The company maintains a disciplined capital structure with a consistent debt-to-equity ratio of 0.02, though the $574.9 million in net PPE highlights a heavy reliance on capital-intensive infrastructure.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|
| Total Current Assets | 552.1M | 553.2M | 587.3M | 656.8M | 556.6M | 582.3M | 357.6M | 401.7M | 569.1M | 410.2M | 290.4M | 317.8M | 551.3M | 383.1M |
| Cash & Short-Term Investments | 104M | 156.7M | 240.7M | 280.6M | 257.2M | 259.6M | 102.8M | 27.1M | 21.6M | 24.5M | 25.6M | 42.4M | 34.5M | 0 |
| Cash Only | 104M | 156.7M | 240.7M | 280.6M | 257.2M | 259.6M | 102.8M | 27.1M | 21.6M | 24.5M | 25.6M | 42.4M | 34.5M | 0 |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 147.4M | 126M | 90.8M | 113.2M | 79.4M | 100.5M | 63.3M | 77.5M | 163.4M | 149.8M | 91.6M | 80.9M | 167.1M | 149.4M |
| Days Sales Outstanding | 40.95 | 39.7 | 30.57 | 30.33 | 21.79 | 28.59 | 27.81 | 23.4 | 37.03 | 41.14 | 38.45 | 26.69 | 36.43 | 39.49 |
| Inventory | 279.6M | 243.2M | 219.8M | 228M | 192.4M | 210.9M | 178.4M | 281.9M | 374.5M | 224M | 164.2M | 173.9M | 293.8M | 227M |
| Days Inventory Outstanding | 82.52 | 83.49 | 81.34 | 70.77 | 58.37 | 72.42 | 79.89 | 86.74 | 92.11 | 64.82 | 71.21 | 58.15 | 72.8 | 71.57 |
| Other Current Assets | 21.1M | 27.3M | 36M | 35M | 27.6M | 11.3M | 13.1M | 15.2M | 9.6M | 11.9M | 9M | 20.6M | 27.9M | 6.7M |
| Total Non-Current Assets | 586.1M | 587M | 529.4M | 518.5M | 525.4M | 576.6M | 636.4M | 683.5M | 820M | 746.4M | 779.5M | 824.7M | 812.8M | 695.7M |
| Property, Plant & Equipment | 574.9M | 577.4M | 519M | 503.9M | 498.6M | 524.7M | 590.8M | 640.7M | 674.4M | 706.7M | 741.9M | 769.3M | 771.9M | 664.8M |
| Fixed Asset Turnover | 2.11x | 2.01x | 2.09x | 2.70x | 2.67x | 2.45x | 1.41x | 1.89x | 2.39x | 1.88x | 1.17x | 1.44x | 2.17x | 2.08x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 2.8M | 2.9M | 3.4M | 2.7M | 5M | 6.7M | 9.3M | 14.3M | 17.8M | 19.9M | 25M | 30.6M | 30.3M | 29M |
| Long-Term Investments | 0 | 0 | 0 | 300K | 0 | 0 | -119.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 8.4M | 6.7M | 7M | 11.6M | 21.8M | 45.2M | 36.3M | 28.5M | 14M | 19.4M | 12.3M | 24.8M | 10.6M | 1.9M |
| Total Assets | 1.14B | 1.14B | 1.12B | 1.18B | 1.08B | 1.16B | 994M | 1.09B | 1.39B | 1.16B | 1.07B | 1.14B | 1.36B | 1.08B |
| Asset Turnover | 1.04x | 1.02x | 0.97x | 1.16x | 1.23x | 1.11x | 0.84x | 1.11x | 1.16x | 1.15x | 0.81x | 0.97x | 1.23x | 1.28x |
| Asset Growth % | 6.19% | 2.1% | -4.99% | 8.62% | -6.64% | 16.59% | -8.4% | -21.88% | 20.1% | 8.1% | -6.35% | -16.25% | 26.45% | - |
| Total Current Liabilities | 319M | 314.9M | 281.5M | 248.4M | 186.7M | 250.8M | 181M | 112.3M | 220.8M | 206.8M | 130.7M | 104.2M | 225.5M | 154.9M |
| Accounts Payable | 175.3M | 151.1M | 119.2M | 133.3M | 113.2M | 141.9M | 89.5M | 69.3M | 160.6M | 135.3M | 87M | 49.5M | 120.2M | 104.1M |
| Days Payables Outstanding | 52.45 | 51.87 | 44.11 | 41.38 | 34.34 | 48.73 | 40.08 | 21.32 | 39.5 | 39.15 | 37.73 | 16.55 | 29.78 | 32.82 |
| Short-Term Debt | 4.5M | 4.8M | 5.4M | 13.2M | 20.4M | 44.9M | 38.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 31.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 139.2M | 159M | 152.1M | 26.6M | 25.9M | 20.4M | -16M | 22.9M | 23.4M | 39.1M | 20.4M | 33.3M | 56.2M | 13.2M |
