# Morguard Corporation (MRC.TO) fundamentals

Data as of 2026-09-08. TSX, Canada. Sector: Real Estate / Real Estate Management & Development. Price C$114.55, market value C$1.2 billion.

## Valuation
- **P/E (trailing): 5.9×** (5-yr avg 8.6×, 3-yr avg 9.1×). Morguard Corporation trades at 5.9× trailing earnings, well below its own five-year average of 8.6×: cheap by its own standards. The Real Estate median in the September 2026 study was 25.2×. Forward P/E is 7.9×, higher than trailing, so analysts expect earnings to fall.
- **Price / sales: 1.1×**. Each dollar of revenue is priced at 1.1×.
- **Price / book: 0.3×**. The shares trade below book value, which can signal a bargain or a balance sheet the market doubts.
- **EV / EBITDA: 11.7×**. Enterprise value is 11.7× operating earnings before depreciation, the multiple that ignores how the company is financed.
- **Free-cash-flow yield: 18.1%** (5-yr avg 20.4%). Free cash flow equals 18.1% of the market value, in line with its five-year average of 20.4%. Above 5% is generally attractive.
- **Earnings yield: 16.8%**. The inverse of the P/E: 16.8% of the price is earned each year.

## Profitability
- **Gross margin: 52.1%**. Morguard Corporation keeps 52.1% of revenue after the direct cost of what it sells.
- **Operating margin: 47.8%**. 47.8% of revenue is left after running the business, an exceptional level.
- **Net margin: 15.6%**. 15.6% of each dollar of sales reaches the bottom line.
- **Return on equity: 4.0%**. 4.0% on shareholders' equity is weak; the business earns little on the capital its owners have in it.
- **Return on invested capital: 4.2%**. Return on all capital, debt included, is 4.2%: close to or below the cost of capital, so growth may not create value.
- **Return on assets: 1.7%**. Each dollar of assets produces 1.7% of profit.

## Growth
- **Revenue growth (1 yr): 1.4%** (3-yr 0.1%/yr, 5-yr 1.8%/yr). Revenue grew 1.4% over the last year, against 1.8% a year compounded over five years.
- **EPS growth (1 yr): -32.6%** (3-yr 13.8%/yr). Earnings per share fell 32.6%, slower than revenue, so margins compressed.
- **Free-cash-flow growth (3 yr): -5.9%/yr**. Free cash flow has compounded at -5.9% a year over three years, lagging earnings: check whether profits are turning into cash.

## Financial health
- **Debt to equity: 1.28**. Debt is 1.28 times equity, a leveraged balance sheet, which is normal for real estate.
- **Net debt / EBITDA: 9.6×**. It would take 9.6 years of operating earnings to repay net borrowings, above the 3× level most lenders treat as comfortable.
- **Interest coverage: 2.1×**. Operating profit covers interest 2.1×, thin but manageable.
- **Current ratio: 0.27** (quick 0.27). Current liabilities exceed current assets, so the company depends on ongoing cash generation or refinancing to pay the next year's bills.
- **Altman Z-score: 0.76**. A Z-score of 0.76 is in the distress zone, a signal to examine the balance sheet closely.
- **Piotroski F-score: 8/9**. 8 of 9 fundamental checks pass: strong and improving financials.

## Dividends
- **Dividend yield: 0.70%** (C$0.80 per share, trailing). Morguard Corporation yields 0.70%, a modest yield more typical of a growth-oriented payer.
- **Payout ratio: 5%** (4% of free cash flow). 5% of earnings goes out as dividends, leaving room to keep raising it.
- **Consecutive years of increases: 24**. 24 straight years of increases, a record that survived at least one recession.
- **Dividend growth (5 yr): 5.9%/yr** (1-yr 23.1%). The dividend has grown 5.9% a year over five years.

## Price and momentum
- **Total return (1 yr): -2.1%** (YTD -0.9%, 3-mo -6.0%). The shares are down 2.1% over twelve months including dividends.
- **From 52-week high: -10.1%** (1145400.0% above the low). Trading 10% below its 52-week high.
- **200-day average: below**. The price sits below its 200-day moving average, the usual definition of a downtrend.
- **RSI (14-day): 44**. An RSI of 44 is neutral.
- **Beta (1 yr): 0.12** (volatility 16%). Beta of 0.12 against the S&P/TSX Composite: the shares move much less than the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=MRC.TO · Page: https://foliofundamentals.com/stocks/mrc.to

Not investment advice.