Mesabi Trust (MSB) Income Statement
MSB FY2026 at a glance
Fiscal year ended January 31, 2026 · U.S. dollarsMSB revenue and net income
Where MSB's revenue goes
FY2026Each bar shows an amount and its share of revenue. MSB kept 79.1% of revenue as net income.
MSB profit margins
MSB growth rates
to FY2026| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −31.2% | +31.3% | −7.6% | +6.1% |
| Gross profit | −82.7% | +32.3% | −8.0% | +6.0% |
| Operating income | −32.8% | +39.4% | −10.0% | +4.9% |
| Net income | −85.1% | +37.7% | −9.9% | +4.9% |
| EPS (diluted) | −85.2% | +34.7% | −24.4% | +6.7% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
MSB quarterly EPS vs estimates
MSB income statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $17.5M | $25.5M | $22.9M | $7.7M | $71.5M | $26.0M | $32.0M | $47.3M | $34.5M | $10.9M |
| Cost of revenue | $528,370 | $323,625 | $324,257 | $400,752 | $291,187 | $215,368 | $271,449 | $334,022 | $207,520 | $188,789 |
| Gross profit | $17.0M | $98.3M | $22.6M | $7.3M | $71.2M | $25.7M | $31.7M | $47.0M | $34.2M | $10.8M |
| Research & development | — | — | $1 | $1 | $1 | $1 | $1 | $1 | $1 | $1 |
| Sales, general & admin | $2.9M | $5.0M | $3.8M | $2.1M | $2.4M | $2.3M | $1.9M | $1.7M | $1.0M | $1.1M |
| Total operating expenses | $3.1M | $5.0M | $3.8M | $2.0M | $2.3M | $2.0M | $1.9M | $1.7M | $1.1M | $1.1M |
| Operating income | $13.9M | $20.6M | $19.1M | $5.1M | $68.8M | $23.5M | $30.1M | $45.6M | $33.5M | $9.8M |
| Interest income | $953,577 | $2.0M | $769,398 | $245,655 | $523,365 | $35,489 | $283,015 | $259,974 | $92,527 | $5,126 |
| Interest expense | — | — | — | — | $452,110 | $0 | $68,000 | $65,255 | $0 | $0 |
| Income before taxes | $13.9M | $93.3M | $19.0M | $5.3M | $68.8M | $23.4M | $30.1M | $45.6M | $33.4M | $9.6M |
| Income taxes | — | — | $19.1M | −$80,326 | −$76,816 | −$77,833 | −$74,606 | −$72,499 | $33.4M | $9.6M |
| Net income | $13.9M | $93.3M | $19.0M | $5.3M | $68.8M | $23.4M | $30.1M | $45.6M | $33.5M | $9.6M |
| EBITDA | $13.9M | $93.3M | $18.5M | $7.5M | $71.0M | $26.3M | $32.0M | $45.8M | $33.4M | $9.9M |
| EPS (diluted) | $1.05 | $7.11 | $1.45 | $0.43 | $4.40 | $4.24 | $2.19 | $3.88 | $2.64 | $1.11 |
| Gross margin | 97.0% | 386.1% | 98.9% | 94.8% | 99.6% | 99.2% | 99.1% | 99.3% | 99.2% | 98.9% |
| Operating margin | 79.1% | 81.1% | 83.4% | 66.1% | 96.3% | 90.5% | 94.2% | 96.5% | 97.1% | 90.2% |
| Net margin | 79.1% | 366.4% | 83.0% | 68.6% | 96.2% | 90.2% | 94.0% | 96.3% | 97.1% | 88.3% |
| Jul '26 | Apr '26 | Jan '26 | Oct '25 | Jul '25 | Apr '25 | Jan '25 | Oct '24 | Jul '24 | Apr '24 | Jan '24 | Oct '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.5M | $2.2M | $3.6M | $3.6M | $5.6M | $4.7M | $5.8M | $79.0M | $6.5M | $6.3M | $6.2M | $4.9M |
| Cost of revenue | $2.6M | $1.2M | −$2.3M | $822,987 | $862,873 | $1.1M | $786,289 | $676,315 | $1.1M | $2.8M | $1.5M | $810,000 |
| Gross profit | −$95,013 | $1.1M | $5.9M | $2.8M | $4.7M | $3.6M | $5.1M | $78.3M | $5.4M | $3.5M | $4.7M | $3.9M |
