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Mullen Group Ltd. has reported its full-year 2025 results, with sales rising to CA$2,133.64 million while net income and earnings per share from continuing operations declined compared with 2024, as management cited a soft Canadian economy and margin pressure.
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The company indicated that all of its revenue growth came from recent acquisitions such as Cole International Inc. and Pacific Northwest Moving, underscoring how deal-making rather than underlying demand is currently driving the expansion of its transportation and logistics network.
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We’ll now examine how reliance on acquisition-driven revenue growth amid weaker profitability could influence Mullen Group’s investment narrative.
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To own Mullen Group, you need to be comfortable with a logistics company that leans heavily on acquisitions to grow while managing thinner margins in a soft Canadian economy. The latest full year 2025 results reinforce that the key near term catalyst is integration and performance of recent deals, while the biggest current risk is ongoing margin pressure and weaker earnings; this news largely confirms, rather than changes, that risk balance.
The 2025 earnings release on February 12 is central here, because it shows sales rising to CA$2,133.64 million even as net income slid to CA$91.11 million and EPS declined. Management’s disclosure that all revenue growth came from acquisitions such as Cole International Inc. and Pacific Northwest Moving directly ties into the catalyst of acquisition driven expansion, but also underlines the risk that growth is coming with lower profitability.
Yet behind the revenue growth, investors should also be aware that prolonged margin pressure and acquisition reliance could…
Read the full narrative on Mullen Group (it’s free!)
Mullen Group’s narrative projects CA$2.6 billion revenue and CA$133.2 million earnings by 2028.
Uncover how Mullen Group’s forecasts yield a CA$18.68 fair value, a 11% upside to its current price.
Three members of the Simply Wall St Community currently see Mullen Group’s fair value between CA$15.00 and about CA$22.97, underlining how far opinions can spread. You can weigh those views against management’s emphasis on acquisition led revenue growth amid margin pressure, and decide how that balance of growth and profitability might shape the company’s performance.