(MSB) Mesabi Trust - Overview
Stock: Iron Ore Pellets, Royalties
EPS (Earnings per Share)
Revenue
Dividends
| Dividend Yield | 4.18% |
| Yield on Cost 5y | 7.70% |
| Yield CAGR 5y | 24.94% |
| Payout Consistency | 56.0% |
| Payout Ratio | 97.8% |
| Risk 5d forecast | |
|---|---|
| Volatility | 46.2% |
| Relative Tail Risk | -12.5% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 0.93 |
| Alpha | 33.97 |
| Character TTM | |
|---|---|
| Beta | 0.859 |
| Beta Downside | 1.213 |
| Drawdowns 3y | |
|---|---|
| Max DD | 39.21% |
| CAGR/Max DD | 0.76 |
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 |
| FCF/TA: 0.75 > 0.02 and ΔFCF/TA -15.03 > 1.0 |
| NWC/Revenue: 106.6% < 20% (prev 355.9%; Δ -249.2% < -1%) |
| CFO/TA 1.03 > 3% & CFO 26.7m > Net Income 17.2m |
| Net Debt (-23.2m) to EBITDA (12.2m): -1.91 < 3 |
| Current Ratio: 5.29 > 1.5 & < 3 |
| Outstanding Shares: last quarter (13.1m) vs 12m ago 0.00% < -2% |
| Gross Margin: 81.92% > 18% (prev 0.77%; Δ 8114 % > 0.5%) |
| Asset Turnover: 31.22% > 50% (prev 26.61%; Δ 4.61% > 0%) |
| Interest Coverage Ratio: -0.54 > 6 (EBITDA TTM 12.2m / Interest Expense TTM -11.1m) |
Altman Z'' 10.00
| A: 0.81 (Total Current Assets 26.0m - Total Current Liabilities 4.91m) / Total Assets 26.0m |
| B: 0.81 (Retained Earnings 21.1m / Total Assets 26.0m) |
| C: 0.10 (EBIT TTM 6.07m / Avg Total Assets 63.3m) |
| D: 8.59 (Book Value of Equity 42.2m / Total Liabilities 4.91m) |
| Altman-Z'' Score: 17.63 = AAA |
Beneish M -2.50
| DSRI: 0.31 (Receivables 1.06m/4.55m, Revenue 19.8m/26.8m) |
| GMI: 0.94 (GM 81.92% / 77.33%) |
| AQI: 3.87 (AQ_t 0.00 / AQ_t-1 0.00) |
| SGI: 0.74 (Revenue 19.8m / 26.8m) |
| TATA: -0.37 (NI 17.2m - CFO 26.7m) / TA 26.0m) |
| Beneish M-Score: -2.50 (Cap -4..+1) = A |
What is the price of MSB shares?
Over the past week, the price has changed by +6.99%, over one month by -12.93%, over three months by +3.57% and over the past year by +46.62%.
Is MSB a buy, sell or hold?
What are the forecasts/targets for the MSB price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 33 | -6.3% |
| Analysts Target Price | 33 | -6.3% |
| ValueRay Target Price | 41.9 | 18.9% |
MSB Fundamental Data Overview February 05, 2026
P/S = 22.5094
P/B = 22.1862
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 = 444.7m USD (467.9m + (null Debt) - CCE 23.2m)
Interest Coverage Ratio = -0.54 (Ebit TTM 6.07m / Interest Expense TTM -11.1m)
EV/FCF = 22.94x (Enterprise Value 444.7m / FCF TTM 19.4m)
FCF Yield = 4.36% (FCF TTM 19.4m / Enterprise Value 444.7m)
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 = 17.10 (Enterprise Value 444.7m / 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 = 9.08% (E(467.9m)/V(467.9m) * Re(9.08%) + (debt-free company))
Discount Rate = 9.08% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 0.0 | Cagr: 0.0%
[DCF Debug] Terminal Value 67.03% ; FCFF base≈47.7m ; Y1≈33.4m ; Y5≈17.3m
Fair Price DCF = 22.94 (EV 277.7m - Net Debt -23.2m = Equity 300.9m / Shares 13.1m; r=9.08% [WACC]; 5y FCF grow -35.28% → 2.90% )
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