Metallus MTUS

NYSE · Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens) · $741M

$15.76−11.81%Nov 5 close · Databento

Every report since 2023 →

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MTUS Wire Story Reactions & EOD Technical StudyDaily closes (Databento EOD) pinned with every AlgoThesis Wire story (dot colour = next trading day close) and SEC filing

Nov 5, 2026CLOSE $15.761D −11.81%3M −27.44%SMA20 $20.25SMA50 $19.73RSI(14) 23.9

15.76

RSI (14, Wilder EOD) · 70 Overbought / 30 OversoldRSI 23.9

Data provided by Databento (end of day). Next close = the first close after a story against the close before it; official daily closes only, not a call, not advice.

The numbers

fiscal 2025, as filed with the SEC · 66-metric EOD snapshot via Databento

Market cap$741M

Enterprise value$583.2M

Revenue$1.2B +6.9%

Gross margin8.2%

ROIC-0.7%

EPS, diluted$-0.03 −200.0%

Modern Valuation (EOD)

Market Cap$741M

Enterprise Value$583.2M

EV / True FCF—

EV / FCF—

EV / Gross Profit6.13

EV / EBIT100.55

EV / Sales0.50

P / E (GAAP)—

P / FCF—

P / Oper. CF46.29

P / Book1.08

Owner & Cash Yields

True FCF Yield—

FCF Yield—

Owner Earn. Yield—

Earnings Yield-0.2%

Shareholder Yield−0.2%

Buyback Yield1.8%

Dividend Yield—

Dividend / sh$0.00

Payout Ratio0%

FCF / sh—

EPS (diluted)$-0.03

Compounder & Returns

Rule of 40—

ROIC-0.7%

Cash ROIC (CROIC)—

GP / Assets8.3%

ROE-0.2%

ROA-0.1%

Gross Margin8.2%

Oper. Margin0.5%

Net Margin-0.1%

FCF Margin—

True FCF Margin—

Quality & Dilution

Cash Conversion—

Accrual Ratio−1.5%

SBC % of FCF—

SBC % of Rev1.3%

Reinvest. Rate5%

Sales Growth Y/Y+6.9%

Sales 3Y CAGR−4.5%

EPS Growth Y/Y−200.0%

FCF Growth Y/Y—

FCF 3Y CAGR—

Share Change Y/Y−5.4%

Balance Sheet & Scale

Revenue (FY)$1.2B

Gross Profit (FY)$95.1M

Oper. Income (FY)$5.8M

GAAP Net Income$-1.2M

True FCF (ex-SBC)—

Cash & Equiv$157.5M

Total Debt—

Net Cash (Debt)$157.5M

Net Cash % MCap+21.3%

Debt / FCF (yrs)0.0y

Current Ratio1.7641.26M sh

Price & Technicals (EOD)

Perf Week−26.42%

Perf Month−21.08%

Perf Quarter−27.27%

Perf Half Y−13.97%

Perf YTD−14.95%

SMA 20 Dist−22.19%$20.25

SMA 50 Dist−20.13%$19.73

SMA 100 Dist−20.65%$19.86

Window High−28.46%$22.03

Window Low0.00%$15.76

RSI (14) · Vol23.966%v

Income Distribution & Cash Flow ConversionHow every dollar of MTUS revenue flows through cost of goods, operating expenses, taxes, GAAP net income, and dilution-adjusted free cash flow

Where Every $100 of Revenue Goes (FY2025)

Cost of Revenue (COGS)$1.1B ($91.8 / $100)

R&D Reinvestment$800,000 ($0.1 / $100)

SG&A & Other OpEx$94.0M ($8.1 / $100)

Tax & Non-Operating$7.0M ($0.6 / $100)

Net Profit Kept$-1.2M ($0.0 / $100)

Earnings Quality: GAAP Profit → True Owner Cash (FY2025)

GAAP Net Income$-1.2M (-0.1% margin)

Operating Cash Flow (OCF)$16.0M(1.4% of rev)

