Bank of Montreal (BMO) Margin Analysis

Bank of Montreal

BMO (NYSE)

(%)

Models
Bank of Montreal Margin Analysis

# --- Years and Quarters
assumptions.set({
    "timeseries": "annual",
    "data": {
        "#years": """
            4
        """,
        "#quarters": """
            8
        """,
    },
    "titles": {
        "#years": "Years",
        "#quarters": "Quarters",
    },
    "properties": {
        "width": "responsive",
        "title": "Years and Quarters",
        "id": "component-1",
        "bindTo": None
    },
    "descriptions": {
        "#years": r"""
The number of historical years used to render the annual chart and tables.
        """,
        "#quarters": r"""
The number of historical quarters used to render the quarterly chart and tables.
        """,
    }
})

# Render description block
model.render_description({
    "data": r"""
## Margin Analysis Report

Margins refer to the ratio between a financial report item and the revenue (example: Net Income Margin = Net Income / Revenue).

This analysis provides annual and quarterly sections for reporting key financial margins.
""",
    "properties": {
        "width": "responsive"
    }
})

# Render description block
model.render_description({
    "data": r"""
## Annual Section

The annual section uses annual data to calculate margins and growth rates.
""",
    "properties": {
        "width": "full"
    }
})

# --- Income Statement Margins
data.compute({
    "user:%revenueGrowthRate": """
        ( income:revenue / income:revenue:-1 ) - 1
    """,
    "user:%grossMargin": """
        income:grossProfit / income:revenue
    """,
    "user:%operatingMargin": """
        income:operatingIncome / income:revenue
    """,
    "user:%netMargin": """
        income:netIncome / income:revenue
    """,
}, forecast=0, timeseries="annual")

model.render_table({
    "timeseries": "annual",
    "data": {
        "income:revenue": "Revenue",
        "user:%revenueGrowthRate": "Revenue Growth Rate",
        "income:costOfRevenue": "Cost of Revenue",
        "income:grossProfit": "Gross Profit",
        "user:%grossMargin": "Gross Margin",
        "income:operatingIncome": "Operating Income",
        "user:%operatingMargin": "Operating Margin",
        "income:netIncome": "Net Income",
        "user:%netMargin": "Net Margin",
    },
    "start": data.get("""
        -assumption:#years
    """),
    "end": 0,
    "properties": {
        "title": "Income Statement Margins",
        "order": "descending",
        "number_format": "M",
        "include_ltm": True,
        "display_averages": False,
        "width": "responsive"
    }
})

# --- Cash Flow Statement Margins
data.compute({
    "user:%cashFromOperatingActivitiesMargin": """
        flow:netCashProvidedByOperatingActivities / income:revenue
    """,
    "user:%freeCashFlowMargin": """
        flow:freeCashFlow / income:revenue
    """,
    "user:%depreciationAndAmortizationMargin": """
        flow:depreciationAndAmortization / income:revenue
    """,
    "user:%capitalExpenditureMargin": """
        flow:capitalExpenditure / income:revenue
    """,
}, forecast=0, timeseries="annual")

model.render_table({
    "timeseries": "annual",
    "data": {
        "income:revenue": "Revenue",
        "flow:netCashProvidedByOperatingActivities": "Cash from Operating Activities",
        "user:%cashFromOperatingActivitiesMargin": "Cash from Operating Activities Margin",
        "flow:freeCashFlow": "Free Cash Flow",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
        "flow:depreciationAndAmortization": "Depreciation and Amortization",
        "user:%depreciationAndAmortizationMargin": "Depreciation and Amortization Margin",
        "flow:capitalExpenditure": "Capital Expenditure",
        "user:%capitalExpenditureMargin": "Capital Expenditure Margin",
    },
    "start": data.get("""
        -assumption:#years
    """),
    "end": 0,
    "properties": {
        "title": "Cash Flow Statement Margins",
        "order": "descending",
        "number_format": "M",
        "include_ltm": True,
        "display_averages": False,
        "width": "responsive"
    }
})

model.render_chart({
    "timeseries": "annual",
    "data": {
        "user:%grossMargin": "Gross Margin",
        "user:%operatingMargin": "Operating Margin",
        "user:%netMargin": "Net Margin",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
    },
    "start": data.get("""
        -assumption:#years
    """),
    "end": 0,
    "properties": {
        "title": "Annual Chart",
        "include_ltm": False,
        "set_editable": [],
        "hidden_keys": [],
        "bar_keys": ["user:%grossMargin", "user:%operatingMargin", "user:%netMargin", "user:%freeCashFlowMargin"],
        "width": "full"
    }
})

