Mesabi Trust

NYSE:MSB 주식 리포트

시가총액: US$374.8m

Mesabi Trust 과거 순이익 실적

과거 기준 점검 3/6

Mesabi Trust은 연평균 6.6%의 비율로 수입이 증가해 온 반면, Metals and Mining 산업은 수입이 4.1% 감소했습니다. 매출은 연평균 20.8%의 비율로 감소했습니다. Mesabi Trust의 자기자본이익률은 68%이고 순이익률은 79.1%입니다.

핵심 정보

6.57%

순이익 성장률

6.57%

주당순이익(EPS) 성장률

Metals and Mining 산업 성장률26.40%
매출 성장률-20.77%
자기자본이익률67.97%
순이익률79.14%
최근 순이익 업데이트31 Jan 2026

최근 과거 실적 업데이트

Recent updates

Seeking Alpha • Apr 07

Mesabi Trust: Logistics Could Favor U.S. Iron Ore Supply

Summary Mesabi Trust stands to benefit from possible global iron ore supply disruptions, particularly in Australia, potentially supporting higher prices and volumes. Q4 royalty income for MSB is rising ~45% sequentially, implying a 23x annualized P/E based on likely disclosures. Supply risks from the Iran War and Australian logistics issues could underpin a higher iron ore price base into 2026, already being demonstrated. At a possible 20x P/E, MSB offers a 5% earnings yield, but diversified mining groups may provide better risk-adjusted returns given current market conditions. Read the full article on Seeking Alpha
Seeking Alpha • Jan 17

Mesabi Trust: Volume Recovery Means Royalty Rates Ratchet Up

Summary Mesabi Trust's revenues are rising due to increased production and higher royalty rates. The arbitration award boosted MSB's stock by 20%, but this is a one-off event. Normalized P/E (ignoring price effects from the arbitration) is 13-14x. This gives us an idea of earnings yield, the inverse of the PE, on a run-rate basis to compare with peers, fair between 10-15x. But MSB faces risks from Chinese economic issues, most alarmingly deflation spiral, and potential US tariffs affecting iron ore demand. Nearshoring and US steel production could boost MSB, but current volatility and unpredictable factors make it less appealing for investment. Read the full article on Seeking Alpha
Seeking Alpha • Sep 24

Mesabi Trust: Cleveland-Cliffs Spat In Rear View For Now

Summary The idling issue has now lapped for the three-month results, but the clear hit to commodity prices YoY is driving down royalties as well as some hit to volumes. The mines operated on Mesabi land by Cliffs are swing production, meaning they're at the margin of production. They're the first to get cut when rationalising. We are quite bullish on US fundamentals, thanks mainly to oil price declines, but around China's effect as a major importer of iron ore, we're less confident in their stimulus. Read the full article on Seeking Alpha
Seeking Alpha • May 28

If Fed Doesn't Get Serious About Inflation, Buy Mesabi Trust (Rating Upgrade)

Summary Recent developments, such as the mid-2023 resumption of mining operations by Cleveland-Cliffs on trust leases and the Federal Reserve's reluctance to raise interest rates, suggest potential upside for Mesabi. Increasing odds for a turnaround in China's economy, alongside an approaching arbitration judgment over underpaid royalties, are additional reasons to consider investing in MSB stock. A low-volatility basing pattern over the last 12 months could support a price breakout and material gains for investors buying around $17. Read the full article on Seeking Alpha
Seeking Alpha • Feb 04

Mesabi Trust: Full Production Is Back Despite Cleveland-Cliffs' Ambitions

Summary Mesabi Trust announces $0.37 quarterly dividend and Cleveland-Cliffs Inc. holds Q4 earnings call. Cleveland-Cliffs CEO threatens to use more scrap metal, but Mesabi Trust's production looks to be back to full capacity. Mesabi Trust offers a 7.2% forward yield with potential for higher dividends if iron ore prices increase. Read the full article on Seeking Alpha
Seeking Alpha • Oct 25

Mesabi Trust: Unlikely Cleveland-Cliffs Shuts Northshore Down In The Near Term

Summary Mesabi Trust's near-term value depends on the actions of Cleveland-Cliffs Inc., which operates the Northshore iron ore mine. Cleveland-Cliffs idled the Northshore mine in 2022 and restarted it in Q2 2023, but CEO Goncalves has threatened to use it as a swing operation. Northshore is not likely to be shut down soon, as Cleveland-Cliffs is faced with robust demand and may want to safeguard its reputation while pursuing acquisitions in steel making. Read the full article on Seeking Alpha
Seeking Alpha • Oct 18

Mesabi Trust Looks Attractive With Estimated Forward Yield Of 8.2% To 11.4%

Summary Mesabi Trust distributions were scrapped because Cleveland-Cliffs temporarily idled its mine. Iron ore demand could benefit from China's construction sector stimulus. Normalized annualized distributions per unit from Mesabi Trust could be as high as $2.8. Read the full article on Seeking Alpha
Seeking Alpha • Jul 14

