Morguard North American Residential Real Estate Investment Trust
TSX:MRG.UN

Watchlist Manager
Morguard North American Residential Real Estate Investment Trust Logo
Morguard North American Residential Real Estate Investment Trust
TSX:MRG.UN
Watchlist
Price: 17.47 CAD 1.63% Market Closed
Market Cap: 610.2m CAD
Financials Section:
Income Statement Balance Sheet Cash Flow Statement

Income Statement

Revenue
+
3Y
+33%
5Y
+42%
10Y
+86%
Operating Income
+
3Y
+29%
5Y
+36%
10Y
+88%
Net Income
+
3Y
-76%
5Y
-39%
10Y
+163%

Earnings Waterfall
Morguard North American Residential Real Estate Investment Trust

Revenue
354.4m CAD
Cost of Revenue
-145.7m CAD
Gross Profit
208.6m CAD
Operating Expenses
-22.6m CAD
Operating Income
186m CAD
Other Expenses
-62.3m CAD
Net Income
123.7m CAD

Income Statement
Morguard North American Residential Real Estate Investment Trust

Rotate your device to view
Income Statement
Currency: CAD
Dec-2011 Mar-2012 Jun-2012 Sep-2012 Dec-2012 Mar-2013 Jun-2013 Sep-2013 Dec-2013 Mar-2014 Jun-2014 Sep-2014 Dec-2014 Mar-2015 Jun-2015 Sep-2015 Dec-2015 Mar-2016 Jun-2016 Sep-2016 Dec-2016 Mar-2017 Jun-2017 Sep-2017 Dec-2017 Mar-2018 Jun-2018 Sep-2018 Dec-2018 Mar-2019 Jun-2019 Sep-2019 Dec-2019 Mar-2020 Jun-2020 Sep-2020 Dec-2020 Mar-2021 Jun-2021 Sep-2021 Dec-2021 Mar-2022 Jun-2022 Sep-2022 Dec-2022 Mar-2023 Jun-2023 Sep-2023 Dec-2023 Mar-2024 Jun-2024 Sep-2024 Dec-2024 Mar-2025 Jun-2025 Sep-2025
Revenue
Interest Expense
17
17
20
23
26
30
35
39
43
51
56
61
66
66
67
68
68
64
60
56
72
71
69
69
50
51
53
53
54
54
53
53
52
45
46
46
52
51
50
50
53
53
54
56
54
56
59
61
64
65
67
69
70
73
0
0
Revenue
72
N/A
73
+1%
74
+2%
77
+3%
80
+5%
87
+8%
102
+18%
123
+20%
143
+16%
161
+13%
169
+5%
172
+1%
175
+2%
180
+3%
184
+2%
191
+4%
198
+4%
205
+3%
211
+3%
216
+2%
219
+1%
220
+1%
223
+2%
225
+1%
227
+1%
229
+1%
232
+1%
236
+2%
241
+2%
246
+2%
247
+0%
246
0%
246
0%
246
+0%
248
+1%
249
+0%
249
0%
247
-1%
243
-1%
243
0%
246
+1%
251
+2%
258
+3%
267
+3%
278
+4%
293
+5%
309
+5%
322
+4%
332
+3%
337
+2%
339
+1%
341
+1%
344
+1%
350
+2%
352
+1%
354
+1%
Gross Profit
Cost of Revenue
(27)
(27)
(26)
(28)
(30)
(34)
(41)
(49)
(57)
(72)
(73)
(71)
(69)
(72)
(73)
(75)
(77)
(82)
(84)
(86)
(84)
(85)
(85)
(86)
(86)
(88)
(88)
(89)
(91)
(96)
(96)
(97)
(95)
(95)
(95)
(95)
(96)
(95)
(96)
(97)
(98)
(101)
(103)
(104)
(107)
(119)
(124)
(129)
(131)
(134)
(136)
(138)
(141)
(146)
(146)
(146)
Gross Profit
45
N/A
46
+2%
48
+4%
49
+3%
51
+3%
53
+4%
61
+16%
74
+21%
86
+17%
89
+3%
97
+9%
101
+4%
106
+5%
108
+2%
111
+3%
116
+4%
121
+5%
123
+1%
127
+3%
130
+3%
134
+3%
135
+0%
138
+2%
139
+1%
141
+1%
141
+0%
144
+2%
148
+3%
150
+2%
150
0%
150
+0%
150
0%
151
+1%
151
0%
153
+2%
154
+1%
153
-1%
152
-1%
148
-3%
146
-1%
147
+1%
150
+2%
155
+4%
163
+5%
171
+5%
174
+2%
185
+6%
193
+4%
201
+4%
202
+1%
203
+1%
204
+0%
203
0%
204
+1%
206
+1%
209
+1%
Operating Income
Operating Expenses
(9)
(9)
(9)
(9)
(10)
(10)
(11)
(12)
(13)
(14)
(15)
(15)
(16)
(16)
(17)
(17)
(17)
(17)
(18)
(19)
(19)
(19)
(19)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(17)
(18)
(18)
(18)
(6)
(6)
(6)
(18)
(18)
(19)
(19)
(20)
(21)
(21)
(21)
(21)
(21)
(21)
(21)
(21)
(22)
(22)
(23)
Selling, General & Administrative
(9)
(9)
(9)
(9)
(10)
(10)
(11)
(12)
(13)
(14)
(15)
(15)
(16)
(16)
(17)
(17)
(17)
(17)
(18)
(19)
(19)
(19)
(19)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(17)
(18)
(18)
(18)
(6)
(6)
(6)
(18)
(18)
(19)
(19)
(20)
(21)
(21)
(21)
(21)
(21)
(21)
(21)
(21)
(22)
(22)
(23)
Depreciation & Amortization
