Mesabi Trust (MSB) - Net Assets
Based on the latest financial reports, Mesabi Trust (MSB) has net assets worth $20.40 Million USD as of January 2026. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($24.36 Million) and total liabilities ($3.95 Million). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check MSB goodwill-adjusted equity ratio to evaluate the tangible quality of the company's equity base.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | $20.40 Million |
| % of Total Assets | 83.77% |
| Annual Growth Rate | 12.86% |
| 5-Year Change | -33.75% |
| 10-Year Change | 99.92% |
| Growth Volatility | 96.17 |
Mesabi Trust - Net Assets Trend (1996–2026)
This chart illustrates how Mesabi Trust's net assets have evolved over time, based on quarterly financial data. See MSB days of operational coverage to measure how many days the company can operate on defensive assets alone.
Annual Net Assets for Mesabi Trust (1996–2026)
The table below shows the annual net assets of Mesabi Trust from 1996 to 2026. For live valuation and market cap data, see market value of Mesabi Trust.
| Year | Net Assets | Change |
|---|---|---|
| 2026-01-31 | $20.40 Million | -12.54% |
| 2025-01-31 | $23.33 Million | +11.22% |
| 2024-01-31 | $20.98 Million | +83.38% |
| 2023-01-31 | $11.44 Million | -62.86% |
| 2022-01-31 | $30.79 Million | +86.89% |
| 2021-01-31 | $16.48 Million | +39.27% |
| 2020-01-31 | $11.83 Million | -29.60% |
| 2019-01-31 | $16.81 Million | +59.94% |
| 2018-01-31 | $10.51 Million | +2.96% |
| 2017-01-31 | $10.21 Million | +13.53% |
| 2016-01-31 | $8.99 Million | +457.94% |
| 2015-01-31 | $1.61 Million | +63.72% |
| 2014-01-31 | $984.10K | -16.76% |
| 2013-01-31 | $1.18 Million | +14.61% |
| 2012-01-31 | $1.03 Million | +4.42% |
| 2011-01-31 | $987.80K | -12.42% |
| 2010-01-31 | $1.13 Million | -70.26% |
| 2009-01-31 | $3.79 Million | +128.44% |
| 2008-01-31 | $1.66 Million | +45.66% |
| 2007-01-31 | $1.14 Million | -77.14% |
| 2006-01-31 | $4.99 Million | +15.29% |
| 2005-01-31 | $4.32 Million | +206.96% |
| 2004-01-31 | $1.41 Million | +32.13% |
| 2003-01-31 | $1.07 Million | -2.62% |
| 2002-01-31 | $1.09 Million | +37.54% |
| 2001-01-31 | $795.92K | +4.26% |
| 2000-01-31 | $763.38K | +7.07% |
| 1999-01-31 | $712.96K | -0.95% |
| 1998-01-31 | $719.80K | +10.63% |
| 1997-01-31 | $650.61K | +20.17% |
| 1996-01-31 | $541.41K | -- |
Equity Component Analysis
This analysis shows how different components contribute to Mesabi Trust's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 558.2% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (January 2026)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | $20.40 Million | 100.00% |
| Common Stock | $3.00 | 0.00% |
| Total Equity | $20.40 Million | 100.00% |
Mesabi Trust Competitors by Market Cap
The table below lists competitors of Mesabi Trust ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
BH Co Ltd
KQ:090460
|
$313.51 Million |
|
Altin Yunus Cesme Turistik Tesisler AS
IS:AYCES
|
$313.56 Million |
|
DingZing Advanced Materials Inc.
TW:6585
|
$313.62 Million |
|
Haymaker Acquisition Corp. 4
NYSE:HYAC
|
$313.64 Million |
|
Shanxi Tond Chemical Co Ltd
SHE:002360
|
$313.36 Million |
|
Deceuninck
BR:DECB
|
$313.07 Million |
|
K&F Growth Acquisition Corp. II Class A Ordinary shares
NASDAQ:KFII
|
$313.05 Million |
|
Danhua Chemical Technology Co Ltd A
SHG:600844
|
$313.02 Million |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Mesabi Trust's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2025 to 2026, total equity changed from 23,327,720 to 20,402,875, a change of -2,924,845 (-12.5%).
- Net income of 13,868,768 contributed positively to equity growth.
- Dividend payments of 91,446,470 reduced retained earnings.
- Other comprehensive income decreased equity by 23,327,717.
- Other factors increased equity by 97,980,574.
