Mesabi Trust (MSB) intrinsic value & 10-year financials
Mesabi Trust (MSB) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue grew 29.4% a year to $98.6M, with an average return on invested capital of 214.4%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $17.88
- Revenue (FY2025)
- $98.6M
- Revenue growth (10-yr CAGR)
- 29.4%
- ROIC (10-yr avg)
- 214.4%
- Free cash flow (FY2025)
- —
MSB 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $98.6M | $93.3M | — | — | — | 421.1% |
| FY2024 | $22.9M | $19.0M | — | — | — | 117.1% |
| FY2023 | $7.7M | $5.3M | — | — | — | 25.1% |
| FY2022 | $71.5M | $68.8M | — | — | — | 290.9% |
| FY2021 | $26.0M | $23.4M | — | — | — | 165.4% |
| FY2020 | $32.0M | $30.1M | — | — | — | 209.9% |
| FY2019 | $47.3M | $45.6M | — | — | — | 271.1% |
| FY2018 | $34.6M | $33.5M | — | — | — | — |
| FY2017 | $10.7M | $9.6M | — | — | — | — |
| FY2016 | $9.7M | $8.6M | — | — | — | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
MESABI TRUST is a consistent compounder, expanding top-line revenue at 29.4% annually over the past decade.
MESABI TRUST has earned high returns on invested capital, averaging 22.3% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
MESABI TRUST capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, MESABI TRUST is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment.