MacKenzie Master (MKZ.UN) AI Stock Analysis

• Market Cap: C$3.03M
• Dividend Yield: 13.17%
• Average Volume (3M): 4.14K
• Price to Earnings (P/E): 2.9
• Beta (1Y): 1.00
• Revenue Growth: -5.41%
• EPS Growth: -10.83%
• Country: CA
• Employees: N/A
• Sector: Financial
• Sector Strength: 70
• Industry: Asset Management
• EPS (TTM): 0.04
• Shares Outstanding: 6,264,511
• 10 Day Avg. Volume: 2,951
• 30 Day Avg. Volume: 4,141
• PEG Ratio: -1.17
• Price to Book (P/B): 5.41
• Price to Sales (P/S): 3.26
• P/FCF Ratio: 5.52
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 72 Outperform
• Price Target: C$0.53 ▲(9.79% Upside)
• Action: Downgraded Date: 01/29/26
• Date: Action: Downgraded 01/29/26

The score is primarily supported by strong financial quality (high margins, strong cash conversion, and zero debt) and appealing valuation (low P/E and high dividend yield). These positives are partially offset by weak technical momentum (below key moving averages with negative MACD) and a declining/volatile recent revenue and free-cash-flow trend.

Positive Factors

High Profitability / Margins

Sustained ultra-high gross and EBIT margins indicate durable pricing power and an efficient cost base across the partnership’s investments. Over 2–6 months this supports resilient earnings, strong internal capital generation and the ability to fund distributions or opportunistic deployments despite top-line softness.

Conservative Balance Sheet (Zero Debt)

A zero-debt position removes refinancing and interest-rate pressure, preserving financial flexibility. This structural strength reduces solvency risk, supports steady distributions and enables the partnership to pursue acquisitions or capital allocations without near-term liquidity strain.

Strong Cash Generation / Conversion

Consistent conversion of reported earnings into cash provides a durable funding source for dividends, buybacks, or reinvestment. Reliable OCF ~2x net income signals underlying cash quality and lowers reliance on external funding over a multi-month horizon.

Negative Factors

Declining and Choppy Revenue Trend

A persistent downtrend in revenue erodes the growth foundation, limiting scale benefits and putting sustained pressure on long-term earnings power. Over several months this weakens the partnership’s ability to expand income-generating assets and may force reliance on capital recycling or non-operating gains.

Declining / Volatile Free Cash Flow Growth

Negative and volatile FCF growth reduces strategic optionality: it constrains reinvestment, makes distributions harder to sustain, and raises sensitivity to shocks. Even with strong conversion, falling FCF weakens the partnership’s multi-month capacity to self-fund growth or build reserves.

Shrinking Asset and Equity Base

A declining asset and equity base reduces scale, diversification and fee-earning capacity. Structurally smaller capital limits growth runway, can raise expense ratios relative to assets, and may force more concentrated positions or transactional activity to maintain distributions over the medium term.

MacKenzie Master Business Overview & Revenue Model

Company Description

Mackenzie Master Limited Partnership pays selling commissions to financial advisors who sell redemption charge securities of Mackenzie mutual funds for specific periods. Redemption charge securities are securities of a fund for which investors are, under certain circumstances, required to pay a charge on redemption. MMLP GP Inc. serves as the general partner of Mackenzie Master Limited Partnership. The company was founded in 1995 and is headquartered in Toronto, Canada.

MacKenzie Master Financial Statement Overview

Summary

Strong profitability and efficiency (very high gross/EBIT margins and robust net margins) with a conservative, low-risk balance sheet (zero debt). The main constraint is weakening trajectory: revenue has been choppy and generally declining, and free cash flow has fallen notably in the most recent period despite strong cash conversion.

Income Statement

Profitability is very strong, with consistently high gross and operating margins (gross margin ~98–100% and EBIT margin ~73–90% across the period). Net profit margins are also robust (~60–68%), indicating efficient cost control. The key weakness is the top-line trend: revenue has been choppy and generally declining over time (including a steep drop in 2024), which raises questions about organic growth durability despite strong earnings conversion.

Balance Sheet

The balance sheet is conservatively positioned with zero debt in every reported year, eliminating refinancing and interest-rate risk. Equity remains positive and meaningful relative to the asset base, supporting financial flexibility. A watch item is that total assets and equity have drifted down from earlier years, suggesting a smaller capital base over time even though leverage is not a concern.

Cash Flow

Cash generation is solid: operating cash flow comfortably exceeds net income (roughly ~2.0x in recent years), and free cash flow is consistently positive and matches operating cash flow. However, free cash flow growth has been negative in most years (including a notable decline in 2024), pointing to volatility and a weaker recent trajectory even with strong cash conversion.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	785.78K	816.35K	832.16K	811.66K	941.83K	919.46K
Gross Profit	775.82K	797.74K	832.16K	796.13K	925.70K	904.25K
EBITDA	325.06K	669.67K	-61.80K	-56.05K	815.46K	812.17K
Net Income	464.26K	492.20K	516.51K	532.97K	601.27K	596.95K
Balance Sheet
Total Assets	329.17K	736.97K	767.03K	787.55K	872.72K	876.16K
Cash, Cash Equivalents and Short-Term Investments	251.00K	681.75K	715.68K	729.82K	795.89K	801.01K
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00
Total Liabilities	103.83K	244.76K	250.52K	254.59K	271.45K	279.22K
Stockholders Equity	225.34K	492.20K	516.51K	532.97K	601.27K	596.95K
Cash Flow
Free Cash Flow	508.68K	482.58K	518.82K	535.21K	591.82K	554.45K
Operating Cash Flow	508.68K	482.58K	518.82K	535.21K	591.82K	554.45K
Investing Cash Flow	0.00	0.00	0.00	0.00	0.00	0.00
Financing Cash Flow	-492.21K	-516.51K	-532.97K	-601.27K	-596.95K	-746.16K

MacKenzie Master Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.48
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:MKZ.UN, the sentiment is Negative. The current price of 0.48 is below the 20-day moving average (MA) of 0.49, above the 50-day MA of 0.47, and below the 200-day MA of 0.49, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 48.59 is Neutral, neither overbought nor oversold. The STOCH value of 44.56 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:MKZ.UN.

MacKenzie Master Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MKZ.UN	72 Outperform	C$3.03M	2.88	193.99%	13.17%	-5.41%	-10.83%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
AAB	56 Neutral	C$3.21M	1.63	-735.40%	―	82.65%	-70.88%
IDK	53 Neutral	C$10.84M	-0.44	-70.07%	―	53.55%	-289.42%
FNR	51 Neutral	C$7.48M	1.36	1.09%	―	-82.82%	―
QCA	48 Neutral	C$4.21M	9.47	-45.81%	―	26.42%	-1217.14%
BLGV	42 Neutral	C$4.13M	-0.72	-226.11%	―	19.82%	-51.61%