Mullen Group reported third-quarter earnings of C$0.52 per share, beating the C$0.43 estimate. It has now beaten estimates in three of its past four reported quarters. Still, investors should weigh the result against freight demand, operating margins and a share price above the average analyst target.
Mullen Group Ltd. (TSX: MTL) earned C$0.52 per share for the quarter ended September 30, 2026, 20.9% above the C$0.43 estimate. The Okotoks-based transportation and logistics company released its results before market open on October 22. Its businesses include trucking, warehousing, customs brokerage, distribution and specialized hauling, so earnings reflect a range of freight and industrial activity. The available data does not include revenue or margins, so EPS alone does not explain the beat.
Recent earnings trend
Advertisement
Mullen Group Ltd.
MTL.TO
MTL.TO
Mullen Group Ltd.
WealthAwesomeMarket cap
$2.79B
P/E
26.3x
Div. yield
3.07%
Div. / share
$0.84
52W high
$32.47
52W low
$13.38
1W change
+19.42%
Beta
0.86
Analyst Price Targets
Based on analyst covering MTL · as of Oct 22, 2026
Wall Street analysts forecast MTL stock price to fall 8.5% over the next 12 months.
Consensus
Moderately BearishBased on avg. target vs last close (formal rating unavailable for Canadian listings)
Avg. Target
C$29.55
-8.5% Upside
Previously C$29.45 on Oct 19, 2026
Current Price
C$32.28
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 MTL's historical volatility
30-Day Vol
42.8%
Annualized
90-Day Vol
37.5%
Annualized
Trend (90d)
+50.0%
Annualized drift
90d Mean
C$38.59
Expected price
| Horizon | Expected | 68% Range (1σ) |
|---|---|---|
| 30 trading days | C$34.26 | C$29.56 – C$39.71 |
| 60 trading days | C$36.36 | C$29.51 – C$44.81 |
| 90 trading days | C$38.59 | C$29.88 – C$49.84 |
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.
Advertisement
Analyst coverage: 4 analyst(s) cover this name; upcoming EPS consensus is available.
Beat estimates in 3 of the last 4 comparable quarter(s).
| Fiscal period | Report date | Actual EPS | Estimate | Surprise |
|---|---|---|---|---|
| 2026-09-30 | 2026-10-22 | 0.5200 | 0.4300 | +20.9% |
| 2026-06-30 | 2026-07-23 | 0.4100 | 0.3400 | +20.6% |
| 2026-03-31 | 2026-04-23 | 0.2000 | 0.1800 | +11.1% |
| 2025-12-31 | 2026-02-12 | 0.1600 | 0.2000 | -20.0% |
| 2025-09-30 | 2025-10-22 | 0.3800 | 0.3600 | +5.6% |
| 2025-06-30 | 2025-07-24 | 0.2100 | 0.3100 | -32.3% |
Advertisement
Investor takeaway: The earnings surprise is encouraging, and Mullen has beaten estimates in three of its past four reported quarters. But the shares closed at C$32.28, above the average analyst target of C$29.55. The available results also lack revenue and margin details. Canadian investors may want to look beyond EPS and track freight volumes, operating margins and results across Mullen’s different businesses. The company also declared a monthly eligible dividend of C$0.07 per share, payable November 16 to shareholders of record October 31. That announcement is separate from the earnings results.
C$0.52 EPS, 20.9% above estimate
Mullen’s C$0.52 EPS beat the C$0.43 estimate by C$0.09. It was the company’s third estimate beat in four reported quarters. The available data does not include revenue or margins, so it’s unclear what drove the result.
Bull case
Mullen has beaten earnings estimates in each of the past three reported quarters: C$0.52 versus C$0.43 in September, C$0.41 versus C$0.34 in June, and C$0.20 versus C$0.18 in March. Its businesses span freight, customs brokerage, warehousing and specialized transportation, giving it exposure to several areas of activity. The monthly dividend also provides income, though investors need cash flow and payout details to assess whether it’s sustainable.
Bear case
Beating estimates doesn’t show whether revenue or profitability improved, and the available results don’t include those details. Mullen missed estimates in the December 2025 quarter, earning C$0.16 per share against expectations of C$0.20. The average analyst target of C$29.55 is 8.5% below the last close of C$32.28. The stock trades at about 26.3 times earnings and has a reported profit margin of 4.65%. Investors should consider whether the share price already reflects expectations for continued earnings growth.
Best next step
Keep exploring this topic
If you want to go deeper, these are the most useful follow-up pages and tools for this topic.
Broker comparison
Best trading platforms in Canada
Compare $0-commission brokers before you act on a ticker story.
Safe cash
Best GIC rates in Canada
If the story makes you want to de-risk, compare guaranteed rates next.
HISA roundup
Best high-interest savings accounts
Keep dry powder in a no-fee savings account instead of chequing.
TFSA room
Check TFSA contribution room
Shelter the next contribution before you buy.
Advertisement
Wealth Awesome
Timely coverage of Canadian stocks, earnings, dividends, and market movers for DIY investors. Stories are checked against exchange data and public filings.
View Full Profile →✅ Reviewed by Certified Financial Professionals
This content has been reviewed by CFA® charterholders and Certified Financial Planners (CFP®) with over a decade of experience in Canadian financial markets. All information is fact-checked against official Canadian sources and regulations.
Why these credentials matter: CFA® charterholders complete 900+ hours of rigorous study in investment analysis and ethics. CFP® professionals are held to the highest standards of financial planning competency and fiduciary duty in Canada.
⚠️ Professional Disclaimer
This content is for educational purposes only and should not be considered personalized financial advice. While our team brings professional expertise, individual circumstances vary. For personalized guidance, consult with a qualified financial advisor, tax professional, or mortgage specialist.
