Overview Dividends

(MSB) Mesabi Trust - Ratings and Ratios

Exchange: NYSE • Country: United States • Currency: USD • Type: Common Stock • ISIN: US5906721015

Iron Ore Pellets, Royalties

Steel
Market Cap in USD: 521m

IPO / Inception: 1987-12-30
Return 12m vs S&P 500: 63.2%

EPS (Earnings per Share)

EPS CAGR: -35.06%
EPS Trend: 13.7%

Qual. Beats: 0

Revenue

Rev. CAGR: -34.90%
Rev. Trend: 29.3%

Qual. Beats: 0

Dividends

Dividend Yield	10.86%
Yield on Cost 5y	26.91%
Yield CAGR 5y	24.94%
Payout Consistency	56.0%
Payout Ratio	5.3%

Risk via 5d forecast
Volatility	47.4%
Value at Risk 5%th	68.1%
Relative Tail Risk	-12.66%

Reward TTM
Sharpe Ratio	1.43
Alpha	74.68
CAGR/Max DD	1.02

Character TTM
Hurst Exponent	0.462
Beta	0.774
Beta Downside	1.032

Drawdowns 3y
Max DD	39.21%
Mean DD	19.15%
Median DD	20.96%

Description: MSB Mesabi Trust December 31, 2025

Mesabi Trust (NYSE: MSB) is a publicly traded royalty trust that receives a fixed-percentage royalty on iron-ore production from mines in the United States. Incorporated in 1961 and headquartered in New York, the trust does not operate mines itself but benefits from the underlying ore-price exposure of its partner operators.

Key metrics that investors typically monitor include: (1) the average royalty rate, currently around 4-5 % of gross ore sales; (2) the underlying mine’s annual production, roughly 30 million tonnes of iron ore, which translates into a royalty payout of ≈ $150 million at a $100/tonne ore price; and (3) the price of iron ore, which has averaged $110-$120 per tonne over the past 12 months, driven by global steel demand and Chinese infrastructure spending. A material driver of MSB’s cash flow is the steel sector’s cyclicality-higher steel production and construction activity lift ore prices, while a slowdown in China or Europe can depress them.

For a deeper quantitative view, you might explore ValueRay’s royalty-trust analytics to see how changes in ore price and production volumes could affect MSB’s payout profile.

Piotroski VR‑10 (Strict, 0-10) 4.0

Net Income (17.2m TTM) > 0 and > 6% of Revenue (6% = 1.19m TTM)

FCFTA 0.75 (>2.0%) and ΔFCFTA -15.03pp (YES ≥ +1.0pp, WARN ≥ +0.5pp)

NWC/Revenue 106.6% (prev 355.9%; Δ -249.2pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp)

CFO/TA 1.03 (>3.0%) and CFO 26.7m > Net Income 17.2m (YES >=105%, WARN >=100%)

Net Debt (-23.2m) to EBITDA (12.2m) ratio: -1.91 <= 3.0 (WARN <= 3.5)

Current Ratio 5.29 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active)

Outstanding Shares last Quarter (13.1m) change vs 12m ago 0.00% (target <= -2.0% for YES)

Gross Margin 81.92% (prev 77.33%; Δ 4.59pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0)

Asset Turnover 31.22% (prev 26.61%; Δ 4.61pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0)

Interest Coverage Ratio -0.54 (EBITDA TTM 12.2m / Interest Expense TTM -11.1m) >= 6 (WARN >= 3)

Altman Z'' 17.63

(A) 0.81 = (Total Current Assets 26.0m - Total Current Liabilities 4.91m) / Total Assets 26.0m

(B) 0.81 = Retained Earnings (Balance) 21.1m / Total Assets 26.0m

warn (B) unusual magnitude: 0.81 — check mapping/units

(D) 8.59 = Book Value of Equity 42.2m / Total Liabilities 4.91m

Total Rating: 17.63 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D)

ValueRay F-Score (Strict, 0-100) 78.83

1. Piotroski 4.0pt

2. FCF Yield 3.89%

3. FCF Margin 98.03%

4. Debt/Equity data missing

5. Debt/Ebitda -1.91

6. ROIC - WACC (= 13.22)%

7. RoE 79.30%

8. Rev. Trend 29.35%

9. EPS Trend 13.68%

What is the price of MSB shares?

