Mesabi Trust Financials

MSB

FY2025 annual

Revenue $98.6M +331.3% YoY

Net Income $93.3M +391.3% YoY

EPS (Diluted) Not reported for FY2025

Free Cash Flow Not reported for FY2025

Source SEC Filings (10-K/10-Q) Data as of Apr 30, 2026 Currency USD FYE January

Mesabi Trust (MSB) reported $98.6M in revenue for fiscal year 2025, up 331.3% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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 2026-08-15

MSB converts revenue into cash with unusually little working-capital drag, but FY2025 leverage rose sharply alongside the rebound.

In FY2025, operating cash flow of $93.9M essentially matched net income of $93.3M, so reported profit did not depend on receivables or other balance-sheet build. At the same time, total liabilities expanded to $78.4M from $5.7M in FY2024, meaning MSB became more liquid and more levered at once because cash piled up even as obligations increased.

The operating footprint looks extremely light: receivables were only $1.2M on FY2025 revenue of $98.6M, and assets are concentrated in cash rather than inventory or fixed assets. That usually means growth does not require much money to be tied up before cash is collected.

The FY2023 dip now looks more like a temporary earnings trough than a steady erosion, because revenue rebounded from $7.7M to $98.6M by FY2025. At the same time, gross margin recovered from 68.6% to 94.6%, so the rebound was not just more volume; the underlying economics also shifted back to a more favorable margin structure.

Financial Health Signals

Financial health score not available

Mesabi Trust does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Piotroski F-Score Partial

7/7

Mesabi Trust passes 7 of 7 computable financial strength tests (2 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), all 1 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.

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.

EBITDA

Not reported for fiscal year 2025.

EPS (Diluted)

Not reported for fiscal year 2025.

Cash & Balance Sheet

Cash & Debt

$100.2M

YoY+317.9%

5Y CAGR+58.0%

10Y CAGR+27.7%

Mesabi Trust held $100.2M in cash as of fiscal year 2025; long-term debt is not reported for that period.

Shares Outstanding

13M

YoY0.0%

5Y CAGR0.0%

10Y CAGR0.0%

Mesabi Trust had 13M shares outstanding in fiscal year 2025. That is unchanged from the prior year.

Free Cash Flow

Not reported for fiscal year 2025.

Dividends Per Share

Not reported for fiscal year 2025.

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.

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

399.8%

YoY+309.3pp

5Y CAGR+145.8pp

10Y CAGR-1137.5pp

Mesabi Trust's ROE was 399.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 309.3 percentage points from the prior year.

Operating Margin

Not reported for fiscal year 2025.

Capital Allocation

None of these metrics is reported for fiscal year 2025.

MSB Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

MSB annual income statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Revenue	$98.6M+331.3%	$22.9M+195.3%	$7.7M-89.2%	$71.5M+175.4%	$26.0M-18.9%	$32.0M-32.4%	$47.3M+37.1%	$34.5M+216.8%	$10.9M+12.0%	$9.7M-62.7%	$26.1M+18.3%	$22.0M-30.2%	$31.6M-7.6%	$34.2M+2.4%	$33.3M
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+11.6%	$1.7M+61.8%	$1.1M-4.6%	$1.1M	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	$93.3M+391.3%	$19.0M+257.6%	$5.3M-92.3%	$68.8M+193.8%	$23.4M-22.1%	$30.1M-34.0%	$45.6M+36.3%	$33.4M+242.3%	$9.8M	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	$1.1M-4.6%	$1.1M-3.4%	$1.2M-11.4%	$1.3M	N/A	N/A	$921K+4.8%	$879K
Interest Expense	$2.0M+154.1%	$769K+213.2%	$246K-53.1%	$523K+1374.7%	$35K-87.5%	$283K	N/A	N/A	N/A	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-34.0%	$45.6M+36.3%	$33.4M+242.3%	$9.8M+14.1%	$8.6M-65.4%	$24.8M+17.6%	$21.1M-31.3%	$30.7M-7.8%	$33.2M+2.4%	$32.5M