# Render description block
model.render_description({
    "data": r"""
## Quarterly Section

The quarterly section uses quarterly data to calculate margins and growth rates.
""",
    "properties": {
        "width": "full"
    }
})

model.render_table({
    "timeseries": "quarterly",
    "data": {
        "income:revenue": "Revenue",
        "user:%revenueGrowthRate": "Revenue Growth Rate",
        "income:costOfRevenue": "Cost of Revenue",
        "income:grossProfit": "Gross Profit",
        "user:%grossMargin": "Gross Margin",
        "income:operatingIncome": "Operating Income",
        "user:%operatingMargin": "Operating Margin",
        "income:netIncome": "Net Income",
        "user:%netMargin": "Net Margin",
    },
    "start": data.get("""
        -assumption:#quarters
    """),
    "end": 0,
    "properties": {
        "title": "Income Statement Margins",
        "order": "descending",
        "number_format": "M",
        "display_averages": False,
        "width": "responsive"
    }
})

model.render_table({
    "timeseries": "quarterly",
    "data": {
        "income:revenue": "Revenue",
        "flow:netCashProvidedByOperatingActivities": "Cash from Operating Activities",
        "user:%cashFromOperatingActivitiesMargin": "Cash from Operating Activities Margin",
        "flow:freeCashFlow": "Free Cash Flow",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
        "flow:depreciationAndAmortization": "Depreciation and Amortization",
        "user:%depreciationAndAmortizationMargin": "Depreciation and Amortization Margin",
        "flow:capitalExpenditure": "Capital Expenditure",
        "user:%capitalExpenditureMargin": "Capital Expenditure Margin",
    },
    "start": data.get("""
        -assumption:#quarters
    """),
    "end": 0,
    "properties": {
        "title": "Cash Flow Statement Margins",
        "order": "descending",
        "number_format": "M",
        "display_averages": False,
        "width": "responsive"
    }
})

model.render_chart({
    "timeseries": "quarterly",
    "data": {
        "user:%grossMargin": "Gross Margin",
        "user:%operatingMargin": "Operating Margin",
        "user:%netMargin": "Net Margin",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
    },
    "start": data.get("""
        -assumption:#quarters
    """),
    "end": 0,
    "properties": {
        "title": "Quarterly Chart",
        "set_editable": [],
        "hidden_keys": [],
        "bar_keys": ["user:%grossMargin", "user:%operatingMargin", "user:%netMargin", "user:%freeCashFlowMargin"],
        "width": "full"
    }
})

Years and Quarters

Years Years The number of historical years used to render the annual chart and tables.	#
Quarters Quarters The number of historical quarters used to render the quarterly chart and tables.	#

Margin Analysis Report

Margins refer to the ratio between a financial report item and the revenue (example: Net Income Margin = Net Income / Revenue).

This analysis provides annual and quarterly sections for reporting key financial margins.

Annual Section

The annual section uses annual data to calculate margins and growth rates.

Income Statement Margins

Monetary values in USD amounts except #	LTM Mar 21	2025 Oct 31	2024 Oct 31	2023 Oct 31	2022 Oct 31
Revenue	56,210	55,751	56,358	49,001	27,349
Revenue Growth Rate	0.822%	-1.07%	15.01%	79.17%	4.31%
Cost of Revenue	31,900	32,579	36,069	27,643	8,310
Gross Profit	24,340	23,173	20,288	21,358	19,039
Gross Margin	43.3%	41.56%	36%	43.59%	69.61%
Operating Income	8,791	8,240	6,840	4,285	13,125
Operating Margin	15.64%	14.78%	12.14%	8.74%	47.99%
Net Income	6,615	6,213	5,250	3,188	9,933
Net Margin	11.77%	11.14%	9.31%	6.51%	36.32%

Cash Flow Statement Margins

Monetary values in USD amounts except #	LTM Mar 21	2025 Oct 31	2024 Oct 31	2023 Oct 31	2022 Oct 31
Revenue	56,210	55,751	56,358	49,001	27,349
Cash from Operating Activities	9,269	7,305	20,826	6,911	3,637
Cash from Operating Activities Margin	16.49%	13.1%	36.95%	14.1%	13.3%
Free Cash Flow	8,009	6,072	19,704	5,702	2,575
Free Cash Flow Margin	14.25%	10.89%	34.96%	11.64%	9.41%
Depreciation and Amortization	1,592	1,555	1,514	1,507	1,086
Depreciation and Amortization Margin	2.83%	2.79%	2.69%	3.08%	3.97%
Capital Expenditure	-1,260	-1,233	-1,122	-1,208	-1,063
Capital Expenditure Margin	-2.24%	-2.21%	-1.99%	-2.47%	-3.89%

