MS
Mesabi Trust
MSB—
Mesabi Trust AI Insights
Informational only. Not investment advice.Snapshot
- Net income TTM of 92.8M is 4x revenue (23M) due to 71.2M unusual items - core earnings only 21.6M[Total Unusual Items Excluding Goodwill TTM]
- Zero debt with 21.2M cash (86% of assets) - pure royalty trust with minimal operating structure[Debt to Equity]
- ROE TTM of 413% vs industry median -4% is misleading - driven by one-time items, not operations[Return on Equity TTM]
Watch Triggers
- Total Revenue TTM: Decline >10% YoY — Signals accelerating mine depletion or pricing pressure on royalty stream
- Dividends Paid Per Share TTM: Cut below $0.80/share — Income thesis breaks - trust valued primarily for yield
- Total Unusual Items TTM: Returns to near-zero — Reveals true normalized earnings power around 18-20M
Bull Case
79% operating margin TTM with zero debt creates pure-play iron ore royalty exposure with minimal overhead drag
Operating Margin TTMDebt to Equity
Dividend payout ratio 7Y avg of 86% with 1.07/share TTM yields ~3% at current prices - income vehicle
Dividend Payout Ratio Avg 7yrDividends Paid Per Share TTM
Bear Case
Revenue down 5.6% over 5Y and EPS down 6.6% over 5Y - structural decline in underlying royalty stream
Total Revenue 5yr GrowthEPS Growth 5yr
P/S of 20.2x vs industry median 6.1x - paying 3.3x premium for declining asset with no growth optionality
Price to Sales RatioTotal Revenue 5yr Growth
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
35%
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Forward Thesis
Normalized earnings power is ~21M annually, implying true P/E of 22x vs reported 12.7x
1-3ymed
- 71.2M unusual items inflated TTM net income
- Operating income of 18.1M reflects recurring royalty stream
- Revenue declining 5.6% over 5 years signals structural headwind
Operating Income TTM: 18.1MTotal Revenue 5Y Growth: -5.6%Unusual Items TTM: 71.2M
Valuation Context
Caveats
Public Strategies Rankings
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MSB Fundamentals
Mining, Quarrying, and Oil and Gas Extraction → Mining (except Oil and Gas)
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$450.8M | — | ||
$427.61M | — | ||
26 | — | ||
$19.0M | -25.8% | — | |
$1.31 | -51.8% | — | |
74.6% | -11.5% | — | |
90.6% | -268.4% | — | |
$19.38M | -78.5% | — | |
0.30 | -128.2% | — | |
Beta 5Y (Monthly) | unknown | — |
MSB Dividend History
91 dividends
11/20/25$0.3400
08/20/25$0.1200
05/20/25$0.5600
02/20/25$5.9500
11/20/24$0.3900
08/20/24$0.3000
05/20/24$0.2900
02/20/24$0.3700
11/20/23$0.3500
08/20/22$0.8400
05/20/22$1.0400
02/20/22$1.7500
11/20/21$1.4200
08/20/21$0.0900
05/20/21$0.8900
02/20/21$0.4600
11/20/20$0.3600
08/20/20$0.0500
05/20/20$0.5600
11/20/19$0.8700
08/20/19$0.2100
05/20/19$0.8900
02/20/19$1.3900
11/20/18$0.9400
08/20/18$0.2200
05/20/18$0.4500
02/20/18$1.1800
11/20/17$0.6400
08/20/17$0.1600
05/20/17$0.5500
02/20/17$0.1400
11/20/16$0.1000
08/20/16$0.2000
05/20/16$0.2000
02/20/16$0.0500
08/20/15$0.0400
02/20/15$0.6400
11/20/14$0.8800
08/20/14$0.3200
02/20/14$0.5700
11/20/13$0.5100
08/20/13$0.4600
05/20/13$0.0800
02/20/13$0.4900
11/20/12$1.1300
08/20/12$0.6400
05/20/12$0.0650
02/20/12$0.7600
11/20/11$1.1200
08/20/11$0.6000
05/20/11$0.0500
02/20/11$0.6500
11/20/10$0.9100
08/20/10$0.8000
05/20/10$0.1250
02/20/10$0.5500
11/20/09$0.2200
05/20/09$0.3800
02/20/09$0.1100
11/20/08$1.2500
08/20/08$1.0000
05/20/08$0.1200
02/20/08$0.5150
11/20/07$0.4800
08/20/07$0.3100
05/20/07$0.0450
02/20/07$0.3150
11/20/06$0.5850
08/20/06$0.4000
05/20/06$0.3000
02/20/06$0.4700
11/20/05$0.3600
08/20/05$0.3700
