Mullen Group reports before the market opens on October 22. Analysts expect quarterly EPS of C$0.42 and revenue of about C$607 million. The company has beaten EPS estimates in three of its last four quarters. The key question is whether growth is coming from its existing businesses, not just acquisitions and fuel surcharges.
Mullen Group Ltd. (TSX: MTL) is set to report results for the quarter ended September 30, 2026. The current consensus, based on four analysts, is EPS of C$0.42, up 11.8% from C$0.38 a year earlier, and revenue of C$607.34 million, up an estimated 8.1%. These estimates offer a useful reference, but they’re not a guarantee. Mullen’s latest reported quarter, ended June 30, delivered EPS of C$0.41, compared with expectations of C$0.34. For investors following the MTL.TO stock page, the main question is whether the upcoming report shows lasting operating growth, not just higher revenue.
Recent earnings trend
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Mullen Group Ltd.
MTL.TO
MTL.TO
Mullen Group Ltd.
WealthAwesomeMarket cap
$2.61B
P/E
24.7x
Div. yield
3.11%
Div. / share
$0.84
52W high
$28.55
52W low
$12.94
1W change
-1.56%
Beta
0.86
Analyst Price Targets
Based on analyst covering MTL · as of Oct 19, 2026
Wall Street analysts forecast MTL stock price to rise 8.6% over the next 12 months.
Consensus
Moderately BullishBased on avg. target vs last close (formal rating unavailable for Canadian listings)
Avg. Target
C$29.45
+8.6% Upside
Previously C$29.36 on Oct 7, 2026
Current Price
C$27.12
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
28.0%
Annualized
90-Day Vol
32.2%
Annualized
Trend (90d)
+25.8%
Annualized drift
90d Mean
C$29.73
Expected price
| Horizon | Expected | 68% Range (1σ) |
|---|---|---|
| 30 trading days | C$27.96 | C$25.39 – C$30.81 |
| 60 trading days | C$28.84 | C$25.15 – C$33.06 |
| 90 trading days | C$29.73 | C$25.15 – C$35.16 |
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.
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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 | — | 0.4200 | — |
| 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% |
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Investor takeaway: The outlook is cautiously positive. Analysts expect EPS and revenue to rise, and Mullen has mostly beaten recent EPS estimates. But the EPS consensus has slipped from C$0.43 to C$0.42 over the past 30 days. In its latest results, the company pointed to contributions from acquisitions and fuel surcharges, while revenue from existing businesses declined when those factors were excluded. Look beyond the headline figures to the sources of growth, operating profitability and management’s outlook.
C$0.42 EPS expected
Analysts expect EPS of C$0.42 for the quarter ended September 30, 2026, compared with C$0.38 a year earlier. Four analysts contributed to the consensus, with estimates ranging from C$0.41 to C$0.45. Mullen beat EPS estimates in three of its last four quarters, though the consensus has eased from C$0.43 over the past month.
Bull case
Mullen has beaten EPS estimates in three of its last four quarters, including by 20.6% in the quarter ended June 30. Analysts expect third-quarter EPS to grow 11.8% year over year and revenue to rise 8.1%. In its latest reported quarter, the company posted record revenue of C$609.3 million, up 12.6%, and adjusted OIBDA of C$102.1 million. Further contributions from acquisitions and solid execution could help Mullen meet the upcoming consensus.
Bear case
The headline growth may not tell the whole story. In its latest reported quarter, Mullen said revenue from existing businesses fell C$4.6 million when acquisitions and fuel surcharges were excluded. The EPS estimate has also dropped from C$0.43 to C$0.42 over the past month, with no upward revisions during that period. If acquisitions and fuel surcharges don’t lead to stronger underlying activity and profitability, the results may look weaker beneath the top line.
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