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Mesabi Trust

MSB Basic Materials Steel

Mesabi Trust’s revenue for fiscal 2026 (year ended January 2026) was $17.5 million, down 82.2% from fiscal 2025.

Revenue
−55.8%
EPS
−102.0%
Free cash flow
−94.3%

Quarter to July 2026, against a year earlier

17.32 0.83 +5.03%
Market cap
$216.4M
P/E
35.1×
Fwd P/E
56.9×
Dividend yield
3.18%
F-score
6/9
Altman Z
70.36
Beneish M
−0.99
Dividend safety
20/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 0.08%

Capital & Financial Ratios $m

Size
Market Cap 216.35
Revenue ttm 11.91
Net income ttm 6.49
Free cash flow ttm 8.73
Net debt Q (17.39)
Valuation
P/E 35.15 (above 35: high)
Forward P/E 56.90 (above 35: high)
Price / sales 19.08 (above 10: high)
Forward P/S Powerpack
Price / FCF 26.03
Price / book 12.92 (above 6: high)
Financial health
Current ratio Q 8.81 (at or above 1.5: strong)
Debt / equity Q 0.00 (at or below 0.5: strong)
Interest coverage Q 0.96
Growth
Revenue growth Q −55.76% (below 0%: shrinking)
Operating income growth Q −55.76% (below 0%: shrinking)
EPS, this year —
EPS, next year A —
Revenue, next year A −89.17% (below 0%: weak)
EPS, past 5 yrs −9.85% (below 0%: weak)
EPS, next 5 yrs A —

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 17.6×, against a ten-year median of 8.5×; over the ten years it ranged from −55.3× in 2023 to 41.4× in 2023.
P/E against its own 10 years 92.76%
10-year low 10-year high
P/S against its own 10 years 85.07%
10-year low 10-year high
P/B against its own 10 years 27.71%
10-year low 10-year high
EV/Sales against its own 10 years 84.81%
10-year low 10-year high
EV/FCF against its own 10 years 86.57%
10-year low 10-year high

Dividends

Yield
3.18%
Annual rate
0.55
Payout ratio
111.6%
Growth, 2018–26
−18.4%/yr
  1. 2.79 ’18
  2. 3.36 ’19 +20
  3. 1.67 ’20 −50
  4. 2.86 ’21 +71
  5. 3.63 ’22 +27
  6. 0.35 ’23 −90
  7. 1.35 ’24 +286
  8. 6.97 ’25 +416
  9. 0.55 ’26 −92
paid change on the year, %

Assets vs Liabilities $m

2024 2025 2026 Q'26
Cash 24 100 23 17
Receivables 2 1 1 1
Inventory — — — —
Other 0 0 0 1
27 102 24 20
2024 2025 2026 Q'26
Payables — — — —
ST’ Debt — — — —
Other — — — —
6 78 4 2

Compound Annual Growth %

10y 5y 3y
Sales 6.07% (7.55%) 31.30%
Cash Flow 5.77% (7.09%) 1.28%
Earnings 4.95% (9.94%) 37.72%
Book Value 8.54% 4.37% 21.28%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY13 Estimate 0.77 Actual 0.89

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY13 0.77 0.89 Beat by 0.12

EPS $

Apr Jul Oct Jan Year
’26 0.08 (0.01) — — —
’26 0.28 0.36 0.21 0.21 1.06
’25 0.27 0.41 5.97 0.46 7.11
’24 0.08 0.70 0.31 0.36 1.45
’23 1.04 (0.37) (0.03) (0.23) 0.40
’22 0.65 2.04 1.22 1.33 5.24
’21 0.12 0.51 0.39 0.76 1.78
Fiscal quarters ending in the months shown.

Revenue $m

Apr Jul Oct Jan Year
’26 2 2 — — —
’26 5 6 4 4 18
’25 6 6 79 7 99
’24 2 10 5 6 23
’23 14 (4) 0 (2) 8
’22 9 28 16 18 71
’21 2 7 6 11 26
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Apr Jul Oct Jan Year
’26 1 0 — — —
’26 2 4 4 4 14
’25 3 4 78 9 94
’24 (1) 5 5 6 15
’23 13 2 0 (1) 14
’22 5 18 19 20 63
’21 0 4 5 12 21
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Apr Jul Oct Jan Year
’26 1 0 — — —
’26 2 4 4 4 14
’25 3 4 78 9 94
’24 (1) 5 5 6 15
’23 13 2 0 (1) 14
’22 5 18 19 20 63
’21 0 4 5 12 21
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to January

