Mesabi Trust (MSB) Balance Sheet
MSB balance sheet, FY2026
January 31, 2026 · U.S. dollars$24.4M assets = $4.0M liabilities + $20.4M equity
Both columns are drawn to the same scale: what MSB owns equals what it owes plus shareholders’ equity. Hover a block for its value.
MSB financial health
Descriptive bands, not a rating. Fiscal FY2026.
MSB balance sheet trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $14.2MFY2017 | $24.4MFY2026 | +6.1%/yr | |
| Total liabilities | $4.0MFY2017 | $4.0MFY2026 | −0.3%/yr | |
| Shareholders’ equity | $10.2MFY2017 | $20.4MFY2026 | +8.0%/yr | |
| Cash & short-term investments | $14.2MFY2017 | $23.2MFY2026 | +5.6%/yr | |
| Total debt | $45,045FY2017 | $0FY2025 | −100.0% | |
| Net cash (debt) | $14.1MFY2017 | $100.2MFY2025 | +$86.1M | |
| Working capital | $12.3MFY2017 | $20.4MFY2026 | +$8.1M | |
| Book value per share | $0.78FY2017 | $1.56FY2026 | +8.0%/yr | |
| Current ratio | 7.33FY2017 | 6.16FY2026 | −1.17 | |
| Debt / equity | 0.00FY2017 | 0.00FY2025 | 0.00 | |
| Shares outstanding | 13.1MFY2017 | 13.1MFY2026 | +0.0%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
MSB assets
MSB liabilities and equity
MSB debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
MSB balance sheet
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $23.2M | $100.2M | $24.0M | $14.0M | $47.7M | $22.4M | $23.5M | $33.0M | $24.1M | $14.2M |
| Cash & equivalents | $23.2M | $100.2M | $24.0M | $14.0M | $47.7M | $12.5M | $10.2M | $881,810 | $314,835 | $13.7M |
| Short-term investments | — | — | — | — | $0 | $9.9M | $13.3M | $32.1M | $23.8M | $456,058 |
| Receivables | $1.0M | $1.4M | $2.4M | $23,562 | $6.1M | $426,728 | $69,588 | $2.4M | $2.0M | $45,045 |
| Inventory | $0 | $0 | $0 | $14.1M | $1 | $22.7M | $23.6M | $0 | $0 | $0 |
| Other current assets | $147,371 | $122,518 | $297,647 | $0 | $122,544 | $0 | $0 | $54,472 | $54,640 | $53,608 |
| Total current assets | $24.4M | $101.7M | $26.7M | $14.1M | $53.9M | $22.9M | $23.6M | $35.5M | $26.1M | $14.2M |
| Property, plant & equipment (net) | $2 | $2 | $2 | $2 | $2 | $2 | $2 | $2 | $2 | $2 |
| Goodwill & intangible assets | $1 | $1 | $1 | $1 | $1 | $1 | $1 | $1 | $1 | $1 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $3 | $3 | $3 |
| Other non-current assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total assets | $24.4M | $101.7M | $26.7M | $14.1M | $53.9M | $22.9M | $23.6M | $35.5M | $26.1M | $14.2M |
| Liabilities | ||||||||||
| Accounts payable | — | — | — | $380,960 | $23.1M | $6.5M | $9.3M | $18.6M | $15.6M | $1.9M |
| Short-term debt | — | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Deferred revenue | — | — | — | $2.3M | — | — | — | — | — | — |
| Total current liabilities | $4.0M | $78.4M | $5.7M | $380,960 | $23.1M | $6.5M | $9.3M | $18.6M | $15.6M | $1.9M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $4.0M | $78.4M | $5.7M | $2.3M | $23.1M | $6.5M | $2.5M | $0 | $0 | $2.1M |
| Total liabilities | $4.0M | $78.4M | $5.7M | $2.7M | $23.1M | $6.5M | $11.8M | $18.6M | $15.6M | $4.0M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $3 | $3 | $3 | $3 | $3 | $3 | $3 | $3 | $3 | $3 |
