Want to see TSE:MTL full AI Analyst Report?
Top Page
Mullen Group
(TSX:MTL)
Select Model
Select Model
Rating:69Neutral
Price Target:
C$33.00
▲(29.46% Upside)
Action:Downgraded
Date:10/27/26
The score is primarily held back by softer cash-flow conversion and declining free cash flow despite improving earnings, alongside moderate leverage. These are partially offset by strong technical uptrend signals and a positive earnings call emphasizing liquidity, productivity gains, and disciplined capital deployment, while valuation is moderate-to-demanding due to a ~23x P/E with a ~2.8% yield.
Positive Factors
Diversified operating model
A diversified portfolio spanning freight, logistics, specialized transportation and multiple operating companies can reduce reliance on any single end market. The reported strong quarter suggests this model is converting breadth into resilient operating performance across changing conditions.
Negative Factors
Limited demand growth
Weak broad-based demand limits volume growth across the core transportation network and can make fixed operating costs harder to absorb. If the Canadian market remains flat, sustained revenue expansion will depend more heavily on share gains, pricing and productivity.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified operating model
A diversified portfolio spanning freight, logistics, specialized transportation and multiple operating companies can reduce reliance on any single end market. The reported strong quarter suggests this model is converting breadth into resilient operating performance across changing conditions.
Read all positive factors
Mullen Group (MTL) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$2.86B
Dividend Yield2.83%
Average Volume (3M)465.12K
Price to Earnings (P/E)23.2
Beta (1Y)0.54
Revenue Growth11.69%
EPS Growth18.18%
CountryCA
Employees8,622
SectorGeneral
Sector StrengthN/A
IndustryTrucking
Share Statistics
EPS (TTM)1.28
Shares Outstanding96,399,124
10 Day Avg. Volume459,664
30 Day Avg. Volume465,119
Financial Highlights & Ratios
PEG Ratio-0.78
Price to Book (P/B)1.22
Price to Sales (P/S)0.65
P/FCF Ratio8.79
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$34.00Price Target Upside33.39% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering8
EPS Forecast (FY)1.32
Revenue Forecast (FY)C$2.36B
Mullen Group Business Overview & Revenue Model
Company Description
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 ...
How the Company Makes Money
Mullen Group makes money primarily by charging customers for transportation and logistics services delivered through its network of operating companies. Its core revenue streams typically include: (1) Freight transportation services, where it earn...
Mullen Group Earnings Call Summary
Earnings Call Date:Oct 22, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Feb 10, 2027
Earnings Call Sentiment Positive
The call was strongly positive overall. Management reported one of its best-ever quarters, a solid balance sheet, successful mining-related growth, productivity gains, cross-border benefits, an active acquisition strategy, and preparation for future infrastructure projects. These positives outweighed the acknowledged challenges of flat Canadian demand, limited current energy-sector CapEx, unconfirmed project timing, constrained labor and truck availability, and the one-time nature of the tax benefit.Positive Updates
Very Strong Third-Quarter Operating Performance
Management said Q3 operating performance was very good and among the company's best ever, describing the results as a strong validation of Mullen Group's diversified business model.
Negative Updates
Limited Broad-Based Demand Growth
Management said the overall market was generally in balance and that there had been no broad recovery in demand. The LTL business was described as having no growth, with the Canadian economy characterized as approximately flat and affected by trade issues.
Read all updates
Q3-2026 Updates
Positive
Negative
Very Strong Third-Quarter Operating Performance
Management said Q3 operating performance was very good and among the company's best ever, describing the results as a strong validation of Mullen Group's diversified business model.
