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How does MRG-UN.TO make money? Does MRG-UN.TO have pricing power? What's the Earnings Whisper? Will MRG-UN.TO profit more as the business scales? What is MRG-UN.TO's management track record? Is MRG-UN.TO's current price justified?

Morguard North American Residential Real Estate Investment Trust

CAD 15.12 -$2.25 (-12.95%)

TSX · 14 Sep 2026 20:00 UTC

Previous Close

CAD 15.27

Day Range

CAD 15.11CAD 15.35

Year Range

CAD 15.1CAD 19.05

Market Cap

528.37M

AVG Volume

27.23K

Trailing/Forward PE

8.22/11.37

PEG ratio

-0.36

Dividend Yield

5.19%

Next Earnings Date

2026-10-26

Primary Exchange

Toronto Stock Exchange

Revenue (CAD)

MRG-UN.TO Revenue (CAD) by year
Period	Revenue (CAD)
2025	354.65M
2024	344.19M
2023	331.62M
2022	278.49M
2021	245.57M
2020	248.68M
2019	245.6M
2018	241.37M
2017	226.5M
2016	218.47M

Net Income (CAD)

MRG-UN.TO Net Income (CAD) by year
Period	Net Income (CAD)
2025	102.97M
2024	101.86M
2023	176.34M
2022	219.28M
2021	242.09M
2020	175.22M
2019	76.81M
2018	172.22M
2017	160.44M
2016	29.26M

Operating Income (CAD)

MRG-UN.TO Operating Income (CAD) by year
Period	Operating Income (CAD)
2025	189.73M
2024	191.84M
2023	180.24M
2022	-197.09M
2021	129.5M
2020	135.53M
2019	132.86M
2018	131.69M
2017	122.74M
2016	115.29M

EBITDA (CAD)

MRG-UN.TO EBITDA (CAD) by year
Period	EBITDA (CAD)
2025	172.42M
2024	209.29M
2023	254.03M
2022	571.46M
2021	356.86M
2020	227.29M
2019	155.42M
2018	175.47M
2017	158.22M
2016	130.18M

Cash Flows (CAD)

MRG-UN.TO Cash Flows (CAD) by year
Period	Cash Flows (CAD)
2025	87.76M
2024	97.5M
2023	88.97M
2022	75.17M
2021	63.7M
2020	50.13M
2019	57.2M
2018	34.67M
2017	-296.95M
2016	-35.2M

EPS (CAD)

MRG-UN.TO EPS (CAD) by year
Period	EPS (CAD)
2025	2.54
2024	2.72
2023	4.68
2022	5.44
2021	6.19
2020	4.49
2019	2.15
2018	5.1
2017	4.76
2016	0.89

Expenses (CAD)

MRG-UN.TO Expenses (CAD) by year
Period	Expenses (CAD)
2025	11.85M
2024	22.18M
2023	21.98M
2022	19.36M
2021	13.65M
2020	13.63M
2019	18.29M
2018	37.57M
2017	367.8M
2016	98.88M

Cash & Debt (CAD)

MRG-UN.TO Cash & Debt (CAD) by year
Period	Cash & Debt (CAD)
2025	114.63M
2024	51.26M
2023	17.82M
2022	14.64M
2021	26.56M
2020	27.3M
2019	17.75M
2018	16.79M
2017	25.12M
2016	7.59M

Debt ratios

MRG-UN.TO Debt ratios by year
Period	Debt ratios
2025	1.37
2024	1.25
2023	1.1
2022	1.12
2021	1.48
2020	1.79
2019	2.11
2018	2.43

Margins

MRG-UN.TO Margins by year
Period	Margins
2025	46.95%
2024	48.84%
2023	47.72%
2022	47.35%
2021	46.87%
2020	48.37%
2019	48.26%
2018	48.86%
2017	48.62%
2016	47.29%

Return on Capital

MRG-UN.TO Return on Capital by year
Period	Return on Capital
2025	4.89%
2024	4.82%
2023	9%
2022	11.82%
2021	15.5%
2020	13%
2019	6.27%
2018	15.27%
2017	17.48%
2016	4.28%

