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MTUS, Metallus Inc.

Steel capital-intensive Cyclical

We manufacture alloy steel, as well as carbon and micro-alloy steel, using electric arc furnace technology.

Our products and solutions are used in a diverse range of demanding applications in the following end-markets: industrial; automotive; aerospace & defense; and energy.

We make these products from nearly 100% recycled steel, using our expertise in raw materials to create high-quality specialty metal products.

Latest annual: FY2025 10-K

MTUS · Metallus Inc.

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$1.2B

+6.9% YoY · 7% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $1.2B 5-yr avg $1.2B

Gross margin 8% 5-yr avg 12%

Operating margin 1.3% 5-yr avg 5.9%

Owner-earnings margin −7% 5-yr avg 4%

Free cash flow margin −7% 5-yr avg 4%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What it is: Revenue is led by Bar (61%) and Manufactured Components (27%), with 2 more lines behind.
Situation: Cyclical. Margins collapse and recover repeatedly across the record; a single year, good or bad, misstates the through-cycle earning power.
What moves the needle: Gross margin has run about 7.9% and operating margin about 0.2% through the cycle, a thin spread that turns the result on volume and the cost of what it sells far more than on the price it sets. The margin is cyclical, swinging between −9.1% and 14% over the years, so the through-cycle figure carries more than any single year — and the balance sheet at the trough more than the peak. Inventory runs near 19% of sales, so how fast it turns back into cash — and the risk of writing it down when demand softens — sits alongside the margin. Read this kind of business on the commodity price and the cost position. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has rarely cleared the cost of capital (median 0%, above 15% in 3 of 9 years). By owner earnings: roughly 3% of revenue reaches owners as cash, though it swings. The cycle and the balance sheet decide this one; the worst year tells more than the median, and the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 10-K →

Bar is 61% of revenue, with Manufactured Components the other meaningful line at 27%.

