ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN Financials

MTUL

Source SEC Filings (10-K/10-Q) Data as of Dec 31, 2025 Currency USD FYE December

This page shows ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN (MTUL) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 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 MTUL FY2025 2026-04-22

MTUL’s earnings ride on huge balance-sheet leverage, while cash generation swings much more sharply than reported profit.

Operating cash flow swung from -$27.1B in FY2024 to $24.6B in FY2025, a far larger move than the income statement alone would suggest. Net income only moved from $1.5B to $3.6B, which points to cash conversion being driven heavily by balance-sheet flows rather than by profit alone, making FY2024 look more like a temporary funding unwind than a permanent break in the earnings engine.

With $1.62T of assets supporting just $47.7B of revenue, MTUL is operating on thin asset returns rather than wide product margins. That is why a positive net margin still translates into only ROA of 0.2% in FY2025, so small changes in balance-sheet efficiency can have an outsized effect on reported returns.

FY2025 dividends of $13.0B were far above net income of $3.6B, so shareholder payouts consumed much more than current-year earnings. That helps explain why retained earnings fell to -$2.1B and why equity capacity did not strengthen even after profit recovered, leaving the balance sheet strongly liability-funded.

Financial Health Signals

Financial health score pending refresh

We are recalculating ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.

Piotroski F-Score Partial

6/6

ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN passes 6 of 6 computable financial strength tests (3 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

6.89x

For every $1 of reported earnings, ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN generates $6.89 in operating cash flow ($24.6B OCF vs $3.6B 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

$47.7B

YoY+12.7%

ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN generated $47.7B in revenue in fiscal year 2025. This represents an increase of 12.7% from the prior year.

EBITDA

N/A

Net Income

$3.6B

YoY+132.6%

ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN reported $3.6B in net income in fiscal year 2025. This represents an increase of 132.6% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$231.0B

YoY-5.1%

ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN held $231.0B in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

3.86B

YoY+0.0%

ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN had 3.86B shares outstanding in fiscal year 2025. This represents an increase of 0.0% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

7.5%

YoY+3.9pp

ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN's net profit margin was 7.5% in fiscal year 2025, showing the share of revenue converted to profit. This is up 3.9 percentage points from the prior year.

Return on Equity

4.0%

YoY+2.4pp

ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN's ROE was 4.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 2.4 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

MTUL Income Statement

Metric	FY25	FY24	FY23	FY22	FY21
Revenue	$47.7B+12.7%	$42.3B+25.7%	$33.7B-3.6%	$34.9B-2.5%	$35.8B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A
Interest Expense	$135.0M+2.3%	$132.0M+36.1%	$97.0M+10.2%	$88.0M-10.2%	$98.0M
Income Tax	$534.0M-40.7%	$900.0M-25.4%	$1.2B-34.6%	$1.8B-3.1%	$1.9B
Net Income	$3.6B+132.6%	$1.5B-53.8%	$3.3B-53.4%	$7.1B+0.8%	$7.1B
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q2'25	Q1'25	Q4'24	Q2'24	Q1'24	Q4'23	Q2'23
Revenue	N/A	$11.6B-4.3%	$12.2B	N/A	$9.9B+8.7%	$9.1B	N/A	$8.5B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
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	N/A	$37.0M+5.7%	$35.0M	N/A	$29.0M+31.8%	$22.0M	N/A	$25.0M
Income Tax	N/A	-$336.0M-210.9%	$303.0M	N/A	$28.0M-92.3%	$366.0M	N/A	$332.0M
Net Income	N/A	$1.2B+15.7%	$1.0B	N/A	-$224.0M-122.1%	$1.0B	N/A	$1.1B
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

MTUL Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21
Total Assets	$1.6T+3.1%	$1.6T+35.6%	$1.2T+4.6%	$1.1T-1.0%	$1.1T
Current Assets	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$231.0B-5.1%	$243.4B+27.8%	$190.5B-2.4%	$195.2B-6.0%	$207.8B
Inventory	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A
Goodwill	$6.6B+1.5%	$6.5B+8.3%	$6.0B-4.3%	$6.3B-1.7%	$6.4B
Total Liabilities	$1.5T+3.7%	$1.5T+33.9%	$1.1T+5.0%	$1.0T-0.9%	$1.1T
Current Liabilities	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A
Total Equity	$89.2B-5.8%	$94.7B+70.4%	$55.6B-2.4%	$56.9B-2.6%	$58.4B
Retained Earnings	-$2.1B-127.4%	$7.8B-72.2%	$28.2B-11.1%	$31.7B+13.7%	$27.9B

