# Morguard North American Residential Real Estate Investment Trust (MRG-UN.TO) fundamentals

Data as of 2026-09-08. TSX, Canada. Sector: Real Estate / Equity Real Estate Investment Trusts (REITs). Price C$15.74, market value C$1.1 billion.

## Valuation
- **P/E (trailing): 12.9×** (5-yr avg 4.4×, 3-yr avg 5.7×). Morguard North American Residential Real Estate Investment Trust trades at 12.9× trailing earnings, well above its own five-year average of 4.4×: investors are paying up relative to the company's past. The Real Estate median in the September 2026 study was 25.2×. Forward P/E is 11.4×, lower than trailing, so analysts expect earnings to grow.
- **Price / sales: 3.1×**. Each dollar of revenue is priced at 3.1×.
- **Price / book: 0.3×**. The shares trade below book value, which can signal a bargain or a balance sheet the market doubts.
- **EV / EBITDA: 12.8×**. Enterprise value is 12.8× operating earnings before depreciation, the multiple that ignores how the company is financed.
- **Free-cash-flow yield: 8.3%** (5-yr avg 14.0%). Free cash flow equals 8.3% of the market value, below its five-year average of 14.0%, so the shares are pricier on cash than usual. Above 5% is generally attractive.
- **Earnings yield: 7.8%**. The inverse of the P/E: 7.8% of the price is earned each year.

## Profitability
- **Gross margin: 47.3%**. Morguard North American Residential Real Estate Investment Trust keeps 47.3% of revenue after the direct cost of what it sells.
- **Operating margin: 53.3%**. 53.3% of revenue is left after running the business, an exceptional level.
- **Net margin: 29.0%**. 29.0% of each dollar of sales reaches the bottom line.
- **Return on equity: 5.2%**. 5.2% on shareholders' equity is weak; the business earns little on the capital its owners have in it.
- **Return on invested capital: 4.7%**. Return on all capital, debt included, is 4.7%: close to or below the cost of capital, so growth may not create value.
- **Return on assets: 2.1%**. Each dollar of assets produces 2.1% of profit.

## Growth
- **Revenue growth (1 yr): 3.0%** (3-yr 8.4%/yr, 5-yr 7.4%/yr). Revenue grew 3.0% over the last year, against 7.4% a year compounded over five years: growth is slowing.
- **EPS growth (1 yr): -29.9%** (3-yr -30.3%/yr, 5-yr -15.2%/yr). Earnings per share fell 29.9%, slower than revenue, so margins compressed.
- **Free-cash-flow growth (3 yr): 5.3%/yr**. Free cash flow has compounded at 5.3% a year over three years, keeping pace with earnings: the growth is real cash.

## Financial health
- **Debt to equity: 0.89**. Debt is 0.89 times equity, moderate leverage.
- **Net debt / EBITDA: 7.7×**. It would take 7.7 years of operating earnings to repay net borrowings, above the 3× level most lenders treat as comfortable.
- **Interest coverage: 2.4×**. Operating profit covers interest 2.4×, thin but manageable.
- **Current ratio: 0.59** (quick 0.59). 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: 1.07**. A Z-score of 1.07 is in the distress zone, a signal to examine the balance sheet closely.
- **Piotroski F-score: 5/9**. 5 of 9 checks pass: mixed.

## Dividends
- **Dividend yield: 5.02%** (C$0.78 per share, trailing). Morguard North American Residential Real Estate Investment Trust yields 5.02%, an income-level yield.
- **Payout ratio: 26%** (29% of free cash flow). 26% of earnings goes out as dividends, leaving room to keep raising it.
- **Consecutive years of increases: 14**. 14 straight years of increases, a record that survived at least one recession.
- **Dividend growth (5 yr): 1.8%/yr** (1-yr 2.9%). The dividend has grown 1.8% a year over five years.

## Price and momentum
- **Total return (1 yr): -12.9%** (YTD -7.3%, 3-mo -5.6%). The shares are down 12.9% over twelve months including dividends.
- **From 52-week high: -17.4%** (1.2% above the low). Trading 17% 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): 32**. An RSI of 32 is neutral.
- **Beta (1 yr): 0.40** (volatility 14%). Beta of 0.40 against the S&P/TSX Composite: the shares move much less than the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=MRG-UN.TO · Page: https://foliofundamentals.com/stocks/mrg-un.to

Not investment advice.