05/20/05$0.3300
02/20/05$0.2950
11/20/04$0.2500
08/20/04$0.1750
05/20/04$0.0500
02/20/04$0.3000
11/20/03$0.1200
08/20/03$0.0700
02/20/03$0.1900
11/20/02$0.1200
08/20/02$0.0500
02/20/02$0.0800
11/20/01$0.1050
08/20/01$0.0700
02/20/01$0.1300
11/20/00$0.1750
08/20/00$0.1000
02/20/00$0.1800
MSB Stock Splits
No stock splits
MSB SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
12/12/25 | 10/31/25 | 10-Q | |
09/15/25 | 07/31/25 | 10-Q | |
06/12/25 | 04/30/25 | 10-Q | |
04/24/25 | 01/31/25 | 10-K | |
12/13/24 | 10/31/24 | 10-Q | |
09/05/24 | 07/31/24 | 10-Q | |
06/13/24 | 04/30/24 | 10-Q | |
04/24/24 | 01/31/24 | 10-K | |
12/14/23 | 10/31/23 | 10-Q | |
09/13/23 | 07/31/23 | 10-Q | |
06/13/23 | 04/30/23 | 10-Q | |
04/24/23 | 01/31/23 | 10-K | |
12/13/22 | 10/31/22 | 10-Q | |
09/13/22 | 07/31/22 | 10-Q | |
06/13/22 | 04/30/22 | 10-Q | |
04/27/22 | 01/31/22 | 10-K | |
12/15/21 | 10/31/21 | 10-Q | |
09/13/21 | 07/31/21 | 10-Q | |
06/11/21 | 04/30/21 | 10-Q | |
04/27/21 | 01/31/21 | 10-K | |
12/09/20 | 10/31/20 | 10-Q | |
09/08/20 | 07/31/20 | 10-Q | |
06/08/20 | 04/30/20 | 10-Q | |
04/13/20 | 01/31/20 | 10-K | |
12/10/19 | 10/31/19 | 10-Q | |
09/06/19 | 07/31/19 | 10-Q | |
06/07/19 | 04/30/19 | 10-Q | |
04/12/19 | 01/31/19 | 10-K | |
12/07/18 | 10/31/18 | 10-Q | |
09/07/18 | 07/31/18 | 10-Q | |
06/08/18 | 04/30/18 | 10-Q | |
04/13/18 | 01/31/18 | 10-K | |
12/08/17 | 10/31/17 | 10-Q | |
09/07/17 | 07/31/17 | 10-Q | |
06/08/17 | 04/30/17 | 10-Q | |
04/14/17 | 01/31/17 | 10-K | |
12/08/16 | 10/31/16 | 10-Q | |
09/08/16 | 07/31/16 | 10-Q | |
06/06/16 | 04/30/16 | 10-Q | |
04/14/16 | 01/31/16 | 10-K | |
12/08/15 | 10/31/15 | 10-Q | |
09/04/15 | 07/31/15 | 10-Q | |
06/05/15 | 04/30/15 | 10-Q | |
04/15/15 | 01/31/15 | 10-K | |
12/05/14 | 10/31/14 | 10-Q | |
09/05/14 | 07/31/14 | 10-Q | |
06/06/14 | 04/30/14 | 10-Q | |
04/15/14 | 01/31/14 | 10-K | |
12/06/13 | 10/31/13 | 10-Q | |
09/06/13 | 07/31/13 | 10-Q | |
06/05/13 | 04/30/13 | 10-Q | |
04/10/13 | 01/31/13 | 10-K | |
12/06/12 | 10/31/12 | 10-Q | |
09/05/12 | 07/31/12 | 10-Q | |
06/05/12 | 04/30/12 | 10-Q | |
04/13/12 | 01/31/12 | 10-K | |
12/07/11 | 10/31/11 | 10-Q | |
09/08/11 | 07/31/11 | 10-Q | |
06/03/11 | 04/30/11 | 10-Q | |
04/11/11 | 01/31/11 | 10-K | |
12/03/10 | 10/31/10 | 10-Q | |
09/03/10 | 07/31/10 | 10-Q | |
06/07/10 | 04/30/10 | 10-Q | |
04/15/10 | 01/31/10 | 10-K | |
12/04/09 | 10/31/09 | 10-Q | |
09/04/09 | 07/31/09 | 10-Q | |
06/08/09 | 04/30/09 | 10-Q | |
04/16/09 | 01/31/09 | 10-K | |
12/05/08 | 10/31/08 | 10-Q | |
09/05/08 | 07/31/08 | 10-Q | |
06/06/08 | 04/30/08 | 10-Q | |
04/11/08 | 01/31/08 | 10-K | |
12/05/07 | 10/31/07 | 10-Q | |
09/07/07 | 07/31/07 | 10-Q | |
06/11/07 | 04/30/07 | 10-Q | |
04/13/07 | 01/31/07 | 10-K | |
12/08/06 | 10/31/06 | 10-Q | |
09/08/06 | 07/31/06 | 10-Q | |
06/09/06 | 04/30/06 | 10-Q | |
04/17/06 | 01/31/06 | 10-K | |
12/09/05 | 10/31/05 | 10-Q | |
09/09/05 | 07/31/05 | 10-Q | |
06/07/05 | 04/30/05 | 10-Q | |
04/14/05 | 01/31/05 | 10-K | |
12/20/04 | 10/31/04 | 10-Q | |
09/14/04 | 07/31/04 | 10-Q | |
06/14/04 | 04/30/04 | 10-Q | |
04/19/04 | 01/31/04 | 10-K | |
12/15/03 | 10/31/03 | 10-Q | |
09/15/03 | 07/31/03 | 10-Q | |
06/16/03 | 04/30/03 | 10-Q | |
04/18/03 | 01/31/03 | 10-K | |
12/16/02 | 10/31/02 | 10-Q | |
09/16/02 | 07/31/02 | 10-Q | |
06/14/02 | 04/30/02 | 10-Q | |
04/24/02 | 01/31/02 | 10-K | |
12/17/01 | 10/31/01 | 10-Q | |
09/14/01 | 07/31/01 | 10-Q | |
06/14/01 | 04/30/01 | 10-Q | |
04/25/01 | 01/31/01 | 10-K405 | |
12/15/00 | 10/31/00 | 10-Q | |
09/12/00 | 07/31/00 | 10-Q | |
06/13/00 | 04/30/00 | 10-Q | |
04/25/00 | 01/31/00 | 10-K |