Less: Capital Expenditures—

Standard Free Cash Flow (FCF)—

Less: Stock-Based Comp (SBC)−$14.7M

True FCF (Owner Cash ex-SBC)—

Revenue by fiscal year

Operating leverage — margins

GrossOperatingNet

Line Item (USD)	FY2021	FY2022	FY2023	FY2024	FY2025	YoY Δ	4Y CAGR
Income Statement
Revenue	$1.3B	$1.3B	$1.4B	$1.1B	$1.2B	+6.9%	−2.5%
Cost of Revenue (COGS)	$1.1B	$1.2B	$1.2B	$986.3M	$1.1B	+7.8%	+0.0%
Gross Profit	$220.0M	$126.7M	$186.5M	$97.7M	$95.1M	−2.7%	−18.9%
Research & Development (R&D)	$1.7M	$800,000	—	—	$800,000	—	−17.2%
Selling, General & Admin (SG&A)	$77.2M	$73.8M	$84.6M	$87.7M	$94.0M	+7.2%	+5.0%
Total Operating Expenses	—	—	—	—	$89.3M	—	—
Operating Income (EBIT)	—	—	—	—	$5.8M	—	—
Interest Expense	$6.2M	$3.9M	$2.7M	—	$2.7M	—	−18.8%
Income Tax Expense	$5.7M	$32.0M	$27.0M	$3.3M	$3.1M	−6.1%	−14.1%
GAAP Net Income	$171.0M	$65.1M	$69.4M	$1.3M	$-1.2M	−192.3%	—
Diluted EPS	$3.18	$1.30	$1.47	$0.03	$-0.03	−200.0%	—
Diluted Shares	55.0M	51.5M	47.8M	44.3M	41.9M	−5.4%	−6.6%
Balance Sheet
Cash & Equivalents	$259.6M	$257.8M	$281.3M	$241.9M	$157.5M	−34.9%	−11.7%
Inventory	$210.9M	$192.4M	$228.0M	$219.8M	$243.2M	+10.6%	+3.6%
Total Current Assets	$582.3M	$556.6M	$656.8M	$587.3M	$553.2M	−5.8%	−1.3%
Total Assets	$1.2B	$1.1B	$1.2B	$1.1B	$1.1B	+2.1%	−0.4%
Total Current Liabilities	$250.8M	$186.7M	$248.4M	$281.5M	$314.9M	+11.9%	+5.9%
Total Debt (Short + Long Term)	$89.8M	$40.8M	$26.4M	$10.8M	$0	−100.0%	—
Total Liabilities	$494.3M	$395.5M	$443.7M	$426.2M	$454.2M	+6.6%	−2.1%
Stockholders' Equity	$664.6M	$686.5M	$731.6M	$690.5M	$686.0M	−0.7%	+0.8%
Net Cash / (Net Debt)	$169.8M	$217.0M	$254.9M	$231.1M	$157.5M	−31.8%	−1.9%
Invested Capital	$494.8M	$469.5M	$476.7M	$459.4M	$528.5M	+15.0%	+1.7%
Cash Flow & Capital Allocation
Operating Cash Flow (OCF)	$196.9M	$134.5M	$125.3M	$40.3M	$16.0M	−60.3%	−46.6%
Depreciation & Amortization (D&A)	$63.1M	$58.3M	$56.9M	$54.1M	$56.6M	+4.6%	−2.7%
Stock-Based Compensation (SBC)	$7.3M	$8.8M	$11.5M	$14.0M	$14.7M	+5.0%	+19.1%
Share Repurchases (Buybacks)	$0	$52.0M	$32.6M	$37.6M	$13.1M	−65.2%	—
Dividends Paid	—	—	—	—	$0	—	—

Fundamentals, income distribution and multi-year statements from SEC EDGAR filings (public domain). Valuation multiples, performance and technicals computed from Databento 1D EOD closes. For information only, not investment advice.

On the Wire

what MTUS did at the next close after each story

No Wire story has named MTUS yet.

What happened · big days

20 big days in a year, and what we hold on each

A big day is a close more than 4.46% from the one before, three times MTUS’s median day (1.49%). On 11 of the 20, its peer group moved the same way at least half as far. We show what we hold. We never name a cause.

every other trading daya big day, numbered in the list below±4.46%Hover a bar for its day. Click a big day to open it.

Shaded: since our stories began, Jun 10. Tap a bar for its day.

