Mullen Group (TSE:MTL) Posts Earnings Results

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

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 Up 4.8%

MTL traded up C$0.78 during trading on Friday, hitting C$16.89. 682,393 shares of the company’s stock were exchanged, compared to its average volume of 298,329. The stock has a market cap of C$1.47 billion, a P/E ratio of 15.93, a PEG ratio of 1.81 and a beta of 0.78. The business’s 50 day moving average is C$16.34 and its two-hundred day moving average is C$14.82. Mullen Group has a fifty-two week low of C$11.81 and a fifty-two week high of C$17.74. The company has a quick ratio of 1.06, a current ratio of 1.62 and a debt-to-equity ratio of 120.69.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. TD Securities increased their price target on Mullen Group from C$19.00 to C$20.00 and gave the company a “buy” rating in a research note on Thursday, October 23rd. BMO Capital Markets boosted their price target on Mullen Group from C$16.00 to C$18.00 in a report on Monday, December 8th. Raymond James Financial cut shares of Mullen Group from a “moderate buy” rating to a “hold” rating in a research report on Monday, December 8th. Canadian Imperial Bank of Commerce lifted their price target on shares of Mullen Group from C$15.00 to C$17.00 in a report on Thursday, January 8th. Finally, Royal Bank Of Canada lifted their price objective on Mullen Group from C$15.00 to C$17.00 and gave the stock an “outperform” rating in a research note on Thursday, October 23rd. Five investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of C$17.95.

About Mullen Group

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.