Morguard Corp MRC

Real EstateReal Estate OperationsCanada

Last close 109.00 CAD on Nov 2, 2026, −5.6% year to date

Quant rating

Quant rating D Rank 27 of 38 in Real Estate

Growth C 26 of 38
Valuation A 1 of 38
Quality D 32 of 38
Revisions C 23 of 38
Momentum D 29 of 38

Wall Street consensus Hold (3.00)Average target 150.00 CAD +37.6%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 1.2B
Enterprise value: 6.9B
52-week range: 108.70 – 127.40
3-year range: 101.75 – 127.89
Dividend yield: 0.73%
Beta (5 years): 0.47
Shares outstanding: 10.7M
Next earnings: Nov 3, 2026

About the company

Morguard Corporation is a fully integrated real estate company. It is engaged in property ownership, development and investment advisory services. Its property ownership encompasses interests in multi-suite residential, commercial and hotel properties located in Canada and the United States. It has various retail, office, industrial, hotel and residential holdings owned directly and through its investment in Morguard Real Estate Investment Trust and Morguard North American Residential REIT. It owns a diversified portfolio of over 156 real estate properties across multiple asset classes, including office, industrial, retail, multi-suite residential and hotel, which are located in North America. It also provides real estate management services to institutional and other investors. The Company, through Lincluden Investment Management Limited, offers institutional clients and private investors a broad range of global investment products across equity, fixed-income and balanced portfolios.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	1,124	1,127	1,224	1,137	1,045	–
Revenue growth	−0.3%	−7.9%	7.7%	8.8%	0.1%	1.5%
EPS (basic, normalized)	16.34	24.23	6.08	11.08	22.50	–
EPS growth	−32.6%	298.5%	−45.1%	−50.8%	–	–
Gross margin	61.2%	61.1%	59.0%	57.9%	58.6%	59.6%
Net margin	15.6%	23.2%	6.1%	10.8%	23.9%	15.9%
ROE	4.0%	6.4%	1.9%	3.3%	7.1%	4.6%

Balance sheet, last quarter
Cash & short-term investments (mil)	375
Current ratio	0.43x
Long-term debt (mil)	4,462
Net debt (mil)	5,704
Total equity (mil)	4,609
Net debt / equity	1.24x
Net debt / EBITDA	10.03x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	1,124	−0.3%	6.1x	568	+9.3%	12.1x	16.34	−32.6%	6.7x
2026	1,100	−2.1%	6.2x	505	−11.2%	13.6x	21.29	+30.3%	5.1x
2027	1,128	+2.5%	6.1x	526	+4.2%	13.1x	14.44	−32.2%	7.5x
2028	1,161	+2.9%	5.9x	542	+3.0%	12.7x	15.69	+8.7%	6.9x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	1,100	0.0%	−1.3%	−1.3%	21.29	0.0%	+5.7%	+5.7%
2027	1,128	0.0%	−2.6%	−2.4%	14.44	0.0%	−36.7%	−36.7%
2028	1,161	0.0%	–	–	15.69	0.0%	–	–

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Real Estate Operations

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
MRC Morguard Corp	1.2B	10.03x	15.6%	0.25x	5.1x	7.5x	13.6x	13.1x
HYSNY Hysan Development Company Limited	2.9B	–	9.1%	0.22x	–	–	–	–
MEQ Mainstreet Equity Corp	1.6B	–	103.9%	0.87x	17.3x	17.8x	18.1x	17.7x
SVI Storagevault Canada Inc	1.5B	–	−3.7%	21.26x	−45.9x	−68.8x	18.4x	17.2x
IRS IRSA Inversiones y Representaciones SA	1.3B	9.82x	59.8%	0.71x	175.3x	92.1x	4.4x	4.1x
TCI Transcontinental Realty Investors Inc	615M	–	28.1%	0.52x	–	–	–	–
Mean		9.93x	35.5%	3.97x	38.0x	12.1x	13.6x	13.0x
Median		9.93x	21.8%	0.62x	11.2x	12.7x	15.8x	15.1x

