Revenue growth accelerated to 12.0% YoY in Q2 2026, with gross margin expanding to 10.0% from 2.2% in Q4 2025, yet net margin remains thin at 2.6%.
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 | 1.22B | 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 % | 16.12% | 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 | 1.12B | 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 | 100.2M | 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 % | 8.2% | 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 | 91.2M | 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 | 68.2M | 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 | 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 % | 0.74% | 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 | 64.9M | 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 % | 5.31% | 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 % | 51.28% | -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) | 55.9M | 56.6M | 54.1M | 56.9M | 58.3M | 63.1M | 66.6M | 70.7M | 73M | 74.9M | 74.9M | 73.4M | 58M | 50M |
| EBIT | 12.5M | 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 | -200K | 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 | 2.8M | 6.7M | 12.1M | 9.8M | 3.3M | 300K | 400K | 0 | 0 | 0 | 11.4M | 0 | 0 | 0 |
| Interest Expense | 3M | 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 | 1.3M | 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 | 10.3M | 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 % | 0.84% | 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 | 2.2M | 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 % | 21.36% | 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 | 8.1M | -1.2M | 1.3M | 69.4M | 65.1M | 171M | -61.9M | -110M | -10M | -43.8M | -105.5M | -45M | 46.1M | 89.5M |
| Net Margin % | 0.66% | -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 % | 136.32% | -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) | 8.1M | -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) | 0.19 | -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 % | 136.22% | -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 | 41.6M | 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
Margin conversion remains elusive
Metrics are mathematically derived from official filings.
Top-Line Momentum Accelerates
Revenue grew 12.0% year-over-year in Q2 2026 to $341.0M, marking the fourth consecutive quarter of accelerating growth, according to the latest income statement data.
The sequential progression from -26.7% in Q4 2024 to +12.0% in Q2 2026 indicates a clear cyclical recovery, likely driven by defense and energy demand. However, the sustainability of this growth hinges on whether it reflects volume or pricing, as surcharge pass-throughs can inflate revenue without improving profitability.
Gross Margin Recovery Underway
Gross margin expanded from 2.2% in Q4 2025 to 10.0% in Q2 2026, yet remains far below the 15.7% peak seen in Q1 2024, as reported in financial statements.
The recovery suggests improved fixed-cost absorption and a favorable mix shift, but the absolute level is still weak relative to peers like Carpenter Technology (30.6%). This implies Metallus has not yet regained pricing power or optimized its product mix toward high-margin defense components.
Operating Leverage Finally Kicks In
Operating income swung from -$16.3M in Q4 2025 to $10.4M in Q2 2026, with operating margin rising to 3.0%, indicating that revenue growth is now translating into profit, per income statement data.
The 340 basis point improvement in operating margin on just 27.6% revenue growth demonstrates significant operating leverage, as SG&A remained relatively flat. This suggests the company is nearing its break-even utilization threshold, but the thin margin leaves little room for cost shocks.
Earnings Quality Marred by SBC
Net income of $8.9M in Q2 2026 includes $3.3M in stock-based compensation, representing 37% of net income, which may overstate cash earnings, based on reported figures.
While EPS growth of 145.9% is impressive, the high SBC-to-net-income ratio suggests that a significant portion of earnings is non-cash. Investors should adjust for SBC to assess true cash generation, especially given the company's near-zero net margin.
Cost Discipline Amidst Cyclicality
SG&A expenses have remained remarkably stable between $20.4M and $24.3M over the past ten quarters, even as revenue fluctuated from $227M to $341M, according to income statement data.
This stability indicates tight overhead control, but it also means that margin swings are driven entirely by COGS and volume. The lack of R&D investment (reported as zero) may limit long-term product differentiation, though it supports near-term cost containment.
Q4 2025 Marks Cyclical Trough
The quarter ending December 2025 was the operational low point, with a -6.1% operating margin and -$14.3M net loss, followed by a sharp recovery to positive territory in Q1 2026, as per financial statements.
This inflection appears to be driven by a rebound in demand and improved pricing, likely from defense orders. The lasting impact is that the company has demonstrated its ability to recover from cyclical lows, but the depth of the trough highlights its vulnerability to volume declines.
Margin Conversion Remains Elusive
Despite 6.9% revenue growth in Q2 2026, net margin was -0.1%, and the company missed EPS estimates, suggesting that top-line strength is not translating into bottom-line profitability, as reported in recent earnings.
Short-sellers would argue that Metallus's near-zero net margin, despite a fortress balance sheet, indicates structural cost inefficiencies or an inability to pass through costs. The maintained guidance for H2 2026 may prove optimistic if margin expansion fails to materialize, making the stock vulnerable to de-rating.