Mesabi Trust
MSB on NYSE. Mesabi Trust leases iron ore land to miners and collects royalties. Market value $249m.
Figures from the annual report for the year ended 31 January 2025.
We can't read total debt from the filing, so debt is left out.
Cash flow or capital spending isn't reported, so free cash flow is unknown.
The latest annual report is over 15 months old, so we don't rank it.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
What to watch out for
See Financial services stocks that passed both tests
This is not advice. Check the numbers below.
We could not compute this from the filings.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: not known. Price score: not known. Our list needs 70 on quality and 60 on price.
$18.63 a share, at its 1-year low
Over the past year the price has ranged from $18.50 to $42.38.
Dividend: 7.2% a year
Paid every year for at least 5 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $26m | $71m | $8m | $23m | $99m |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.01bn | 0.01bn | 0.01bn | 0.01bn | 0.01bn |
Health checks
- Free cash flow positiveNot enough data
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)Not enough data
- Profit backed by cash (accruals)Yes
- DebtUnknown
- Revenue growth, five yearsStrong, 25.2% a year
- Buying back its own sharesRoughly flat
The quarter to July 2026
How the business did, compared with the same quarter a year earlier.
| Quarter to | Amount |
|---|---|
| July 2024 | $6m |
| October 2024 | $79m |
| January 2025 | $7m |
| April 2025 | $5m |
| July 2025 | $6m |
| October 2025 | $4m |
| April 2026 | $2m |
| July 2026 | $2m |
| Quarter to | Amount |
|---|---|
| July 2024 | $5m |
| October 2024 | $78m |
| January 2025 | $6m |
| April 2025 | $4m |
| July 2025 | $5m |
| October 2025 | $3m |
| April 2026 | $1m |
| July 2026 | -$95,013 |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 22 April 2026
- Next quarterly (estimated, 10-Q)
- 11 December 2026
Who owns it
3 long-term investors we follow own it, unchanged from 3 last quarter. 62 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Horizon KineticsMurray Stahl | $81m | 0.9% | Added |
| ValueWorksCharles Lemonides | $17m | 3.5% | Added |
| First Manhattan Co.First Manhattan partners | $10m | <0.1% | Added |
Largest holders overall
- Horizon Kinetics$81mAdded
- ValueWorks$17mAdded
- CWA Asset Management Group$13mAdded
- First Manhattan Co.$10mAdded
- MAD River Investors$8m
- Advisory Services Network$5m
- Moors & Cabot$5m
- EagleClaw Capital Managment$4m
- Morgan Stanley$3m
- Bank of New York Mellon$3m
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%.
- Horizon KineticsPassive investorat least 23.9%+1.0 pts(filed with 1 related holder)Since 31 March 2026
- ValueWorksPassive investorat least 5.2%(filed with 1 related holder)Since 30 June 2025
| Holder | Stake | Since | |
|---|---|---|---|
Horizon Kinetics Passive investor | at least 23.9%+1.0 pts (filed with 1 related holder) | 31 March 2026 | |
ValueWorks Passive investor | at least 5.2% (filed with 1 related holder) | 30 June 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
We have no insider filings for this company yet.
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
We couldn’t fully check Mesabi Trust’s latest annual report.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We couldn't fully read the 10-K filed 22 Apr 2026, so we can't say there are no warning signs.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.