Revenue growth remains highly volatile, swinging from a 35.9% contraction in 2024Q3 to a 34.6% expansion by 2025Q3, while gross margins have struggled to maintain stability, hitting a low of 2.2% in 2025Q4.
| 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 | 1.19B | 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 % | 13.73% | 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 | 1.09B | 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 | 98.3M | 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 % | 8.29% | 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 | 90.4M | 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 | 67.4M | 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 | 1000K | 0 | 0 | 0 | 0 | -2.5M | 64.8M | 110.8M | 0 | 1M | 1.5M | 0 | 0 | 0 |
| Operating Income | 7.9M | 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 % | 0.67% | 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 | 64.5M | 57.7M | 64.1M | 158.8M | 111.2M | 208.4M | 15.6M | -21.6M | 101.4M | 52.2M | 12.6M | -19.5M | 130.2M | 181.4M |
| EBITDA Margin % | 5.44% | 4.98% | 5.91% | 11.66% | 8.36% | 16.24% | 1.88% | -1.79% | 6.3% | 3.93% | 1.45% | -1.76% | 7.78% | 13.14% |
| EBITDA Growth % | 77.69% | -9.98% | -59.63% | 42.81% | -46.64% | 1235.9% | 172.22% | -121.3% | 94.25% | 314.29% | 164.62% | -114.98% | -28.22% | - |
| D&A (Non-Cash Add-back) | 56.6M | 56.6M | 54.1M | 56.9M | 58.3M | 63.1M | 66.6M | 70.7M | 73M | 74.9M | 74.9M | 73.4M | 58M | 50M |
| EBIT | 4.3M | 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 | 1M | 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 | 3M | 6.7M | 12.1M | 9.8M | 3.3M | 300K | 400K | 0 | 0 | 0 | 11.4M | 0 | 0 | 0 |
| Interest Expense | 2M | 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 | -900K | 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 | 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 % | 0.59% | 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 | 4.1M | 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 % | 58.57% | 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 | 2.9M | -1.2M | 1.3M | 69.4M | 65.1M | 171M | -61.9M | -110M | -10M | -43.8M | -105.5M | -45M | 46.1M | 89.5M |
| Net Margin % | 0.24% | -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 % | 113.55% | -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) | 2.9M | -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) | 0.07 | -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 % | 112.82% | -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 | 43.2M | 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 | 41.7M | 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% | - |
High fixed cost sensitivity
As reported in recent financial statements, Metallus experienced significant revenue volatility, with growth rates swinging from a 35.9% contraction in 2024Q3 to a 34.6% expansion by 2025Q3, highlighting the company's susceptibility to cyclical end-market demand shifts and the timing of long-term framework agreement renewals.
The erratic revenue trajectory suggests that Metallus remains tethered to the capital expenditure cycles of its primary industrial and automotive customers. While recent growth figures appear positive, the lack of consistent sequential expansion warrants further investigation into whether these fluctuations represent genuine market share gains or merely the timing of raw material surcharge pass-throughs.
Based on the company's reported figures, gross margins have struggled to maintain stability, fluctuating between a peak of 15.7% in 2024Q1 and a low of 2.2% in 2025Q4, which suggests that the firm faces persistent challenges in absorbing fixed costs during periods of lower production volume.
The inability to sustain double-digit gross margins indicates that Metallus may lack the pricing power necessary to fully offset inflationary pressures in scrap and energy costs. Investors should monitor whether the company's specialized metallurgical capabilities can eventually command a premium that decouples its margin profile from broader commodity steel benchmarks.
According to recent SEC filings, Metallus's operating income has frequently dipped into negative territory, with an operating margin of only 0.10% in 2026Q1, demonstrating that the company's high fixed-cost base prevents meaningful operating leverage even when top-line revenue growth is positive.
The data suggests that the company's cost structure is heavily weighted toward fixed overheads, which creates a high break-even threshold that limits profitability during cyclical troughs. This lack of operating scale implies that significant volume growth is required before the company can generate meaningful bottom-line expansion.
As indicated by the provided data, net income has been highly inconsistent, ranging from a $24.0 million profit in 2024Q1 to a $21.4 million loss in 2024Q4, a trend that appears to be exacerbated by non-operating items and the impact of stock-based compensation expenses.
The recurring nature of stock-based compensation, which reached $3.8 million in recent quarters, serves as a persistent drag on earnings that investors should account for when evaluating true operational performance. The volatility in net income suggests that the company's bottom line is highly sensitive to accounting adjustments and periodic maintenance-related production outages.
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.