Metric	Q1'27	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25
Revenue	$2.2M	N/A	$3.6M-36.0%	$5.6M+18.4%	$4.7M-30.9%	$6.9M-91.3%	$79.0M+1117.3%	$6.5M
Cost of Revenue	$1.2M	N/A	$823K-4.6%	$863K-21.8%	$1.1M+40.3%	$786K+16.3%	$676K-38.1%	$1.1M
Gross Profit	$1.1M	N/A	$2.8M-41.7%	$4.7M+30.6%	$3.6M-40.1%	$6.1M-92.3%	$78.3M+1351.0%	$5.4M
Interest Expense	$168K	N/A	$200K+5.3%	$190K-50.7%	$385K-61.9%	$1.0M+115.9%	$468K+99.2%	$235K
Net Income	$1.1M	N/A	$2.8M-41.7%	$4.7M+30.6%	$3.6M-40.1%	$6.1M-92.3%	$78.3M+1351.0%	$5.4M

Not reported in any period shown, so not listed: R&D Expenses, Operating Income, Income Tax, EPS (Diluted).

MSB Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

MSB annual balance sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Total Assets	$101.7M+281.1%	$26.7M+89.1%	$14.1M-73.8%	$53.9M+135.1%	$22.9M-3.0%	$23.6M-33.3%	$35.5M+35.2%	$26.2M+84.0%	$14.2M+45.2%	$9.8M-2.8%	$10.1M+18.0%	$8.6M+11.9%	$7.6M-31.5%	$11.2M+15.8%	$9.6M
Current Assets	$101.7M+281.1%	$26.7M+89.1%	$14.1M-73.8%	$53.9M+135.1%	$22.9M-3.0%	$23.6M-33.3%	$35.5M+35.2%	$26.2M+84.0%	$14.2M+52.2%	$9.4M-4.9%	$9.8M+22.4%	$8.0M+8.1%	$7.4M-30.4%	$10.7M+10.9%	$9.6M
Cash & Equivalents	$100.2M+317.9%	$24.0M+71.7%	$14.0M-70.7%	$47.7M+281.8%	$12.5M+22.8%	$10.2M+1054.2%	$882K+180.1%	$315K-97.7%	$13.7M+429.4%	$2.6M-70.3%	$8.7M+12.9%	$7.7M+14.8%	$6.7M-34.4%	$10.3M+17.9%	$8.7M
Accounts Receivable	$1.2M-40.8%	$2.0M+8220.0%	$24K-99.5%	$4.6M+1756.5%	$249K+258.5%	$70K-97.0%	$2.3M+19.6%	$2.0M	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$78.4M+1271.8%	$5.7M+113.3%	$2.7M-88.4%	$23.1M+258.3%	$6.5M-45.4%	$11.8M-36.6%	$18.6M+19.4%	$15.6M+286.1%	$4.0M+388.6%	$828K-90.2%	$8.5M+12.1%	$7.6M+17.1%	$6.5M-36.2%	$10.1M+17.1%	$8.7M
Total Equity	$23.3M+11.2%	$21.0M+83.4%	$11.4M-62.9%	$30.8M+86.9%	$16.5M+39.3%	$11.8M-29.6%	$16.8M+58.4%	$10.6M+3.9%	$10.2M+13.5%	$9.0M+457.9%	$1.6M+63.7%	$984K-16.8%	$1.2M+14.6%	$1.0M+4.4%	$988K

Metric	Q1'27	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25
Total Assets	$21.9M-10.0%	$24.4M-6.3%	$26.0M+4.9%	$24.8M-9.7%	$27.4M-73.0%	$101.7M+1.1%	$100.7M+283.5%	$26.2M
Current Assets	$21.9M-10.0%	$24.4M-6.3%	$26.0M+4.9%	$24.8M-9.7%	$27.4M-73.0%	$101.7M+1.1%	$100.7M+283.5%	$26.2M
Cash & Equivalents	$20.3M-12.4%	$23.2M-0.1%	$23.2M+9.1%	$21.2M-12.3%	$24.2M-75.8%	$100.2M+4.5%	$95.9M+343.4%	$21.6M
Accounts Receivable	$632K-19.3%	$782K-48.6%	$1.5M+5.4%	$1.4M-24.7%	$1.9M+65.1%	$1.2M-70.1%	$3.9M+50.2%	$2.6M
Total Liabilities	$3.6M-9.4%	$4.0M-19.5%	$4.9M+146.1%	$2.0M-74.5%	$7.8M-90.0%	$78.4M+1367.5%	$5.3M+29.3%	$4.1M
Total Equity	$18.3M-10.1%	$20.4M-3.2%	$21.1M-7.4%	$22.8M+16.2%	$19.6M-15.9%	$23.3M-75.5%	$95.3M+331.0%	$22.1M

Not reported in any period shown, so not listed: Inventory, Goodwill, Current Liabilities, Long-Term Debt, Retained Earnings.

