# Mullen Group Ltd. (MTL.TO) fundamentals

Data as of 2026-09-08. TSX, Canada. Sector: Industrials / Transportation Infrastructure. Price C$25.79, market value C$2.5 billion.

## Valuation
- **P/E (trailing): 23.2×** (5-yr avg 10.9×, 3-yr avg 11.5×). Mullen Group Ltd. trades at 23.2× trailing earnings, well above its own five-year average of 10.9×: investors are paying up relative to the company's past. The Industrials median in the September 2026 study was 25.7×. Forward P/E is 17.1×, lower than trailing, so analysts expect earnings to grow.
- **Price / sales: 1.1×**. Each dollar of revenue is priced at 1.1×.
- **Price / book: 2.1×**. The shares trade at 2.1× book value; book value is a meaningful part of the valuation.
- **EV / EBITDA: 9.8×**. Enterprise value is 9.8× operating earnings before depreciation, the multiple that ignores how the company is financed.
- **Free-cash-flow yield: 7.9%** (5-yr avg 14.3%). Free cash flow equals 7.9% of the market value, below its five-year average of 14.3%, so the shares are pricier on cash than usual. Above 5% is generally attractive.
- **Earnings yield: 4.3%**. The inverse of the P/E: 4.3% of the price is earned each year.

## Profitability
- **Gross margin: 23.3%**. Mullen Group Ltd. keeps 23.3% of revenue after the direct cost of what it sells, a thin margin typical of retail, distribution and commodity businesses.
- **Operating margin: 8.7%**. 8.7% of revenue is left after running the business.
- **Net margin: 4.3%**. 4.3% of each dollar of sales reaches the bottom line.
- **Return on equity: 8.0%**. 8.0% on shareholders' equity is weak; the business earns little on the capital its owners have in it.
- **Return on invested capital: 7.2%**. Return on all capital, debt included, is 7.2%.
- **Return on assets: 4.1%**. Each dollar of assets produces 4.1% of profit.

## Growth
- **Revenue growth (1 yr): 7.3%** (3-yr 2.2%/yr, 5-yr 12.9%/yr). Revenue grew 7.3% over the last year, against 12.9% a year compounded over five years: growth is slowing.
- **EPS growth (1 yr): -17.9%** (3-yr -14.6%/yr, 5-yr 9.6%/yr). Earnings per share fell 17.9%, slower than revenue, so margins compressed.
- **Free-cash-flow growth (3 yr): -4.5%/yr**. Free cash flow has compounded at -4.5% a year over three years, keeping pace with earnings: the growth is real cash.

## Financial health
- **Debt to equity: 0.92**. Debt is 0.92 times equity, moderate leverage.
- **Net debt / EBITDA: 2.6×**. It would take 2.6 years of operating earnings to repay net borrowings, within the comfortable range.
- **Interest coverage: 3.4×**. Operating profit covers interest 3.4× over, a safe margin.
- **Current ratio: 2.17** (quick 1.99). Current assets cover the next year's liabilities 2.17 times.
- **Altman Z-score: 2.86**. A Z-score of 2.86 is in the grey zone; not distressed, not clearly safe.
- **Piotroski F-score: 5/9**. 5 of 9 checks pass: mixed.

## Dividends
- **Dividend yield: 3.26%** (C$0.84 per share, trailing). Mullen Group Ltd. yields 3.26%, a modest yield more typical of a growth-oriented payer.
- **Payout ratio: 81%** (39% of free cash flow). 81% of earnings goes out as dividends, leaving a thin cushion.
- **Consecutive years of increases: 5**. 5 straight years of increases.
- **Dividend growth (5 yr): 18.5%/yr** (1-yr 9.1%). The dividend has compounded at 18.5% a year over five years, doubling roughly every 4 years at that pace.
- **Shareholder yield: 2.9%**. Dividends plus net buybacks return 2.9% of the market value a year.

## Price and momentum
- **Total return (1 yr): 93.7%** (YTD 67.6%, 3-mo 14.2%). The shares are up 93.7% over twelve months including dividends.
- **From 52-week high: -10.4%** (90.6% above the low). Trading 10% below its 52-week high.
- **200-day average: above**. The price sits above its 200-day moving average, the usual definition of an uptrend.
- **RSI (14-day): 52**. An RSI of 52 is neutral.
- **Beta (1 yr): 0.76** (volatility 27%). Beta of 0.76 against the S&P/TSX Composite: the shares move roughly with the market.

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

Not investment advice.