MTUS 8-K SEC Filing Analysis

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MTUS ▲ +5.60% at T+20d

LONG call ✓ call won +5.60% · α vs SPY +0.65% · entry $19.28 → $20.36

Next anchor: T+60d in 7w

Last close $19.65 (close Jun 8) · +1.92% from $19.28 entry

Entry anchored
May 4, 2026
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T+20d

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$20.36

settled 8d ago

T+60d

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Executive Summary

Metallus reported Q1 2026 net sales of $308.3M (+10% YoY), net income of $5.4M ($0.13 GAAP EPS), and adjusted EPS of $0.18, beating the $0.13 consensus by 38%. Adjusted EBITDA grew 39% YoY to $24.6M. Management expects Q2 adjusted EBITDA to be modestly higher than Q1 2026 and Q2 2025, driven by a strong order book and improving pricing.

Key Financial Metrics

Free Cash Flow

-$45.7M

Gross Margin

8.14%

Actionable Insight

The strong beat and positive outlook should drive near-term upside. Monitor the Q2 earnings call for concrete guidance and updates on margin trends, working capital, and new labor contract costs.

Key Facts

Net sales $308.3M, up 10% YoY from $280.5M
GAAP net income $5.4M ($0.13 per diluted share) vs $1.3M ($0.03) in Q1 2025
Adjusted EPS $0.18 vs consensus $0.13 (beat by 38%)
Adjusted EBITDA $24.6M, up 39% YoY from $17.7M
Ship tons up 7% YoY to 163,800; melt utilization improved to 72% (from 65% YoY)
Operating cash flow -$26.9M due to working capital build; free cash flow -$45.7M
Cash and cash equivalents $104.0M, total liquidity $374.7M
Repurchased 0.3M shares for $4.3M during the quarter
Guidance: Q2 2026 adjusted EBITDA expected modestly higher than Q1 2026 and Q2 2025

Financial Impact

Adjusted EPS beat of $0.05 (38%) on $308.3M revenue, with positive qualitative guidance

revenueepsadjusted ebitdacash flow

Risk Factors

Operating cash flow negative due to working capital build; free cash flow deeply negative
Pension contributions and new union contract could pressure margins
Sustaining growth in aerospace & defense segment tied to government funding milestones

Market Snapshot

Exchange

NYSE

Sector

Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens)

Analyst Consensus

75% bullish (8 analysts)

Documents Analyzed

This report is based on 6 SEC documents filed with EDGAR.

Document	Accession Number
8-K Filing (Primary)	0001193125-26-204015
Document: mtus-20260504.htm	0001193125-26-204015
Document: 0001193125-26-204015-index-headers.html	0001193125-26-204015
Document: 0001193125-26-204015-index.html	0001193125-26-204015
Document: 0001193125-26-204015.txt	0001193125-26-204015
8-K Data (Synthetic)	0001193125-26-204015

US Market Status

Market Closed — Opens in 7h 15m

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