MSB Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

MSB annual cash flow statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
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-24.0%	$45.5M+54.2%	$29.5M+134.5%	$12.6M+53.1%	$8.2M-66.1%	$24.3M+14.1%	$21.3M-30.7%	$30.7M-7.3%	$33.1M+9.1%	$30.4M
Investing Cash Flow	N/A	N/A	N/A	$9.9M+189.2%	$3.4M-81.8%	$18.8M+325.7%	-$8.3M+64.3%	-$23.3M-506.6%	$5.7M+205.7%	-$5.4M	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+20.4%	$36.6M+87.2%	$19.5M+170.9%	$7.2M-19.1%	$8.9M-61.6%	$23.2M	N/A	N/A	N/A	N/A

Metric	Q1'27	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25
Operating Cash Flow	$534K	N/A	$3.5M-19.6%	$4.4M+110.3%	$2.1M-77.9%	$9.4M-88.0%	$78.2M+1955.1%	$3.8M
Dividends Paid	$3.4M	N/A	$1.6M-78.6%	$7.3M-90.6%	$78.1M+1075.4%	-$8.0M-303.3%	$3.9M+3.4%	$3.8M

Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow, Financing Cash Flow, Share Buybacks.

MSB Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

MSB annual financial ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Gross Margin	94.6%+11.6pp	83.0%+14.5pp	68.6%-27.7pp	96.2%+6.0pp	90.2%-3.7pp	94.0%-2.4pp	96.3%-0.6pp	96.9%+7.2pp	89.7%	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%-2.4pp	96.3%-0.6pp	96.9%+7.2pp	89.7%+1.6pp	88.0%-6.9pp	95.0%-0.5pp	95.5%-1.6pp	97.1%-0.2pp	97.3%-0.1pp	97.4%
Return on Equity	399.8%+309.3pp	90.5%+44.1pp	46.4%-176.9pp	223.3%+81.2pp	142.1%-112.0pp	254.0%-17.1pp	271.1%-44.0pp	315.1%+219.4pp	95.7%+0.5pp	95.2%-1442.1pp	1537.3%-602.4pp	2139.7%-453.3pp	2593.0%-629.2pp	3222.2%-64.2pp	3286.4%
Return on Assets	91.7%+20.6pp	71.1%+33.5pp	37.6%-89.9pp	127.6%+25.5pp	102.1%-25.0pp	127.1%-1.4pp	128.5%+1.0pp	127.5%+58.9pp	68.5%-18.7pp	87.2%-158.1pp	245.3%-0.9pp	246.2%-154.8pp	400.9%+103.3pp	297.6%-39.0pp	336.6%
Debt-to-Equity	3.36+3.1x	0.270.0x	0.23-0.5x	0.75+0.4x	0.39-0.6x	1.00-0.1x	1.11-0.4x	1.47+1.1x	0.40+0.3x	0.09-5.2x	5.27-2.4x	7.69+2.2x	5.47-4.4x	9.83+1.1x	8.76

Metric	Q1'27	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25
Gross Margin	48.4%	N/A	77.1%-7.5pp	84.6%+7.9pp	76.7%-11.8pp	88.5%-10.6pp	99.1%+16.0pp	83.2%
Net Margin	48.4%	N/A	77.1%-7.5pp	84.6%+7.9pp	76.7%-11.8pp	88.5%-10.6pp	99.1%+16.0pp	83.2%
Return on Equity	5.9%	N/A	13.1%-7.7pp	20.8%+2.3pp	18.5%-7.5pp	26.0%-56.2pp	82.2%+57.8pp	24.4%
Return on Assets	5.0%	N/A	10.6%-8.5pp	19.1%+5.9pp	13.2%+7.3pp	6.0%-71.9pp	77.8%+57.3pp	20.6%
Debt-to-Equity	0.200.0x	0.190.0x	0.23+0.1x	0.09-0.3x	0.40-3.0x	3.36+3.3x	0.06-0.1x	0.19

Not reported in any period shown, so not listed: Operating Margin, Current Ratio, FCF Margin.

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Where Mesabi Trust Ranks

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 399.8% 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 $101.7M 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 3.36 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 91.7% 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 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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.