Ten-year view Analyst estimates Powerpack
Group Line 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 TTM Jul ’26 Trend 10 yrs 2027e 2028e 2029e Next 3/yr
Income, $m
Income, $m Revenue 11 34 47 32 26 71 8 23 99 18 12 +5.4% — — — —
Gross margin, % 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 0.0 pt
EBT 10 33 46 30 23 69 5 19 93 14 6 +4.0%
EBT margin, % 89.68 96.89 96.33 93.95 90.20 96.23 68.58 83.03 94.60 79.14 54.47 (10.5) pt
Net income 10 0 46 30 0 0 0 19 93 14 6 +4.0%
Per share, $
Per share, $ Revenue 0.83 2.63 3.60 2.44 1.98 5.45 0.59 1.74 7.51 1.34 0.91 +5.4%
Earnings 0.73 2.55 3.47 2.29 1.78 5.24 0.40 1.45 7.11 1.06 0.49 +4.2%
Cash flow 0.96 2.25 3.47 2.64 1.59 4.79 1.06 1.11 7.16 1.10 0.67 +1.5%
Capex 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 n/m
Free cash flow 0.96 2.25 3.47 2.64 1.59 4.79 1.06 1.11 7.16 1.10 0.67 +1.5%
Book value 0.78 0.81 1.28 0.90 1.26 2.35 0.87 1.60 1.78 1.56 1.34 +8.0%
Shares, m 13 13 13 13 13 13 13 13 13 13 13 0.0%
Valuation, ×
Valuation, × P/E 18.77 10.33 7.89 8.91 14.12 5.34 56.38 13.46 3.32 32.25 35.15 17.1
P/S 16.51 9.43 7.61 8.37 12.71 5.14 39.03 11.20 3.14 25.59 19.08 13.9
P/B 17.61 30.68 21.42 22.63 20.01 11.92 26.42 12.20 13.27 21.98 12.92 19.8
EV/Sales 15.21 8.73 6.91 7.64 11.84 4.47 37.22 10.15 2.12 24.27 17.62 12.9
EV/FCF 13.16 10.21 7.19 7.06 14.77 5.08 20.79 15.88 2.23 29.52 24.03 12.6
Cash, $m
Cash, $m Operating cash flow 13 30 45 35 21 63 14 15 94 14 9 +1.5%
Capex — — — — — — — — — — — —
Free cash flow 13 30 45 35 21 63 14 15 94 14 9 +1.5%
Balance, $m
Balance, $m Working capital 10 11 17 12 16 31 11 21 23 20 18 +8.0%
Net debt (14) (24) (33) (24) (22) (48) (14) (24) (100) (23) (17) +5.6%
Shareholders’ equity 10 11 17 12 16 31 11 21 23 20 18 +8.0%
Returns, %
Returns, % ROA 81.14 165.17 147.74 101.71 100.51 178.98 15.61 93.04 145.27 22.00 29.07 (59.1) pt
ROIC 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 3,628.96 0.0 pt
ROE 101.73 321.19 332.40 209.91 165.38 290.94 25.14 117.13 421.08 63.43 32.13 (38.3) pt
People
People Employees — — — — — — — — — — — —
Revenue/emp, $m 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Jan 2026 · latest quarter Jul 2026

Mesabi Trust vs peers in Steel (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
SIM Grupo Simec, S.A. de C.V. $4.3B 20.7× 28.5× +17.46% (above 0%: growing) +38.87% (above 0%: growing) +96.72% (above 0%: growing) 24.99% 15.91% Compare
WS Worthington Steel, Inc. $1.8B — (loss-making) 8.7× +212.36% (above 0%: growing) n/m −42.57% (below 0%: shrinking) 9.58% 2.05% Compare
SID National Steel Company $1.0B — (loss-making) 199× +18.55% (above 0%: growing) n/m +8.38% (above 0%: growing) 25.92% 5.54% Compare
NWPX NWPX Infrastructure, Inc. $797.7M 15.8× 17.5× +18.75% (above 0%: growing) +35.17% (above 0%: growing) +54.47% (above 0%: growing) 21.29% 13.55% Compare
MTUS Metallus Inc. $650.2M 28.9× 27.3× +10.23% (above 0%: growing) +202.58% (above 0%: growing) +1.56% (above 0%: growing) 10.77% 9.49% Compare
FRD Friedman Industries Inc. $256.1M 6.4× 5.0× +88.21% (above 0%: growing) +584.37% (above 0%: growing) +403.27% (above 0%: growing) 0.00% 12.75% Compare
MSB Mesabi Trust $216.4M 35.1× 56.9× −55.76% (below 0%: shrinking) n/m −94.31% (below 0%: shrinking) 100.00% 100.00%
ZKIN ZK International Group Co., Ltd. $116.3M — (loss-making) — (loss-making) +6.38% (above 0%: growing) +100.00% (above 0%: growing) −602.13% (below 0%: shrinking) 6.38% 0.00% Compare
LUD Luda Technology Group Limited $86.5M — — — — — — — Compare
Median of peers $724.0M 18.2× 22.4× +18.55% +100.00% +8.38% 10.77% 9.49%

All 19 Steel stocks →

Pay and ownership Proxy statement filed 9 November 2018

Ownership

Directors and executive officers, together less than 1%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Mesabi Trust (MSB) Latest News

15 Oct

Impact 3 · · Business Wire

4 May

Impact 3 · · Business Wire

16 Apr

Impact 4 · · Simply Wall St.
Impact 3 · · Business Wire

16 Jan

Impact 4 · · Business Wire

22 Dec

Impact 3 · · Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.

12 Dec

Impact 3 · · Associated Press FinanceAssociated Press FinanceAssociated Press FinanceAssociated Press FinanceMT NewswiresMT Newswires earnings

10 Oct

Impact 3 · · Business Wire

26 Sep

Impact 4 · · Business Wire

15 Sep

Impact 3 · · Associated Press Finance

25 Aug

Impact 3 ·

15 Jul

Impact 3 · · Simply Wall St.

11 Jul

Impact 3 · · Business Wire

2 May

Impact 3 ·
Impact 3 · · Business Wire

15 Apr

Impact 4 ·

7 Mar

Impact 4 · · Insider Monkey

14 Jan

Impact 4 ·

31 Dec

Impact 4 ·

17 Oct

Impact 4 · · Business Wire

10 Sep

Impact 4 · · Business Wire

12 Jul

Impact 4 · · Business Wire

7 Feb

Impact 3 · · GuruFocus.com
stockrow.com/MSB · Data as of Jul 31, 2026 · For information only; not investment advice. · © 2026 stockrow.com