| Retained earnings (deficit) | $20.4M | $23.3M | $21.0M | $11.4M | $30.8M | $16.5M | $11.8M | $16.8M | $10.5M | $10.2M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | $20.4M | $23.3M | $21.0M | $11.4M | $30.8M | $16.5M | $11.8M | $16.8M | $10.6M | $10.2M |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $20.4M | $23.3M | $21.0M | $11.4M | $30.8M | $16.5M | $11.8M | $16.8M | $10.5M | $10.2M |
| Key figures | ||||||||||
| Total debt | — | $0 | $2.0M | $23,562 | $4.6M | $249,477 | $69,588 | $2.4M | $2.1M | $45,045 |
| Net cash (debt) | — | $100.2M | $22.0M | $13.9M | $43.1M | $22.2M | $23.4M | $30.6M | $22.1M | $14.1M |
| Working capital | $20.4M | $23.3M | $21.0M | $13.7M | $30.8M | $16.5M | $14.3M | $16.8M | $10.5M | $12.3M |
| Tangible book value | $20.4M | $23.3M | $21.0M | $11.4M | $30.8M | $16.5M | $11.8M | $16.8M | $10.5M | $10.2M |
| Book value per share | $1.56 | $1.78 | $1.60 | $0.87 | $2.35 | $1.26 | $0.90 | $1.28 | $0.80 | $0.78 |
| Shares outstanding | 13.1M | 13.1M | 13.1M | 13.1M | 13.1M | 13.1M | 13.1M | 13.1M | 13.1M | 13.1M |
| Current ratio | 6.16 | 1.30 | 4.67 | 37.06 | 2.33 | 3.55 | 2.54 | 1.90 | 1.67 | 7.33 |
| Quick ratio | 6.12 | 1.30 | 4.62 | 36.72 | 2.33 | 3.54 | 2.53 | 1.90 | 1.67 | 7.30 |
| Debt / equity | — | 0.00 | 0.09 | 0.00 | 0.15 | 0.02 | 0.01 | 0.14 | 0.20 | 0.00 |
| Equity / assets | 83.8% | 22.9% | 78.6% | 81.0% | 57.1% | 71.9% | 50.0% | 47.4% | 40.2% | 71.6% |
| Jul '26 | Apr '26 | Jan '26 | Oct '25 | Jul '25 | Apr '25 | Jan '25 | Oct '24 | Jul '24 | Apr '24 | Jan '24 | Oct '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $17.4M | $20.3M | $23.2M | $23.2M | $21.2M | $24.2M | $100.2M | $95.9M | $21.6M | $21.6M | $24.0M | $22.9M |
| Cash & equivalents | $17.4M | $20.3M | $23.2M | $23.2M | $21.2M | $24.2M | $100.2M | $95.9M | $21.6M | $21.6M | $24.0M | $22.9M |
| Receivables | $2.0M | $1.5M | $1.0M | $1.1M | $3.2M | $3.1M | $1.4M | $4.6M | $4.3M | $3.4M | $2.4M | $2.9M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $24.1M |
| Other current assets | $0 | $0 | $147,371 | $1.8M | $0 | $111,473 | $122,518 | $204,199 | $292,676 | $112,368 | $297,647 | $0 |
| Total current assets | $18.4M | $21.2M | $24.4M | $26.0M | $21.2M | $27.4M | $101.7M | $100.7M | $26.2M | $25.1M | $26.7M | $26.0M |
| Property, plant & equipment (net) | $2 | $2 | $2 | $2 | $2 | $2 | $2 | $2 | $2 | $2 | $2 | $2 |
| Goodwill & intangible assets | $1 | $1 | $1 | $1 | $1 | $1 | $1 | $1 | $1 | $1 | $1 | $1 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $1.4M | $769,320 | $0 | $0 | $3.5M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total assets | $19.8M | $21.9M | $24.4M | $26.0M | $24.8M | $27.4M | $101.7M | $100.7M | $26.2M | $25.1M | $26.7M | $26.0M |
| Liabilities | ||||||||||||
| Short-term debt | — | — | — | $0 | $0 | $0 | $0 | $0 | — | — | — | — |
| Total current liabilities | $2.3M | $3.6M | $4.0M | $4.9M | $2.0M | $7.8M | $78.4M | $5.3M | $4.1M | $4.5M | $5.7M | $4.9M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $2.3M | $3.6M | $4.0M | $4.9M | $2.0M | $7.8M | $78.4M | $5.3M | $4.1M | $4.5M | $5.7M | $4.9M |
