Also trades as: MNARF (OTC) · $vol 0M

C$14.68 ($10.30)

+0.08 (+0.55%)

Weekly Expected Move ±2.1%

C$14 C$14 C$15 C$15 C$15

TSX · Real Estate · REIT - Residential · Tech Score Strong Sell · Power 29 · C$513.0M mcap · 25M float · 0.109% daily turnover

Revenue

$355M +3.0% ▲

5Y CAGR: +7.4%

Gross Profit

$166M -10.7% ▼

5Y CAGR: +6.7%

Operating Income

$190M +4.6% ▲

5Y CAGR: +7.0%

Net Income

$103M +1.1% ▲

5Y CAGR: -10.1%

EPS (Diluted)

$1.97 -29.9% ▼

5Y CAGR: -15.2%

EBITDA

$197M +9.9% ▲

5Y CAGR: +7.2%

View Full Income Statement

Line Item	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	$246M	$278M	$332M	$344M	$355M
YoY Growth	-1.3%	+13.4%	+19.1%	+3.8%	+3.0%
Cost of Revenue	$130M	$147M	$151M	$185M	$188M
Gross Profit	$115M	$132M	$180M	$186M	$166M
Gross Margin	46.9%	47.3%	54.4%	54.2%	46.9%
R&D Expenses	$1	$1	$0	$0	$0
SG&A Expenses	$14M	$19M	$22M	$22M	$0
Operating Expenses	-$30M	$30M	-$22M	$5M	-$23M
Operating Income	$129M	-$39M	$180M	$181M	$190M
Operating Margin	52.7%	-13.9%	54.4%	52.7%	53.5%
Interest Expense	$46M	$50M	$61M	$67M	$75M
Income Before Tax	$310M	$310M	$193M	$113M	$122M
Tax Expense	$66M	$70M	$8M	$13M	$11M
Net Income	$242M	$219M	$176M	$102M	$103M
Net Margin	98.6%	78.7%	53.2%	29.6%	29.0%
EPS (Diluted)	$6.20	$5.82	$4.68	$2.81	$1.97
EBITDA	$68M	$150M	$254M	$179M	$197M
Shares Outstanding	39M	38M	38M	36M	52M

Line Item	FY2024 Q3	FY2024 Q4	FY2025 Q1	FY2025 Q2	FY2025 Q3	FY2025 Q4	FY2026 Q1	FY2026 Q2
Revenue	$86M	$88M	$90M	$89M	$88M	$88M	$86M	$87M
Cost of Revenue	$39M	$34M	$75M	$38M	$39M	$37M	$70M	$39M
Gross Profit	$46M	$56M	$15M	$51M	$49M	$52M	$16M	$49M
Gross Margin	54.2%	63.8%	16.6%	57.4%	56.0%	58.4%	18.5%	55.7%
R&D Expenses	$0	$0	$0	$0	$0	$0	$0	$0
SG&A Expenses	$6M	$5M	$6M	$6M	$0	$0	$5M	$0
Operating Expenses	-$6M	-$125M	-$6M	-$6M	-$2M	-$10M	-$10M	$0
Operating Income	$52M	$87M	$21M	$57M	$51M	$61M	$26M	$49M
Operating Margin	60.7%	98.8%	23.1%	64.3%	57.9%	69.5%	29.6%	55.7%
Interest Expense	$17M	$18M	$18M	$18M	$20M	$20M	$19M	$19M
Income Before Tax	-$15M	$40M	$40M	$38M	$12M	$32M	$42M	$31M
Tax Expense	$4M	-$3M	$2M	$8M	-$640K	$1M	$4M	$5M
Net Income	-$21M	$49M	$38M	$29M	$8M	$28M	$37M	$23M
Net Margin	-24.2%	55.3%	42.2%	32.9%	9.0%	31.6%	43.2%	26.5%
EPS (Diluted)	$-0.55	$1.31	$1.07	$0.82	$0.14	$0.51	$0.72	$0.44
EBITDA	$46M	$57M	$11M	$57M	$51M	$52M	$61M	$50M
Shares Outstanding	38M	37M	56M	35M	55M	55M	52M	52M

MRG-UN.TO TSX