Technical analysis

1M−4.0%
3M−2.5%
1Y−5.7%
3Y+8.6%

Financial statements in millions of CAD

Income statement in millions of CAD, fiscal years

Income statement, Morguard Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	1,124	1,127	1,224	1,137	1,045	1,044
Cost of revenue	436	439	501	479	433	439
Gross profit	688	688	723	658	612	606
Selling, general & administrative expenses	91.8	87.9	87.1	77.6	80.2	59.6
Research & development	–	–	–	–	–	–
Interest expense (income), operating	288	390	503	380	28.0	780
Unusual expense (income)	0	−151	−11.0	8.7	45.3	35.0
Other operating expenses	67.3	62.2	62.2	56.2	50.4	50.9
Operating income	240	298	81.6	135	408	−320
Net interest income (expense)	–	–	–	–	–	–
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	240	298	81.6	135	408	−320
Provision for taxes	61.5	58.8	23.3	23.2	151	−69.7
Minority interest	−4.0	22.2	15.9	10.5	−6.9	151
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	175	262	74.2	123	250	−98.9
Extraordinary items	–	–	–	–	–	–
Net income	175	262	74.2	123	250	−98.9
EBIT, normalized	529	538	573	523	478	479
EBITDA, normalized	–	–	–	–	–	–
Basic EPS, normalized	16.34	24.23	6.08	11.08	22.50	–

Balance sheet in millions of CAD, fiscal years

Balance sheet, Morguard Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	185	141	117	112	174	142
Receivables	94.4	57.4	60.2	80.2	70.2	92.9
Total inventory	–	–	–	–	–	–
Prepaid expenses	37.4	39.0	49.5	147	72.6	37.8
Other current assets	148	0	0	0	0	0
Total current assets	465	237	226	339	316	273
Property, plant & equipment	1.2	0.9	0.7	1.1	1.2	1.9
Goodwill	24.5	24.5	24.5	24.5	24.5	24.5
Intangibles	9.5	10.0	14.6	21.1	26.3	32.2
Long-term investments	11,188	11,304	10,792	11,131	10,979	10,577
Note receivable	3.0	43.0	46.8	52.9	–	–
Other long-term assets	151	140	518	135	145	144
Total assets	11,842	11,759	11,623	11,705	11,493	11,053
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	214	217	214	213	192	180
Accrued expenses	–	–	–	–	–	–
Short-term debt	88.0	188	191	189	8.0	177
Current portion of long-term debt	1,193	760	1,580	1,023	858	796
Other current liabilities	33.2	46.9	30.8	30.9	46.3	38.7
Total current liabilities	1,528	1,212	2,017	1,456	1,104	1,192
Long-term debt	4,177	4,489	4,428	5,043	5,430	5,300
Minority interest	383	427	456	520	542	540
Other liabilities	1,369	1,339	835	821	785	648
Total liabilities	7,457	7,467	7,736	7,840	7,860	7,680
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	97.2	97.6	98.4	100	101	101
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	3,956	3,775	3,531	3,465	3,351	3,109
Treasury stock	–	–	–	–	–	–
Other equity	332	420	259	300	180	162
Total equity	4,385	4,292	3,888	3,865	3,632	3,372
Total liabilities & shareholders' equity	11,842	11,759	11,623	11,705	11,493	11,053

Cash flow statement in millions of CAD, fiscal years

Cash flow statement, Morguard Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	179	240	58.2	112	257	−250
Depreciation, depletion & amortization	–	–	–	–	–	–
Deferred taxes	55.0	32.8	13.7	13.4	129	−78.0
Non-cash items	13.3	−36.5	199	146	−168	583
Changes in working capital	−32.8	14.3	26.7	−19.0	47.1	−43.0
Cash from operations	214	250	298	253	265	212
Investing activities
Capital expenditures	−2.7	−3.3	−1.9	−1.7	−0.7	−2.1
Other investing cash flows	−203	388	−330	−82.8	−125	−66.0
Cash from investing	−206	385	−332	−84.5	−126	−68.1
Financing activities
Financing cash flow items	−28.4	−12.8	65.4	−101	−23.9	−61.5
Cash dividends paid	−8.5	−7.0	−6.5	−6.6	−6.6	−6.6
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	75.6	−594	−21.3	−127	−76.2	−54.8
Cash from financing	38.6	−613	37.7	−234	−107	−123
Foreign exchange effects	−3.3	2.7	1.3	4.3	−1.6	−2.1
Net change in cash	43.9	24.2	4.7	−61.8	31.6	18.9
Free cash flow	212	247	296	251	265	210

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.