Revenue by product line, FY2025

Bar61%$703M
Manufactured Components27%$312M
Tube11%$126M
Other1%$17M

By geographyUnited States90%International10%

From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2025

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
											Income statement
$870M	$1.3B	$1.6B	$1.2B	$831M	$1.3B	$1.3B	$1.4B	$1.1B	$1.2B	$1.2B	RevenueRevenue
3%	6%	8%	2%	2%	17%	10%	14%	9%	8%	8%	Gross marginGross mgn
10%	7%	6%	8%	9%	6%	6%	6%	8%	8%	8%	SG&A / revenueSG&A/rev
1%	1%	1%	0%	0%	0%	0%	—	—	—	0%	R&D / revenueR&D/rev
($63M)	($23M)	$6M	($110M)	($48M)	$183M	$101M	$99M	$5M	$2M	$15M	Operating incomeOp. inc.
−7.2%	−1.8%	0.4%	−9.1%	−5.8%	14.3%	7.6%	7.3%	0.4%	0.2%	1.3%	Operating marginOp. mgn
($106M)	($31M)	($10M)	($110M)	($62M)	$171M	$65M	$69M	$1M	($1M)	$3M	Net incomeNet inc.
—	—	—	—	—	3%	33%	28%	—	—	59%	Effective tax rateTax rate
											Cash flow & returns
$74M	$8M	$19M	$70M	$174M	$197M	$135M	$125M	$40M	$16M	$28M	Operating cash flowOp. cash
$75M	$75M	$73M	$74M	$70M	$63M	$58M	$57M	$54M	$57M	$57M	DepreciationDeprec.
$98M	($42M)	($52M)	$99M	$159M	($45M)	$2M	($13M)	($29M)	($54M)	($46M)	Working capital & otherWC & other
$43M	$33M	$40M	$38M	$17M	$12M	$27M	$52M	$64M	$109M	$106M	CapexCapex
4.9%	2.5%	2.5%	3.1%	2.0%	1.0%	2.0%	3.8%	5.9%	9.4%	9.0%	Capex / revenueCapex/rev
$32M	($25M)	($22M)	$32M	$157M	$185M	$107M	$74M	($24M)	($93M)	($78M)	Owner earningsOwner earn.
3.6%	−1.9%	−1.3%	2.7%	18.9%	14.4%	8.1%	5.4%	−2.2%	−8.0%	−6.6%	Owner earnings marginOE mgn
$32M	($25M)	($22M)	$32M	$157M	$185M	$107M	$74M	($24M)	($93M)	($78M)	Free cash flowFCF
3.6%	−1.9%	−1.3%	2.7%	18.9%	14.4%	8.1%	5.4%	−2.2%	−8.0%	−6.6%	Free cash flow marginFCF mgn
$0	$0	—	—	—	—	—	—	—	—	$0	Dividends paidDiv. paid
$0	$0	—	—	$0	$0	$52M	$33M	$38M	$13M	—	BuybacksBuybacks
-8%	-3%	—	-12%	-8%	39%	15%	15%	1%	0%	—	ROICROIC
-18%	-5%	-2%	-20%	-12%	26%	9%	9%	0%	-0%	0%	Return on equityROE
−18%	−5%	−2%	−20%	−12%	26%	9%	9%	0%	−0%	0%	Retained to equityRetained/eq
											Balance sheet
$26M	$25M	$22M	$27M	$103M	$260M	$257M	$281M	$241M	$157M	$104M	Cash & investmentsCash+inv
$92M	$150M	$163M	$78M	$63M	$101M	$79M	$113M	$91M	$126M	$147M	ReceivablesReceiv.
$164M	$224M	$375M	$282M	$178M	$211M	$192M	$228M	$220M	$243M	$280M	InventoryInvent.
$87M	$135M	$161M	$69M	$90M	$142M	$113M	$133M	$119M	$151M	$175M	Accounts payablePayables
$169M	$239M	$377M	$290M	$152M	$170M	$159M	$208M	$191M	$218M	$252M	Operating working capitalOper. WC
$290M	$410M	$569M	$402M	$358M	$582M	$557M	$657M	$587M	$553M	$552M	Current assetsCur. assets
$131M	$207M	$221M	$112M	$181M	$251M	$187M	$248M	$282M	$315M	$319M	Current liabilitiesCur. liab.
2.2×	2.0×	2.6×	3.6×	2.0×	2.3×	3.0×	2.6×	2.1×	1.8×	1.7×	Current ratioCurr. ratio
$1.1B	$1.2B	$1.3B	$1.1B	$994M	$1.2B	$1.1B	$1.2B	$1.1B	$1.1B	$1.1B	Total assetsAssets
$70M	$70M	$115M	$169M	$78M	$45M	$20M	$13M	$5M	$0	$45M	Total debtDebt
$45M	$46M	$93M	$142M	($25M)	($215M)	($237M)	($267M)	($235M)	($157M)	($59M)	Net debt / (cash)Net debt
-5.5×	-1.6×	0.3×	-7.0×	-3.8×	29.5×	25.9×	36.7×	—	—	5.6×	Interest coverageInt. cov.
$597M	$617M	$613M	$563M	$508M	$665M	$687M	$732M	$691M	$686M	$683M	Shareholders’ equityEquity
0.8%	0.5%	0.5%	0.6%	0.8%	0.6%	0.7%	0.8%	1.3%	1.3%	1.2%	Stock comp / revenueSBC/rev
											Per share
44.2M	44.4M	44.6M	44.8M	45.0M	55.0M	51.5M	47.8M	44.3M	41.9M	43.2M	Shares out (diluted)Shares
$19.67	$29.94	$36.11	$26.98	$18.46	$23.33	$25.82	$28.50	$24.47	$27.64	$27.46	Revenue / shareRev/sh
$-2.39	$-0.70	$-0.22	$-2.46	$-1.38	$3.11	$1.26	$1.45	$0.03	$-0.03	$0.07	EPS (diluted)EPS
$0.72	$-0.56	$-0.48	$0.72	$3.48	$3.36	$2.09	$1.54	$-0.54	$-2.22	$-1.81	Owner earnings / shareOE/sh
$0.72	$-0.56	$-0.48	$0.72	$3.48	$3.36	$2.09	$1.54	$-0.54	$-2.22	$-1.81	Free cash flow / shareFCF/sh
$0.00	$0.00	—	—	—	—	—	—	—	—	$0.00	Dividends / shareDiv/sh
$0.97	$0.74	$0.90	$0.85	$0.38	$0.22	$0.53	$1.08	$1.45	$2.60	$2.46	Cap. spending / shareCapex/sh
$13.52	$13.89	$13.74	$12.57	$11.28	$12.08	$13.33	$15.31	$15.59	$16.37	$15.81	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	+3.9%/yr	+8.4%/yr
Capital spending / share	+11.6%/yr	+47.3%/yr
Book value / share	+2.2%/yr	+7.7%/yr

The record, charted

FY2016–2025

Each measure over its full record; the current point and the worst year marked.

Share count

42Mpeak FY2021

ROIC

0%low FY2019

Gross margin

8%low FY2019

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

($93M)owner earningsvs.($1M)net incomelow FY2025

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetained

Each year's operating cash, by what management did with it: the mix, and how it drifts.

FY2016FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business reported a $1M loss but ($93M) of owner earnings: $92M less than the profit line, taken out by capital spending and the timing of cash.

