Morguard Corporation (MRC.TO) Margin Analysis

Morguard Corporation

MRC.TO (TSX)

Models
Morguard Corporation 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 Apr 18	2025 Dec 31	2024 Dec 31	2023 Dec 31	2022 Dec 31
Revenue	1,115	1,124	1,108	1,228	1,120
Revenue Growth Rate	-0.761%	1.43%	-9.82%	9.67%	9.6%
Cost of Revenue	555.3	516.5	589	594.3	619.7
Gross Profit	559.7	607	518.7	634	500.4
Gross Margin	50.19%	54.03%	46.83%	51.62%	44.67%
Operating Income	529.2	494.4	507.7	1,228	508.5
Operating Margin	47.46%	44%	45.83%	100%	45.4%
Net Income	174.9	174.9	261.8	74.18	122.8
Net Margin	15.68%	15.56%	23.63%	6.04%	10.96%

Cash Flow Statement Margins

Monetary values in CAD amounts except #	LTM Apr 18	2025 Dec 31	2024 Dec 31	2023 Dec 31	2022 Dec 31
Revenue	1,115	1,124	1,108	1,228	1,120
Cash from Operating Activities	214.4	214.4	263.5	297.9	252.9
Cash from Operating Activities Margin	19.23%	19.09%	23.79%	24.25%	22.58%
Free Cash Flow	210	209.3	260.2	288.5	251.2
Free Cash Flow Margin	18.83%	18.63%	23.49%	23.49%	22.43%
Depreciation and Amortization	6.86	6.86	11.01	23.08	26.51
Depreciation and Amortization Margin	0.615%	0.611%	0.994%	1.88%	2.37%
Capital Expenditure	-4.43	-5.15	-3.28	-6.64	-1.66
Capital Expenditure Margin	-0.397%	-0.458%	-0.296%	-0.54%	-0.149%

Annual Chart

Monetary values in CAD

{"sectionId": "section-chart-1", "sectionType": "chart", "title": "Annual Chart", "timeseries": "annual", "series": [{"label": "Gross Margin", "mappingKey": "user:%grossMargin", "data": [{"l": "2022", "x": "2022-12-31", "y": 44.67}, {"l": "2023", "x": "2023-12-31", "y": 51.62}, {"l": "2024", "x": "2024-12-31", "y": 46.83}, {"l": "2025", "x": "2025-12-31", "y": 54.03}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}, {"label": "Operating Margin", "mappingKey": "user:%operatingMargin", "data": [{"l": "2022", "x": "2022-12-31", "y": 45.4}, {"l": "2023", "x": "2023-12-31", "y": 100}, {"l": "2024", "x": "2024-12-31", "y": 45.83}, {"l": "2025", "x": "2025-12-31", "y": 44}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}, {"label": "Net Margin", "mappingKey": "user:%netMargin", "data": [{"l": "2022", "x": "2022-12-31", "y": 10.96}, {"l": "2023", "x": "2023-12-31", "y": 6.04}, {"l": "2024", "x": "2024-12-31", "y": 23.63}, {"l": "2025", "x": "2025-12-31", "y": 15.56}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}, {"label": "Free Cash Flow Margin", "mappingKey": "user:%freeCashFlowMargin", "data": [{"l": "2022", "x": "2022-12-31", "y": 22.43}, {"l": "2023", "x": "2023-12-31", "y": 23.49}, {"l": "2024", "x": "2024-12-31", "y": 23.49}, {"l": "2025", "x": "2025-12-31", "y": 18.63}], "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 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	282.7	278.2	276.1	277.9	285.4	270.9
Revenue Growth Rate	1.63%	0.75%	-0.635%	-2.63%	5.36%
Cost of Revenue	110.4	111.2	130.5	203.3	135.5	130
Gross Profit	172.4	167.1	145.6	74.64	149.9	140.9
Gross Margin	60.96%	60.05%	52.73%	26.86%	52.53%	52.01%
Operating Income	165.8	147.1	144.1	72.22	147.3	138.2
Operating Margin	58.64%	52.86%	52.17%	25.99%	51.59%	51.03%
Net Income	24.89	37.84	54	58.13	77	0.498
Net Margin	8.8%	13.6%	19.56%	20.92%	26.98%	0.184%

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	282.7	278.2	276.1	277.9	285.4	270.9
Cash from Operating Activities	71.89	54.06	83.47	5.01	99.71	51.94
Cash from Operating Activities Margin	25.42%	19.43%	30.23%	1.8%	34.93%	19.17%
Free Cash Flow	69.78	53.12	82.82	4.3	99.27	50.91
Free Cash Flow Margin	24.68%	19.09%	29.99%	1.55%	34.78%	18.79%
Depreciation and Amortization	1.37	1.53	1.54	2.42	2.68	2.67
Depreciation and Amortization Margin	0.485%	0.55%	0.557%	0.871%	0.94%	0.984%
Capital Expenditure	-2.11	-0.947	-0.657	-0.716	-0.44	-1.03
Capital Expenditure Margin	-0.745%	-0.34%	-0.238%	-0.258%	-0.154%	-0.381%

Quarterly Chart

Monetary values in CAD

{"sectionId": "section-chart-2", "sectionType": "chart", "title": "Quarterly Chart", "timeseries": "quarterly", "series": [{"label": "Gross Margin", "mappingKey": "user:%grossMargin", "data": [{"l": "2024 (Q3)", "x": "2024-09-30", "y": 52.01}, {"l": "2024 (Q4)", "x": "2024-12-31", "y": 52.53}, {"l": "2025 (Q1)", "x": "2025-03-31", "y": 26.86}, {"l": "2025 (Q2)", "x": "2025-06-30", "y": 52.73}, {"l": "2025 (Q3)", "x": "2025-09-30", "y": 60.05}, {"l": "2025 (Q4)", "x": "2025-12-31", "y": 60.96}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "quarterly", "hidden": false}, {"label": "Operating Margin", "mappingKey": "user:%operatingMargin", "data": [{"l": "2024 (Q3)", "x": "2024-09-30", "y": 51.03}, {"l": "2024 (Q4)", "x": "2024-12-31", "y": 51.59}, {"l": "2025 (Q1)", "x": "2025-03-31", "y": 25.99}, {"l": "2025 (Q2)", "x": "2025-06-30", "y": 52.17}, {"l": "2025 (Q3)", "x": "2025-09-30", "y": 52.86}, {"l": "2025 (Q4)", "x": "2025-12-31", "y": 58.64}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "quarterly", "hidden": false}, {"label": "Net Margin", "mappingKey": "user:%netMargin", "data": [{"l": "2024 (Q3)", "x": "2024-09-30", "y": 0.184}, {"l": "2024 (Q4)", "x": "2024-12-31", "y": 26.98}, {"l": "2025 (Q1)", "x": "2025-03-31", "y": 20.92}, {"l": "2025 (Q2)", "x": "2025-06-30", "y": 19.56}, {"l": "2025 (Q3)", "x": "2025-09-30", "y": 13.6}, {"l": "2025 (Q4)", "x": "2025-12-31", "y": 8.8}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "quarterly", "hidden": false}, {"label": "Free Cash Flow Margin", "mappingKey": "user:%freeCashFlowMargin", "data": [{"l": "2024 (Q3)", "x": "2024-09-30", "y": 18.79}, {"l": "2024 (Q4)", "x": "2024-12-31", "y": 34.78}, {"l": "2025 (Q1)", "x": "2025-03-31", "y": 1.55}, {"l": "2025 (Q2)", "x": "2025-06-30", "y": 29.99}, {"l": "2025 (Q3)", "x": "2025-09-30", "y": 19.09}, {"l": "2025 (Q4)", "x": "2025-12-31", "y": 24.68}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "quarterly", "hidden": false}], "editableDates": {}, "properties": {"display_table": false}, "width": "full"}