Mesabi Trust Financials

MSB

Source SEC Filings (10-K/10-Q) Updated Oct 31, 2025 Currency USD FYE January

This page shows Mesabi Trust (MSB) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI MSB FY2025 2026-04-22

Mesabi Trust operates like a cash-pass-through business, where very small direct costs let revenue swings hit cash quickly.

FY2025 operating cash flow of $93.9M essentially matched net income of $93.3M, so reported profit arrived as cash rather than being absorbed by working capital or heavy reinvestment. That matters because assets were only $27.4M while revenue reached $98.6M, showing an asset-light, distribution-oriented model whose operating footprint barely expands even when annual results jump.

The tiny gap between gross margin and net margin in recent years—both at 94.6% in FY2025—implies very little of the economics is consumed by ongoing overhead after direct costs. That makes this a business where changes in topline activity tend to flow almost straight through to profit instead of being buffered by a large fixed-cost base.

Cash distributions are not tightly matched to same-year earnings: in one recent year, dividends paid were $47.6M against only $5.3M of net income. With FY2025 dividends still at $4.6M after a major earnings rebound, the statements look less like a reinvestment story and more like cash being accumulated and released on a separate timing cycle.

Financial Health Signals

Financial Profile 49/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Mesabi Trust's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Growth

100

Mesabi Trust's revenue surged 331.3% year-over-year to $98.6M, reflecting rapid business expansion. This strong growth earns a score of 100/100.

Leverage

Mesabi Trust carries a low D/E ratio of 0.40, meaning only $0.40 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 94/100, indicating a strong balance sheet with room for future borrowing.

Returns

100

Mesabi Trust earns a strong 475.6% return on equity (ROE), meaning it generates $476 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 100/100. This is up from 91.9% the prior year.

Piotroski F-Score Strong

7/9

Mesabi Trust passes 7 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed

1.01x

For every $1 of reported earnings, Mesabi Trust generates $1.01 in operating cash flow ($93.9M OCF vs $93.3M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

$98.6M

YoY+331.3%

5Y CAGR+25.2%

10Y CAGR+14.2%

Mesabi Trust generated $98.6M in revenue in fiscal year 2025. This represents an increase of 331.3% from the prior year.

EBITDA

N/A

Net Income

$93.3M

YoY+391.3%

5Y CAGR+25.4%

10Y CAGR+14.2%

Mesabi Trust reported $93.3M in net income in fiscal year 2025. This represents an increase of 391.3% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$24.2M

YoY+12.0%

5Y CAGR+11.1%

10Y CAGR+40.6%

Mesabi Trust held $24.2M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

13M

YoY+0.0%

5Y CAGR+0.0%

10Y CAGR+0.0%

Mesabi Trust had 13M shares outstanding in fiscal year 2025. This represents an increase of 0.0% from the prior year.

Margins & Returns

Gross Margin

94.6%

YoY+11.6pp

5Y CAGR+0.6pp

Mesabi Trust's gross margin was 94.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 11.6 percentage points from the prior year.

Operating Margin

N/A

Net Margin

94.6%

YoY+11.6pp

5Y CAGR+0.6pp

10Y CAGR-0.4pp

Mesabi Trust's net profit margin was 94.6% in fiscal year 2025, showing the share of revenue converted to profit. This is up 11.6 percentage points from the prior year.

Return on Equity

475.6%

YoY+383.7pp

5Y CAGR-17.5pp

10Y CAGR-495.2pp

Mesabi Trust's ROE was 475.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 383.7 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