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	($1M)	$1M	$69M	$65M	$171M
Depreciation & amortizationnon-cash charge added back	+$57M	+$54M	+$57M	+$58M	+$63M
Stock-based compensationreal costnon-cash, but a real cost	+$15M	+$14M	+$12M	+$9M	+$7M
Working capital & othertiming of cash in and out, other non-cash items	−$54M	−$29M	−$13M	+$2M	−$45M
Cash from operations	$16M	$40M	$125M	$135M	$197M
Capital expenditurecash put back in to keep running and to grow	−$109M	−$64M	−$52M	−$27M	−$12M
Owner earnings	($93M)	($24M)	$74M	$107M	$185M
Owner-earnings marginowner earnings ÷ revenue	-8%	-2%	5%	8%	14%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $15M), owner earnings is nearer ($108M).

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 2.1×

Adequate

Operating income $6M ÷ interest expense $3M

What this means
Comfortable in a normal year, but below the margin of safety Graham looked for. Worth checking how stable the coverage has been across a full cycle.
How heavy is the debt, net of cash? +$117M

Net cash

Cash $157M − debt $39M

What this means
Cash and short-term investments exceed every dollar of debt by $117M, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? 71d

Long (60+ days)

DSO 40 + DIO 83 − DPO 52 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.

Is it a good business?

Return on invested capital 0%

Below average through the cycle

9-yr median, range -12%–39%; the latest year is left out — large non-operating charges put its operating line well above pretax profit

Industry peers: median 7%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 9 years, so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 3%

Thin through the cycle

10-yr median margin, range -8%–19%; latest ($93M) = operating cash $16M − maintenance capex $109M

Industry peers: median 6%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's -8% of revenue this year, a 3% median across 10 years. Treating stock comp as the real expense it is (less $15M of SBC) leaves ($108M).
Are earnings backed by cash? $16M

Loss, but cash-generative

Net income ($1M) · cash from operations $16M

What this means
The company reported a net loss, so a conversion ratio isn't meaningful. What matters then is whether operations still threw off cash, here, they did.

How is the cash used?

Where do the earnings go? —

No surplus to allocate

What this means
The business didn't generate positive Owner Earnings this year, so any distributions came from the balance sheet or borrowing, not from operations.
Investing or harvesting? 1.93×

Expanding

Capex $109M ÷ depreciation $57M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 1 of 5 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Near

Revenue ≥ $2B · $1.2B

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Near

Current ratio ≥ 2× · 1.76×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Pass

Debt ≤ working capital · $39M vs $238M WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Miss

A profit every year (10-yr record) · 6 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · none paid

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth —

Earnings +33% over the record · —

What this means
Earnings were negative early in the record, a growth rate isn't meaningful.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $0.56/share (latest year $-0.03), the averaged base the calculator's gate runs on, and book value is $16.48/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2016–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 4 of 10

What this means
Lost money in 6 year(s), look at what happened there before trusting the average.
Return on capital ≥ 15% 3 of 10 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin −3% → 3% (3-yr avg ends)

In the filing’s words The filing ties gains to its own pricing, but names price competition too — pricing power that is real yet contested, not unopposed. The margin shows who is winning.

What this means
Through the cycle the operating margin widened — about −3% early to 3% lately, median 0% — pricing power intact or improving.
Reinvestment, incremental ROIC returns capital

What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
Worst year 2019 · −9.1% op. margin

What this means
Operations went underwater in 2019, understand why before trusting the good years.
Share count −0.6%/yr

What this means
The share count is shrinking, buybacks are quietly growing your slice of the business.
How management talks about it Promotional

What this means
The record is compounding, but the filing leans on a promoter’s vocabulary rather than the per-share, return-on-capital terms an owner uses. The results back the talk here; the register is still worth noting.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

In its own filing Framed as a capability

The filing positions AI as something the company uses, not something it fears.

“In 2024, we established an AI council comprised of a cross-functional group of employees with an objective to deliver value by providing education regarding the uses, benefits and risks of AI and similar technologies in our business, establishing a governance framework and princi…”

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat, and the company is using it that way.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Mar 31, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$552M

Cash & short-term investments$104M
Receivables$147M
Inventory$280M
Other current assets$21M

Current liabilities$319M

Accounts payable$175M
Other current liabilities$144M

Current ratio1.73×all current assets ÷ what's due · Graham looked for 2×

Quick ratio0.85×stricter: inventory excluded

Cash ratio0.33×strictest: cash alone against what's due

Working capital$233Mthe cushion left after near-term bills

Revenue, latest quarter vs. a year ago+9.9%the freshest read on whether the business is still growing

Current ratio, recent quarters3.1× → 1.7×

Deeper floors

Tangible book value$680Mequity stripped of goodwill & intangibles

Net current asset value$97MGraham's net-net: current assets less all liabilities

Debt incl. operating leases$10M$10M of it operating leases

From the company's latest filing.