Equity Change Factors (2025 to 2026)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | $13.87 Million | +67.97% |
| Dividends Paid | $91.45 Million | -448.2% |
| Other Comprehensive Income | $-23.33 Million | -114.34% |
| Other Changes | $97.98 Million | +480.23% |
| Total Change | $- | -12.54% |
Book Value vs Market Value Analysis
This analysis compares Mesabi Trust's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 15.93x
- The company is trading at a significant premium to its book value, suggesting the market values its earnings potential, brand, or other intangibles highly.
- The price-to-book ratio has decreased from 67.46x to 15.93x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 1986-01-31 | $0.37 | $24.78 | x |
| 1987-01-31 | $0.33 | $24.78 | x |
| 1988-01-31 | $0.36 | $24.78 | x |
| 1989-01-31 | $0.35 | $24.78 | x |
| 1990-01-31 | $0.21 | $24.78 | x |
| 1991-01-31 | $0.11 | $24.78 | x |
| 1992-01-31 | $0.09 | $24.78 | x |
| 1993-01-31 | $0.09 | $24.78 | x |
| 1994-01-31 | $0.05 | $24.78 | x |
| 1995-01-31 | $0.04 | $24.78 | x |
| 1996-01-31 | $0.04 | $24.78 | x |
| 1997-01-31 | $0.05 | $24.78 | x |
| 1998-01-31 | $0.05 | $24.78 | x |
| 1999-01-31 | $0.05 | $24.78 | x |
| 2000-01-31 | $0.05 | $24.78 | x |
| 2001-01-31 | $0.06 | $24.78 | x |
| 2002-01-31 | $0.08 | $24.78 | x |
| 2003-01-31 | $0.08 | $24.78 | x |
| 2004-01-31 | $0.11 | $24.78 | x |
| 2005-01-31 | $0.33 | $24.78 | x |
| 2006-01-31 | $0.38 | $24.78 | x |
| 2007-01-31 | $0.09 | $24.78 | x |
| 2008-01-31 | $0.13 | $24.78 | x |
| 2009-01-31 | $0.29 | $24.78 | x |
| 2010-01-31 | $0.09 | $24.78 | x |
| 2011-01-31 | $0.08 | $24.78 | x |
| 2012-01-31 | $0.08 | $24.78 | x |
| 2013-01-31 | $0.09 | $24.78 | x |
| 2014-01-31 | $0.08 | $24.78 | x |
| 2015-01-31 | $0.12 | $24.78 | x |
| 2016-01-31 | $0.69 | $24.78 | x |
| 2017-01-31 | $0.78 | $24.78 | x |
| 2018-01-31 | $0.80 | $24.78 | x |
| 2019-01-31 | $1.28 | $24.78 | x |
| 2020-01-31 | $0.90 | $24.78 | x |
| 2021-01-31 | $1.26 | $24.78 | x |
| 2022-01-31 | $2.35 | $24.78 | x |
| 2023-01-31 | $0.87 | $24.78 | x |
| 2024-01-31 | $1.60 | $24.78 | x |
| 2025-01-31 | $1.78 | $24.78 | x |
| 2026-01-31 | $1.56 | $24.78 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Mesabi Trust utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 67.97%
- The company demonstrates strong efficiency in generating profits from shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 79.14%
- • Asset Turnover: 0.72x
- • Equity Multiplier: 1.19x
- Recent ROE (67.97%) is below the historical average (670.03%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 1986 | 204.17% | 95.15% | 2.15x | 1.00x | $9.32 Million |
| 1987 | 18.42% | 50.00% | 0.37x | 1.00x | $320.00K |
| 1988 | -5.56% | -66.67% | 0.08x | 1.00x | $-560.00K |
| 1989 | -5.71% | -100.00% | 0.06x | 1.00x | $-550.00K |
| 1990 | -9.38% | -50.00% | 0.18x | 1.03x | $-620.00K |
| 1991 | 107.14% | 68.18% | 1.05x | 1.50x | $1.36 Million |
| 1992 | 136.36% | 78.95% | 1.27x | 1.36x | $1.39 Million |
| 1993 | 122.22% | 78.57% | 0.93x | 1.67x | $1.01 Million |
| 1994 | 457.14% | 88.89% | 1.80x | 2.86x | $3.13 Million |
| 1995 | 516.67% | 88.57% | 1.75x | 3.33x | $3.04 Million |
| 1996 | 678.61% | 90.47% | 1.78x | 4.22x | $3.62 Million |