#DayMTUSWhat we hold that dayGroup (median of 4) · each

1 Nov 10, 2025−5.00%
Before our storiesgroup +0.1%, did not move with it
1Nov 10, 2025−5.00%
Before our stories
+0.1% did not move with itNUE −1.1 · CRS −0.2 · STLD +0.3 · CMC +1.6
2 Dec 19, 2025−6.73%
Before our storiesgroup +0.3%, did not move with it
2Dec 19, 2025−6.73%
Before our stories
+0.3% did not move with itCMC −0.2 · STLD −0.2 · NUE +0.8 · CRS +1.8
3 Jan 14, 2026+4.50%
Before our storiesgroup +0.7%, did not move with it
3Jan 14, 2026+4.50%
Before our stories
+0.7% did not move with itNUE +1.7 · CRS +0.9 · STLD +0.6 · CMC 0.0
4 Feb 20, 2026−16.01%
Resultsgroup +0.7%, did not move with it
4Feb 20, 2026−16.01%
ResultsFirst close after the Feb 19 results filing
+0.7% did not move with itCMC −1.1 · NUE −0.0 · STLD +1.5 · CRS +1.5
5 Mar 6, 2026−5.22%
Before our storiesgroup −3.2%, moved with MTUS
5Mar 6, 2026−5.22%
Before our stories
−3.2% moved with MTUSCMC −4.5 · STLD −4.4 · CRS −2.0 · NUE −1.9
6 Mar 23, 2026+5.60%
Before our storiesgroup +2.2%, did not move with it
6Mar 23, 2026+5.60%
Before our stories
+2.2% did not move with itCRS +3.0 · CMC +2.8 · STLD +1.6 · NUE +1.3
7 Mar 24, 2026+4.86%
Before our storiesgroup +2.5%, moved with MTUS
7Mar 24, 2026+4.86%
Before our stories
+2.5% moved with MTUSCRS +7.0 · CMC +3.1 · STLD +1.8 · NUE +1.3
8 Apr 8, 2026+5.59%
Before our storiesgroup +5.5%, moved with MTUS
8Apr 8, 2026+5.59%
Before our stories
+5.5% moved with MTUSCRS +8.6 · STLD +5.8 · NUE +5.1 · CMC +5.1
9 May 20, 2026+4.46%
Before our storiesgroup +2.4%, moved with MTUS
9May 20, 2026+4.46%
Before our stories
+2.4% moved with MTUSCRS +3.9 · CMC +2.5 · STLD +2.2 · NUE +1.8
10 Jun 11, 2026+4.70%
Nothing on MTUSgroup +4.9%, moved with MTUS
10Jun 11, 2026+4.70%
Nothing on MTUSNo MTUS story, brief or results filing in our record that day
+4.9% moved with MTUSCRS +7.5 · CMC +5.7 · STLD +4.2 · NUE +4.2
11 Jun 29, 2026−5.32%
Nothing on MTUSgroup −4.6%, moved with MTUS
11Jun 29, 2026−5.32%
Nothing on MTUSNo MTUS story, brief or results filing in our record that day
−4.6% moved with MTUSCMC −6.6 · NUE −4.7 · STLD −4.6 · CRS +2.6
12 Jul 6, 2026+5.09%
Nothing on MTUSgroup +2.3%, did not move with it
12Jul 6, 2026+5.09%
Nothing on MTUSNo MTUS story, brief or results filing in our record that day
+2.3% did not move with itCRS +3.7 · STLD +3.0 · CMC +1.6 · NUE +1.4
13 Jul 29, 2026−5.21%
Nothing on MTUSgroup −3.5%, moved with MTUS
13Jul 29, 2026−5.21%
Nothing on MTUSNo MTUS story, brief or results filing in our record that day
−3.5% moved with MTUSCRS −5.3 · NUE −3.6 · CMC −3.4 · STLD −2.9
14 Aug 4, 2026+5.43%
Resultsgroup +4.2%, moved with MTUS
14Aug 4, 2026+5.43%
ResultsFirst close after the Aug 3 results filing
+4.2% moved with MTUSCRS +4.9 · NUE +4.9 · CMC +3.5 · STLD +2.6
15 Aug 19, 2026−4.71%
Nothing on MTUSgroup −5.0%, moved with MTUS
15Aug 19, 2026−4.71%
Nothing on MTUSNo MTUS story, brief or results filing in our record that day
−5.0% moved with MTUSSTLD −7.5 · NUE −5.8 · CRS −4.1 · CMC −4.0
16 Oct 5, 2026+5.78%
Nothing on MTUSgroup +3.5%, moved with MTUS
16Oct 5, 2026+5.78%
Nothing on MTUSNo MTUS story, brief or results filing in our record that day
+3.5% moved with MTUSNUE +4.6 · STLD +3.9 · CMC +3.0 · CRS +1.0
17 Oct 7, 2026−4.54%
Nothing on MTUSgroup −1.8%, did not move with it
17Oct 7, 2026−4.54%
Nothing on MTUSNo MTUS story, brief or results filing in our record that day
−1.8% did not move with itCMC −2.6 · NUE −1.8 · STLD −1.7 · CRS −1.1
18 Nov 3, 2026−7.65%
Resultsgroup −0.3%, did not move with it
18Nov 3, 2026−7.65%
ResultsFirst close after the Nov 2 results filing
−0.3% did not move with itSTLD −1.7 · NUE −1.5 · CMC +0.8 · CRS +2.0
19 Nov 4, 2026−9.24%
Nothing on MTUSgroup −1.8%, did not move with it
19Nov 4, 2026−9.24%
Nothing on MTUSNo MTUS story, brief or results filing in our record that day
−1.8% did not move with itSTLD −3.0 · NUE −2.0 · CRS −1.6 · CMC +0.1
20 Nov 5, 2026−11.81%
Nothing on MTUSgroup −7.0%, moved with MTUS
20Nov 5, 2026−11.81%
Nothing on MTUSNo MTUS story, brief or results filing in our record that day
−7.0% moved with MTUSNUE −8.3 · STLD −7.6 · CMC −6.4 · CRS −4.5

