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Mesabi Trust vs Royal Gold: revenue, profit, margins and growth compared

Mesabi Trust brought in $98.6M of revenue in fiscal 2025, Royal Gold $1B in fiscal 2025. Revenue changed by +331.3% at Mesabi Trust and +43.2% at Royal Gold on the year before, so Mesabi Trust grew faster. Mesabi Trust kept 94.6% of its revenue as net profit, Royal Gold 45.2%.

Side by side, latest fiscal year

MSBRGLD
Fiscal year endedFY2025 (January 31, 2025)FY2025 (December 31, 2025)
Revenue$98.6M$1B
Revenue growth+331.3%+43.2%
Net income$93.3M$466.3M
Net margin94.6%45.2%
Free cash flown/an/a
Free cash flow marginn/an/a
Earnings per share (diluted)$7.11$6.69
Cash$100.2M$233.7M
Debtn/a$895.4M
Price to earnings2.737.7
Market value$250.9M$21.4B
Dividend yieldn/a0.72%
Rank by revenue in sector#379 of 451 · Industrials#270 of 451 · Industrials

Over the years

Revenue
MSB FY2017: $34.5MMSB FY2018: $47.3MMSB FY2019: $32MMSB FY2021: $26MMSB FY2022: $71.5MMSB FY2023: $7.7MMSB FY2024: $22.9MMSB FY2025: $98.6MRGLD FY2019: $423.1MRGLD FY2020: $498.8MRGLD FY2021: $615.9MRGLD FY2021: $653.6MRGLD FY2022: $603.2MRGLD FY2023: $605.7MRGLD FY2024: $719.4MRGLD FY2025: $1BFY17FY18FY19FY20FY21FY22FY23FY24FY25
MSB $98.6MRGLD $1B
Net income
MSB FY2017: $33.4MMSB FY2018: $45.6MMSB FY2019: $30.1MMSB FY2021: $23.4MMSB FY2022: $68.8MMSB FY2023: $5.3MMSB FY2024: $19MMSB FY2025: $93.3MRGLD FY2019: $93.8MRGLD FY2020: $199.3MRGLD FY2021: $302.5MRGLD FY2021: $274MRGLD FY2022: $239MRGLD FY2023: $239.4MRGLD FY2024: $332MRGLD FY2025: $466.3MFY17FY18FY19FY20FY21FY22FY23FY24FY25
MSB $93.3MRGLD $466.3M
Net margin
MSB FY2017: 96.9%MSB FY2018: 96.3%MSB FY2019: 94.0%MSB FY2021: 90.2%MSB FY2022: 96.2%MSB FY2023: 68.6%MSB FY2024: 83.0%MSB FY2025: 94.6%RGLD FY2019: 22.2%RGLD FY2020: 40.0%RGLD FY2021: 49.1%RGLD FY2021: 41.9%RGLD FY2022: 39.6%RGLD FY2023: 39.5%RGLD FY2024: 46.2%RGLD FY2025: 45.2%FY17FY18FY19FY20FY21FY22FY23FY24FY25
MSB 94.6%RGLD 45.2%
Revenue growth
MSB FY2018: +37.1%MSB FY2019: -32.4%MSB FY2021: -18.9%MSB FY2022: +175.4%MSB FY2023: -89.2%MSB FY2024: +195.3%MSB FY2025: +331.3%RGLD FY2020: +17.9%RGLD FY2021: +23.5%RGLD FY2021: +6.1%RGLD FY2022: -7.7%RGLD FY2023: +0.4%RGLD FY2024: +18.8%RGLD FY2025: +43.2%FY18FY19FY20FY21FY22FY23FY24FY25
MSB +331.3%RGLD +43.2%

Fiscal years as each company reports them; the two may end in different months.

Questions about Mesabi Trust and Royal Gold

Which is bigger by revenue, Mesabi Trust or Royal Gold?

Royal Gold is bigger by revenue: $1B in fiscal 2025, against $98.6M for Mesabi Trust in fiscal 2025.

Which keeps more of its revenue as profit, Mesabi Trust or Royal Gold?

Mesabi Trust had a net margin of 94.6% in fiscal 2025; Royal Gold had 45.2% in fiscal 2025.

Which grew revenue faster, Mesabi Trust or Royal Gold?

In their latest fiscal years revenue changed by +331.3% at Mesabi Trust and +43.2% at Royal Gold.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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