MESABI TRUST financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data MESABI TRUST files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2015	FY2016	FY2017	FY2018	FY2019	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	9.72	10.9	34.5	47.3	32	26	71.5	7.74	22.9	98.6
Cost of revenue		1.12	1.07	1.73	1.94	2.54	2.69	2.43	3.88	5.32
Gross profit		9.76	33.4	45.6	30.1	23.4	68.8	5.31	19	93.3
General and administrative	1.16	1.12	1.07
Operating expenses	1.16
Interest income	0.01	0.01	0.09	0.26	0.28	0.04
Net income	8.56	9.76	33.4	45.6	30.1	23.4	68.8	5.31	19	93.3
EPS, basic	0.65	0.74	2.55	3.47	2.29	1.78	5.24	0.41	1.45	7.11
EPS, diluted	0.65	0.74	2.55	3.47	2.29	1.78	5.24	0.41	1.45	7.11
Shares, basic (weighted)	13.1	13.1	13.1	13.1	13.1	13.1	13.1	13.1	13.1	13.1
Shares, diluted (weighted)	13.1	13.1	13.1	13.1	13.1	13.1	13.1	13.1	13.1	13.1

Balance sheet

	FY2015	FY2016	FY2017	FY2018	FY2019	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	2.59	13.7	0.31	0.88	10.2	12.5	47.7	14	24	100
Receivables			1.96	2.34	0.07	0.25	4.63	0.02	1.96	1.16
Other current assets	0.05	0.05	0.05	0.05	0.07	0.09	0.12	0.13	0.3	0.12
Total current assets	9.36	14.2	26.2	35.5	23.6	22.9	53.9	14.1	26.7	102
Total assets	9.82	14.2	26.2	35.5	23.6	22.9	53.9	14.1	26.7	102
Total liabilities	0.83	4.04	15.6	18.6	11.8	6.45	23.1	2.68	5.72	78.4
Total equity			10.6	16.8	11.8	16.5	30.8	11.4	21	23.3
Total liabilities and equity	9.82	14.2	26.2	35.5	23.6	22.9	53.9	14.1	26.7	102

Cash flow statement

	FY2015	FY2016	FY2017	FY2018	FY2019	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	8.56	9.76	33.4	45.6	30.1	23.4	68.8	5.31	19	93.3
Change in receivables		0.93	-1.91	-0.38	2.27	-0.18	-4.38	4.61	-1.94	0.8
Cash from operations	8.22	12.6	29.5	45.5	34.6	20.8	62.8	13.9	14.6	93.9
Cash from investing	-5.43	5.74	-23.3	-8.32	18.8	3.43	9.91
Dividends paid	-8.92	-7.22	-19.5	-36.6	-44.1	-21.9	-37.5	-47.6	-4.59	-17.7
Net change in cash	-6.13	11.1	-13.4	0.57	9.3	2.32	35.2	-33.8	10	76.2

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $19.12 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	94.6%	Gross profit / revenue.
Net margin	94.6%	Net income / revenue.
Operating cash flow margin	95.3%	Cash from operations / revenue.
Return on assets (ROA)	145.3%	Net income / average total assets.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	331.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	11.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	25.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	391.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	10.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	25.4%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	391.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	10.7%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	25.4%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	391.3%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	10.7%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	25.4%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	543.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	14.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	22.1%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	281.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	23.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	33.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Liabilities / assets	77.1%	Total liabilities / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.54x	Revenue / average total assets.
Receivables turnover	63.2x	Revenue / average receivables.
Days sales outstanding	6 days	365 x average receivables / revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	$7.11	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$7.11	Net income per basic share, as reported (split-adjusted).
Revenue per share	$7.51	Revenue / diluted weighted shares.
Operating cash flow per share	$7.16	Cash from operations / diluted weighted shares.
Cash per share	$7.64	(Cash + short-term investments) / shares outstanding.
Payout ratio	19.0%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$250.9M	Share price x shares outstanding.
Enterprise value	$150.7M	Market cap + total debt - cash - short-term investments.
P/E	2.69x	Market cap / net income. Only when net income is positive.
P/S	2.54x	Market cap / revenue.
P/OCF	2.67x	Market cap / cash from operations, when positive.
EV/Sales	1.53x	Enterprise value / revenue.
Earnings yield	37.2%	Net income / market cap (the inverse of P/E).
Dividend yield	7.1%	Dividends paid over the period / market cap.
Shareholder yield	7.1%	(Dividends paid + share buybacks) / market cap.
PEG	0.25x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was MESABI TRUST's revenue in fiscal 2025?

MESABI TRUST reported revenue of $98.6M for fiscal 2025, 331.3% higher than the year before.

Was MESABI TRUST profitable in fiscal 2025?

Yes. Net income was $93.3M, a net margin of 94.6%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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