| Current Ratio | 1.73x | 1.76x | 2.09x | 2.64x | 2.98x | 2.32x | 1.98x | 3.58x | 2.58x | 1.98x | 2.22x | 3.05x | 2.44x | 2.47x |
| Quick Ratio | 0.85x | 0.98x | 1.31x | 1.73x | 1.95x | 1.48x | 0.99x | 1.07x | 0.88x | 0.90x | 0.97x | 1.38x | 1.14x | 1.01x |
| Cash Conversion Cycle | 71.02 | 71.32 | 67.8 | 59.72 | 45.82 | 52.29 | 67.62 | 88.82 | 89.64 | 66.8 | 71.93 | 68.29 | 79.44 | 78.24 |
| Total Non-Current Liabilities | 136.2M | 139.3M | 144.7M | 195.3M | 208.8M | 243.5M | 305.5M | 409.8M | 555.4M | 389.1M | 341.8M | 356.3M | 390.5M | 123.1M |
| Long-Term Debt | 8.7M | 10.1M | 0 | 0 | 0 | 0 | 39.3M | 168.6M | 189.1M | 165.3M | 136.6M | 200.2M | 185.2M | 30.2M |
| Capital Lease Obligations | 10.9M | 0 | 6.9M | 6.4M | 6.5M | 8.8M | 13.5M | 8.2M | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 48.9M | 16.9M | 14.3M | 15M | 25.9M | 2.2M | 1M | 900K | 114.6M | 300K | 173.3M | 0 | 0 | 0 |
| Other Non-Current Liabilities | 110.6M | 112.3M | 123.5M | 173.9M | 176.4M | 232.5M | 251.7M | 232.1M | 251.7M | 223.5M | 205.2M | 156.1M | 205.3M | 92.9M |
| Total Liabilities | 455.2M | 454.2M | 426.2M | 443.7M | 395.5M | 494.3M | 486.5M | 522.1M | 776.2M | 595.9M | 472.5M | 460.5M | 616M | 278M |
| Total Debt | 13.2M | 14.9M | 17.1M | 24.6M | 32.9M | 59.4M | 99.2M | 183M | 189.1M | 165.3M | 136.6M | 200.2M | 185.2M | 30.2M |
| Net Debt | -90.8M | -141.8M | -223.6M | -256M | -224.3M | -200.2M | -3.6M | 155.9M | 167.5M | 140.8M | 111M | 157.8M | 150.7M | 30.2M |
| Debt / Equity | 0.02x | 0.02x | 0.02x | 0.03x | 0.05x | 0.09x | 0.20x | 0.32x | 0.31x | 0.29x | 0.23x | 0.29x | 0.25x | 0.04x |
| Debt / EBITDA | 0.20x | 0.26x | 0.27x | 0.15x | 0.30x | 0.29x | 6.36x | - | 1.86x | 3.17x | 10.84x | - | 1.42x | 0.17x |
| Net Debt / EBITDA | -1.41x | -2.46x | -3.49x | -1.61x | -2.02x | -0.96x | -0.23x | - | 1.65x | 2.70x | 8.81x | - | 1.16x | 0.17x |
| Interest Coverage | 2.15x | 2.06x | 1.84x | 35.70x | 25.05x | 29.50x | -3.90x | -5.88x | 0.52x | -1.01x | -15.71x | -20.09x | 77.33x | 639.00x |
| Total Equity | 683M | 686M | 690.5M | 731.6M | 686.5M | 664.6M | 507.5M | 563.1M | 612.9M | 560.7M | 597.4M | 682M | 748.1M | 800.8M |
| Equity Growth % | -9.5% | -0.65% | -5.62% | 6.57% | 3.3% | 30.96% | -9.87% | -8.13% | 9.31% | -6.14% | -12.4% | -8.84% | -6.58% | - |
| Book Value per Share | 15.81 | 16.37 | 15.59 | 15.31 | 13.33 | 12.08 | 11.28 | 12.57 | 13.74 | 12.63 | 13.52 | 15.33 | 16.25 | 17.31 |
| Total Shareholders' Equity | 683M | 686M | 690.5M | 731.6M | 686.5M | 664.6M | 507.5M | 563.1M | 612.9M | 560.7M | 597.4M | 682M | 748.1M | 800.8M |
| Common Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 801.2M |
| Retained Earnings | -48.2M | -53.6M | -52.4M | -53.7M | -123.1M | -188.2M | -363.4M | -301.5M | -191.5M | -238M | -193.9M | -92.6M | 29.4M | 0 |
| Treasury Stock | 0 | 0 | -108.7M | -71.3M | -52.1M | 0 | -12.9M | -24.9M | -33M | -37.4M | -44.9M | -46.3M | -34.7M | 0 |
| Accumulated OCI | 700K | 5.4M | 7.7M | 12.4M | 14.7M | 20.7M | 40.4M | 44.7M | -8.9M | -7.6M | -9.4M | -7.9M | -297.3M | -400K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