Shares Outstanding

MRG-UN.TO Shares Outstanding by year
Period	Shares Outstanding
2025	52.2M
2024	36.99M
2023	37.69M
2022	37.69M
2021	39.05M
2020	39.02M
2019	38.98M
2018	33.72M
2017	33.69M
2016	33.67M

Dividends (CAD)

MRG-UN.TO Dividends (CAD) by year
Period	Dividends (CAD)
2026	0.53
2025	0.76
2024	0.74
2023	0.72
2022	0.7
2021	0.7
2020	0.7
2019	0.68
2018	0.66
2017	0.64

Book Value Per Share (CAD)

MRG-UN.TO Book Value Per Share (CAD) by year
Period	Book Value Per Share (CAD)
2025	40.35
2024	57.1
2023	51.99
2022	49.23
2021	39.98
2020	34.54
2019	31.45
2018	33.44
2017	27.24
2016	20.32

Total Assets (CAD)

MRG-UN.TO Total Assets (CAD) by year
Period	Total Assets (CAD)
2025	4.54B
2024	4.57B
2023	4.1B
2022	3.93B
2021	3.47B
2020	3.08B
2019	3.03B
2018	3.01B
2017	2.65B
2016	2.29B

PE Ratio

MRG-UN.TO PE Ratio by year
Period	PE Ratio
Sep 26	7.71
Sep 26	7.79
Sep 26	8.03
Aug 26	8.15
Aug 26	8.22
Aug 26	8.35
Aug 26	8.36
Jul 26	8.29
Jul 26	8.53
Jul 26	8.59
Jul 26	8.65
Jul 26	8.84
Jun 26	8.68
Jun 26	8.57
Jun 26	8.67
Jun 26	8.48
May 26	8.57
May 26	8.39
May 26	8.35
May 26	8.62
May 26	8.51
Apr 26	8.93
Apr 26	9.05
Apr 26	8.79
Apr 26	8.67
Mar 26	6.99
Mar 26	6.94
Mar 26	7.25
Mar 26	7.63
Feb 26	7.92
Feb 26	7.91
Feb 26	7.9
Feb 26	7.75
Jan 26	7.72
Jan 26	7.79
Jan 26	7.75
Jan 26	7.69
Jan 26	7.34
Dec 25	6.42
Dec 25	6.5
Dec 25	6.37
Dec 25	6.16
Nov 25	6.39
Nov 25	6.33
Nov 25	6.49
Nov 25	6.52
Oct 25	6.48
Oct 25	6.74
Oct 25	6.62
Oct 25	6.73
Oct 25	6.84
Sep 25	8.52
Sep 25	8.61
Sep 25	8.71
Sep 25	8.74
Aug 25	8.85
Aug 25	8.89
Aug 25	8.41
Aug 25	8.32
Aug 25	8.48
Jul 25	8.47
Jul 25	8.55
Jul 25	8.69
Jul 25	8.64
Jun 25	6.66
Jun 25	6.63
Jun 25	6.66
Jun 25	6.69
May 25	6.63
May 25	6.25
May 25	6.35
May 25	6.32
May 25	6.27
Apr 25	6.11
Apr 25	6.11
Apr 25	5.84
Apr 25	5.93
Mar 25	8.31
Mar 25	8.34
Mar 25	8.27
Mar 25	8.29
Feb 25	8.01
Feb 25	7.94
Feb 25	7.91
Feb 25	8.23
Jan 25	8.09
Jan 25	8.14
Jan 25	8.1
Jan 25	8.48
Jan 25	8.44
Dec 24	4.63
Dec 24	4.66
Dec 24	4.83
Dec 24	5
Nov 24	5.01
Nov 24	4.92
Nov 24	4.97
Nov 24	4.91
Nov 24	4.79
Oct 24	5.07