Mesabi Trust: There's A Strong Headwind, But Also An Opportunity

Summary Mesabi Trust, a New York-based royal trust involved in the Minnesota iron ore mining business, has been given a "Hold" recommendation due to uncertainty surrounding the business outlook. The trust's royalty income has been negatively impacted by Cleveland-Cliffs' decision to close its Northshore taconite ore operation in May 2022 and by a downward trend in the price of iron ore. A dispute between Cleveland-Cliffs and Mesabi Trust over the payment of the royalties, a potential recession, and the suspension of dividends are all factors contributing to the "Hold" rating. Read the full article on Seeking Alpha
Seeking Alpha • Jan 31

Operating Issues And Recession Pricing Next: Avoid Mesabi Trust

Summary Mesabi Trust has been a great investment for decades with steady price appreciation and a high rate of dividends. The temporary closure of its main resource asset by a mining unit of Cleveland-Cliffs has halted nearly all royalty revenue. Few net assets exist to back up Mesabi's underlying value until the Peter Mitchell mine is restarted. Dividends have been slashed to zero. Then a recession could hit in 2023-24, hurting iron ore pricing and future discounted values of royalty payments. The chart pattern remains weak. I suggest selling the January rally in trust pricing.
Seeking Alpha • Jan 12

Mesabi Trust says no dividend in January

Mesabi Trust (NYSE:MSB) on Thursday said its trustees have determined that no distribution will be declared in January 2023 with respect to units of beneficial interest. The trustees said the announcement reflects caution about uncertainties arising from the July 22, 2022 announcement by Cleveland-Cliffs, the parent company of Northshore Mining, to extend the ongoing idling of Northshore operations until at least April 2023 and maybe beyond.
Seeking Alpha • Nov 05

Mesabi Trust: Short-Term This Doesn't Look Great, Long-Term I Like

Summary Mesabi Trust is a yield vehicle that has recently paused its yield. The operator of the Northshore facility has shut it down temporarily. As long as the operator doesn't restart the mine, there are unlikely to be any payouts. Long-term payouts should be highly attractive provided the mine commences operation again. The shutdown was planned to last until March 2023 but could run longer. Mesabi Trust (MSB) is a pass-through royalty vehicle that takes a cut on the production of an iron ore mine and distributes it to shareholders. Otherwise, it doesn't do much. Currently, it doesn't do much as Cleveland-Cliffs (CLF), which operates the Northshore operation, decided to idle it until at least April 2023. But the operator included a thinly veiled threat within its decision to keep it shut for longer. The outspoken CEO of the operator also referenced the ridiculous royalty structure in place: …with the use of additional scrap in our BOF's [basic oxygen furnaces], our iron ore needs are not as high as before, and we no longer need to run our mines full out. When determining where to adjust production, our first look is at our cost structure. Because we are now able to produce DR-grade pellets at Minorca, and mainly due to the ridiculous royalty structure we have in place with the Mesabi Trust, we will be idling all production at our Northshore mine, starting in the Spring, carrying through at least to the Fall period, and maybe beyond. At Northshore, no production, no shipments, no royalty payments. We also acknowledge that our strategy to stretch hot metal, by adding increased amounts of scrap to the BOF's is working extremely well. With more scrap in the BOF's, we need fewer tons of hot metal to produce the same tonnage of liquid steel. As a consequence, the Northshore idle could go longer than currently planned." According to Mesabi, there's been no outreach over that agreement: Cliffs has not recently requested any changes to the royalty structure, which is governed by a 1989 royalty agreement, and Cliffs has historically failed to engage in meaningful negotiations requested by Mesabi Trust to address the interpretations of the royalty structure. Finally, since Cliffs' announcements that began in October 2021, Mesabi Trust has not received requests from Cliffs or any other party to discuss renegotiation of the 1989 royalty agreement. This is a yield vehicle. Something income-seeking investors tend to buy. Not surprisingly, it has come off quite a bit since CLF decided to idle the mine, although I would have expected it to fall even more. Data by YCharts Currently, it is trading at around $22, and there's no distribution. I don't expect it to be reinstated until there is more clarity on the situation of the mine in the future. Here's an overview of historical dividends: MSB dividend history (Seeking Alpha) You have to go back to 2017 to see distribution dip below $2 per unit. This kind of vehicle trades at high yields and low multiples because they are liquidating vehicles with no or little residual value. As the mine runs out, the value of the royalty goes to zero as well. The Northshore mine has ample reserves. See this table from its 10-K: Mining and Pelletizing Mineral Reserves As of December 31, 2021 (In Millions of Long Tons) Proven Probable Proven & Probable Cliffs' % % % Process Property Share Tonnage Grade Tonnage Grade Tonnage Grade(1) Recovery(2) Northshore 100% 303.2 25.3 519.2 24.1 822.4 24.6 29.4% (1) Cutoff grade was 19%. (2) Process recovery includes all factors for converting crude ore tonnage, shown above, to a dry saleable product. Annual production is something like 6 million tonnes. Given the reserves picture, the mine life is still very, very long. It's also possible over time, tonnes are added to reserves as discoveries or improved technology that allow more economic extraction.
Seeking Alpha • Aug 03

