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. In the quarter to July 2026, revenue fell 55.8%, EPS fell 102.0% and free cash flow fell 94.3%, each against the same quarter a year earlier.
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Mesabi Trust (MSB) Altman Z-score
Mesabi Trust's Altman Z-score for fiscal 2026 is 70.36, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2026 | 70.36 | 63.37 |
| FY2025 | 6.99 | (25.22) |
| FY2024 | 32.21 | (39.45) |
| FY2023 | 71.66 | 55.09 |
| FY2022 | 16.57 | (20.25) |
| FY2021 | 36.82 | 16.32 |
| FY2020 | 20.51 | 2.06 |
| FY2019 | 18.45 | (0.66) |
| FY2018 | 19.11 | (12.52) |
| FY2017 | 31.62 | (16.50) |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.84 | — | 1.01 | |
| Retained earnings / total assets | 0.84 | — | 1.17 | |
| EBIT / total assets | 0.59 | — | 1.95 | |
| Market value of equity / total liabilities | 109.18 | — | 65.51 | |
| Sales / total assets | 0.72 | — | 0.72 | |
| Altman Z-score | Safe zone | 70.36 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 17.62 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| MSB Mesabi Trust | 70.4× |
| LUD Luda Technology Group Limited compare | 4.5× |
| NWPX NWPX Infrastructure, Inc. compare | 4.2× |
| FRD Friedman Industries Inc. compare | 3.7× |
| MTUS Metallus Inc. compare | 2.1× |
| SID National Steel Company compare | 0.7× |
| ZKIN ZK International Group Co., Ltd. compare | 0.2× |
| ASTL Algoma Steel Group Inc. compare | −1.0× |
| MTL Mechel PAO compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets