Revenue expansion and a gross margin recovery to 10.8% in Q3 2026 suggest improving profitability, yet a 3.0% operating margin and 2.6% net margin in Q2 2026 indicate that top-line growth has not yet produced durable earnings.
Metallus Inc. (MTUS) annual income statement — 13-year revenue, gross profit & net income history
| 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 |
|---|
| Sales/Revenue | 1.25B | 1.16B | 1.08B | 1.36B | 1.33B | 1.28B | 830.7M | 1.21B | 1.61B | 1.33B | 869.5M | 1.11B | 1.67B | 1.38B |
| Revenue Growth % | 10.81% | 6.85% | -20.43% | 2.44% | 3.66% | 54.44% | -31.28% | -24.95% | 21.17% | 52.87% | -21.4% | -33.93% | 21.24% | - |
| Cost of Goods Sold | 1.15B | 1.06B | 986.3M | 1.18B | 1.2B | 1.06B | 815.1M | 1.19B | 1.48B | 1.26B | 841.6M | 1.09B | 1.47B | 1.16B |
| COGS % of Revenue | - | 91.79% | 90.99% | 86.31% | 90.47% | 82.85% | 98.12% | 98.13% | 92.14% | 94.9% | 96.79% | 98.67% | 87.99% | 83.84% |
| Gross Profit | 101.5M | 95.1M | 97.7M | 186.5M | 126.7M | 220M | 15.6M | 22.6M | 126.6M | 67.8M | 27.9M | 14.7M | 201.1M | 223.2M |
| Gross Margin % | 8.1% | 8.21% | 9.01% | 13.69% | 9.53% | 17.15% | 1.88% | 1.87% | 7.86% | 5.1% | 3.21% | 1.33% | 12.01% | 16.16% |
| Gross Profit Growth % | - | -2.66% | -47.61% | 47.2% | -42.41% | 1310.26% | -30.97% | -82.15% | 86.73% | 143.01% | 89.8% | -92.69% | -9.9% | - |
| Operating Expenses | 92.2M | 94M | 87.7M | 84.6M | 73.8M | 74.7M | 66.6M | 114.9M | 98.2M | 90.5M | 90.2M | 83M | 131.5M | 95.4M |
| OpEx % of Revenue | - | 8.12% | 8.09% | 6.21% | 5.55% | 5.82% | 8.02% | 9.51% | 6.1% | 6.81% | 10.37% | 7.5% | 7.85% | 6.91% |
| Selling, General & Admin | 92M | 94M | 87.7M | 84.6M | 73M | 77.2M | 0 | 0 | 90.1M | 81.5M | 80.7M | 99M | 120.4M | 82.4M |
| SG&A % of Revenue | - | 8.12% | 8.09% | 6.21% | 5.49% | 6.02% | - | - | 5.59% | 6.13% | 9.28% | 8.95% | 7.19% | 5.97% |
| Research & Development | 0 | 0 | 0 | 0 | 800K | 0 | 1.8M | 4.1M | 8.1M | 8M | 8M | 8.6M | 8.5M | 9.4M |
| R&D % of Revenue | - | - | - | - | 0.06% | - | 0.22% | 0.34% | 0.5% | 0.6% | 0.92% | 0.78% | 0.51% | 0.68% |
| Other Operating Expenses | 200K | 0 | 0 | 0 | 0 | -2.5M | 64.8M | 110.8M | 0 | 1M | 1.5M | 0 | 0 | 0 |
| Operating Income | 9.3M | 1.1M | 10M | 101.9M | 52.9M | 145.3M | -51M | -92.3M | 28.4M | -22.7M | -62.3M | -92.9M | 72.2M | 131.4M |
| Operating Margin % | 0.74% | 0.1% | 0.92% | 7.48% | 3.98% | 11.33% | -6.14% | -7.64% | 1.76% | -1.71% | -7.17% | -8.4% | 4.31% | 9.52% |
| Operating Income Growth % | - | -89% | -90.19% | 92.63% | -63.59% | 384.9% | 44.75% | -425% | 225.11% | 63.56% | 32.94% | -228.67% | -45.05% | - |
| EBITDA | 65.4M | 57.7M | 64.1M | 158.8M | 111.2M | 208.4M | 19M | -21.6M | 101.4M | 52.2M | 12.6M | -19.5M | 130.2M | 181.4M |
| EBITDA Margin % | 5.22% | 4.98% | 5.91% | 11.66% | 8.36% | 16.24% | 2.29% | -1.79% | 6.3% | 3.93% | 1.45% | -1.76% | 7.78% | 13.14% |
| EBITDA Growth % | -0.91% | -9.98% | -59.63% | 42.81% | -46.64% | 996.84% | 187.96% | -121.3% | 94.25% | 314.29% | 164.62% | -114.98% | -28.22% | - |
| D&A (Non-Cash Add-back) | 56.1M | 56.6M | 54.1M | 56.9M | 58.3M | 63.1M | 70M | 70.7M | 73M | 74.9M | 74.9M | 73.4M | 58M | 50M |
| EBIT | 32.5M | 3.7M | 4.6M | 96.4M | 97.7M | 182.9M | -49.2M | -92.3M | 8.9M | -15M | -133.5M | -68.3M | 69.6M | 127.8M |
| Net Interest Income | 1.5M | 4.9M | 9.6M | 7.1M | -600K | -5.9M | -12.2M | -15.7M | -17.1M | -14.8M | -11.4M | -3.4M | -900K | -200K |
| Interest Income | 3.1M | 6.7M | 12.1M | 9.8M | 3.3M | 300K | 400K | 0 | 0 | 0 | 11.4M | 0 | 0 | 0 |
| Interest Expense | 1.6M | 1.8M | 2.5M | 2.7M | 3.9M | 6.2M | 12.6M | 15.7M | 17.1M | 14.8M | 8.5M | 3.4M | 900K | 200K |
| Other Income/Expense | 22.4M | 800K | -5.4M | -5.5M | 44.2M | 31.4M | -9.7M | -1.6M | -36.6M | -19.6M | -79.7M | 21.2M | -3.5M | -3.8M |
| Pretax Income | 31.7M | 1.9M | 4.6M | 96.4M | 97.1M | 176.7M | -60.7M | -93.9M | -8.2M | -42.3M | -142M | -71.7M | 68.7M | 127.6M |
| Pretax Margin % | 2.53% | 0.16% | 0.42% | 7.08% | 7.3% | 13.77% | -7.31% | -7.77% | -0.51% | -3.18% | -16.33% | -6.48% | 4.1% | 9.24% |
| Income Tax | 7.9M | 3.1M | 3.3M | 27M | 32M | 5.7M | 1.2M | 16.1M | 1.8M | 1.5M | -36.5M | -26.7M | 22.6M | 38.1M |
| Effective Tax Rate % | 24.92% | 163.16% | 71.74% | 28.01% | 32.96% | 3.23% | -1.98% | -17.15% | -21.95% | -3.55% | 25.7% | 37.24% | 32.9% | 29.86% |
| Net Income | 23.8M | -1.2M | 1.3M | 69.4M | 65.1M | 171M | -61.9M | -110M | -10M | -43.8M | -105.5M | -45M | 46.1M | 89.5M |
| Net Margin % | 1.9% | -0.1% | 0.12% | 5.09% | 4.9% | 13.33% | -7.45% | -9.1% | -0.62% | -3.3% | -12.13% | -4.07% | 2.75% | 6.48% |
| Net Income Growth % | 386.75% | -192.31% | -98.13% | 6.61% | -61.93% | 376.25% | 43.73% | -1000% | 77.17% | 58.48% | -134.44% | -197.61% | -48.49% | - |
| Net Income (Continuing) | 23.8M | -1.2M | 1.3M | 69.4M | 65.1M | 171M | -61.9M | -110M | -10M | -43.8M | -105.5M | -45M | 46.1M | 89.5M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.55 | -0.03 | 0.03 | 1.47 | 1.30 | 3.18 | -1.38 | -2.46 | -0.22 | -0.99 | -2.39 | -1.01 | 1.00 | 1.94 |
| EPS Growth % | 382.63% | -197.28% | -98% | 13.08% | -59.12% | 330.43% | 43.9% | -1018.18% | 77.78% | 58.58% | -136.63% | -201% | -48.45% | - |
| EPS (Basic) | - | -0.03 | 0.03 | 1.58 | 1.42 | 3.73 | -1.38 | -2.46 | -0.22 | -0.99 | -2.39 | -1.01 | 1.00 | 1.94 |
| Diluted Shares Outstanding | 43.1M | 41.9M | 44.3M | 47.8M | 51.5M | 55M | 45M | 44.8M | 44.6M | 44.4M | 44.2M | 44.5M | 46.04M | 46.25M |
| Basic Shares Outstanding | 41.4M | 41.9M | 43.2M | 43.8M | 45.8M | 45.9M | 45M | 44.8M | 44.6M | 44.4M | 44.2M | 44.5M | 46.1M | 46.13M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | 136.01% | - |
Quick answers to the most common questions about buying MTUS stock.
For fiscal year 2025, Metallus Inc. (MTUS) reported total revenue of $1.16B. This represents a 16.1% decline compared to $1.38B in 2013.
Metallus Inc. (MTUS) reported a net loss of $1.2M for the fiscal year ending 2025.
Metallus Inc. (MTUS) reported an operating income of $1.1M, resulting in an operating profit margin of 0.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Metallus Inc. (MTUS) generated $95.1M in gross profit for the year, representing a gross profit margin of 8.2%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Thin margins despite growth
Metrics are mathematically derived from official filings.
Top-Line Momentum Outpacing Profit Conversion
According to reported quarterly figures, Metallus grew revenue 12.0% year-over-year to $341.0M in Q2 2026, yet operating margin of 3.0% and net margin of 2.6% suggest growth is not yet translating into earnings durability for shareholders.
Revenue has risen from roughly $227M in Q3 2024 to $337M in Q3 2026, a trend that appears driven by shipment volumes and pricing mix as management has indicated. However, the gap between revenue expansion and operating income recovery suggests the incremental volume is being absorbed by a high fixed-cost base rather than flowing through to profit. Investors should monitor whether the growth rate can be sustained without further compression in gross margin.
Gross Margin Recovery Still Thin
Based on the reported income statement, gross margin rebounded from 4.5% in Q4 2024 to 10.8% in Q3 2026, but this remains well below the 11.9% to 30.6% range observed among steel and specialty metals peers.
The recovery in gross margin appears to reflect improved absorption of fixed costs from the electric arc furnace and finishing assets as utilization rose. Nevertheless, the level still sits at the low end of the peer set, which suggests limited pricing power outside of the defense and energy niches. Whether the company can sustain margins above 10% will depend on continued mix shift toward higher-value products.
Operating Leverage Emerging But Unproven
Operating income turned from a loss of $16.3M in Q4 2025 to a profit of $12.3M in Q3 2026, indicating that incremental gross profit is beginning to scale faster than overhead, though SG&A remains near $23M per quarter.
SG&A has held nearly flat at roughly $22M to $24M across recent quarters while gross profit expanded, which points to some operating leverage on the overhead base. This pattern may indicate improving cost discipline, but the absolute operating margin of 3.6% remains modest. Sustained leverage would require gross profit growth to continue outpacing SG&A over several more quarters.
Net Income Diverges From Operating Trend
Reported net income of $23.8M in Q3 2026 exceeds operating income of $12.3M, a gap that warrants investigation given that net margin of 7.1% sits well above the 3.6% operating margin.
The gap between operating and net income in Q3 2026 may reflect non-operating gains, tax effects, or other one-time items that are not detailed in the supplied data. Because the quarterly net income swings sharply relative to operating results across the period, the reliability of earnings as a run-rate measure is questionable. Analysts should treat the EPS of $0.55 with caution until the composition of non-operating items is clarified.
Earnings Base Remains Vulnerable to Cycles
Based on reported figures, the company posted an operating loss of $10.4M in Q3 2024 and a net loss of $21.4M in Q4 2024, illustrating how quickly profitability has reversed in the recent past.
The bear case centers on the possibility that the current profitability is cyclical rather than structural, given a fixed-cost base that magnified losses during prior downturns. A single quarter of positive net income following an extended period of losses does not establish a durable earnings trajectory. The Q2 2026 EPS miss against consensus further suggests that margin conversion remains fragile.