Read all positive updates
Company Guidance
Management said it will not deploy new capital unless rates support “25% EBITDA margins,” with major project decisions potentially occurring in 2027, while the 2027 business plan will be presented to the Board on “December 2nd” and will not factor in nation building projects. CapEx was “about $45 million” spent so far this year against “close to $135 million” approved, including the latest round of “$50 million,” with a fair amount expected in Q4 and equipment landing in “November, December, and then into early into the new year.” Management estimated “about a $10 million cash tax savings immediately,” described as a “1-time saving.” Major projects are expected to require “6 to 12 months” to ramp after starting, the Alaska project remains uncertain, and the company ordered “a 100” trucks; Wilson’s expected revenue contribution is “about 25 million to 30 million” to U.S. 3PL and “$55 million” to L&W, with the acquisition expected to generate “10 plus” returns.Mullen Group Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
64
Positive
Cash Flow
58
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.34B | 2.13B | 1.99B | 1.99B | 2.00B | 1.48B |
| Gross Profit | 552.98M | 493.57M | 472.68M | 473.88M | 459.00M | 308.08M |
| EBITDA | 368.22M | 324.64M | 332.98M | 334.61M | 329.87M | 239.10M |
| Net Income | 123.10M | 91.11M | 112.26M | 136.72M | 158.62M | 72.44M |
Balance Sheet | ||||||
| Total Assets | 2.68B | 2.57B | 2.33B | 2.04B | 2.00B | 1.92B |
| Cash, Cash Equivalents and Short-Term Investments | 213.88M | 144.64M | 126.29M | 2.29M | 8.76M | 37.91M |
| Total Debt | 1.04B | 1.05B | 997.56M | 764.08M | 712.28M | 745.32M |
| Total Liabilities | 1.48B | 1.43B | 1.32B | 1.07B | 1.02B | 1.03B |
| Stockholders Equity | 1.20B | 1.14B | 1.02B | 974.88M | 973.40M | 888.66M |
Cash Flow | ||||||
| Free Cash Flow | 161.84M | 158.20M | 224.55M | 175.15M | 181.56M | 129.76M |
| Operating Cash Flow | 237.49M | 254.01M | 296.12M | 276.75M | 262.97M | 197.97M |
| Investing Cash Flow | -80.01M | -258.40M | -111.90M | -111.84M | -36.99M | -255.59M |
| Financing Cash Flow | -100.85M | 15.18M | -51.61M | -138.67M | -215.14M | -46.28M |
Mullen Group Technical Analysis
Positive
25.49
Price Trends
26.55
Positive
25.27
Positive
21.57
Positive
Market Momentum
0.90
Negative
59.40
Neutral
47.93
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:MTL, the sentiment is Positive. The current price of 25.49 is below the 20-day moving average (MA) of 27.90, below the 50-day MA of 26.55, and above the 200-day MA of 21.57, indicating a bullish trend. The MACD of 0.90 indicates Negative momentum. The RSI at 59.40 is Neutral, neither overbought nor oversold. The STOCH value of 47.93 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:MTL.
Mullen Group Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | C$4.84B | 22.57 | 13.09% | 1.97% | 18.28% | 35.28% | |
69 Neutral | C$2.86B | 23.19 | 10.58% | 2.83% | 11.69% | 18.18% | |
68 Neutral | C$13.22B | 25.97 | 12.39% | 1.64% | -2.61% | -6.43% | |
68 Neutral | C$780.33M | 11.93 | 12.07% | 3.89% | -4.10% | 82.03% | |
61 Neutral | C$1.28B | 28.07 | 6.30% | 1.74% | 0.80% | -66.47% | |
60 Neutral | C$3.45B | -55.24 | -6.76% | 1.53% | 21.48% | -323.81% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
TSE:MTL
Mullen Group
29.68
16.14
119.15%
TSE:TFII
TFI International
160.84
38.39
31.35%
TSE:ARE
Aecon Group Inc.
50.27
20.78
70.44%
TSE:WJX
Wajax Corporation
36.03
12.36
52.19%
TSE:RUS
Russel Metals
88.25
46.68
112.31%
TSE:CJT
Cargojet
86.73
7.10
8.91%
Mullen Group Corporate Events
Business Operations and StrategyDividends
Mullen Group Declares Eligible Monthly Dividend of $0.07 per Share
Positive
Oct 20, 2026
Mullen Group Ltd., a major Canadian transportation and logistics consolidator, continues to leverage its broad network of independently operated carriers and service providers across North America, supplying freight, warehousing, customs brokerage...
Business Operations and StrategyFinancial Disclosures
Mullen Group Sets Date for 2026 Q3 Earnings Release and Investor Call
Neutral
Sep 23, 2026
Mullen Group Ltd., a Canadian transportation and logistics consolidator, controls one of North America’s largest portfolios of logistics companies, offering services ranging from less-than-truckload and truckload hauling to warehousing, cust...
Business Operations and StrategyDividends
Mullen Group Declares Monthly Dividend and Highlights Diversified Logistics Portfolio
Positive
Sep 22, 2026
Mullen Group Ltd., a major North American transportation and logistics provider, has a diversified portfolio spanning trucking, warehousing, distribution, customs brokerage and specialized services to resource industries in western Canada. The com...
Business Operations and StrategyDividends
Mullen Group Declares Monthly Dividend and Highlights Diversified Logistics Platform
Positive
Aug 20, 2026
Mullen Group Ltd., a Canadian transportation and logistics consolidator, oversees one of North America’s largest portfolios of logistics companies, offering trucking, warehousing, customs brokerage, third-party logistics and specialized haul...
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.