High fixed cost sensitivity
As reported in financial statements, Metallus has maintained a remarkably consistent debt-to-equity ratio of 0.02 over the last ten quarters, signaling a deliberate management strategy to prioritize balance sheet preservation despite significant fluctuations in total asset values and persistent negative retained earnings.
The company's ability to keep leverage near zero suggests a defensive posture designed to navigate cyclical downturns in the steel industry. However, the lack of growth in equity, coupled with persistent negative retained earnings, indicates that the business has struggled to generate meaningful internal capital accumulation over the observed period.
Based on recent SEC filings, Metallus holds $104.0 million in cash as of 2026Q1, which, while down from the $280.6 million peak in 2023Q4, continues to provide a liquidity buffer that appears sufficient to support operations given the company's minimal debt obligations.
The decline in cash reserves over the last two years warrants further investigation into whether this reflects strategic capital deployment or a consumption of liquidity to offset operational cash flow deficits. The current ratio of 1.73 suggests that the company remains well-positioned to meet its short-term obligations without immediate reliance on external financing.
According to the provided balance sheet data, net property, plant, and equipment (PPE) has grown from $503.9 million in 2023Q4 to $574.9 million in 2026Q1, reflecting a sustained commitment to maintaining the specialized metallurgical infrastructure required for high-integrity defense and aerospace applications.
This asset-heavy profile underscores the company's high fixed-cost structure, which necessitates high capacity utilization to achieve profitability. Investors should monitor whether these capital investments translate into improved margins or if they merely represent the ongoing maintenance costs required to keep aging facilities compliant with stringent industry standards.
As indicated by the company's reported figures, the persistent negative balance in retained earnings, which stood at -$48.2 million in 2026Q1, suggests that historical operational challenges continue to weigh on the balance sheet despite the company's recent rebranding and strategic pivot.
This negative retained earnings position may limit the company's ability to initiate dividends or engage in aggressive share repurchases without further eroding the equity base. The reliance on equity to fund operations rather than retained earnings highlights a potential structural weakness that could become more pronounced if market conditions deteriorate.
Quick answers to the most common questions about buying MTUS stock.
As of 2025, Metallus Inc. (MTUS) had total assets of $1.14B including $553.2M in current assets.
Metallus Inc. (MTUS) carries total debt of $14.9M, offset by $156.7M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Metallus Inc. (MTUS) has total shareholders' equity (book value) of $686.0M ($16.37 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Metallus Inc. (MTUS) reported a current ratio of 1.76x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.