| Sales, general & admin | — | — | $3.3M | — | — | — | $5.0M | — | — | — | $3.5M | — |
| Total operating expenses | — | $1.2M | $774,490 | $822,987 | $862,873 | $1.1M | $12,981 | $676,315 | $1.1M | $2.8M | $3.5M | −$810,000 |
| Operating income | −$95,013 | $1.1M | $2.8M | $2.8M | $4.7M | $3.6M | $5.0M | $7.3M | $5.4M | $3.5M | $4.8M | $4.1M |
| Interest income | $151,833 | $168,077 | $178,815 | $199,841 | $189,851 | $385,070 | $1.0M | $468,445 | $235,190 | $239,964 | $241,246 | $231,974 |
| Income before taxes | −$95,013 | $1.1M | $2.7M | $2.8M | $4.7M | $3.6M | $6.1M | $78.3M | $5.4M | $3.5M | $4.7M | $4.1M |
| Income taxes | — | — | — | — | — | — | — | — | $5.4M | $3.5M | $4.8M | −$810,000 |
| 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 |
| EBITDA | −$95,013 | $1.1M | $2.7M | $2.8M | $4.7M | $3.6M | $6.1M | $78.3M | $5.4M | $3.5M | $2.4M | $4.7M |
| EPS (diluted) | −$0.01 | $0.08 | $0.21 | $0.21 | $0.36 | $0.28 | $0.46 | $5.97 | $0.41 | $0.27 | $0.36 | $0.31 |
| Gross margin | −3.8% | 48.4% | 162.9% | 77.1% | 84.6% | 76.7% | 86.5% | 99.1% | 83.2% | 55.7% | 75.3% | 78.7% |
| Operating margin | −3.8% | 48.4% | 78.4% | 77.1% | 84.6% | 76.7% | 86.3% | 9.3% | 83.2% | 55.7% | 76.7% | 83.5% |
| Net margin | −3.8% | 48.4% | 75.9% | 77.1% | 84.6% | 76.7% | 103.9% | 99.1% | 83.2% | 55.7% | 75.3% | 83.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in MSB's financial statements (latest annual report filed April 22, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
MSB financial results
In fiscal year 2026 (ended January 31, 2026), Mesabi reported revenue of $17.5 million, down 31.2% from the year before. It had net income of $13.9 million (down 85.1%), a net profit margin of 79.1%. Diluted earnings per share came to $1.05. Over five years revenue grew at an average rate of −7.6% a year.
See the MSB stock overview for the latest quote and news, or the MSB chart for price history and technical indicators.
MSB income statement FAQ
What is Mesabi's annual revenue?
Mesabi reported total revenue of $17.5 million for fiscal year 2026, which ended on January 31, 2026. That was down 31.2% from $25.5 million the previous year.
Is Mesabi profitable?
Yes. Mesabi reported net income of $13.9 million in fiscal 2026, a net profit margin of 79.1%; its operating margin was 79.1%.
What is Mesabi's gross margin?
Mesabi's gross margin was 97.0% in fiscal 2026: for every $100 of revenue, Mesabi kept $97 after the direct cost of its products and services.
How fast is Mesabi growing?
Revenue grew −7.6% a year on average over the last five fiscal years, from $26.0 million to $17.5 million.
What are Mesabi's earnings per share?
Mesabi earned $1.05 per diluted share in fiscal 2026, compared with $7.11 a year earlier.
When does Mesabi's fiscal year end?
Mesabi's fiscal year ends in January. The latest annual report covers the year ended January 31, 2026 and was filed on April 22, 2026.