths. Ouster pays no dividends, likely due to ongoing losses and reinvestment priorities.
Mesa Laboratories, Inc.
Mesa Laboratories displays weaker financial health, with only 21.43% favorable ratios and 64.29% unfavorable, plus some neutral. It suffers a small negative net margin (-0.82%) and low returns on equity (-1.24%) and invested capital (-1.45%). The company carries high debt levels (debt-to-equity 1.14) and poor liquidity (current ratio 0.63). It pays dividends, but yield is low (0.54%) with risks from limited coverage.
Which one has the best ratios?
Comparing both, Ouster has a relatively stronger liquidity position and lower leverage, while Mesa struggles with high debt and weaker liquidity. Both companies have predominantly unfavorable profitability ratios, but Ouster’s higher proportion of favorable metrics and better coverage of liabilities suggest slightly better overall ratio health.
Strategic Positioning
This section compares the strategic positioning of Ouster, Inc. and Mesa Laboratories, Inc., including their market position, key segments, and exposure to technological disruption:
Ouster, Inc.
- Market position and competitive pressure: Smaller market cap at 1.63B, higher beta implies greater volatility and competitive pressure.
- Key segments and business drivers: Focused on high-resolution digital lidar sensors and software for 3D vision applications.
- Exposure to technological disruption: Operates in advanced lidar sensor technology, a rapidly evolving field with innovation demands.
Mesa Laboratories, Inc.
- Market cap of 471M, lower beta indicates less volatility and potentially more stable competitive environment.
- Diversified segments including sterilization control, biopharmaceutical development, calibration solutions, and clinical genomics.
- Operates in life sciences tools and quality control products with steady innovation but less exposure to rapid technological upheaval.
Ouster, Inc. vs Mesa Laboratories, Inc. Positioning
Ouster is concentrated in a niche lidar sensor market with growth potential but higher volatility, while Mesa operates a diversified portfolio across life sciences, offering broad revenue streams but facing slower innovation cycles.
Which has the best competitive advantage?
Both companies are currently shedding value; Ouster shows improving profitability trends, while Mesa experiences declining returns, indicating Ouster might sustain a slightly stronger competitive advantage despite value destruction.
Stock Comparison
The past year reveals contrasting price dynamics with Ouster, Inc. showing strong overall gains tempered by recent declines, while Mesa Laboratories, Inc. exhibits a prolonged downtrend with a short-term rebound.
Trend Analysis
Ouster, Inc. recorded a 407.66% price increase over the past 12 months, indicating a bullish trend with decelerating momentum. The stock fluctuated between a low of 4.82 and a high of 35.8, with recent weeks showing an 18.28% decline.
Mesa Laboratories, Inc. experienced an 18.93% drop over the same period, reflecting a bearish trend with accelerating downward pressure. Prices ranged from 61.66 to 147.79, but recent activity showed an 18.11% recovery.
Comparing both, Ouster, Inc. delivered substantially higher market performance over the year despite recent weakness, while Mesa Laboratories, Inc. showed overall losses mitigated by a short-term upward correction.
Target Prices
The target price consensus for Ouster, Inc. and Mesa Laboratories, Inc. suggests notable upside potential for both stocks.
| Company | Target High | Target Low | Consensus |
|---|---|---|---|
| Ouster, Inc. | 39 | 33 | 36.67 |
| Mesa Laboratories, Inc. | 83 | 83 | 83 |
Analyst expectations indicate Ouster’s stock could rise from $27.23 to a consensus near $36.67, while Mesa Laboratories trades slightly above its $83 consensus target at $85.43, signaling market confidence in both.
Analyst Opinions Comparison
This section compares analysts’ ratings and grades for Ouster, Inc. and Mesa Laboratories, Inc.:
Rating Comparison
OUST Rating
- Rating: C-, considered very favorable overall.
- Discounted Cash Flow Score: 1, rated very unfavorable for valuation metrics.
- ROE Score: 1, very unfavorable, showing low profit generation from equity.
- ROA Score: 1, very unfavorable, reflecting weak asset utilization.
- Debt To Equity Score: 3, moderate risk with balanced debt levels.
