MCAN Mortgage Corporation

MKP.TO

Financial - Mortgages · Financial Services

Price

C$22.51

-0.03 (-0.13%)

Market Cap

C$916.2M

Exchange

Toronto Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Good

Cash Flow

Exceptional

Stability

Weak

Valuation

Good

Dividends

Strong

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Share count rising — dilution

+46.4% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 27.0M (2021) → 39.6M (2025)

Winston Score History

The full picture

MCAN Mortgage Corporation is a Canadian company that lends money to people and businesses so they can buy or build real estate. Its main products are residential mortgages, construction loans, and commercial property loans, mostly for customers across Canada. MCAN is structured as a Mortgage Investment Corporation (MIC), which is a specific type of company under Canadian tax law that focuses entirely on mortgage lending.

MCAN makes money by charging interest on the loans it gives out, and it funds those loans partly by taking in deposits from individual investors. It operates exclusively in Canada and has a market cap of around $1 billion, making it a mid-sized player in the Canadian mortgage market. Because it is a MIC, it must distribute most of its taxable income to shareholders as dividends, which attracts income-focused investors. The main risk the company faces is rising mortgage defaults or falling Canadian housing prices, either of which could quickly reduce the value of its loan portfolio.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+2.2% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+15.7% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

C$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

13.7%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

C$6.5B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

MCAN Mortgage Corporation is growing revenue at 2% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

69.3%

Premium pricing power — 69.3% gross margin

Profit after running costs

Operating Margin

51.6%

Excellent — 51.6% operating margin

Return on the money invested

ROCE

2.9%

Weak — 2.9% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

+21.2%

Fast-growing sales (+21.2% YoY)

Profit growth

EPS YoY

+14.7%

Earnings growing (+14.7% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

1351%

Turns 1351% of profit into real cash

Spare cash per sale

FCF Margin

357.7%

Converts sales into free cash efficiently (357.7%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

5.55

Heavy debt load (5.55)

Covers its interest

Interest Cover

1.01x

Dangerous — barely covers interest (1.0x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

10.7x

Attractive valuation — P/E 10.7

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

-0.3

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend

Dividend Yield

7.12%

Healthy income — 7.12% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

+4.9%

Dividend growing modestly (4.9% YoY)

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