Loading…
Provides trucking, logistics and energy-sector oilfield services across Western Canada and the US.
Provides trucking, logistics and energy-sector oilfield services across Western Canada and the US.
Owns many locally branded trucking and logistics companies that keep their own customers and management, and grows largely by buying more of them. Less-than-truckload, meaning partial loads from several shippers sharing one trailer, anchors the freight side, while the oilfield services arm moves with drilling activity.
Moat: narrow (scale, distribution). Decentralized network of owned trucking/logistics operating companies gives regional density across Canada.
Headquarters: Okotoks, Canada · Founded: 1949 · Employees: 8,543
Size Mullen (MTL.TO) is a Canada Industrials company (Trucking) with a market value of $1.98B, the 187th largest of 420 Canada companies the cockpit tracks. Shares closed at C$28.74 on 6 Nov 2026.
Performance Over six months the shares gained 35.6%, against -7.3% for the median peer and +5.2% for the Canada market (cap-weighted) — 4th highest of 21 in its peer set.
Growth Revenue grew 11.7% over the last twelve months (peer median +6.3%); the operating margin is 9.2% (peer median 3.9%).
Valuation It trades at 18.2× forward earnings against a peer median of 15.2× (9th most expensive of 18).
Price implies For today's price to make sense, revenue must grow about 7% a year for seven years (Req g). Recent delivered growth is +13%, so the hurdle is -6 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.8 points above its cost of capital (7.0% WACC).
Next results Next results expected around 10 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$2.34B | C$2.13B | C$1.99B | C$1.99B | C$2.00B |
| Revenue growth | — | +7% | 0% | 0% | — |
| Gross profit | C$553M | C$494M | C$473M | C$474M | C$459M |
| EBITDA | C$368M | C$325M | C$322M | C$329M | C$327M |
| Net income | C$123M | C$91.1M | C$112M | C$137M | C$159M |
| Free cash flow | C$162M | C$158M | C$185M | C$142M | C$150M |
| Capital expenditure | C$75.7M | C$95.8M | C$75.0M | C$102M | C$81.4M |
| Total debt | C$1.04B | C$1.05B | C$998M | C$764M | C$712M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Mullen MTL.TO | $1.98B | +36% | +12% | 9% | 18.2× | 6.5% |
| TFI International TFII.TO | $7.86B | -29% | +3% | 7% | 14.2× | 11.6% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | MTL.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +7.6% | -5.9% | 4th highest of 21 |
| 6-month return | +35.6% | -7.3% | 4th highest of 21 |
| Distance from 52-week high | -11.5% | -32.8% | 6th highest of 21 |
| Revenue growth (TTM) | +11.7% | +6.3% | 5th highest of 21 |
| Operating margin | 9.2% | 3.9% | 4th highest of 21 |
| Forward P/E | 18.2× | 15.2× | 9th most expensive of 18 |
| Growth the price implies (Req g, 7 yrs) | 6.5% | 5.1% | 7th most demanding of 16 |
| Growth delivered (Del g) | +12.9% | +4.5% | 3rd highest of 16 |
| Hurdle (Req g minus delivered) | -6.4 pp | +3.9 pp | 7th least demanding of 16 |
| ROIC minus cost of capital | +0.8 pp | -1.8 pp | 8th highest of 21 |
| EV / EBITDA | 9.8× | 7.6× | 3rd most expensive of 16 |
| Net debt / EBITDA | 2.2× | 0.7× | 7th most indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Mullen MTL.TO | Canada | $1.98B | +36% | +12% | 9% | 18.2× | 6.5% | +12.9% |
| STEF STF.PA | France | $1.79B | +12% | +8% | 4% | 11.0× | 7.1% | +10.2% |
| Werner Enterprises WERN | United States | $1.62B | -26% | +15% | 2% | 18.8× | n/a | n/a |
| Seino 9076.T | Japan | $2.48B | +9% | +7% | 5% | 14.5× | -3.2% | +6.5% |
| ArcBest ARCB | United States | $2.86B | +6% | +8% | 3% | 13.6× | 16.5% | +6.4% |
| NIKKON 9072.T | Japan | $3.25B | -19% | +7% | 9% | 26.9× | 12.0% | +8.1% |
| NTG Nordic Transport Group A/S NTG.CO | Denmark | $1.09B | +71% | +16% | 5% | 20.6× | -0.4% | +16.4% |
| Fujian Highton Development 603162.SS | China | $3.60B | +3% | +72% | 17% | 11.4× | 3.8% | +45.6% |
| Marten Transport MRTN | United States | $959M | -25% | -5% | 1% | 27.1× | n/a | n/a |
| Logwin TGHN.DE | Germany | $942M | +5% | -6% | 5% | 15.2× | -16.0% | +3.9% |
| Maruzen Showa Unyu 9068.T | Japan | $922M | -15% | +3% | 10% | 10.5× | -7.4% | +4.2% |
| Landstar System LSTR | United States | $4.83B | -22% | +11% | 4% | 19.8× | 12.0% | +2.8% |
| Shanghai Juss Sports and Entertainment 600676.SS | China | $802M | -36% | -14% | -15% | n/a | 5.1% | -11.0% |
| Schneider National SNDR | United States | $4.88B | -10% | +6% | 3% | 18.7× | 19.5% | +4.5% |
| Covenant Logistics CVLG | United States | $801M | -5% | +12% | 1% | 12.3× | n/a | n/a |
| Sakai Moving Service 9039.T | Japan | $785M | +2% | +4% | 10% | 13.7× | -11.2% | +4.5% |
| Heartland Express HTLD | United States | $780M | -24% | -17% | -6% | 28.2× | n/a | n/a |
| Fulongma 603686.SS | China | $743M | -37% | +6% | 6% | 27.8× | 2.4% | -2.0% |
| Shibusawa Logistics 9304.T | Japan | $723M | +48% | +2% | 5% | n/a | 16.9% | +4.1% |
| Universal Logistics ULH | United States | $715M | +108% | -7% | 4% | 13.9× | n/a | n/a |
| Shanghai Jin Jiang Online Network Service 600650.SS | China | $705M | -14% | -19% | -2% | n/a | 5.6% | -10.8% |