| Total liabilities | $2.3M | $3.6M | $4.0M | $4.9M | $2.0M | $7.8M | $78.4M | $5.3M | $4.1M | $4.5M | $5.7M | $4.9M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $3 | $3 | $3 | $3 | $3 | $3 | $3 | $3 | $3 | $3 | $3 | $3 |
| Retained earnings (deficit) | $17.6M | $18.3M | $20.4M | $21.1M | $22.8M | $19.6M | $23.3M | $95.3M | — | — | $21.0M | $21.1M |
| Accumulated other comprehensive income | $17.6M | $18.3M | $20.4M | $21.1M | $22.8M | $19.6M | $23.3M | $95.3M | $22.1M | $20.7M | — | $21.1M |
| Total shareholders' equity | $17.6M | $18.3M | $20.4M | $21.1M | $22.8M | $19.6M | $23.3M | $95.3M | $22.1M | $20.7M | $21.0M | $21.1M |
| Key figures | ||||||||||||
| Total debt | — | — | — | $0 | $0 | $0 | $0 | $0 | — | — | — | — |
| Net cash (debt) | — | — | — | $23.2M | $21.2M | $24.2M | $100.2M | $95.9M | — | — | — | — |
| Working capital | $16.2M | $17.6M | $20.4M | $21.1M | $19.3M | $19.6M | $23.3M | $95.3M | $22.1M | $20.7M | $21.0M | $21.1M |
| Tangible book value | $17.6M | $18.3M | $20.4M | $21.1M | $22.8M | $19.6M | $23.3M | $95.3M | $22.1M | $20.7M | $21.0M | $21.1M |
| Book value per share | $1.34 | $1.40 | $1.56 | $1.61 | $1.74 | $1.49 | $1.78 | $7.27 | $1.69 | $1.57 | $1.60 | $1.61 |
| Shares outstanding | 13.1M | 13.1M | 13.1M | 13.1M | 13.1M | 13.1M | 13.1M | 13.1M | 13.1M | 13.1M | 13.1M | 13.1M |
| Current ratio | 8.18 | 5.91 | 6.16 | 5.29 | 10.65 | 3.51 | 1.30 | 18.84 | 6.35 | 5.61 | 4.67 | 5.34 |
| Quick ratio | 8.61 | 6.08 | 6.12 | 4.94 | 12.26 | 3.49 | 1.30 | 18.81 | 6.28 | 5.59 | 4.62 | 5.29 |
| Debt / equity | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | — | — | — | — |
| Equity / assets | 88.6% | 83.7% | 83.8% | 81.1% | 91.9% | 71.5% | 22.9% | 94.7% | 84.3% | 82.2% | 78.6% | 81.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed April 22, 2026); data from EODHD.
MSB financial position
At the end of fiscal 2026 (January 31, 2026), Mesabi had total assets of $24.4 million (down 76.1% from a year earlier), total liabilities of $4.0 million and shareholders' equity of $20.4 million. Its current ratio was 6.16. In the latest quarter (ended July 31, 2026) total assets were $19.8 million and equity $17.6 million.
Related: MSB income statement, MSB cash flow statement, MSB key metrics. See the MSB stock overview for the latest quote and news.
MSB balance sheet FAQ
What are Mesabi's total assets?
Mesabi reported total assets of $24.4 million at the end of fiscal 2026 (January 31, 2026), compared with $101.7 million a year earlier.
How much cash does Mesabi have?
Mesabi held $23.2 million in cash and short-term investments at the end of fiscal 2026.
What is Mesabi's book value?
Mesabi's shareholders' equity (book value) was $20.4 million at the end of fiscal 2026, or $1.56 per share.
What is Mesabi's current ratio?
Mesabi had current assets of $24.4 million and current liabilities of $4.0 million, a current ratio of 6.16 (it can cover its short-term obligations).
How much goodwill does Mesabi have?
Mesabi carried $0.0 million of goodwill and intangible assets, 0.0% of total assets, at the end of fiscal 2026.