Free Cash Flow Yield

MRG-UN.TO Free Cash Flow Yield by year
Period	Free Cash Flow Yield
Sep 26	11.42%
Sep 26	11.31%
Sep 26	10.97%
Aug 26	10.8%
Aug 26	10.71%
Aug 26	10.54%
Aug 26	10.54%
Jul 26	10.63%
Jul 26	10.33%
Jul 26	10.26%
Jul 26	10.18%
Jul 26	9.97%
Jun 26	9.82%
Jun 26	9.95%
Jun 26	9.83%
Jun 26	10.05%
May 26	9.95%
May 26	10.15%
May 26	10.2%
May 26	9.89%
May 26	10.01%
Apr 26	9.55%
Apr 26	9.42%
Apr 26	9.7%
Apr 26	9.83%
Mar 26	11.15%
Mar 26	11.24%
Mar 26	10.75%
Mar 26	10.21%
Feb 26	9.83%
Feb 26	9.85%
Feb 26	9.87%
Feb 26	10.05%
Jan 26	10.1%
Jan 26	10%
Jan 26	10.06%
Jan 26	10.14%
Jan 26	10.62%
Dec 25	15.22%
Dec 25	15.03%
Dec 25	15.34%
Dec 25	15.85%
Nov 25	15.3%
Nov 25	15.43%
Nov 25	15.05%
Nov 25	14.99%
Oct 25	15.07%
Oct 25	14.49%
Oct 25	14.75%
Oct 25	14.52%
Oct 25	14.29%
Sep 25	9.69%
Sep 25	9.6%
Sep 25	9.48%
Sep 25	9.45%
Aug 25	9.33%
Aug 25	9.3%
Aug 25	9.82%
Aug 25	9.93%
Aug 25	9.74%
Jul 25	9.75%
Jul 25	9.66%
Jul 25	9.51%
Jul 25	9.56%
Jun 25	14.38%
Jun 25	14.44%
Jun 25	14.38%
Jun 25	14.31%
May 25	14.44%
May 25	15.33%
May 25	15.06%
May 25	15.15%
May 25	15.26%
Apr 25	15.66%
Apr 25	15.66%
Apr 25	16.38%
Apr 25	16.14%
Mar 25	13.65%
Mar 25	13.6%
Mar 25	13.73%
Mar 25	13.7%
Feb 25	14.17%
Feb 25	14.29%
Feb 25	14.34%
Feb 25	13.78%
Jan 25	14.02%
Jan 25	13.95%
Jan 25	14%
Jan 25	13.38%
Jan 25	13.45%
Dec 24	13.51%
Dec 24	13.41%
Dec 24	12.94%
Dec 24	12.51%
Nov 24	12.46%
Nov 24	12.7%
Nov 24	12.57%
Nov 24	12.73%
Nov 24	13.05%
Oct 24	12.32%

Price to Sales

MRG-UN.TO Price to Sales by year
Period	Price to Sales
Sep 26	2.25
Sep 26	2.27
Sep 26	2.34
Aug 26	2.38
Aug 26	2.4
Aug 26	2.44
Aug 26	2.44
Jul 26	2.42
Jul 26	2.49
Jul 26	2.5
Jul 26	2.52
Jul 26	2.58
Jun 26	2.52
Jun 26	2.49
Jun 26	2.52
Jun 26	2.46
May 26	2.49
May 26	2.44
May 26	2.43
May 26	2.5
May 26	2.47
Apr 26	2.59
Apr 26	2.63
Apr 26	2.55
Apr 26	2.52
Mar 26	2.44
Mar 26	2.42
Mar 26	2.53
Mar 26	2.66
Feb 26	2.77
Feb 26	2.76
Feb 26	2.76
Feb 26	2.71
Jan 26	2.69
Jan 26	2.72
Jan 26	2.7
Jan 26	2.68
Jan 26	2.56
Dec 25	1.73
Dec 25	1.75
Dec 25	1.72
Dec 25	1.66
Nov 25	1.72
Nov 25	1.71
Nov 25	1.75
Nov 25	1.76
Oct 25	1.75
Oct 25	1.82
Oct 25	1.79
Oct 25	1.81
Oct 25	1.84
Sep 25	2.78
Sep 25	2.81
Sep 25	2.85
Sep 25	2.85
Aug 25	2.89
Aug 25	2.9
Aug 25	2.75
Aug 25	2.72
Aug 25	2.77
Jul 25	2.77
Jul 25	2.79
Jul 25	2.84
Jul 25	2.82
Jun 25	1.97
Jun 25	1.96
Jun 25	1.97
Jun 25	1.98
May 25	1.96
May 25	1.85
May 25	1.88
May 25	1.87
May 25	1.86
Apr 25	1.81
Apr 25	1.81
Apr 25	1.73
Apr 25	1.75
Mar 25	1.91
Mar 25	1.92
Mar 25	1.9
Mar 25	1.9
Feb 25	1.84
Feb 25	1.82
Feb 25	1.82
Feb 25	1.89
Jan 25	1.86
Jan 25	1.87
Jan 25	1.86
Jan 25	1.95
Jan 25	1.94
Dec 24	1.9
Dec 24	1.92
Dec 24	1.99
Dec 24	2.06
Nov 24	2.06
Nov 24	2.03
Nov 24	2.05
Nov 24	2.02
Nov 24	1.97
Oct 24	2.09

