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Melcor Developments
(TSX:MRD)
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Rating:69Neutral
Price Target:
C$20.00
▲(6.21% Upside)
Action:Reiterated
Date:08/19/26
The score is driven primarily by solid underlying financial performance (strong margins and improving leverage) and an attractive valuation (low P/E and high dividend yield). These positives are partially offset by softer technical momentum and the financial risk signal from declining TTM revenue and volatile cash flow conversion.
Positive Factors
Strong profitability
Healthy gross and operating margins provide resilience across development and property operations. Sustained profitability can support reinvestment, debt service and shareholder distributions even when individual projects produce uneven results.
Negative Factors
Declining TTM revenue
The reversal from prior annual growth shows that revenue is not yet consistently expanding. For a development-oriented company, uneven land sales, project timing and leasing conditions can make future earnings less predictable.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong profitability
Healthy gross and operating margins provide resilience across development and property operations. Sustained profitability can support reinvestment, debt service and shareholder distributions even when individual projects produce uneven results.
Read all positive factors
Melcor Developments (MRD) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$555.92M
Dividend Yield4.91%
Average Volume (3M)6.18K
Price to Earnings (P/E)6.2
Beta (1Y)0.42
Revenue Growth-3.65%
EPS Growth840.07%
CountryCA
Employees140
SectorReal Estate
Sector Strength53
IndustryReal Estate - Development
Share Statistics
EPS (TTM)3.01
Shares Outstanding29,968,752
10 Day Avg. Volume3,162
30 Day Avg. Volume6,179
Financial Highlights & Ratios
PEG Ratio0.11
Price to Book (P/B)0.36
Price to Sales (P/S)1.12
P/FCF Ratio5.01
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)C$295.00M
Melcor Developments Business Overview & Revenue Model
Company Description
Melcor Developments Ltd. is a real estate development and management firm with operations spanning the United States and Canada. The company segments its business into Community Development, Property Development, REIT, Investment Property, and Rec...
How the Company Makes Money
MRD makes money through multiple real-estate-based revenue streams tied to developing, owning, and operating properties. (1) Land and community development: the company acquires and services land (e.g., planning, zoning, and installing infrastruct...
Melcor Developments Financial Statement Overview
Summary
Income Statement
76
Positive
Balance Sheet
72
Positive
Cash Flow
58
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 367.02M | 410.55M | 349.50M | 315.24M | 241.75M | 315.63M |
| Gross Profit | 159.75M | 188.26M | 157.39M | 142.35M | 118.26M | 140.13M |
| EBITDA | 124.39M | 135.07M | 83.03M | 104.77M | 96.59M | 83.48M |
| Net Income | 90.85M | 58.02M | 33.53M | 62.98M | 89.35M | 56.31M |
Balance Sheet | ||||||
| Total Assets | 1.98B | 2.05B | 2.11B | 2.10B | 2.17B | 2.11B |
| Cash, Cash Equivalents and Short-Term Investments | 69.28M | 74.88M | 58.11M | 34.69M | 80.47M | 59.92M |
| Total Debt | 490.24M | 548.74M | 611.34M | 670.17M | 740.37M | 716.91M |
| Total Liabilities | 686.85M | 783.06M | 865.92M | 887.89M | 988.71M | 997.46M |
| Stockholders Equity | 1.30B | 1.27B | 1.24B | 1.21B | 1.18B | 1.12B |
Cash Flow | ||||||
| Free Cash Flow | 33.82M | 91.88M | 97.69M | 48.09M | 17.62M | 71.60M |
| Operating Cash Flow | 34.96M | 92.55M | 98.63M | 48.81M | 18.35M | 72.82M |
| Investing Cash Flow | 79.36M | 84.95M | 2.69M | 4.63M | 18.33M | -17.68M |
| Financing Cash Flow | -136.49M | -157.28M | -82.08M | -98.97M | -17.26M | -24.56M |
Melcor Developments Technical Analysis
Positive
18.83
Price Trends
18.59
Negative
18.34
Positive
16.94
Positive
Market Momentum
-0.04
Negative
50.32
Neutral
86.37
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:MRD, the sentiment is Positive. The current price of 18.83 is above the 20-day moving average (MA) of 18.55, above the 50-day MA of 18.59, and above the 200-day MA of 16.94, indicating a neutral trend. The MACD of -0.04 indicates Negative momentum. The RSI at 50.32 is Neutral, neither overbought nor oversold. The STOCH value of 86.37 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:MRD.
Melcor Developments Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | C$184.01M | 5.84 | 11.83% | ― | 15.40% | -15.19% | |
69 Neutral | C$555.92M | 6.16 | 6.06% | 4.83% | -3.65% | 840.07% | |
66 Neutral | C$664.47M | 21.16 | 15.90% | 5.26% | -18.04% | 7.87% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
57 Neutral | C$2.24B | 311.00 | 0.25% | 3.82% | 4.80% | -99.27% |
* Real Estate Sector Average
TSE:MRD
Melcor Developments
18.55
4.32
30.36%
TSE:GDC
Genesis Land Dev
3.27
0.34
11.49%
TSE:KMP.UN
Killam Apartment REIT Un
18.66
1.65
9.71%
TSE:WFC
Wall Financial
20.85
6.69
47.21%
TSE:MHC.UN
Flagship Communities REIT Investment Trust
30.60
6.43
26.58%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.