0
(0)
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Operating Income
36
N/A
37
+2%
39
+5%
40
+3%
41
+4%
43
+4%
50
+17%
62
+23%
74
+19%
75
+1%
82
+10%
86
+4%
90
+5%
91
+1%
95
+3%
99
+5%
104
+5%
105
+1%
109
+3%
112
+3%
115
+3%
116
+1%
119
+3%
121
+2%
123
+1%
123
+0%
126
+3%
129
+2%
132
+2%
131
0%
132
+1%
132
0%
133
+1%
133
+0%
136
+2%
136
+1%
136
-1%
145
+7%
141
-3%
140
-1%
129
-7%
132
+2%
137
+4%
145
+6%
151
+5%
153
+1%
164
+7%
172
+5%
180
+5%
182
+1%
183
+1%
182
0%
181
0%
181
0%
184
+1%
186
+1%
Pre-Tax Income
Interest Income Expense
66
47
57
92
79
67
69
47
(2)
12
(16)
(29)
(36)
(56)
(26)
(27)
(38)
(46)
(71)
(55)
(55)
(35)
20
(5)
53
145
103
115
93
4
23
(2)
(20)
79
51
104
54
(11)
(1)
53
208
389
545
530
184
15
(83)
(161)
46
29
(16)
(60)
(36)
(26)
(49)
(27)
Non-Reccuring Items
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
(0)
0
0
0
0
0
(0)
(1)
(1)
(1)
(0)
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
(0)
(0)
(0)
0
0
0
Total Other Income
0
0
(1)
(1)
(1)
(2)
(2)
(4)
(5)
(2)
1
5
11
10
10
9
7
1
(5)
(11)
4
3
1
(2)
(22)
(22)
(23)
(23)
(26)
(29)
(29)
(30)
(26)
(28)
(29)
(28)
(25)
(39)
(39)
(39)
(27)
(30)
(26)
(26)
(26)
(25)
(30)
(31)
(33)
(34)
(33)
(35)
(32)
(31)
(31)
(29)
Pre-Tax Income
102
N/A
84
-18%
96
+14%
130
+36%
119
-9%
108
-9%
117
+9%
105
-11%
66
-37%
85
+28%
67
-21%
62
-7%
65
+5%
46
-30%
78
+70%
81
+4%
73
-10%
61
-17%
33
-46%
47
+43%
65
+39%
84
+29%
140
+67%
114
-18%
154
+35%
247
+61%
207
-16%
221
+7%
198
-10%
106
-47%
126
+19%
100
-21%
86
-14%
184
+112%
158
-14%
213
+35%
165
-23%
95
-42%
101
+6%
154
+52%
310
+102%
491
+58%
656
+34%
648
-1%
310
-52%
144
-54%
51
-65%
(20)
N/A
193
N/A
177
-8%
133
-25%
88
-34%
113
+29%
124
+10%
104
-16%
130
+26%
Net Income
Tax Provision
(15)
(13)
62
62
74
75
(3)
(6)
(9)
(14)
(18)
(20)
(26)
(26)
(29)
(34)
(33)
(35)
(33)
(36)
(33)
(25)
(26)
(18)
20
4
2
5
(24)
(8)
(6)
(6)
(6)
(10)
(7)
(7)
2
2
(3)
(23)
(66)
(103)
(121)
(119)
(70)
(41)
(27)
2
(8)
(1)
6
(7)
(13)
(11)
(11)
(6)
Income from Continuing Operations
87
71
158
192
192
182
114
99
58
71
49
42
39
19
49
48
40
26
(0)
10
32
59
114
96
173
251
209
226
175
98
120
94
80
174
151
206
167
97
98
131
245
389
535
530
240
103
24
(18)
185
176
139
81
99
113
92
124
Income to Minority Interest
0
(0)
(1)
(3)
(4)
(4)
(3)
(2)
(1)
(1)
(1)
(1)
(1)
(0)
(1)
(1)
(1)
(1)
(2)
(2)
(3)
(3)
(5)
(4)
(13)
(14)
(14)
(17)
(3)
(1)
(0)
3
(3)
(4)
(2)
(3)
8
9
7
5
(3)
(11)
(14)
(22)
(20)
(16)
(19)
(6)
(9)
(3)
1
(3)
2
1
3
(0)
Net Income (Common)
87
N/A
70
-19%
156
+122%
190
+21%
188
-1%
178
-5%
111
-38%
96
-13%
56
-41%
69
+23%
48
-31%
41
-15%
38
-6%
19
-51%
48
+155%
47
-2%
39
-17%
24
-37%
(2)
N/A
8
N/A
29
+250%
56
+90%
110
+97%
92
-16%
160
+74%
237
+48%
195
-18%
209
+7%
172
-18%
97
-44%
120
+24%
97
-20%
77
-21%
170
+121%
149
-12%
203
+36%
175
-14%
106
-40%
105
-1%
137
+30%
242
+77%
378
+56%
521
+38%
508
-3%
219
-57%
86
-61%
5
-94%
(25)
N/A
176
N/A
173
-2%
140
-19%
78
-44%
102
+30%
114
+12%
95
-17%
124
+30%
EPS (Diluted)
11.57
N/A
2.76
-76%
5.23
+89%
6.74
+29%
6.07
-10%
4.48
-26%
2.2
-51%
1.91
-13%
1.18
-38%
1.38
+17%
0.95
-31%
0.81
-15%
0.76
-6%
0.4
-47%
0.94
+135%
0.92
-2%
0.77
-16%
0.52
-32%
-0.03
N/A
0.16
N/A
0.58
+263%
1.02
+76%
2
+96%
1.68
-16%
2.93
+74%
4.27
+46%
3.55
-17%
3.8
+7%
3.12
-18%
1.75
-44%
2.17
+24%
1.82
-16%
1.35
-26%
2.8
+107%
2.45
-13%
3.35
+37%
2.9
-13%
1.75
-40%
1.74
-1%
2.26
+30%
4
+77%
6.24
+56%
9.26
+48%
8.38
-10%
3.62
-57%
1.41
-61%
0.08
-94%
-0.42
N/A
3.01
N/A
3.01
N/A
2.44
-19%
1.44
-41%
1.8
+25%
2.05
+14%
1.73
-16%
2.26
+31%