How Cleveland-Cliffs' CEO Pushed Mesabi Trust's Dividend Off A Cliff

Cleveland-Cliffs' CEO Lourenco Goncalves has a bone to pick with the Mesabi Trust. Cleveland-Cliffs' recent acquisitions have degraded Mesabi Trust's economic leverage within their relationship. With the Northshore mine shut down until April 2022, Mesabi's distribution is about to jump off a Cliff. The just published royalty report confirms that a massive cut to trust income has taken place. Given these facts, Mesabi Trust’s unit price is too high - I see 50% downside risk. Mesabi Trust (MSB) is a publicly traded entity that owns a royalty interest in the Peter Mitchel iron ore mine that is operated by Cleveland-Cliffs' (CLF) Northshore facility. This current article could be viewed as an update on my bullish article published nearly five years ago here at Seeking Alpha. A thorough review of the trust can be found in this article by James Duade - the first of a series of excellent articles that he wrote on the trust. Today, the situation is much changed Unfortunately for Mesabi's unitholders, Cleveland-Cliffs' CEO Lourenco Goncalves has a bone to pick with the Mesabi Trust. He does not like the trust’s royalty structure and (more importantly - thanks to recent acquisitions) has no immediate need for Mesabi’s iron ore. This is a radical departure from the past, when Northshore (and Mesabi’s ore) was a key asset needed to fulfill customer contracts. As CEO Goncalves stated in the last Cleveland-Cliffs’ earnings call: ...we are now extending the ongoing idle at our North Shore swing facility to at least April of next year. With the increased use of scrap company-wide in our steelmaking operations made possible by the acquisition of FPT last year, the pellets from North Shore are not needed at this time. Rather than deplete this finite resource for the benefit of the Mesabi Trust and its so-called unitholders we will keep Northshore idle until we decide otherwise. Mesabi Trust filed an 8-K related to the above (and earlier) statements by Goncalves, which can be found here. This is much worse than what I originally anticipated based on his earlier comments, as I tweeted in February: My note on Lourenco's earlier comment (Nat Stewart's twitter account @natstewart5) A shutdown until April will blow a massive hole in Mesabi’s next three distributions This is because Mesabi’s distributions correspond with Cliff’s prior quarter earnings - there is a three month lag. Up until this point, Mesabi unitholders have not been impacted by the shutdown. This will change with the next three distributions. Last year, the October distribution was substantial Mesabi Distributions: 10/22/2021, 1/27/2022, 4/28/2022 (Dividend History - Mesabi Trust) The current royalty report confirms that this October will be much worse The royalty report published yesterday (8/2/2022) confirms the above facts. Last year, the trust received $19,495,040 for Cliff's second quarter production - enough to support October 2021's large $1.42 distribution. This year, they received just $2,314,994 for the same period. After a $.04 estimate for trust expenses (assuming they choose to pay out proceeds and maintain current reserve levels) this trust will have around $.13/unit ($2.314M / 13.12 units - $.04) from the current period available for distributions - suggesting a 91% year-over-year distribution cut.
Seeking Alpha • Jul 15

Mesabi Trust dips dividend -19.2% to $0.84/share

Mesabi Trust (NYSE:MSB) declares $0.84/share quarterly dividend, -19.2% decrease from prior dividend of $1.04. Forward yield 12.64% Payable Aug. 20; for shareholders of record July 30; ex-div July 29. See MSB Dividend Scorecard, Yield Chart, & Dividend Growth.
Seeking Alpha • Jun 03

Mesabi Trust Is Not So Easily Ousted

They earn royalties on iron ore mined from one of Cleveland-Cliffs' main mines. Cleveland-Cliffs is trying to put a strain on Mesabi by idling mining as much as possible at the main Minnesota mine where Mesabi has the royalty agreement. Cleveland-Cliffs complained on earnings call about the royalty structure but hasn't tried to renegotiate it before making this move. We think investors should call Cliffs' bluff by buying Mesabi, because Cliffs has been CAPEXing a lot on the Minnesota mine, and with iron ore prices being so high, you'd want to utilise the asset. This is a bargaining tactic that makes sense, but ultimately Mesabi's position seems favourable. Dividend yield could be as much as 20% on a forward basis.
Seeking Alpha • Jan 05