Annual Chart

Monetary values in USD

{"sectionId": "section-chart-1", "sectionType": "chart", "title": "Annual Chart", "timeseries": "annual", "series": [{"label": "Gross Margin", "mappingKey": "user:%grossMargin", "data": [{"l": "2022", "x": "2022-10-31", "y": 69.61}, {"l": "2023", "x": "2023-10-31", "y": 43.59}, {"l": "2024", "x": "2024-10-31", "y": 36}, {"l": "2025", "x": "2025-10-31", "y": 41.56}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}, {"label": "Operating Margin", "mappingKey": "user:%operatingMargin", "data": [{"l": "2022", "x": "2022-10-31", "y": 47.99}, {"l": "2023", "x": "2023-10-31", "y": 8.74}, {"l": "2024", "x": "2024-10-31", "y": 12.14}, {"l": "2025", "x": "2025-10-31", "y": 14.78}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}, {"label": "Net Margin", "mappingKey": "user:%netMargin", "data": [{"l": "2022", "x": "2022-10-31", "y": 36.32}, {"l": "2023", "x": "2023-10-31", "y": 6.51}, {"l": "2024", "x": "2024-10-31", "y": 9.32}, {"l": "2025", "x": "2025-10-31", "y": 11.14}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}, {"label": "Free Cash Flow Margin", "mappingKey": "user:%freeCashFlowMargin", "data": [{"l": "2022", "x": "2022-10-31", "y": 9.41}, {"l": "2023", "x": "2023-10-31", "y": 11.64}, {"l": "2024", "x": "2024-10-31", "y": 34.96}, {"l": "2025", "x": "2025-10-31", "y": 10.89}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}], "editableDates": {}, "properties": {"display_table": false}, "width": "full"}

Quarterly Section

The quarterly section uses quarterly data to calculate margins and growth rates.

Income Statement Margins

Monetary values in USD amounts except #	2026 (Q1) Jan 31	2025 (Q4) Oct 31	2025 (Q3) Jul 31	2025 (Q2) Apr 30	2025 (Q1) Jan 31	2024 (Q4) Oct 31
Revenue	14,189	13,754	13,850	13,937	14,065	14,164
Revenue Growth Rate	3.16%	-0.691%	-0.621%	-0.912%	-0.702%
Cost of Revenue	7,552	7,688	7,971	8,411	8,419	9,290
Gross Profit	6,667	6,066	5,880	5,525	5,646	4,875
Gross Margin	46.99%	44.1%	42.45%	39.65%	40.14%	34.42%
Operating Income	2,442	2,162	2,227	1,888	1,946	2,157
Operating Margin	17.21%	15.72%	16.08%	13.55%	13.83%	15.23%
Net Income	1,829	1,632	1,680	1,420	1,468	1,651
Net Margin	12.89%	11.87%	12.13%	10.19%	10.44%	11.65%

Cash Flow Statement Margins

Monetary values in USD amounts except #	2026 (Q1) Jan 31	2025 (Q4) Oct 31	2025 (Q3) Jul 31	2025 (Q2) Apr 30	2025 (Q1) Jan 31	2024 (Q4) Oct 31
Revenue	14,189	13,754	13,850	13,937	14,065	14,164
Cash from Operating Activities	5,387	9,108	-3,036	-2,313	3,352	3,377
Cash from Operating Activities Margin	37.96%	66.22%	-21.92%	-16.6%	23.83%	23.84%
Free Cash Flow	5,104	8,752	-3,328	-2,631	3,087	3,067
Free Cash Flow Margin	35.97%	63.63%	-24.03%	-18.88%	21.95%	21.65%
Depreciation and Amortization	401.7	398.1	384.7	394.1	375	375.9
Depreciation and Amortization Margin	2.83%	2.89%	2.78%	2.83%	2.67%	2.65%
Capital Expenditure	-282	-356	-292.3	-318	-265.6	-309.9
Capital Expenditure Margin	-1.99%	-2.59%	-2.11%	-2.28%	-1.89%	-2.19%

Quarterly Chart

Monetary values in USD

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