See Also

Summary
MRG.UN intrinsic value, competitors valuation, and company profile.
DCF Valuation
MRG.UN stock valuation using Discount Cash Flow valuation method.
Relative Valuation
MRG.UN stock valuation using valuation multiples.
Wall Street Estimates
MRG.UN price targets and financial estimates made by Wall st analysts.
Profitability Analysis
Detailed analysis of the company's profitability.
Solvency Analysis
Analysis of the financial position and solvency of the company.
Financials
Income Statement, Balance Sheet, Cash Flow Statement.
Discount Rate
MRG.UN stock discount rate: cost of equity and WACC.
Summary
DCF Valuation
Relative Valuation
Wall Street Estimates
Profitability Analysis
Solvency Analysis
Financials
Discount Rate
Discover More
ALPHA SPREAD
Follow us
Join more than 303,700+ value investors using Alpha Spread
Create Free Account
or see our plans & pricing

Company

About Us Careers Pricing Affiliate Program Terms of Service Privacy Policy

Help

What is Intrinsic Value? Help Center Contact Us

Tools

Stock Screener Intrinsic Value Calculator DCF Value Calculator Discount Rate Calculator

Stocks

Most Undervalued Stocks Wide Economic Moat Stocks High Profitability Stocks High Solvency Stocks Most Popular Stocks

© 2025 Alpha Spread Limited. All Rights Reserved.

www.alphaspread.com is not operated by a broker, a dealer, or a registered investment adviser. Under no circumstances does any information posted on www.alphaspread.com represent a recommendation to buy or sell a security. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute, investment advice or recommendations. The information on this site is in no way guaranteed for completeness, accuracy or in any other way. In no event shall Alpha Spread Limited be liable to any member, guest or third party for any damages of any kind arising out of the use of any content or other material published or available on www.alphaspread.com, or relating to the use of, or inability to use, www.alphaspread.com or any content, including, without limitation, any investment losses, lost profits, lost opportunity, special, incidental, indirect, consequential or punitive damages. Past performance is a poor indicator of future performance.