Detailed financial statements for Mullen Group Ltd. (MTL.TO): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Mullen Group Ltd., established in 1949 and based in Okotoks, Canada, operates as a prominent provider of trucking and comprehensive logistics solutions throughout Canada and the United States. Its diverse operations are categorized into four main divisions: Less-Than-Truckload, Logistics & Warehousing, Specialized & Industrial Services, and U.S. & International Logistics.
Analysis Summary
Mullen Group Ltd. reported revenue of 2.13B CAD in the most recent fiscal year, growing at a 5-year CAGR of 12.9%. Net income reached 91.1M CAD, with a 7.3% 5-year CAGR.
Trailing-twelve-month margins: gross margin 23.6%, operating margin 9.2%, net margin 5.3%. Free cash flow grew at -0.2% CAGR over 5 years.
At 29.55 CAD (closing price, November 4, 2026), MTL.TO trades at a P/E of 23.09 and an ROE of 10.58%. Market capitalisation stands at CAD 2.8B.
Balance sheet quality for MTL.TO: debt-to-equity ratio of 0.86, current ratio of 2.18 over the last 12 months, net debt of 909.9M CAD at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of 158.2M CAD represents 174% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 1.04B CAD | 1.14B CAD | 1.26B CAD | 1.28B CAD | 1.16B CAD | 1.48B CAD | 2.00B CAD | 1.99B CAD | 1.99B CAD | 2.13B CAD |
| Cost of Revenue | 797.1M CAD | 897.9M CAD | 990.3M CAD | 1.02B CAD | 898.1M CAD | 1.17B CAD | 1.54B CAD | 1.52B CAD | 1.52B CAD | 1.64B CAD |
| Gross Profit | 237.9M CAD | 240.5M CAD | 270.5M CAD | 257.1M CAD | 266.2M CAD | 308.1M CAD | 459.0M CAD | 473.9M CAD | 472.7M CAD | 493.6M CAD |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | 142.2M CAD | 155.0M CAD | 169.0M CAD | 167.7M CAD | 150.2M CAD | 185.7M CAD | 241.6M CAD | 249.9M CAD | 271.4M CAD | 315.3M CAD |
| Operating Expenses | 142.2M CAD | 155.0M CAD | 169.0M CAD | 167.7M CAD | 266.2M CAD | 185.7M CAD | 241.6M CAD | 261.6M CAD | 271.4M CAD | 315.3M CAD |
| Operating Income | 95.7M CAD | 85.6M CAD | 101.5M CAD | 94.7M CAD | 116.7M CAD | 123.5M CAD | 214.4M CAD | 212.3M CAD | 201.3M CAD | 178.2M CAD |
| EBITDA | 181.0M CAD | 197.4M CAD | 83.1M CAD | 214.8M CAD | 191.0M CAD | 239.1M CAD | 329.9M CAD | 334.6M CAD | 333.0M CAD | 324.6M CAD |
| Interest Expense | 34.1M CAD | 30.0M CAD | 22.2M CAD | 26.0M CAD | 29.9M CAD | 30.8M CAD | 35.4M CAD | 37.8M CAD | 48.3M CAD | 60.9M CAD |
| Pre-tax Income | 71.7M CAD | 82.3M CAD | -26.6M CAD | 80.1M CAD | 86.1M CAD | 96.0M CAD | 210.9M CAD | 183.1M CAD | 153.8M CAD | 119.8M CAD |
| Income Tax | 19.7M CAD | 16.8M CAD | 17.2M CAD | 7.9M CAD | 22.2M CAD | 23.6M CAD | 52.3M CAD | 46.4M CAD | 41.5M CAD | 28.7M CAD |
| Net Income | 52.0M CAD | 65.5M CAD | -43.8M CAD | 72.2M CAD | 64.0M CAD | 72.4M CAD | 158.6M CAD | 136.7M CAD | 112.3M CAD | 91.1M CAD |
| EPS | 0.52 CAD | 0.63 CAD | -0.42 CAD | 0.69 CAD | 0.64 CAD | 0.75 CAD | 1.70 CAD | 1.52 CAD | 1.28 CAD | 1.03 CAD |