EV/EBITDA

MRG-UN.TO EV/EBITDA by year
Period	EV/EBITDA
Sep 26	11.27
Sep 26	11.31
Sep 26	11.42
Aug 26	11.48
Aug 26	11.51
Aug 26	11.57
Aug 26	11.57
Jul 26	11.54
Jul 26	11.65
Jul 26	11.68
Jul 26	11.71
Jul 26	11.8
Jun 26	14.79
Jun 26	14.72
Jun 26	14.78
Jun 26	14.67
May 26	14.72
May 26	14.62
May 26	14.59
May 26	14.75
May 26	14.69
Apr 26	14.94
Apr 26	15.01
Apr 26	14.85
Apr 26	14.78
Mar 26	14.53
Mar 26	14.49
Mar 26	14.71
Mar 26	14.98
Feb 26	15.18
Feb 26	15.17
Feb 26	15.16
Feb 26	15.06
Jan 26	15.04
Jan 26	15.09
Jan 26	15.06
Jan 26	15.01
Jan 26	14.77
Dec 25	13.23
Dec 25	13.28
Dec 25	13.21
Dec 25	13.09
Nov 25	13.22
Nov 25	13.18
Nov 25	13.27
Nov 25	13.29
Oct 25	13.27
Oct 25	13.41
Oct 25	13.34
Oct 25	13.4
Oct 25	13.46
Sep 25	15.53
Sep 25	15.58
Sep 25	15.65
Sep 25	15.67
Aug 25	15.74
Aug 25	15.76
Aug 25	15.45
Aug 25	15.39
Aug 25	15.5
Jul 25	15.5
Jul 25	15.55
Jul 25	15.63
Jul 25	15.6
Jun 25	11.55
Jun 25	11.54
Jun 25	11.55
Jun 25	11.57
May 25	11.54
May 25	11.35
May 25	11.41
May 25	11.39
May 25	11.37
Apr 25	11.29
Apr 25	11.29
Apr 25	11.16
Apr 25	11.2
Mar 25	12.18
Mar 25	12.19
Mar 25	12.16
Mar 25	12.17
Feb 25	12.05
Feb 25	12.02
Feb 25	12.01
Feb 25	12.15
Jan 25	12.09
Jan 25	12.1
Jan 25	12.09
Jan 25	12.25
Jan 25	12.23
Dec 24	12.22
Dec 24	12.24
Dec 24	12.38
Dec 24	12.5
Nov 24	12.52
Nov 24	12.44
Nov 24	12.48
Nov 24	12.44
Nov 24	12.34
Oct 24	12.56