Metric	Q4'25	Q2'25	Q1'25	Q4'24	Q2'24	Q1'24	Q4'23	Q2'23
Total Assets	$1.6T-3.3%	$1.7T+8.0%	$1.5T-1.3%	$1.6T+0.2%	$1.6T+40.1%	$1.1T-3.4%	$1.2T0.0%	$1.2T
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$231.0B-10.6%	$258.3B	N/A	$243.4B-12.3%	$277.5B	N/A	$190.5B+5.3%	$181.0B
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$6.6B-2.3%	$6.8B+0.9%	$6.7B+2.9%	$6.5B-7.4%	$7.0B+12.6%	$6.2B+4.0%	$6.0B-4.5%	$6.3B
Total Liabilities	$1.5T-3.1%	$1.6T+8.7%	$1.5T-1.6%	$1.5T+0.2%	$1.5T+38.5%	$1.1T-3.5%	$1.1T+5.5%	$1.0T
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	$89.2B-6.0%	$94.9B-2.3%	$97.1B+2.6%	$94.7B+0.4%	$94.2B+70.2%	$55.4B-0.4%	$55.6B+4.3%	$53.3B
Retained Earnings	-$2.1B-158.0%	$3.7B-59.4%	$9.1B+16.5%	$7.8B+5.7%	$7.4B-74.6%	$29.2B+3.5%	$28.2B+1.5%	$27.8B

MTUL Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21
Operating Cash Flow	$24.6B+190.8%	-$27.1B+4.0%	-$28.2B-365.3%	$10.6B-65.2%	$30.6B
Capital Expenditures	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$22.3B-118.2%	$122.4B+2585.9%	-$4.9B+59.9%	-$12.3B-560.4%	-$1.9B
Financing Cash Flow	-$33.8B-5.1%	-$32.1B-263.2%	$19.7B+474.5%	-$5.3B-148.1%	$10.9B
Dividends Paid	$13.0B+333.3%	$3.0B-50.0%	$6.0B+42.9%	$4.2B-7.5%	$4.5B
Share Buybacks	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q2'25	Q1'25	Q4'24	Q2'24	Q1'24	Q4'23	Q2'23
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
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	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

MTUL Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21
Gross Margin	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A
Net Margin	7.5%+3.9pp	3.6%-6.2pp	9.8%-10.5pp	20.4%+0.7pp	19.7%
Return on Equity	4.0%+2.4pp	1.6%-4.4pp	6.0%-6.5pp	12.5%+0.4pp	12.1%
Return on Assets	0.2%+0.1pp	0.1%-0.2pp	0.3%-0.4pp	0.6%+0.0pp	0.6%
Current Ratio	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	17.13+1.6	15.56-4.2	19.80+1.4	18.41+0.3	18.10
FCF Margin	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q2'25	Q1'25	Q4'24	Q2'24	Q1'24	Q4'23	Q2'23
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	10.3%+1.8pp	8.5%	N/A	-2.3%-13.4pp	11.1%	N/A	13.3%
Return on Equity	N/A	1.3%+0.2pp	1.1%	N/A	-0.2%-2.1pp	1.8%	N/A	2.1%
Return on Assets	N/A	0.1%0.0pp	0.1%	N/A	-0.0%-0.1pp	0.1%	N/A	0.1%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	17.13+0.5	16.63+1.7	14.93-0.6	15.56-0.0	15.60-3.6	19.17-0.6	19.80+0.2	19.58
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Frequently Asked Questions

What is ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN's annual revenue?

ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN (MTUL) reported $47.7B in total revenue for fiscal year 2025. This represents a 12.7% 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 ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN's revenue growing?

ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN (MTUL) revenue grew by 12.7% year-over-year, from $42.3B to $47.7B in fiscal year 2025.

Is ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN profitable?

Yes, ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN (MTUL) reported a net income of $3.6B in fiscal year 2025, with a net profit margin of 7.5%.

What is ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN's net profit margin?

ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN (MTUL) had a net profit margin of 7.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN's return on equity (ROE)?

ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN (MTUL) has a return on equity of 4.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN's operating cash flow?

ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN (MTUL) generated $24.6B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN's total assets?

ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN (MTUL) had $1.6T in total assets as of fiscal year 2025, including both current and long-term assets.

How many shares does ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN have outstanding?

ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN (MTUL) had 3.86B shares outstanding as of fiscal year 2025.

What is ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN's debt-to-equity ratio?

ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN (MTUL) had a debt-to-equity ratio of 17.13 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN's return on assets (ROA)?

ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN (MTUL) had a return on assets of 0.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN's Piotroski F-Score?

ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN (MTUL) has a Piotroski F-Score of 6 out of 6 computable signals; 3 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 ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN's earnings high quality?

ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN (MTUL) has an earnings quality ratio of 6.89x, 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.