MSB Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$98.6M+331.3%	$22.9M+195.3%	$7.7M-89.2%	$71.5M+175.4%	$26.0M-18.9%	$32.0M
Cost of Revenue	$5.3M+37.2%	$3.9M+59.4%	$2.4M-9.7%	$2.7M+5.9%	$2.5M+31.4%	$1.9M
Gross Profit	$93.3M+391.3%	$19.0M+257.6%	$5.3M-92.3%	$68.8M+193.8%	$23.4M-22.1%	$30.1M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$2.0M+154.1%	$769K+213.2%	$246K-53.1%	$523K+1374.7%	$35K-87.5%	$283K
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	$93.3M+391.3%	$19.0M+257.6%	$5.3M-92.3%	$68.8M+193.8%	$23.4M-22.1%	$30.1M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24
Revenue	$3.6M-36.0%	$5.6M+18.4%	$4.7M-30.9%	$6.9M-91.3%	$79.0M+1117.3%	$6.5M+3.8%	$6.3M+0.4%	$6.2M
Cost of Revenue	$823K-4.6%	$863K-21.8%	$1.1M+40.3%	$786K+16.3%	$676K-38.1%	$1.1M-60.5%	$2.8M+80.0%	$1.5M
Gross Profit	$2.8M-41.7%	$4.7M+30.6%	$3.6M-40.1%	$6.1M-92.3%	$78.3M+1351.0%	$5.4M+54.9%	$3.5M-25.7%	$4.7M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$200K+5.3%	$190K-50.7%	$385K-61.9%	$1.0M+115.9%	$468K+99.2%	$235K-2.0%	$240K-0.5%	$241K
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	$2.8M-41.7%	$4.7M+30.6%	$3.6M-40.1%	$6.1M-92.3%	$78.3M+1351.0%	$5.4M+54.9%	$3.5M-25.7%	$4.7M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

MSB Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$27.4M+9.1%	$25.1M+72.1%	$14.6M-67.3%	$44.7M+62.9%	$27.4M+90.6%	$14.4M
Current Assets	$27.4M+9.1%	$25.1M+72.1%	$14.6M-67.3%	$44.7M+62.9%	$27.4M+90.6%	$14.4M
Cash & Equivalents	$24.2M+12.0%	$21.6M+65.1%	$13.1M-65.4%	$37.9M+218.1%	$11.9M-16.7%	$14.3M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$1.9M+4.8%	$1.8M+31.8%	$1.4M-40.0%	$2.3M-58.8%	$5.6M+18015.8%	$31K
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$7.8M+74.6%	$4.5M+109.0%	$2.1M-84.6%	$13.9M-0.8%	$14.1M+69.4%	$8.3M
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$19.6M-5.0%	$20.7M+65.7%	$12.5M-59.5%	$30.7M+129.9%	$13.4M+119.4%	$6.1M
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24
Total Assets	$26.0M+4.9%	$24.8M-9.7%	$27.4M-73.0%	$101.7M+1.1%	$100.7M+283.5%	$26.2M+4.4%	$25.1M-5.8%	$26.7M
Current Assets	$26.0M+4.9%	$24.8M-9.7%	$27.4M-73.0%	$101.7M+1.1%	$100.7M+283.5%	$26.2M+4.4%	$25.1M-5.8%	$26.7M
Cash & Equivalents	$23.2M+9.1%	$21.2M-12.3%	$24.2M-75.8%	$100.2M+4.5%	$95.9M+343.4%	$21.6M0.0%	$21.6M-9.8%	$24.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$1.5M+5.4%	$1.4M-24.7%	$1.9M+65.1%	$1.2M-70.1%	$3.9M+50.2%	$2.6M+41.3%	$1.8M-6.7%	$2.0M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$4.9M+146.1%	$2.0M-74.5%	$7.8M-90.0%	$78.4M+1367.5%	$5.3M+29.3%	$4.1M-7.7%	$4.5M-21.7%	$5.7M
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$21.1M-7.4%	$22.8M+16.2%	$19.6M-15.9%	$23.3M-75.5%	$95.3M+331.0%	$22.1M+7.1%	$20.7M-1.5%	$21.0M
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