| 1997 | 863.74% | 93.64% | 2.31x | 4.00x | $5.55 Million |
| 1998 | 902.75% | 94.72% | 1.60x | 5.96x | $6.43 Million |
| 1999 | 790.34% | 94.10% | 2.15x | 3.91x | $5.56 Million |
| 2000 | 651.11% | 92.73% | 1.69x | 4.17x | $4.89 Million |
| 2001 | 671.69% | 92.92% | 2.25x | 3.21x | $5.27 Million |
| 2002 | 332.91% | 91.46% | 1.80x | 2.03x | $3.53 Million |
| 2003 | 440.37% | 92.04% | 1.42x | 3.37x | $4.59 Million |
| 2004 | 480.72% | 93.13% | 1.35x | 3.83x | $6.63 Million |
| 2005 | 301.07% | 95.89% | 1.65x | 1.91x | $12.59 Million |
| 2006 | 415.94% | 96.08% | 1.90x | 2.27x | $20.24 Million |
| 2007 | 1504.52% | 95.78% | 3.31x | 4.75x | $17.03 Million |
| 2008 | 1098.32% | 96.64% | 2.22x | 5.11x | $18.07 Million |
| 2009 | 914.24% | 97.75% | 6.63x | 1.41x | $34.29 Million |
| 2010 | 1101.55% | 93.82% | 1.18x | 9.93x | $12.31 Million |
| 2011 | 3286.40% | 97.36% | 3.46x | 9.76x | $32.36 Million |
| 2012 | 3222.20% | 97.30% | 3.06x | 10.83x | $33.13 Million |
| 2013 | 2592.99% | 97.12% | 4.13x | 6.47x | $30.54 Million |
| 2014 | 2139.63% | 95.51% | 2.58x | 8.69x | $20.96 Million |
| 2015 | 1537.31% | 94.97% | 2.58x | 6.27x | $24.61 Million |
| 2016 | 95.21% | 88.04% | 0.99x | 1.09x | $7.66 Million |
| 2017 | 94.19% | 88.30% | 0.76x | 1.40x | $8.59 Million |
| 2018 | 318.78% | 97.10% | 1.32x | 2.49x | $32.45 Million |
| 2019 | 271.09% | 96.33% | 1.33x | 2.11x | $43.88 Million |
| 2020 | 254.04% | 93.95% | 1.35x | 2.00x | $28.87 Million |
| 2021 | 142.06% | 90.20% | 1.13x | 1.39x | $21.76 Million |
| 2022 | 223.30% | 96.23% | 1.33x | 1.75x | $65.69 Million |
| 2023 | 46.41% | 68.57% | 0.55x | 1.23x | $4.17 Million |
| 2024 | 90.50% | 83.03% | 0.86x | 1.27x | $16.89 Million |
| 2025 | 399.84% | 366.42% | 0.25x | 4.36x | $90.94 Million |
| 2026 | 67.97% | 79.14% | 0.72x | 1.19x | $11.83 Million |
Industry Comparison
This section compares Mesabi Trust's net assets metrics with peer companies in the Steel industry.
Industry Context
- Industry: Steel
- Average net assets among peers: $228,508,251
- Average return on equity (ROE) among peers: 3.38%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Mesabi Trust (MSB) | $20.40 Million | 204.17% | 0.19x | $313.44 Million |
| Cleveland-Cliffs Inc (CLF) | $425.90 Million | 4.25% | 0.71x | $6.27 Billion |
| Friedman Industries Inc. Common Stock (FRD) | $30.38 Million | 9.64% | 0.58x | $175.39 Million |
| Friedman Industries Inc. Common Stock (FRD) | $32.60 Million | 8.59% | 0.16x | $138.83 Million |
| Gerdau SA ADR (GGB) | $1.47 Billion | 15.89% | 1.10x | $5.42 Billion |
| Hongli Group Inc. Ordinary Shares (HLP) | $13.47 Million | 21.76% | 1.68x | $32.81 Million |
| Huadi International Group Co Ltd (HUDI) | $25.79 Million | 12.88% | 1.68x | $13.30 Million |
| Inno Holdings Inc. Common Stock (INHD) | $15.17 Million | -46.68% | 0.06x | $3.73 Million |
| FST Corp. Ordinary Shares (KBSX) | $23.00 Million | -14.07% | 1.55x | $51.70 Million |
| Luda Technology Group Limited (LUD) | $16.75 Million | 18.11% | 1.79x | $101.88 Million |
About Mesabi Trust
Mesabi Trust, a royalty trust, engages in iron ore mining business in the United States. Mesabi Trust was incorporated in 1961 and is based in New York, New York.