Maple Leaf Foods Inc. (MFI.TO) Margin Analysis

Maple Leaf Foods Inc.

MFI.TO (TSX)

Models
Maple Leaf Foods Inc. 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 CAD amounts except #	LTM Mar 13	2025 Dec 31	2024 Dec 31	2023 Dec 31	2022 Dec 31
Revenue	3,913	3,913	4,895	4,868	4,739
Revenue Growth Rate	0%	-20.07%	0.557%	2.72%	4.82%
Cost of Revenue	3,246	3,246	4,115	4,417	4,315
Gross Profit	774.7	666.2	780	451.4	424.1
Gross Margin	19.8%	17.03%	15.93%	9.27%	8.95%
Operating Income	352.2	268.8	342.9	46.31	-7.58
Operating Margin	9%	6.87%	7%	0.951%	-0.16%
Net Income	541.6	541.6	96.6	-125	-311.9
Net Margin	13.84%	13.84%	1.97%	-2.57%	-6.58%

Cash Flow Statement Margins

Monetary values in CAD amounts except #	LTM Mar 13	2025 Dec 31	2024 Dec 31	2023 Dec 31	2022 Dec 31
Revenue	3,913	3,913	4,895	4,868	4,739
Cash from Operating Activities	436.1	435.5	464.9	176.9	49.32
Cash from Operating Activities Margin	11.15%	11.13%	9.5%	3.63%	1.04%
Free Cash Flow	335.4	310.2	464.9	-21.3	-306.4
Free Cash Flow Margin	8.57%	7.93%	9.5%	-0.438%	-6.47%
Depreciation and Amortization	234.9	234.9	265.2	271.4	233.9
Depreciation and Amortization Margin	6%	6%	5.42%	5.58%	4.94%
Capital Expenditure	-125.6	-125.3	-95.49	-198.2	-355.7
Capital Expenditure Margin	-3.21%	-3.2%	-1.95%	-4.07%	-7.51%

Annual Chart

Monetary values in CAD

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Quarterly Section

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

Income Statement Margins

Monetary values in CAD amounts except #	2025 (Q4) Dec 31	2025 (Q3) Sep 30	2025 (Q2) Jun 30	2025 (Q1) Mar 31	2024 (Q4) Dec 31	2024 (Q3) Sep 30
Revenue	298.7	1,011	1,362	1,241	1,221	1,260
Revenue Growth Rate	-70.44%	-25.81%	9.74%	1.67%	-3.11%
Cost of Revenue	248.8	847.7	1,126	1,024	984.6	1,074
Gross Profit	158.4	162.8	235.7	217.8	236.3	186.2
Gross Margin	53.03%	16.11%	17.3%	17.54%	19.35%	14.78%
Operating Income	65.19	61.32	122.8	103	134.4	77.67
Operating Margin	21.82%	6.07%	9.01%	8.29%	11.01%	6.16%
Net Income	391.2	43.06	57.78	49.56	53.53	17.69
Net Margin	131%	4.26%	4.24%	3.99%	4.38%	1.4%

Cash Flow Statement Margins

Monetary values in CAD amounts except #	2025 (Q4) Dec 31	2025 (Q3) Sep 30	2025 (Q2) Jun 30	2025 (Q1) Mar 31	2024 (Q4) Dec 31	2024 (Q3) Sep 30
Revenue	298.7	1,011	1,362	1,241	1,221	1,260
Cash from Operating Activities	114.4	72.23	239.6	9.88	155.9	176.2
Cash from Operating Activities Margin	38.3%	7.15%	17.59%	0.796%	12.77%	13.98%
Free Cash Flow	65.98	44.67	214.9	9.88	126.4	149.8
Free Cash Flow Margin	22.09%	4.42%	15.77%	0.796%	10.35%	11.89%
Depreciation and Amortization	48.19	60.98	62.1	63.65	64.88	69.99
Depreciation and Amortization Margin	16.13%	6.04%	4.56%	5.13%	5.32%	5.55%
Capital Expenditure	-48.44	-27.57	-24.74	-24.85	-29.49	-26.42
Capital Expenditure Margin	-16.22%	-2.73%	-1.82%	-2%	-2.42%	-2.1%

Quarterly Chart

Monetary values in CAD

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