Price/Operating Cashflow

MRG-UN.TO Price/Operating Cashflow by year
Period	Price/Operating Cashflow
Sep 26	8.75
Sep 26	8.84
Sep 26	9.11
Aug 26	9.26
Aug 26	9.33
Aug 26	9.48
Aug 26	9.49
Jul 26	9.41
Jul 26	9.68
Jul 26	9.75
Jul 26	9.83
Jul 26	10.03
Jun 26	10.18
Jun 26	10.05
Jun 26	10.17
Jun 26	9.95
May 26	10.05
May 26	9.85
May 26	9.8
May 26	10.11
May 26	9.99
Apr 26	10.47
Apr 26	10.62
Apr 26	10.31
Apr 26	10.17
Mar 26	8.97
Mar 26	8.9
Mar 26	9.3
Mar 26	9.79
Feb 26	10.17
Feb 26	10.15
Feb 26	10.13
Feb 26	9.95
Jan 26	9.9
Jan 26	10
Jan 26	9.94
Jan 26	9.86
Jan 26	9.42
Dec 25	6.57
Dec 25	6.65
Dec 25	6.52
Dec 25	6.31
Nov 25	6.54
Nov 25	6.48
Nov 25	6.64
Nov 25	6.67
Oct 25	6.64
Oct 25	6.9
Oct 25	6.78
Oct 25	6.89
Oct 25	7
Sep 25	10.32
Sep 25	10.42
Sep 25	10.55
Sep 25	10.58
Aug 25	10.72
Aug 25	10.76
Aug 25	10.18
Aug 25	10.07
Aug 25	10.27
Jul 25	10.26
Jul 25	10.35
Jul 25	10.52
Jul 25	10.46
Jun 25	6.95
Jun 25	6.92
Jun 25	6.95
Jun 25	6.99
May 25	6.92
May 25	6.52
May 25	6.64
May 25	6.6
May 25	6.55
Apr 25	6.38
Apr 25	6.38
Apr 25	6.1
Apr 25	6.19
Mar 25	7.33
Mar 25	7.35
Mar 25	7.28
Mar 25	7.3
Feb 25	7.06
Feb 25	7
Feb 25	6.97
Feb 25	7.26
Jan 25	7.13
Jan 25	7.17
Jan 25	7.14
Jan 25	7.47
Jan 25	7.44
Dec 24	7.4
Dec 24	7.46
Dec 24	7.73
Dec 24	7.99
Nov 24	8.02
Nov 24	7.87
Nov 24	7.95
Nov 24	7.86
Nov 24	7.67
Oct 24	8.12

Price to Book

MRG-UN.TO Price to Book by year
Period	Price to Book
Sep 26	0.37
Sep 26	0.37
Sep 26	0.38
Aug 26	0.39
Aug 26	0.39
Aug 26	0.4
Aug 26	0.4
Jul 26	0.39
Jul 26	0.4
Jul 26	0.41
Jul 26	0.41
Jul 26	0.42
Jun 26	0.42
Jun 26	0.42
Jun 26	0.42
Jun 26	0.41
May 26	0.42
May 26	0.41
May 26	0.41
May 26	0.42
May 26	0.42
Apr 26	0.44
Apr 26	0.44
Apr 26	0.43
Apr 26	0.42
Mar 26	0.41
Mar 26	0.41
Mar 26	0.43
Mar 26	0.45
Feb 26	0.47
Feb 26	0.46
Feb 26	0.46
Feb 26	0.46
Jan 26	0.45
Jan 26	0.46
Jan 26	0.46
Jan 26	0.45
Jan 26	0.43
Dec 25	0.29
Dec 25	0.3
Dec 25	0.29
Dec 25	0.28
Nov 25	0.29
Nov 25	0.29
Nov 25	0.3
Nov 25	0.3
Oct 25	0.3
Oct 25	0.31
Oct 25	0.3
Oct 25	0.31
Oct 25	0.31
Sep 25	0.46
Sep 25	0.46
Sep 25	0.47
Sep 25	0.47
Aug 25	0.47
Aug 25	0.48
Aug 25	0.45
Aug 25	0.45
Aug 25	0.45
Jul 25	0.45
Jul 25	0.46
Jul 25	0.47
Jul 25	0.46
Jun 25	0.32
Jun 25	0.32
Jun 25	0.32
Jun 25	0.32
May 25	0.32
May 25	0.3
May 25	0.31
May 25	0.3
May 25	0.3
Apr 25	0.29
Apr 25	0.29
Apr 25	0.28
Apr 25	0.29
Mar 25	0.33
Mar 25	0.33
Mar 25	0.32
Mar 25	0.32
Feb 25	0.31
Feb 25	0.31
Feb 25	0.31
Feb 25	0.32
Jan 25	0.32
Jan 25	0.32
Jan 25	0.32
Jan 25	0.33
Jan 25	0.33
Dec 24	0.31
Dec 24	0.32
Dec 24	0.33
Dec 24	0.34
Nov 24	0.34
Nov 24	0.33
Nov 24	0.34
Nov 24	0.33
Nov 24	0.33
Oct 24	0.34

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AI Analysis

Morguard North American Residential Real Estate Investment Trust

Video analysis: MRG-UN.TO

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