Mullen Group (TSE:MTL) Announces Quarterly Earnings Results

Mullen Group (TSE:MTL) announced its quarterly earnings data on Thursday. The company reported C$0.15 earnings per share (EPS) for the quarter, FiscalAI reports. Mullen Group had a return on equity of 12.39% and a net margin of 6.18%.The firm had revenue of C$533.88 million during the quarter.

Here are the key takeaways from Mullen Group’s conference call:

• 2025 was “challenging” across all four segments with essentially no organic growth and downward pricing pressure, forcing business units to tighten operations to mitigate market weakness.
• Management completed two acquisitions in 2025 (including taking full ownership of Thrive) that contributed to record revenues, and says the balance sheet is positioned to support further targeted M&A.
• Industry dynamics differ by region — the U.S. is showing tangible capacity tightening and spot-rate improvement, but Canada has not yet seen meaningful tightening and management says March will be a key month to gauge recovery.
• The 2026 plan targets roughly 10% top-line growth driven mainly by recent and planned acquisitions and timing of prior buys, with management forecasting flat LTL, growth in logistics/warehousing and US 3PL, and modest improvement in Specialized/S&I activity.

Mullen Group Stock Down 9.3%

Shares of MTL traded down C$1.64 during mid-day trading on Thursday, hitting C$16.05. 421,786 shares of the company’s stock were exchanged, compared to its average volume of 269,805. The stock has a market cap of C$1.40 billion, a price-to-earnings ratio of 15.14, a P/E/G ratio of 1.81 and a beta of 0.78. The firm has a fifty day moving average of C$16.29 and a two-hundred day moving average of C$14.78. The company has a quick ratio of 1.06, a current ratio of 1.62 and a debt-to-equity ratio of 120.69. Mullen Group has a twelve month low of C$11.81 and a twelve month high of C$17.74.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Canadian Imperial Bank of Commerce increased their price target on shares of Mullen Group from C$15.00 to C$17.00 in a research report on Thursday, January 8th. Raymond James Financial lowered shares of Mullen Group from a “moderate buy” rating to a “hold” rating in a research note on Monday, December 8th. National Bank Financial increased their target price on shares of Mullen Group from C$16.50 to C$19.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 20th. Scotiabank boosted their price target on shares of Mullen Group from C$16.00 to C$18.50 and gave the company a “sector perform” rating in a report on Wednesday, January 21st. Finally, TD Securities upped their price target on shares of Mullen Group from C$19.00 to C$20.00 and gave the stock a “buy” rating in a research note on Thursday, October 23rd. Five research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of C$17.95.

Mullen Group Company Profile

Mullen Group is a public company with a long history of acquiring companies in the transportation and logistics industries. Today, we have one of the largest portfolios of logistics companies in North America, providing a wide range of transportation, warehousing and distribution services through a network of independently operated businesses. Service offerings include less-than-truckload, customs brokerage, truckload, warehousing, logistics, transload, oversized, third-party logistics and specialized hauling transportation.