Mullen Group Ltd. has reported a significant earnings surprise, showcasing resilience and growth in a challenging market.
Mullen Group Ltd. (MTL.TO) delivered its second-quarter earnings on July 23, 2026, posting an earnings per share (EPS) of $0.41, which exceeds analysts' expectations of $0.34 by 20.6%. This result continues a trend of strong performance, as Mullen has beaten EPS estimates in three of its last four quarters.
Recent earnings trend
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Mullen Group Ltd.
MTL.TO
MTL.TO
Mullen Group Ltd.
WealthAwesomeMarket cap
$2.64B
P/E
24.7x
Div. yield
3.02%
Div. / share
$0.84
52W high
$28.71
52W low
$12.43
1W change
+2.20%
Beta
0.92
Analyst Price Targets
Based on analyst covering MTL
Wall Street analysts forecast MTL stock price to rise 7.7% over the next 12 months.
Consensus
Moderately BullishBased on avg. target vs last close (formal rating unavailable for Canadian listings)
Avg. Target
C$29.50
+7.7% Upside
Current Price
C$27.39
Last close
Analyst ratings and price targets are updated periodically. Not financial advice.
Wealth Awesome Price Forecast
WA ModelStatistical 90-day price range based on MTL's historical volatility
30-Day Vol
34.9%
Annualized
90-Day Vol
30.1%
Annualized
Trend (90d)
+50.0%
Annualized drift
90d Mean
C$32.74
Expected price
| Horizon | Expected | 68% Range (1σ) |
|---|---|---|
| 30 trading days | C$29.07 | C$25.77 – C$32.79 |
| 60 trading days | C$30.85 | C$26.02 – C$36.58 |
| 90 trading days | C$32.74 | C$26.58 – C$40.34 |
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: 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 |
|---|---|---|---|---|
| 2026-06-30 | 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% |
| 2025-03-31 | 2025-04-23 | 0.2100 | 0.2200 | -4.5% |
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Investor takeaway: Investors should note Mullen's sustained growth trajectory and solid operational performance, especially given its record revenue and increased capital budget for 2026. However, analysts remain cautious due to a bearish consensus, suggesting that market corrections could be on the horizon.
EPS of $0.41 Exceeds Estimates by 20.6%
Mullen Group's EPS growth from $0.21 year-over-year represents a 52.7% increase, highlighting the company's recovery and growth potential in a tough economic landscape.
Bull case
The company reported record revenues of $609.3 million for the quarter, driven by higher fuel surcharges and additional revenue from acquisitions. With a strong operating income before depreciation and amortization (OIBDA) of $103.9 million, Mullen Group is well-positioned to take advantage of the recovering Canadian economy.
Bear case
Despite the positive earnings surprise, the average analyst target price of $22.70 suggests a potential downside from the last close of $26.80, indicating a bearish outlook. Investors should stay alert regarding overall market conditions and Mullen's ability to maintain its growth.
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