- Overall Score: 1, very unfavorable, indicating weak overall financial health.
MLAB Rating
- Rating: C+, considered very favorable overall.
- Discounted Cash Flow Score: 5, rated very favorable, indicating undervaluation.
- ROE Score: 1, very unfavorable, similar low efficiency in generating profits.
- ROA Score: 1, very unfavorable, also weak in asset utilization.
- Debt To Equity Score: 1, very unfavorable, indicating higher financial risk.
- Overall Score: 2, moderate, showing better overall financial standing.
Which one is the best rated?
Based strictly on the provided data, MLAB holds a higher rating (C+) and better overall score (2) compared to OUST’s rating (C-) and overall score (1), mainly due to its very favorable discounted cash flow score despite some unfavorable profitability and debt metrics.
Scores Comparison
Here is a comparison of the Altman Z-Score and Piotroski Score for both companies:
Ouster, Inc. Scores
- Altman Z-Score: 3.66, indicating a safe zone
- Piotroski Score: 4, classified as average
Mesa Laboratories, Inc. Scores
- Altman Z-Score: 1.36, indicating a distress zone
- Piotroski Score: 5, classified as average
Which company has the best scores?
Ouster, Inc. shows a significantly stronger Altman Z-Score, placing it in the safe zone, while Mesa Laboratories is in distress. Mesa has a slightly higher Piotroski Score, but both remain in the average category.
Grades Comparison
The following section compares the recent grades assigned to Ouster, Inc. and Mesa Laboratories, Inc. by reputable grading firms:
Ouster, Inc. Grades
This table summarizes the latest grading actions from recognized financial institutions for Ouster, Inc.:
| Grading Company | Action | New Grade | Date |
|---|---|---|---|
| Cantor Fitzgerald | Upgrade | Overweight | 2025-11-07 |
| Cantor Fitzgerald | Upgrade | Overweight | 2025-11-06 |
| WestPark Capital | Maintain | Buy | 2025-11-05 |
| Rosenblatt | Maintain | Buy | 2025-11-05 |
| WestPark Capital | Upgrade | Buy | 2025-08-13 |
| Oppenheimer | Maintain | Outperform | 2025-07-16 |
| WestPark Capital | Downgrade | Hold | 2025-06-12 |
| WestPark Capital | Upgrade | Buy | 2025-05-09 |
| Rosenblatt | Maintain | Buy | 2025-03-21 |
| Cantor Fitzgerald | Maintain | Overweight | 2025-03-21 |
Overall, Ouster shows a predominantly positive trend with multiple upgrades and sustained buy or outperform ratings.
Mesa Laboratories, Inc. Grades
Below is the detailed grading data from established analysts for Mesa Laboratories, Inc.:
| Grading Company | Action | New Grade | Date |
|---|---|---|---|
| Wells Fargo | Maintain | Equal Weight | 2025-12-15 |
| Wells Fargo | Upgrade | Equal Weight | 2025-08-08 |
| Wells Fargo | Maintain | Underweight | 2025-05-30 |
| Evercore ISI Group | Maintain | Outperform | 2024-10-01 |
| Evercore ISI Group | Maintain | Outperform | 2024-08-06 |
| Evercore ISI Group | Maintain | Outperform | 2024-07-02 |
| Evercore ISI Group | Maintain | Outperform | 2024-04-04 |
| Evercore ISI Group | Upgrade | Outperform | 2024-01-04 |
| Evercore ISI Group | Downgrade | In Line | 2021-01-04 |
| Evercore ISI Group | Downgrade | In Line | 2021-01-03 |
Mesa Laboratories exhibits a mix of equal weight and outperform grades, with a recent shift toward equal weight from Wells Fargo, reflecting a more cautious stance.
Which company has the best grades?
Ouster, Inc. holds a stronger consensus with consistent buy and outperform grades, while Mesa Laboratories, Inc. leans towards hold and equal weight ratings. This difference may influence investors seeking more aggressive growth versus more conservative positions.