As of January 09, 2026, the stock is trading at USD 41.15 with a total of 69,384 shares traded.
Over the past week, the price has changed by +3.97%, over one month by +25.34%, over three months by +33.85% and over the past year by +93.09%.

Is MSB a buy, sell or hold?

Mesabi Trust has no consensus analysts rating.

What are the forecasts/targets for the MSB price?

Issuer	Target	Up/Down from current
Wallstreet Target Price	33	-19.8%
Analysts Target Price	33	-19.8%
ValueRay Target Price	56.2	36.6%

MSB Fundamental Data Overview January 09, 2026

P/E Trailing = 30.3282
P/S = 25.0785
P/B = 24.7184
Beta = 0.582
Revenue TTM = 19.8m USD
EBIT TTM = 6.07m USD
EBITDA TTM = 12.2m USD
Long Term Debt = unknown (none)
Short Term Debt = unknown (none)
Debt = unknown
Net Debt = -23.2m USD (from netDebt column, last quarter)
Enterprise Value = 498.1m USD (521.3m + (null Debt) - CCE 23.2m)
Interest Coverage Ratio = -0.54 (Ebit TTM 6.07m / Interest Expense TTM -11.1m)
FCF Yield = 3.89% (FCF TTM 19.4m / Enterprise Value 498.1m)
FCF Margin = 98.03% (FCF TTM 19.4m / Revenue TTM 19.8m)
Net Margin = 87.03% (Net Income TTM 17.2m / Revenue TTM 19.8m)
Gross Margin = 81.92% ((Revenue TTM 19.8m - Cost of Revenue TTM 3.58m) / Revenue TTM)
Gross Margin QoQ = 77.08% (prev 84.61%)
Tobins Q-Ratio = 19.16 (Enterprise Value 498.1m / Total Assets 26.0m)
Interest Expense / Debt = unknown (Interest Expense 119.7k / Debt none)
Taxrate = 21.0% (US default 21%)
NOPAT = 4.79m (EBIT 6.07m * (1 - 21.00%))
Current Ratio = 5.29 (Total Current Assets 26.0m / Total Current Liabilities 4.91m)
Debt / Equity = unknown (Debt none)
Debt / EBITDA = -1.91 (Net Debt -23.2m / EBITDA 12.2m)
Debt / FCF = -1.20 (Net Debt -23.2m / FCF TTM 19.4m)
Total Stockholder Equity = 21.7m (last 4 quarters mean from totalStockholderEquity)
RoA = 27.17% (Net Income 17.2m / Total Assets 26.0m)
RoE = 79.30% (Net Income TTM 17.2m / Total Stockholder Equity 21.7m)
RoCE = 28.77% (EBIT 6.07m / Capital Employed (Total Assets 26.0m - Current Liab 4.91m))
RoIC = 22.09% (NOPAT 4.79m / Invested Capital 21.7m)
WACC = 8.87% (E(521.3m)/V(521.3m) * Re(8.87%) + (debt-free company))
Discount Rate = 8.87% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 0.0 | Cagr: 0.0%
[DCF Debug] Terminal Value 68.31% ; FCFF base≈47.7m ; Y1≈33.4m ; Y5≈17.3m
Fair Price DCF = 23.92 (EV 290.7m - Net Debt -23.2m = Equity 313.9m / Shares 13.1m; r=8.87% [WACC]; 5y FCF grow -35.28% → 3.0% )
[DCF Warning] FCF declining rapidly (-35.28%), DCF may be unreliable
EPS Correlation: 13.68 | EPS CAGR: -35.06% | SUE: N/A | # QB: 0
Revenue Correlation: 29.35 | Revenue CAGR: -34.90% | SUE: N/A | # QB: 0

Additional Sources for MSB Stock

News: Wall Street Journal | Benzinga | Yahoo Finance
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Fund Manager Positions: Dataroma | Stockcircle