| EPS (Diluted) | 0.52 CAD | 0.63 CAD | -0.42 CAD | 0.69 CAD | 0.64 CAD | 0.75 CAD | 1.62 CAD | 1.45 CAD | 1.23 CAD | 1.01 CAD |
| Shares Outstanding (Diluted) | 99.2 M | 103.7 M | 104.3 M | 104.8 M | 100.6 M | 96.1 M | 102.4 M | 99.1 M | 97.2 M | 96.3 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | 533.9M CAD | 547.7M CAD | 609.3M CAD | 653.2M CAD |
| Gross Profit | 118.6M CAD | 119.4M CAD | 149.1M CAD | 165.8M CAD |
| Operating Income | 36.9M CAD | 35.7M CAD | 62.8M CAD | 80.1M CAD |
| EBITDA | 75.5M CAD | 73.6M CAD | 100.8M CAD | 118.3M CAD |
| Net Income | 14.6M CAD | 21.0M CAD | 35.9M CAD | 51.5M CAD |
| EPS | 0.16 CAD | 0.22 CAD | 0.37 CAD | 0.53 CAD |
| EPS (Diluted) | 0.16 CAD | 0.22 CAD | 0.37 CAD | 0.53 CAD |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 270.3M CAD | 134.5M CAD | 3.9M CAD | 79.0M CAD | 105.3M CAD | -81.3M CAD | 8.8M CAD | 2.3M CAD | 126.3M CAD | 144.6M CAD |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 119.2M CAD | 0 | 0 | 0 | 0 |
| Receivables | 160.1M CAD | 182.7M CAD | 222.5M CAD | 221.8M CAD | 196.0M CAD | 254.9M CAD | 290.4M CAD | 287.0M CAD | 299.8M CAD | 319.2M CAD |
| Inventory | 30.1M CAD | 30.2M CAD | 33.9M CAD | 33.0M CAD | 30.1M CAD | 35.1M CAD | 42.0M CAD | 47.7M CAD | 45.7M CAD | 45.1M CAD |
| Total Current Assets | 469.2M CAD | 358.1M CAD | 272.1M CAD | 349.3M CAD | 345.3M CAD | 309.1M CAD | 360.3M CAD | 383.3M CAD | 494.4M CAD | 563.8M CAD |
| Property, Plant & Equipment | 948.5M CAD | 916.1M CAD | 965.7M CAD | 991.4M CAD | 971.3M CAD | 1.06B CAD | 1.07B CAD | 1.13B CAD | 1.26B CAD | 1.30B CAD |
| Goodwill | 351.9M CAD | 363.4M CAD | 265.3M CAD | 268.7M CAD | 271.3M CAD | 358.7M CAD | 366.0M CAD | 367.1M CAD | 374.2M CAD | 447.7M CAD |
| Intangible Assets | 22.6M CAD | 40.6M CAD | 50.3M CAD | 48.5M CAD | 45.9M CAD | 99.2M CAD | 99.6M CAD | 91.0M CAD | 112.2M CAD | 192.6M CAD |
| Total Assets | 1.87B CAD | 1.75B CAD | 1.65B CAD | 1.75B CAD | 1.72B CAD | 1.92B CAD | 2.00B CAD | 2.04B CAD | 2.33B CAD | 2.57B CAD |
| Accounts Payable | 27.7M CAD | 28.8M CAD | 33.2M CAD | 30.3M CAD | 28.8M CAD | 55.2M CAD | 53.6M CAD | 55.2M CAD | 54.5M CAD | 71.0M CAD |
| Short-term Debt | 136.3M CAD | 83.2M CAD | 30.0M CAD | 0 | 16,000 CAD | 89.1M CAD | 23.0M CAD | 316.6M CAD | 25,000 CAD | 26,000 CAD |
| Total Current Liabilities | 226.1M CAD | 176.5M CAD | 140.4M CAD | 106.0M CAD | 106.2M CAD | 258.3M CAD | 220.0M CAD | 502.4M CAD | 212.9M CAD | 260.1M CAD |
| Long-term Debt | 559.4M CAD | 456.8M CAD | 482.2M CAD | 576.2M CAD | 572.8M CAD | 575.0M CAD | 597.4M CAD | 349.1M CAD | 769.8M CAD | 791.5M CAD |
| Total Liabilities | 912.6M CAD | 760.9M CAD | 747.8M CAD | 831.4M CAD | 821.5M CAD | 1.03B CAD | 1.02B CAD | 1.07B CAD | 1.32B CAD | 1.43B CAD |
| Retained Earnings | 13.9M CAD | 42.1M CAD | -64.3M CAD | -55.0M CAD | -24.2M CAD | 2.3M CAD | 97.5M CAD | 142.1M CAD | 184.8M CAD | 197.7M CAD |
| Total Equity | 960.4M CAD | 989.7M CAD | 898.1M CAD | 917.9M CAD | 896.4M CAD | 888.7M CAD | 973.4M CAD | 974.9M CAD | 1.02B CAD | 1.14B CAD |
| Total Debt | 695.7M CAD | 540.0M CAD | 512.2M CAD | 616.8M CAD | 607.9M CAD | 745.3M CAD | 712.3M CAD | 764.1M CAD | 997.6M CAD | 1.05B CAD |
| Net Debt | 425.4M CAD | 405.4M CAD | 508.3M CAD | 537.8M CAD | 502.5M CAD | 707.4M CAD | 703.5M CAD | 761.8M CAD | 871.3M CAD | 909.9M CAD |
| Working Capital | 243.1M CAD | 181.6M CAD | 131.7M CAD | 243.3M CAD | 239.1M CAD | 50.8M CAD | 140.3M CAD | -119.1M CAD | 281.5M CAD | 303.6M CAD |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | 144.6M CAD | 141.7M CAD | 171.0M CAD | 213.9M CAD |
| Total Assets | 2.57B CAD | 2.59B CAD | 2.62B CAD | 2.68B CAD |
| Total Liabilities | 1.43B CAD | 1.45B CAD | 1.45B CAD | 1.48B CAD |
| Total Equity | 1.14B CAD | 1.15B CAD | 1.17B CAD | 1.20B CAD |
| Total Debt | 1.27B CAD | 1.05B CAD | 1.05B CAD | 843.6M CAD |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | 52.0M CAD | 65.5M CAD | -43.8M CAD | 72.2M CAD | 64.0M CAD | 72.4M CAD | 158.6M CAD | 136.7M CAD | 112.3M CAD | 91.1M CAD |
| Depreciation & Amortization | 85.3M CAD | 86.6M CAD | 87.5M CAD | 111.5M CAD | 101.6M CAD | 114.0M CAD | 112.5M CAD | 115.9M CAD | 130.9M CAD | 146.4M CAD |
| Stock-based Compensation | 1.1M CAD | 1.1M CAD | 1.7M CAD | 1.4M CAD | 1.1M CAD | 379,000 CAD | 743,000 CAD | 1.1M CAD | 914,000 CAD | 1.3M CAD |
| Change in Working Capital | 14.7M CAD | -12.3M CAD | -26.5M CAD | -466,000 CAD | 22.6M CAD | -5.6M CAD | -28.9M CAD | 13.9M CAD | 1.7M CAD | 40.5M CAD |
| Operating Cash Flow | 174.3M CAD | 142.1M CAD | 140.7M CAD | 170.7M CAD | 224.8M CAD | 198.0M CAD | 263.0M CAD | 276.7M CAD | 296.1M CAD | 254.0M CAD |
| Capital Expenditure | -20.9M CAD | -33.1M CAD | -102.7M CAD | -75.4M CAD | -65.2M CAD | -68.2M CAD | -81.4M CAD | -101.6M CAD | -71.5M CAD | -95.8M CAD |
| Acquisitions | -24.6M CAD | -37.9M CAD | -45.8M CAD | -15.7M CAD | -20.2M CAD | -207.5M CAD | -9.1M CAD | -12.8M CAD | -59.1M CAD | -163.7M CAD |
| Stock Repurchased | 0 | 0 | 0 | 0 | -53.4M CAD | -44.3M CAD | -22.9M CAD | -72.0M CAD | -6.5M CAD | -11.5M CAD |
| Dividends Paid | -60.3M CAD | -37.3M CAD | -60.5M CAD | -62.9M CAD | -35.5M CAD | -45.1M CAD | -61.6M CAD | -64.8M CAD | -66.8M CAD | -74.0M CAD |
| Free Cash Flow | 153.4M CAD | 109.0M CAD | 38.0M CAD | 95.3M CAD | 159.7M CAD | 129.8M CAD | 181.6M CAD | 175.1M CAD | 224.6M CAD | 158.2M CAD |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Operating Cash Flow | 59.5M CAD | 26.9M CAD | 73.3M CAD | 77.7M CAD |
| Capital Expenditure | -30.4M CAD | -12.1M CAD | -16.6M CAD | -16.5M CAD |
| Free Cash Flow | 29.1M CAD | 14.9M CAD | 56.7M CAD | 61.2M CAD |
| Dividends Paid | -18.9M CAD | -20.1M CAD | -20.2M CAD | -20.2M CAD |
| Stock-based Compensation | 355,000 CAD | 363,000 CAD | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +10.0% | +10.7% | +1.4% | -8.9% | +26.9% | +35.3% | -0.2% | -0.3% | +7.3% | |
| Net Income Growth (YoY) | +25.9% | -166.8% | +265.0% | -11.4% | +13.2% | +119.0% | -13.8% | -17.9% | -18.8% | |
| EPS Growth (YoY) | +21.2% | -166.7% | +264.3% | -7.2% | +17.2% | +126.7% | -10.6% | -15.8% | -19.5% | |
| Shares Change (YoY) | +4.5% | +0.6% | +0.5% | -4.0% | -4.5% | +6.5% | -3.2% | -1.9% | -0.9% | |
| FCF Growth (YoY) | -28.9% | -65.1% | +150.5% | +67.6% | -18.7% | +39.9% | -3.5% | +28.2% | -29.6% | |
| Gross Margin | 23.0% | 21.1% | 21.5% | 20.1% | 22.9% | 20.9% | 23.0% | 23.8% | 23.8% | 23.1% |
| Operating Margin | 9.2% | 7.5% | 8.1% | 7.4% | 10.0% | 8.4% | 10.7% | 10.6% | 10.1% | 8.4% |
| EBITDA Margin | 17.5% | 17.3% | 6.6% | 16.8% | 16.4% | 16.2% | 16.5% | 16.8% | 16.7% | 15.2% |
| Net Margin | 5.0% | 5.8% | -3.5% | 5.7% | 5.5% | 4.9% | 7.9% | 6.9% | 5.6% | 4.3% |
| FCF Margin | 14.8% | 9.6% | 3.0% | 7.5% | 13.7% | 8.8% | 9.1% | 8.8% | 11.3% | 7.4% |
| Effective Tax Rate | 27.5% | 20.4% | -64.7% | 9.9% | 25.7% | 24.5% | 24.8% | 25.3% | 27.0% | 24.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | 1.55 CAD | 1.05 CAD | 0.36 CAD | 0.91 CAD | 1.59 CAD | 1.35 CAD | 1.77 CAD | 1.77 CAD | 2.31 CAD | 1.64 CAD |
| Dividends Per Share | 0.61 CAD | 0.36 CAD | 0.58 CAD | 0.60 CAD | 0.35 CAD | 0.47 CAD | 0.60 CAD | 0.65 CAD | 0.69 CAD | 0.77 CAD |
| Shares Outstanding (Basic) | 99.2 M | 103.7 M | 104.3 M | 104.8 M | 100.6 M | 96.1 M | 93.4 M | 89.9 M | 87.9 M | 88.3 M |
What to look at in Industrials
Aerospace, defence, machinery, transport. Semi-cyclical. Key: backlog, operating margins, and FCF conversion.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — The best indicator of operational discipline in industrials
- ROIC — Quality industrials have ROIC >15% — the rest destroy capital
- FCF conversion — FCF / Net Income — in industrials good >85%
- Net debt / EBITDA — Cyclical industrials with high debt suffer hard in recessions
- Capex / Revenue — Maintaining the machinery. <4% = possible underinvestment (future decline)
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
Profitability
| Return on Equity | 10.58% |
| Return on Invested Capital | 6.79% |
| Return on Assets | 4.60% |
| Gross Margin | 23.59% |
| Operating Margin | 9.19% |
| Net Margin | 5.25% |
Financial Health
| Debt / Equity | 0.86 |
| Current Ratio | 2.18 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 1.89 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 38.13 | 24.98 | -29.07 | 13.43 | 17.03 | 15.51 | 8.56 | 9.24 | 11.39 | 15.28 |
| P/B | 2.05 | 1.65 | 1.42 | 1.06 | 1.22 | 1.26 | 1.40 | 1.30 | 1.26 | 1.22 |
| P/S | 1.90 | 1.43 | 1.01 | 0.76 | 0.94 | 0.76 | 0.68 | 0.63 | 0.64 | 0.65 |
| Gross Margin | 23.0% | 21.1% | 21.5% | 20.1% | 22.9% | 20.9% | 23.0% | 23.8% | 23.8% | 23.1% |
| Operating Margin | 9.2% | 7.5% | 8.1% | 7.4% | 10.0% | 8.4% | 10.7% | 10.6% | 10.1% | 8.4% |
| Net Margin | 5.0% | 5.8% | -3.5% | 5.7% | 5.5% | 4.9% | 7.9% | 6.9% | 5.6% | 4.3% |
Related companies: BDT.TO · WTE.TO · ODFL · 0M1O.L · XPO · TFII.TO · KNX · SAIA
Explore sector: Industrials · Trucking
More sections of MTL.TO: Overview · Valuation · Estimates · Technical · Ownership
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