Strengths and Weaknesses
The table below compares the key strengths and weaknesses of Ouster, Inc. (OUST) and Mesa Laboratories, Inc. (MLAB) based on recent financial performance and strategic positioning.
| Criterion | Ouster, Inc. (OUST) | Mesa Laboratories, Inc. (MLAB) |
|---|---|---|
| Diversification | Limited product focus, mostly in lidar technology | More diversified product portfolio across multiple segments including biopharmaceutical, calibration, and clinical genomics |
| Profitability | Negative profitability with net margin at -87.35% and declining ROIC but improving trend | Negative profitability with slight margin loss (-0.82%) and declining ROIC trend |
| Innovation | Strong ROIC growth trend (+65%), suggesting improving operational efficiency | Declining ROIC (-166%) indicating challenges in maintaining innovation-driven returns |
| Global presence | Moderate with recent revenue of $111M mostly product-based | Larger global footprint with $241M revenue combining products and services |
| Market Share | Emerging player with smaller revenue and market footprint | Established player with steady revenue growth and wider market penetration |
In summary, Ouster shows promising operational improvements but faces profitability challenges and limited diversification. Mesa Laboratories has a broader product range and larger revenue base but struggles with profitability and declining returns on capital, signaling caution for investors.
Risk Analysis
Below is a risk comparison table for Ouster, Inc. (OUST) and Mesa Laboratories, Inc. (MLAB) based on the most recent financial and market data from 2025-2026.
| Metric | Ouster, Inc. (OUST) | Mesa Laboratories, Inc. (MLAB) |
|---|---|---|
| Market Risk | High beta of 2.935, volatile price range (6.34-41.65) | Moderate beta 0.889, stable price range (55.45-155.12) |
| Debt Level | Low debt-to-equity ratio 0.11, favorable leverage | High debt-to-equity ratio 1.14, higher financial risk |
| Regulatory Risk | Moderate, tech hardware sector subject to evolving standards | Moderate, life sciences tools regulated in healthcare and pharma |
| Operational Risk | Negative net margin (-87.35%) and ROE (-53.64%), indicating operational inefficiency | Slightly negative net margin (-0.82%) and ROE (-1.24%), moderate operational risk |
| Environmental Risk | Limited direct exposure, but manufacturing impact possible | Moderate due to chemical and biological indicators production |
| Geopolitical Risk | US-based with global exposure, some supply chain risks | US-based with international sales, exposed to trade policies |
In synthesis, Ouster faces the most impactful risks from market volatility and operational inefficiencies, notably its high beta and large negative profitability metrics. Mesa Laboratories carries significant debt risk and moderate operational concerns but benefits from a more stable market profile. Both companies require close monitoring of financial health and sector-specific regulations to manage investment risk prudently.
Which Stock to Choose?
Ouster, Inc. (OUST) shows a favorable income evolution with strong revenue growth of 33.41% in the last year and an overall 488% increase since 2020. Despite unfavorable profitability ratios such as a -87.35% net margin and -53.64% ROE, its debt levels remain low with a debt-to-equity ratio of 0.11, and a solid current ratio of 2.8. The company’s rating is very favorable at C-, though financial ratios are generally unfavorable.
Mesa Laboratories, Inc. (MLAB) displays a favorable income trend with an 11.47% revenue growth last year and a 64% favorable overall income statement evaluation. Profitability ratios remain weak with a -0.82% net margin and -1.24% ROE, while its debt levels are higher, showing a debt-to-equity ratio of 1.14 and a current ratio below 1 at 0.63. The company holds a very favorable rating of C+, but the majority of its financial ratios are unfavorable.
For investors prioritizing growth and improving income statements, Ouster’s strong revenue and profit growth alongside low debt might appear more attractive. Conversely, those valuing established ratings and long-term stability could find Mesa Laboratories’ consistent income evaluation relevant, despite higher leverage and weaker profitability. The choice could therefore depend on an investor’s risk tolerance and strategic focus.
Disclaimer: Investment carries a risk of loss of initial capital. The past performance is not a reliable indicator of future results. Be sure to understand risks before making an investment decision.
Go Further
I encourage you to read the complete analyses of Ouster, Inc. and Mesa Laboratories, Inc. to enhance your investment decisions:
