Mesabi Trust (MSB) Cash Flow Statement
Where MSB’s cash came from and went, FY2026
January 31, 2026 · U.S. dollars- Cash from operations
- $14.4M −84.7% vs FY2025
- Capital expenditures
- $0 0.0% of revenue
- Free cash flow
- $14.4M 82.2% margin
- Returned to shareholders
- $91.4M 635% of free cash flow
- Change in cash
- −$77.0M cash at year-end $23.2M
Drawn to scale: where the cash came from and how it was used. Hover for values.
MSB operating cash flow, capex and free cash flow
MSB cash flow trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $12.6MFY2017 | $14.4MFY2026 | +1.5%/yr | |
| Capital expenditures | $0FY2017 | $0FY2026 | — | |
| Free cash flow | $12.6MFY2017 | $14.4MFY2026 | +1.5%/yr | |
| Free cash flow margin | 115.6%FY2017 | 82.2%FY2026 | −33.4 pts | |
| Operating cash flow / net income | 1.29FY2017 | 1.04FY2026 | −0.25 | |
| Dividends paid | $7.2MFY2017 | $91.4MFY2026 | +32.6%/yr | |
| Share buybacks (net) | $0FY2017 | $0FY2018 | — | |
| Capex / revenue | 0.0%FY2017 | 0.0%FY2026 | 0.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
MSB cash flow by activity
MSB net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
MSB cash flow statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $13.9M | $93.3M | $19.0M | $5.3M | $68.8M | $23.4M | $30.1M | $45.6M | $33.4M | $9.8M |
| Depreciation & amortization | — | — | — | — | — | — | — | — | $0 | $0 |
| Change in working capital | $535,780 | $661,853 | −$4.4M | $8.6M | −$5.9M | −$2.6M | $4.5M | −$62,380 | −$3.9M | $2.8M |
| Other non-cash items | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Cash from operating activities | $14.4M | $93.9M | $14.6M | $13.9M | $62.8M | $20.8M | $34.6M | $45.5M | $29.5M | $12.6M |
| Investing activities | ||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Investments (net) | — | — | $0 | $23.3M | $9.9M | $3.4M | $18.8M | −$8.3M | −$23.3M | $5.7M |
| Acquisitions & other investing | — | — | — | −$23.3M | $0 | $0 | $0 | $0 | $0 | $0 |
| Cash from investing activities | — | — | — | $0 | $9.9M | $3.4M | $18.8M | −$8.3M | −$23.3M | $5.7M |
| Financing activities | ||||||||||
| Dividends paid | −$91.4M | −$17.7M | −$4.6M | −$47.6M | −$37.5M | −$21.9M | −$44.1M | −$36.6M | −$19.5M | −$7.2M |
| Share repurchases & issuance (net) | — | — | — | — | — | — | — | — | $0 | $0 |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Cash from financing activities | −$91.4M | −$17.7M | −$4.6M | −$47.6M | −$37.5M | −$21.9M | −$44.1M | −$36.6M | −$19.5M | −$7.2M |
| Summary | ||||||||||
| Net change in cash | −$77.0M | $76.2M | $10.0M | −$33.8M | $35.2M | $2.3M | $9.3M | $566,975 | −$13.4M | $11.1M |
| Cash at end of period | $23.2M | $100.2M | $24.0M | $14.0M | $47.7M | $12.5M | $10.2M | $881,810 | $314,835 | $13.7M |
| Free cash flow | $14.4M | $93.9M | $14.6M | $13.9M | $62.8M | $20.8M | $34.6M | $45.5M | $29.5M | $12.6M |
| Free cash flow margin | 82.2% | 369.0% | 63.9% | 179.1% | 87.9% | 80.2% | 108.1% | 96.2% | 85.5% | 115.6% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating cash flow / net income | 1.04 | 1.01 | 0.77 | 2.61 | 0.91 | 0.89 | 1.15 | 1.00 | 0.88 | 1.29 |
| Jul '26 | Apr '26 | Jan '26 | Oct '25 | Jul '25 | Apr '25 | Jan '25 | Oct '24 | Jul '24 | Apr '24 | Jan '24 | Oct '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$95,013 | $1.1M | $2.7M | $2.8M | $4.7M | $3.6M | $6.1M | $78.3M | $5.4M | $3.5M | $4.7M | $4.1M |
| Change in working capital | $553,796 | −$553,796 | $1.7M | $749,670 | −$368,617 | −$1.6M | $3.3M | −$110,502 | −$1.6M | −$979,856 | $968,945 | $1.1M |
| Other non-cash items | −$209,657 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Cash from operating activities | $249,126 | $533,667 | $4.4M | $3.5M | $4.4M | $2.1M | $9.4M | $78.2M | $3.8M | $2.5M | $5.7M | $5.2M |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Financing activities | ||||||||||||
| Dividends paid | −$3.1M | −$3.4M | −$4.5M | −$1.6M | −$7.3M | −$78.1M | −$5.1M | −$3.9M | −$3.8M | −$4.9M | −$4.6M | $0 |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Cash from financing activities | −$3.1M | −$3.4M | −$4.5M | −$1.6M | −$7.3M | −$78.1M | −$5.1M | −$3.9M | −$3.8M | −$4.9M | −$4.6M | $0 |
| Summary | ||||||||||||
| Net change in cash | −$2.9M | −$2.9M | −$29,314 | $1.9M | −$3.0M | −$76.0M | $4.3M | $74.3M | $1,156 | −$2.4M | $1.1M | $5.2M |
| Cash at end of period | $17.4M | $20.3M | $23.2M | $23.2M | $21.2M | $24.2M | $100.2M | $95.9M | $21.6M | $21.6M | $24.0M | $22.9M |
| Free cash flow | $249,126 | $533,667 | $4.4M | $3.5M | $4.4M | $2.1M | $9.4M | $78.2M | $3.8M | $2.5M | $5.7M | $5.2M |
| Free cash flow margin | 10.0% | 23.8% | 123.4% | 98.0% | 78.0% | 43.9% | 161.1% | 99.0% | 58.6% | 40.1% | 90.9% | 105.4% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating cash flow / net income | — | 0.49 | 1.63 | 1.27 | 0.92 | 0.57 | 1.55 | 1.00 | 0.71 | 0.72 | 1.21 | 1.26 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
MSB cash generation
In fiscal 2026 (ended January 31, 2026), Mesabi generated $14.4 million of cash from operations (down 84.7%) and spent $0 on capital expenditures, leaving free cash flow of $14.4 million, 82.2% of revenue. It returned $91.4 million to shareholders through dividends ($91.4 million) and net share buybacks ($0). Cash and equivalents fell by $77.0 million over the year.
Related: MSB income statement, MSB balance sheet, MSB dividend history. See the MSB stock overview for the latest quote and news.
MSB cash flow FAQ
What is Mesabi's free cash flow?
Mesabi's free cash flow was $14.4 million in fiscal 2026: $14.4 million of operating cash flow minus $0 of capital expenditures It was $93.9 million a year earlier..
How much cash does Mesabi generate from operations?
Mesabi generated $14.4 million of cash from operating activities in fiscal 2026, 1.04 times its net income of $13.9 million.
How much does Mesabi pay in dividends?
Mesabi paid $91.4 million in dividends in fiscal 2026, 634.8% of free cash flow.