M 
Morguard Real Estate Investment Trust MRT.UN.TO · CAD
Real Estate · Toronto Stock Exchange · 🇨🇦 Canada
6.99
-0.43%
Close of 9 Nov 2026, in CAD
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At a glance
Figures in CAD, from our data supplier.
Revenue
C$239.3m
FY2016FY2025
Net income
−C$16.6m
FY2016FY2025
Free cash flow
C$40.4m
FY2016FY2025
Shareholders' equity
C$864.7m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | C$239.3m | C$259.2m | C$255.1m | C$242.6m | C$241.4m | C$253.8m | C$273.1m | C$276.5m | C$278.8m | C$280.7m |
| Gross profit | C$111.8m | C$128.5m | C$126.0m | C$122.3m | C$123.3m | C$138.6m | C$150.0m | C$152.1m | C$157.0m | C$160.5m |
| Operating income | C$107.9m | C$124.7m | C$122.1m | C$119.5m | C$121.4m | C$134.0m | C$144.7m | C$146.6m | C$151.9m | C$166.4m |
| Net income | −C$16.6m | −C$58.8m | −C$74.4m | −C$86.1m | C$4.9m | −C$357.4m | C$14.8m | C$73.0m | C$67.3m | C$57.2m |
| Diluted earnings per share | -0.25 | -0.92 | -1.16 | -1.34 | 0.08 | -5.75 | 0.24 | 0.98 | 0.91 | 0.79 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | C$2.16bn | C$2.17bn | C$2.28bn | C$2.38bn | C$2.49bn | C$2.56bn | C$2.94bn | C$2.98bn | C$2.92bn | C$3.03bn |
| Cash and short-term investments | C$7.1m | C$7.9m | C$7.3m | C$9.7m | C$11.3m | C$8.6m | C$5.8m | C$10.7m | C$14.8m | C$112.7m |
| Total liabilities | C$1.30bn | C$1.29bn | C$1.32bn | C$1.33bn | C$1.34bn | C$1.40bn | C$1.40bn | C$1.40bn | C$1.36bn | C$1.48bn |
| Debt | C$1.24bn | C$1.23bn | C$1.26bn | C$1.27bn | C$1.30bn | C$1.35bn | C$1.35bn | C$1.34bn | C$1.30bn | C$1.43bn |
| Shareholders' equity | C$864.7m | C$884.2m | C$961.2m | C$1.05bn | C$1.15bn | C$1.16bn | C$1.54bn | C$1.58bn | C$1.57bn | C$1.56bn |
| Shares outstanding | 65m | 64m | 64m | 64m | 64m | 62m | 61m | 74m | 74m | 72m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | C$40.4m | C$55.2m | C$66.3m | C$74.0m | C$80.2m | C$46.9m | C$89.4m | C$93.5m | C$100.8m | C$115.1m |
| Free cash flow | C$40.4m | C$55.2m | C$66.3m | C$74.0m | C$80.2m | C$46.9m | C$89.4m | C$93.5m | C$100.8m | C$115.1m |
| Dividends paid | −C$3.8m | −C$15.3m | −C$15.2m | −C$16.0m | −C$16.5m | −C$21.4m | −C$57.8m | −C$57.8m | −C$56.2m | −C$57.1m |
Latest quarters
By quarter end
| Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | Jun 2024 | Mar 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | C$63.0m | C$57.7m | C$58.3m | C$60.3m | C$67.4m | C$63.3m | C$64.0m | C$64.4m |
| Gross profit | C$29.2m | C$31.3m | C$25.7m | C$25.7m | C$33.5m | C$32.2m | C$31.8m | C$30.9m |
| Operating income | C$28.2m | C$30.3m | C$24.7m | C$24.8m | C$32.6m | C$31.3m | C$30.9m | C$29.9m |
| Net income | −C$7.9m | C$4.7m | −C$1.7m | −C$11.7m | −C$35.4m | C$15.6m | −C$2.2m | −C$36.8m |
| Diluted earnings per share | -0.12 | 0.07 | -0.03 | -0.18 | -0.55 | 0.16 | -0.03 | -0.57 |
| Cash from operations | C$14.0m | C$23.0m | — | C$2.0m | C$20.0m | C$21.0m | C$6.0m | C$6.0m |
| Total assets | C$2.16bn | C$2.18bn | C$2.18bn | C$2.17bn | C$2.17bn | C$2.22bn | C$2.21bn | C$2.25bn |
| Cash and short-term investments | C$7.1m | C$7.4m | C$6.5m | C$7.4m | C$7.9m | C$7.5m | C$7.2m | C$6.3m |
| Debt | C$833.3m | C$1.03bn | C$1.02bn | C$1.04bn | C$1.02bn | C$1.02bn | C$982.7m | C$931.8m |
| Shareholders' equity | C$864.7m | C$871.5m | C$867.7m | C$869.6m | C$884.2m | C$922.9m | C$914.5m | C$920.6m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -0.5% | -1.2% | -1.9% |
| Operating income | -3.3% | -4.2% | -4.0% |
| Net income | -42.3% | -45.9% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 48.2% | 49.0% | 50.3% | 53.1% |
| Operating margin | 46.7% | 47.6% | 48.9% | 51.9% |
| Net margin | -15.1% | -23.7% | -39.5% | -12.1% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -25.1 | -6.0 | -4.6 | -4.0 | 71.2 | -0.9 | 48.4 | 11.6 | 15.1 | 18.7 |
| Price to sales | 1.7 | 1.4 | 1.4 | 1.4 | 1.4 | 1.3 | 2.6 | 3.1 | 3.6 | 3.8 |
Dividends and splits
Per share, in the currency the company pays
Paid for 28 years. Last went ex-dividend on 29 Sept 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.18 | 0.24 | 0.30 | 0.24 | 0.24 | 0.295 | 0.64 | 0.96 |
- 1.01-for-1 split · 31 Dec 2024
- 1.019-for-1 split · 30 Dec 2021
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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