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MustGrow Biologics
(MGRO)
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Rating:43Neutral
Price Target:
C$0.42
▼(-13.54% Downside)
Action:Reiterated
Date:10/17/26
The score is held down primarily by weak financial performance—sharp TTM revenue contraction, ongoing large losses, and continued negative operating/free cash flow. Technicals add additional pressure with the stock trading below all key moving averages and slightly negative MACD. Valuation provides little support due to negative earnings (negative P/E) and no dividend yield data.
Positive Factors
Low Leverage
Modest leverage reduces near-term financial risk and limits interest-related pressure on cash flow. This gives MustGrow more balance-sheet flexibility than a highly indebted company while it works to improve commercialization, revenue scale, and operating performance.
Negative Factors
Revenue Contraction
The sharp TTM revenue contraction shows that commercial momentum remains inconsistent and that the business has not yet established a dependable growth trajectory. Continued volatility can restrict operating leverage, weaken partner confidence, and make it harder to fund research and regulatory work internally.
Read all positive and negative factors
Positive Factors
Negative Factors
Low Leverage
Modest leverage reduces near-term financial risk and limits interest-related pressure on cash flow. This gives MustGrow more balance-sheet flexibility than a highly indebted company while it works to improve commercialization, revenue scale, and operating performance.
Read all positive factors
MustGrow Biologics (MGRO) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$26.77M
Dividend YieldN/A
Average Volume (3M)34.69K
Price to Earnings (P/E)―
Beta (1Y)0.65
Revenue Growth-54.59%
EPS Growth10.76%
CountryCA
Employees8
SectorBasic Materials
Sector Strength58
IndustryAgricultural Inputs
Share Statistics
EPS (TTM)-0.09
Shares Outstanding70,441,360
10 Day Avg. Volume39,845
30 Day Avg. Volume34,692
Financial Highlights & Ratios
PEG Ratio-0.13
Price to Book (P/B)39.49
Price to Sales (P/S)4.13
P/FCF Ratio-5.22
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-0.07
Revenue Forecast (FY)C$4.50M
MustGrow Biologics Business Overview & Revenue Model
Company Description
MustGrow Biologics Corp. is an agricultural biotechnology enterprise specializing in the creation and commercialization of natural crop protection solutions. These offerings, including biopesticides, biofumigants, and bioherbicides, are uniquely d...
How the Company Makes Money
MustGrow makes money primarily by monetizing its biologic technology through commercialization arrangements rather than operating a large direct-to-farm distribution business. Revenue is expected to come from (a) licensing its technology/IP to est...
MustGrow Biologics Financial Statement Overview
Summary
Income Statement
22
Negative
Balance Sheet
58
Neutral
Cash Flow
26
Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.19M | 8.29M | 398.02K | 4.71M | 6.48K | 12.87K |
| Gross Profit | 1.68M | 1.41M | 300.75K | 4.33M | 6.48K | 12.87K |
| EBITDA | -4.20M | -6.20M | -4.89M | -676.94K | -5.56M | -3.01M |
| Net Income | -5.57M | -7.26M | -4.89M | -676.94K | -5.57M | -3.06M |
Balance Sheet | ||||||
| Total Assets | 7.16M | 3.09M | 5.42M | 6.94M | 7.13M | 9.70M |
| Cash, Cash Equivalents and Short-Term Investments | 4.37M | 918.77K | 3.00M | 6.82M | 7.02M | 9.62M |
| Total Debt | 515.57K | 584.13K | 517.99K | 759.33K | 759.33K | 749.27K |
| Total Liabilities | 2.11M | 2.23M | 3.25M | 1.35M | 1.90M | 1.25M |
| Stockholders Equity | 5.05M | 867.10K | 2.17M | 5.58M | 5.24M | 8.46M |
Cash Flow | ||||||
| Free Cash Flow | -4.34M | -6.56M | -3.58M | -294.76K | -3.26M | -2.41M |
| Operating Cash Flow | -2.85M | -5.06M | -3.58M | -294.76K | -3.26M | -2.41M |
| Investing Cash Flow | -1.49M | -1.50M | 0.00 | 0.00 | 0.00 | 0.00 |
| Financing Cash Flow | 6.89M | 4.48M | -241.34K | 95.75K | 653.75K | 8.72M |
MustGrow Biologics Technical Analysis
Negative
0.48
Price Trends
0.42
Negative
0.41
Negative
0.50
Negative
Market Momentum
>-0.01
Positive
45.69
Neutral
42.22
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:MGRO, the sentiment is Negative. The current price of 0.48 is above the 20-day moving average (MA) of 0.40, above the 50-day MA of 0.42, and below the 200-day MA of 0.50, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 45.69 is Neutral, neither overbought nor oversold. The STOCH value of 42.22 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:MGRO.
MustGrow Biologics Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | C$45.96B | 13.98 | 9.38% | 3.19% | 7.77% | 76.65% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
56 Neutral | C$35.68M | 43.24 | 5.11% | ― | 18.41% | -71.10% | |
48 Neutral | C$41.20M | -3.11 | -59.51% | ― | -20.60% | -8.43% | |
43 Neutral | C$26.77M | -3.92 | -218.75% | ― | -54.59% | 10.76% | |
43 Neutral | C$57.40M | -21.05 | -27.00% | ― | ― | 13.85% |
* Basic Materials Sector Average
TSE:MGRO
MustGrow Biologics
0.38
-0.30
-44.12%
TSE:PLAN
Progressive Planet Solutions Inc
0.32
0.03
10.34%
TSE:GSP
Gensource Potash
0.12
0.05
71.43%
TSE:NPK
Verde Agritech
0.73
-0.56
-43.41%
TSE:NTR
Nutrien
96.52
22.96
31.20%
MustGrow Biologics Corporate Events
Business Operations and StrategyProduct-Related Announcements
MustGrow Deepens Bayer Partnership With Webcast as Milestone Deal Advances
Positive
Oct 26, 2026
MustGrow Biologics Corp., a Canadian developer of mustard-based biological crop inputs, is expanding its presence in sustainable agriculture with organic biofertility, biostimulant, and biocontrol products tailored to protect soil health and suppo...
Business Operations and StrategyExecutive/Board Changes
MustGrow Biologics Bolsters Finance Team and Grants Equity-Based DSUs
Positive
Sep 4, 2026
MustGrow Biologics has strengthened its finance leadership by appointing Tyler Reinheimer, CPA, as Director, Finance, while its board has approved the issuance of 1,126,954 deferred share units to non-executive directors and the new officer. The D...
Business Operations and StrategyFinancial Disclosures
MustGrow Turns Q2 Profit as Licensing Revenue Offsets TerraSante Logistics Drag
Positive
Aug 27, 2026
MustGrow Biologics reported second-quarter 2026 results showing TerraSante sales of $75,000, down from $313,000 a year earlier, with gross margin squeezed by costly air freight used to meet demand amid capacity ramp-up at contract manufacturers. D...
Business Operations and StrategyProduct-Related Announcements
MustGrow Secures First Bayer Milestone in Mustard-Based Biocontrol Deal
Positive
Aug 21, 2026
MustGrow Biologics has received its first development milestone payment from Bayer AG under a license and collaboration agreement signed in December 2023. The deal grants Bayer rights to develop and commercialize MustGrow’s mustard-based bio...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.