MSB Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$93.9M+543.1%	$14.6M+5.3%	$13.9M-77.9%	$62.8M+202.0%	$20.8M-39.8%	$34.6M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	$9.9M+189.2%	$3.4M-81.8%	$18.8M
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	$4.6M0.0%	$4.6M-90.4%	$47.6M+26.9%	$37.5M+71.3%	$21.9M-50.3%	$44.1M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24
Operating Cash Flow	$3.5M-19.6%	$4.4M+110.3%	$2.1M-77.9%	$9.4M-88.0%	$78.2M+1955.1%	$3.8M+52.0%	$2.5M-55.8%	$5.7M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	$1.6M-78.6%	$7.3M-90.6%	$78.1M+1075.4%	-$8.0M-303.3%	$3.9M+3.4%	$3.8M-21.6%	$4.9M	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

MSB Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	94.6%+11.6pp	83.0%+14.5pp	68.6%-27.7pp	96.2%+6.0pp	90.2%-3.7pp	94.0%
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	94.6%+11.6pp	83.0%+14.5pp	68.6%-27.7pp	96.2%+6.0pp	90.2%-3.7pp	94.0%
Return on Equity	475.6%+383.7pp	91.9%+49.3pp	42.6%-181.1pp	223.7%+48.6pp	175.0%-318.1pp	493.1%
Return on Assets	340.1%+264.5pp	75.5%+39.2pp	36.4%-117.5pp	153.9%+68.6pp	85.3%-123.5pp	208.8%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.40+0.2	0.22+0.0	0.17-0.3	0.45-0.6	1.05-0.3	1.36
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24
Gross Margin	77.1%-7.5pp	84.6%+7.9pp	76.7%-11.8pp	88.5%-10.6pp	99.1%+16.0pp	83.2%+27.4pp	55.7%-19.6pp	75.3%
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	77.1%-7.5pp	84.6%+7.9pp	76.7%-11.8pp	88.5%-10.6pp	99.1%+16.0pp	83.2%+27.4pp	55.7%-19.6pp	75.3%
Return on Equity	13.1%-7.7pp	20.8%+2.3pp	18.5%-7.5pp	26.0%-56.2pp	82.2%+57.8pp	24.4%+7.5pp	16.9%-5.5pp	22.4%
Return on Assets	10.6%-8.5pp	19.1%+5.9pp	13.2%+7.3pp	6.0%-71.9pp	77.8%+57.3pp	20.6%+6.7pp	13.9%-3.7pp	17.6%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.23+0.1	0.09-0.3	0.40-3.0	3.36+3.3	0.06-0.1	0.19-0.0	0.22-0.1	0.27
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Mesabi Trust's annual revenue?

Mesabi Trust (MSB) reported $98.6M in total revenue for fiscal year 2025. This represents a 331.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Mesabi Trust's revenue growing?

Mesabi Trust (MSB) revenue grew by 331.3% year-over-year, from $22.9M to $98.6M in fiscal year 2025.

Is Mesabi Trust profitable?

Yes, Mesabi Trust (MSB) reported a net income of $93.3M in fiscal year 2025, with a net profit margin of 94.6%.

What is Mesabi Trust's gross margin?

Mesabi Trust (MSB) had a gross margin of 94.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Mesabi Trust's net profit margin?

Mesabi Trust (MSB) had a net profit margin of 94.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Mesabi Trust's return on equity (ROE)?

Mesabi Trust (MSB) has a return on equity of 475.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Mesabi Trust's operating cash flow?

Mesabi Trust (MSB) generated $93.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Mesabi Trust's total assets?

Mesabi Trust (MSB) had $27.4M in total assets as of fiscal year 2025, including both current and long-term assets.

How many shares does Mesabi Trust have outstanding?

Mesabi Trust (MSB) had 13M shares outstanding as of fiscal year 2025.

What is Mesabi Trust's debt-to-equity ratio?

Mesabi Trust (MSB) had a debt-to-equity ratio of 0.40 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Mesabi Trust's return on assets (ROA)?

Mesabi Trust (MSB) had a return on assets of 340.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Mesabi Trust's Piotroski F-Score?

Mesabi Trust (MSB) has a Piotroski F-Score of 7 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Mesabi Trust's earnings high quality?

Mesabi Trust (MSB) has an earnings quality ratio of 1.01x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Mesabi Trust?

Mesabi Trust (MSB) scores 49 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.