Mesabi Trust
NYSE: MSB · BASIC MATERIALS · STEEL
Updated 2026-06-05
Mesabi Trust (MSB) Financial statements
SEC filings — annual and quarterly data.
Margin trends — annual
| Year | Revenue | Net income | Gross margin | Op. margin | Profit margin |
|---|---|---|---|---|---|
| 2007 | $17.90M | $17.15M | 100.00% | 95.78% | 95.78% |
| 2008 | $18.87M | $18.23M | 100.00% | 96.64% | 96.64% |
| 2009 | $35.47M | $34.67M | 100.00% | 97.75% | 97.75% |
| 2010 | $13.24M | $12.42M | 100.00% | 93.82% | 93.82% |
| 2011 | $33.34M | $32.46M | 100.00% | 97.36% | 97.36% |
| 2012 | $34.16M | $33.24M | 100.00% | 97.30% | 97.30% |
| 2013 | $31.56M | $30.66M | 99.21% | 97.27% | 97.12% |
| 2014 | $22.05M | $21.06M | 99.03% | 95.74% | 95.51% |
| 2015 | $26.08M | $24.77M | 99.14% | 95.17% | 94.97% |
| 2016 | $9.72M | $8.56M | 97.98% | 88.59% | 88.04% |
| 2017 | $10.89M | $9.61M | 98.94% | 90.22% | 88.30% |
| 2018 | $34.49M | $33.50M | 99.20% | 97.09% | 97.10% |
| 2019 | $47.29M | $45.56M | 99.29% | 96.49% | 96.33% |
| 2020 | $31.99M | $30.06M | 99.15% | 94.18% | 93.95% |
| 2021 | $25.95M | $23.41M | 99.17% | 90.50% | 90.20% |
| 2022 | $71.46M | $68.77M | 99.59% | 96.34% | 96.23% |
| 2023 | $7.74M | $5.31M | 94.82% | 66.08% | 68.57% |
| 2024 | $22.86M | $18.98M | 98.88% | 83.41% | 83.03% |
| 2025 | $25.46M | $93.27M | 386.05% | 81.08% | 366.42% |
| 2026 | $17.52M | $13.87M | 96.98% | 79.14% | 79.14% |
Frequently asked questions
What is Mesabi Trust's revenue?
Mesabi Trust's trailing twelve-month revenue is $15.04M. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is MSB?
In its most recent fiscal year, MSB ran a gross margin of 96.98%, an operating margin of 79.14%, and a net margin of 79.14%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does MSB generate?
MSB produced $14.40T in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is MSB's balance sheet healthy?
MSB holds $23.16T in cash and equivalents against — in long-term debt, on $20.40M of shareholder equity. That debt is best read against the cash flow the business throws off each year.