Melcor Developments Ltd. (TSX: MRD) reported third-quarter results after the market close on November 3, 2026. EPS was C$0.59, but the earnings calendar lists no estimate for the quarter, so there’s no basis for calling it a beat or miss. Supplemental reports show lower revenue and funds from operations (FFO), alongside reduced debt.
Revenue and FFO fell year over year, with lower U.S. land sales and property dispositions cited as factors. For Canadian investors, the key questions are whether land sales recover, recurring property income holds up and Melcor continues to reduce debt. See the MRD.TO stock page for company metrics and coverage.
Recent earnings trend
Melcor Developments Ltd.
MRD.TO
MRD.TO
Melcor Developments Ltd.
WealthAwesomeMarket cap
$572.10M
P/E
6.2x
52W high
$19.40
52W low
$13.72
1W change
+1.81%
Beta
1.02
Analyst Price Targets
Based on analyst covering MRD · as of Sep 17, 2026
Wall Street analysts forecast MRD stock price to fall 26.3% over the next 12 months.
Consensus
BearishBased on avg. target vs last close (formal rating unavailable for Canadian listings)
Avg. Target
C$14.00
-26.3% Upside
Current Price
C$18.99
Last close
Targets are snapshotted when they change. Unchanged figures keep their original date. Not financial advice.
Wealth Awesome Price Forecast
WA ModelStatistical 90-day price range based on MRD's historical volatility
30-Day Vol
15.2%
Annualized
90-Day Vol
17.3%
Annualized
Trend (90d)
+14.9%
Annualized drift
90d Mean
C$20.02
Expected price
| Horizon | Expected | 68% Range (1σ) |
|---|---|---|
| 30 trading days | C$19.33 | C$18.34 – C$20.37 |
| 60 trading days | C$19.67 | C$18.27 – C$21.18 |
| 90 trading days | C$20.02 | C$18.29 – C$21.92 |
Methodology: Range is calculated using 30-day realized volatility via geometric Brownian motion (log-normal model). 68% band = ±1σ, 95% band = ±2σ. This is a statistical model, not a prediction. Past volatility does not guarantee future results. Not financial advice.
Analyst coverage: 1 analyst(s) cover this name; upcoming EPS consensus is available.
Beat estimates in 1 of the last 4 comparable quarter(s).
| Fiscal period | Report date | Actual EPS | Estimate | Surprise |
|---|---|---|---|---|
| 2026-09-30 | 2026-11-03 | 0.5900 | — | — |
| 2026-06-30 | 2026-08-13 | 0.7319 | — | — |
| 2026-03-31 | 2026-05-07 | 0.7600 | — | — |
| 2025-12-31 | 2026-03-12 | 1.0515 | — | — |
| 2025-09-30 | 2025-11-06 | 0.4681 | — | — |
| 2025-06-30 | 2025-08-14 | 0.2404 | — | — |
Investor takeaway: The quarter was mixed. EPS came in at C$0.59, while supplemental coverage reports lower revenue and FFO. General debt also fell year over year. Since the calendar provides no EPS estimate, don’t treat the result as a beat or miss. Watch whether weaker U.S. land sales prove temporary and whether Alberta operations and debt reduction support the business.
C$0.59
This is the reported EPS for the quarter ended September 30, 2026. The calendar provides no estimate for the quarter, so the result can’t be labelled a beat or miss. The next-period consensus is C$0.20, based on one analyst, compared with year-ago EPS of C$0.36. That’s a forecast, not a reported result.
Bull case
Melcor reported that general debt fell 21% year over year to C$469.1 million, which may give the company more room to manage the ups and downs of property development. Supplemental coverage describes Alberta operations as stable. Melcor also declared a quarterly dividend of C$0.15. Its reported P/E and profit margin offer more context, but neither metric alone shows that the shares are undervalued.
Bear case
Supplemental reports put third-quarter revenue at C$60.42 million, down 16.7% year over year, and FFO at C$17.09 million, down 27%. Lower U.S. land sales and property dispositions were cited as factors. FFO helps show operating cash generation, which net income can obscure when one-time items are involved. The average analyst target of C$14 is also below the last close of C$18.99, though analyst coverage and targets should be treated cautiously.
Analysis
Melcor reported results after the market close on November 3, 2026, for the quarter ended September 30. The earnings calendar lists EPS of C$0.59 but no estimate, so it doesn’t support a beat-or-miss comparison. The calendar’s next-period consensus is C$0.20 from one analyst, compared with year-ago EPS of C$0.36. That forecast isn’t the Q3 result.
Supplemental coverage reports revenue of C$60.42 million, down 16.7% year over year, and FFO of C$17.09 million, down 27%. It cites lower U.S. land sales and property dispositions as factors. The same coverage says net income rose, partly because of a one-time deferred-tax benefit earlier in the year. That benefit can lift reported earnings without showing stronger recurring property or land-sale performance.
Melcor reported general debt of C$469.1 million, down 21% year over year, and declared a quarterly dividend of C$0.15. These offer some balance to the weaker revenue and FFO. Investors will want to see whether debt reduction continues and land-sale activity improves. The automatically inserted recent-earnings trend table provides historical EPS context, but it doesn’t fill in the missing estimate for this quarter.
Analysis
Melcor’s results reflect a business shaped by both property operations and development activity. Lower U.S. land sales can make revenue and FFO uneven from quarter to quarter. Property sales may also reduce future income, even as they help manage the balance sheet. Supplemental coverage says Alberta operations remained stable, so investors should watch how earnings are split across regions and whether that mix holds up in future reports.
Melcor also reported sales of four commercial properties and four residential units in 2026. Investors can track how these sales affect recurring income, debt and the company’s ability to fund its dividend. The declared C$0.15 quarterly dividend is a current payment, not a guarantee of future distributions. For more company data, visit the MRD.TO overview.
Analysis
Available analyst-target data shows an average target of C$14.00, compared with a last close of C$18.99. That’s 26.3% below the close. The supplied descriptor calls the comparison bearish, but it isn’t a formal rating for this Canadian listing. Targets are estimates, not promises, and should be considered alongside the company’s results. See the analyst ratings section.
Wealth Awesome’s statistical 90-day price model, which isn’t financial advice, gives a mean forecast of C$20.02. Its 68% range is C$18.29 to C$21.92, and its 95% range is C$16.71 to C$24.00. The model uses a reference price of C$18.99 as of November 5, 2026. These are model estimates, not analyst targets or guarantees of future performance. See the price prediction section for details.
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