Morguard Corporation (TSX:MRC)

Morguard Cash Flow Statement

Financials in millions CAD. Fiscal year is January - December.

Operating Activities

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Income	253.5	174.87	261.8	74.18	122.77	249.76
Depreciation & Amortization	5.16	6.86	11.01	23.08	26.51	32.5
Other Amortization	15.28	13.22	10.71	11.1	11.96	11.77
Gain (Loss) on Sale of Assets	1.01	1.01	-150.32	-1.78	6.03	-2.65
Gain (Loss) on Sale of Investments	-16.97	-0.47	16.26	29.38	13.21	-6.01
Asset Writedown	-12.09	-1.06	17.85	189.6	130.17	-221.92
Stock-Based Compensation	1.95	0.74	-	-	-	-
Income (Loss) on Equity Investments	0.6	0.87	3.06	-1.29	6.7	-20.49
Change in Accounts Receivable	-1.52	-4.38	8.99	20.37	-9.13	23.18
Change in Accounts Payable	17.15	-19.61	3.32	4.36	3.15	20.38
Change in Other Net Operating Assets	-17.99	-8.81	2.03	1.99	-13.04	3.58
Other Operating Activities	-39.91	51.2	65.49	-53.09	-45.49	175.35
Operating Cash Flow	206.16	214.44	250.2	297.89	252.85	265.44
Operating Cash Flow Growth	-9.50%	-14.29%	-16.01%	17.81%	-4.74%	25.27%

Investing Activities

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Acquisition of Real Estate Assets	-243.51	-223.83	-219.47	-337.83	-432.3	-178.79
Sale of Real Estate Assets	154.19	6	571.33	3.07	354.07	40.71
Net Sale / Acq. of Real Estate Assets	-89.32	-217.84	351.86	-334.76	-78.23	-138.08
Investment in Marketable & Equity Securities	2.97	7.1	29.82	0.89	20.7	11.9
Investing Cash Flow	-44.1	-205.82	384.68	-332.16	-84.51	-125.62

Financing Activities

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Short-Term Debt Issued	-	-	20	7.26	332.63	305.23
Long-Term Debt Issued	-	974.89	995.23	900.28	887.87	976.47
Total Debt Issued	1,107	974.89	1,015	907.53	1,220	1,282
Short-Term Debt Repaid	-	-100.11	-23.29	-4.56	-151.6	-474
Long-Term Debt Repaid	-	-769.63	-1,548	-879.4	-1,187	-882.88
Lease Payments	-1.82	-1.98	-1.39	-1.62	-1.73	-1.76
Total Debt Repaid	-994.16	-869.74	-1,571	-883.96	-1,339	-1,357
Net Debt Issued (Repaid)	112.92	105.15	-556.04	23.57	-118.56	-75.17
Repurchase of Common Stock	-	-5.25	-11.25	-21.31	-8.48	-1.01
Common Dividends Paid	-8.5	-8.52	-6.98	-6.49	-6.62	-6.59
Other Financing Activities	-19.13	-52.77	-39.09	41.88	-100.84	-23.86

Net Cash Flow

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Foreign Exchange Rate Adjustments	3.37	-3.34	2.7	1.33	4.3	-1.63
Net Cash Flow	250.71	43.89	24.21	4.71	-61.85	31.57

Free Cash Flow

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Levered Free Cash Flow	169.36	22.64	603.64	-55.29	91.47	189.59
Unlevered Free Cash Flow	319.4	172.54	755.36	102.73	227.57	321.21

Additional Metrics

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Cash Interest Paid	236.51	237.4	245.23	238.16	215.47	208.47
Cash Income Tax Paid	10.02	30.47	9.42	8.8	11.03	10.29
Change in Working Capital	-2.37	-32.81	14.33	26.72	-19.02	47.14

Data Source: S&P Global Market Intelligence Last updated: Sep 30, 2026

Financial data is provided by S&P Global Market Intelligence and updates within hours after each earnings release, which is every three months for this company.

Update frequency:

Quarterly

Last checked:

Nov 12, 2026

Data Sources Report a data error