A story on the same day is not a cause, and a group move is not proof either. Group: the median of NUE, STLD, CRS and CMC that day, the largest companies in MTUS’s SEC industry; “moved with MTUS” means the same direction and at least half the size.

What’s next · results

Before the next report: what the first day after the last four did

Six trading days after each results filing (SEC 8-K, Item 2.02). MTUS reports after the close, so day 1 is the next close. 3 of 4 times, day 6 ended on the same side as day 1.

Reported Nov 6, 2025

day 1−1.45%day 6−7.54%

Reported Feb 19, 2026

day 1−16.01%day 6−18.78%

Reported May 4, 2026

day 1+3.54%day 6−5.37%

Reported Aug 3, 2026

day 1+5.43%day 6+6.16%

Next report: expected early-to-mid FebruaryEstimated from the dates of its last four results filings. Not announced. Since the Nov 2 report: −26.08%. Four reports is a small sample.

Every report since 2023 →

Each line is MTUS’s close against its close before the filing, on licensed end-of-day closes. What happened after each report, not a forecast; a move on the day is not a cause.

Same industry

MTUS against four same-industry peers, a year at 100

MTUS is down 7.3% in a year. Nucor is up 70.2%, Steel Dynamics 46.0% and COMMERCIAL METALS 5.9%. Of these four, only Carpenter Technology (−15.0%) did less. Weekly closes, Nov 7, 2025 = 100, on a log scale, so the same percentage move is the same height on every line.

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MTUS −7.3%. Nucor +70.2%, Steel Dynamics +46.0%, COMMERCIAL METALS +5.9%, Carpenter Technology −15.0%. Weekly closes, Nov 7, 2025 = 100, log scale.

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End-of-day closes (Databento EOD), the last close of each week. The four peers are the largest US-listed companies by market value in MTUS’s SEC industry (Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens)) with a year of closes. It shows what the closes did; a move here is not a cause, a forecast or a call.

The Wire at 7 AM ET, free. Top stories with a bull and a bear case on each, every morning. No account needed.

NUE	Nucor	$60.8B	−8.30%
STLD	Steel Dynamics	$34.4B	−7.59%
CRS	Carpenter Technology	$14.5B	−4.53%
CMC	COMMERCIAL METALS	$7.4B	−6.38%
SXC	SunCoke Energy	$887M	−7.18%
TWI	Titan International	$314M	−3.49%