How the cash was used, 2016–2025

Over the record, the business generated $858M of operating cash; how management split it reads as a reinvestor, most operating cash is plowed back into the business.

Reinvested$435M · 51%
Buybacks$135M · 16%
Retained (debt / cash)$288M · 34%

Returned to owners$135M
32% of the owner earnings the business produced over the span, $0 as dividends and $135M as buybacks.
Average price paid for buybacks—
Buybacks ran $135M over the span, but the filings don't tag the share count needed to deduce the average price paid.
Net change in share count−2.3%
The diluted count fell from 44M to 43M, so the buybacks outran the stock issued to staff.
Dividend record$0.00/sh
Paid no dividend over the span; it returns cash through buybacks or retains it.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2021	Michael S. Williams	$7.2M	$19.7M	$185M
2022	Michael S. Williams	$4.6M	$6.4M	$107M
2023	Michael S. Williams	$7.0M	$13.9M	$74M
2024	Michael S. Williams	$4.3M	−$3.6M	($24M)
2025	Michael S. Williams	$5.9M	$5.6M	($93M)

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Insider ownership3.8%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
CEO pay ratio54:1
What the chief earns for every dollar the median employee makes, per the 2026 proxy. A high ratio alone settles nothing; some businesses are genuinely top-heavy in scarce skill. A runaway figure is where Buffett starts asking whether the board is doing its job.
Stock-based compensation$15M
The slice of the business handed to employees in shares this year, 1% of revenue, equal to 253% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why Metallus Inc. is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2016–2025.

1 of the 5 tests turned up something to look into; the other 4 came back clean.

Look hereIs it less profitable than it was?−1.6% vs 0.1%
The owner-earnings margin averaged 0.1% early in the record and −1.6% across the last three years, and the latest year has not recovered. Ask the filing whether that is a structural drift or a cyclical trough — price, mix, cost, or a competitor — and whether it is permanent.

And these came back clean

Did the share count rise anyway?
Did debt outgrow the business?
Did receivables and inventory outpace sales?
Are "one-time" charges a yearly habit?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

What an owner would ask, FY2025

read the 10-K →

Which reported numbers are a judgment call?
Management names Revenue recognition, Pension & retirement, Income taxes, Inventory as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Steel

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
CRSCarpenter Technology	$2.9B	17%	6.0%	5%	5%
SXCSunCoke Energy Inc.	$1.8B	—	7.8%	8%	6%
TWITitan International Inc. (DE)	$1.8B	13%	1.5%	2%	0%
MTUSMetallus Inc.	$1.2B	8%	0.3%	0%	3%
WORWorthington	$1.2B	17%	2.4%	4%	8%
ROCKGibraltar Industries Inc.	$1.1B	25%	9.6%	12%	11%
IIINInsteel Industries Inc.	$648M	15%	8.6%	13%	8%
NWPXNWPX Infrastructure Inc.	$526M	17%	8.3%	7%	4%
Group median	—	17%	6.9%	6%	5%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Metallus Inc. has delivered.

Metallus Inc.’s latest year shows negative owner earnings, a cyclical trough. So the tool opens on the through-cycle base, the cash it would earn at rest; clear the toggle below to read the latest year exactly as reported.

Today’s price $

Through the cycle, Metallus Inc. earns about $37M on its 3.2% median owner-earnings margin. This year’s −8.0% margin runs below that; the reported figure may understate a lean year. Normalize, below, values the price on that through-cycle figure rather than the latest year.

Base Normalize · through-cycle ($37M) Net of stock comp (−$15M)

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The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth, delivered—

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings ($78M) on 42M shares outstanding, per the 10-Q cover, as of 2026-04-30; net cash $59M. The if-converted diluted count is 43M, 4% above the shares outstanding: the dilution overhang (convertibles, options) a buyer inherits. The base opens on the through-cycle figure (the latest year sits off the record’s own median, and Graham’s averaging cuts both ways); clear Normalize to use the year as filed. Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh MTUS against another business →

The owners of MTUS: the meeting and the votes →

Cite: Owner Scorecard, "Metallus Inc. (MTUS), the owner's record," https://ownerscorecard.com/c/MTUS, data as of 2026-07-09.

Manual order: ← MTSI its page in the Manual MTW →

Industry order: ← MT the Steel chapter NUE →