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Mesabi Trust (MSB) earnings and revenue breakdown
Latest: Q2 FY27 · 10-Q filed Sep 11, 2026 · Mesabi Trust (MSB) Q2 FY27 earnings results →
Q2 FY27 Revenue down 56% year over year to $2.5M · 4¢ of every $1 of revenue lost · operating margin -3.8%
Mesabi Trust made $2.5M in Q2 FY27 (-56% Y/Y). Operating margin -3.8%, net loss $95K. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Sep 11, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $2.5M in Q2 FY27, down 56% year over year and up 10% from the previous quarter.
Operating costs exceeded revenue by $95K, an operating margin of -3.8%. Total costs grew 198% against a revenue fall of 56%. The quarter ended with a net loss of $95K, after a profit of $1.1M the previous quarter.
Operating cash flow was $249K (down 94% year over year). Working capital and other items added $344K.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 FY27 | 10-Q | Sep 11, 2026 | $2.5M | -56% | -3.8% | −$95K | $249K |
| Q1 FY27 | 10-Q | Jun 12, 2026 | $2.2M | -53% | 48.4% | $1.1M | $534K |
| Q4 FY26 | 10-K | Apr 22, 2026 | $3.6M | -48% | 75.9% | $2.7M | $4.4M |
| Q3 FY26 | 10-Q | Dec 12, 2025 | $3.6M | -96% | 77.1% | $2.8M | $3.5M |
| Q2 FY26 | 10-Q | Sep 15, 2025 | $5.6M | -14% | 84.6% | $4.7M | $4.4M |
| Q1 FY26 | 10-Q | Jun 12, 2025 | $4.7M | -24% | 76.7% | $3.6M | $2.1M |
| Q4 FY25 | 10-K | Apr 24, 2025 | $6.9M | +10% | 88.5% | $6.1M | $9.4M |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Mesabi Trust
The information under the headings “Trustees’ Discussion and Analysis of Financial Condition and Results of Operations,” “The Trust Estate,” “Leasehold Royalties,” and “Land Trust and Fee Royalties” in the Annual Report of the Trustees of Mesabi Trust for the fiscal year ended January 31, 2026, filed as Exhibit 13 to this Form 10-K (the “Annual Report”) is incorporated herein by reference. Substantially all of the revenue, operating profits and assets of Mesabi Trust (“Mesabi Trust” or the “Trust”) relate to one business segment—iron ore mining.
In its own words, from its 10-K, filed Apr 22, 2026.
Mesabi Trust against its Mineral Royalty Traders peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -56% against the peers' median +16%. Operating margin: -3.8% against the peers' median 27.3%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| MSB Mesabi Trust | Q2 FY27 | $2.5M | -56% | -3.8% |
| RGLD Royal Gold | Q3 2026 | $465M | +84% | 65.4% |
| SSRM SSR Mining | Q3 2026 | $448M | +16% | 27.3% |
Source: Mesabi Trust 10-Q on SEC EDGAR · CIK 65172 · Mineral Royalty Traders
13F: who owns MSB and who is buying
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History
Every quarter: Q2 FY27 results · Q1 FY27 results · Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results