Mesabi Trust And Its Real Value

Mesabi Trust is benefiting from increases in revenue as iron ore prices rise and the volume of products mined from its property climbs. But those gains may be short-lived as the company that provides nearly all the trust’s royalty income is threatening to stop mining on the property. The company appears to be overvalued from a rearview mirror perspective, and future forecasts argue it could become even more overvalued if mining revenue decreases. This article tells what investors could likely make in the future with Mesabi Trust and what the real value is versus the current share price.
분석 기사 • Oct 18

Mesabi Trust (NYSE:MSB) Will Pay A Larger Dividend Than Last Year At US$1.42

Mesabi Trust ( NYSE:MSB ) has announced that it will be increasing its dividend on the 20th of November to US$1.42...
분석 기사 • Jul 16

Mesabi Trust's (NYSE:MSB) Upcoming Dividend Will Be Larger Than Last Year's

Mesabi Trust ( NYSE:MSB ) will increase its dividend on the 20th of August to US$0.09. This makes the dividend yield...
분석 기사 • Apr 19

Something To Consider Before Buying Mesabi Trust (NYSE:MSB) For The 4.1% Dividend

Could Mesabi Trust ( NYSE:MSB ) be an attractive dividend share to own for the long haul? Investors are often drawn to...
분석 기사 • Mar 01

Mesabi Trust (NYSE:MSB) Has Rewarded Shareholders With An Exceptional 511% Total Return On Their Investment

The worst result, after buying shares in a company (assuming no leverage), would be if you lose all the money you put...
분석 기사 • Jan 23

Here's Why We're Wary Of Buying Mesabi Trust's (NYSE:MSB) For Its Upcoming Dividend

Some investors rely on dividends for growing their wealth, and if you're one of those dividend sleuths, you might be...
분석 기사 • Jan 18

Should Mesabi Trust (NYSE:MSB) Be Part Of Your Income Portfolio?

Dividend paying stocks like Mesabi Trust ( NYSE:MSB ) tend to be popular with investors, and for good reason - some...

매출 및 비용 세부 내역

Mesabi Trust가 돈을 벌고 사용하는 방법. 최근 발표된 LTM 실적 기준.

순이익 및 매출 추이

NYSE:MSB 매출, 비용 및 순이익 (USD Millions)
날짜매출순이익일반관리비연구개발비
31 Jan 26181440
31 Oct 25211730
31 Jul 25259330
30 Apr 25269340
31 Jan 25279350
31 Oct 24279260
31 Jul 24241860
30 Apr 24272160
31 Jan 24231940
31 Oct 23141130
31 Jul 2310730
30 Apr 23-5-730
31 Jan 238520
31 Oct 22282620
31 Jul 22444220
30 Apr 22767420
31 Jan 22716930
31 Oct 21646130
31 Jul 21545030
30 Apr 21333030
31 Jan 21262320
31 Oct 20211820
31 Jul 20222020
30 Apr 20292720
31 Jan 20323020
31 Oct 19343220
31 Jul 19413920
30 Apr 19464420
31 Jan 19474620
31 Oct 18444310
31 Jul 18414010
30 Apr 18363510
31 Jan 18343310
31 Oct 17353410
31 Jul 17272610
30 Apr 17161510
31 Jan 17111010
31 Oct 169810
31 Jul 168710
30 Apr 168710
31 Jan 1610910
31 Oct 15131210
31 Jul 15222110

양질의 수익: MSB는 고품질 수익을 보유하고 있습니다.

이익 마진 증가: MSB의 현재 순 이익률 (79.1%)은 지난해 보다 낮습니다.

잉여현금흐름 대비 순이익 분석

과거 순이익 성장 분석

수익추이: MSB의 수익은 지난 5년 동안 연평균 6.6% 증가했습니다.

성장 가속화: MSB은 지난 1년 동안 수익이 감소하여 5년 평균과 비교할 수 없습니다.

수익 대 산업: MSB은 지난 1년 동안 수익이 감소(-85.1%)하여 Metals and Mining 업계 평균(86.6%)과 비교하기 어렵습니다.

자기자본이익률

높은 ROE: MSB의 자본 수익률(68%)은 뛰어남으로 평가됩니다.

총자산이익률

투하자본수익률

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기업 분석 및 재무 데이터 상태

데이터최종 업데이트 (UTC 시간)
기업 분석2026/05/07 13:37
종가2026/05/07 00:00
수익2026/01/31
연간 수익2026/01/31

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분석가 소스

Mesabi Trust는 0명의 분석가가 다루고 있습니다. 이 중 0명의 분석가가 우리 보고서에 입력 데이터로 사용되는 매출 또는 수익 추정치를 제출했습니다. 분석가의 제출 자료는 하루 종일 업데이트됩니다.