Chartwell Retirement Residences CSH_u

Health CareResidential & Commercial REITsCanada

Last close 20.57 CAD on Nov 2, 2026, +4.9% year to date

Quant rating

Quant rating C Rank 18 of 26 in Health Care

Growth C 17 of 26
Valuation D 19 of 26
Quality C 14 of 26
Revisions D 23 of 26
Momentum C 11 of 26

Wall Street consensus Buy (1.90)Average target 25.77 CAD +25.3%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 6.8B
Enterprise value: 10.0B
52-week range: 19.22 – 23.38
3-year range: 10.28 – 23.38
Dividend yield: 3.02%
Beta (5 years): 0.85
Shares outstanding: 329M
Next earnings: Nov 5, 2026

About the company

Chartwell Retirement Residences is a Canada-based, open-ended real estate trust. The Company specializes in serving and caring for Canada’s seniors. It owns and operates a complete range of senior housing communities, from independent living through to assisted living and long-term care. It operates through the Retirement Operations segment. It provides resident services and care in various settings, including independent living apartments, independent supportive living apartments, independent supportive living suites, and assisted living. Its services include the provision of meals, nursing care, housekeeping and laundry, leisure and social programs, and other amenities. Its portfolio is organized into three groupings: same property; acquisitions and development; and dispositions and repositioning. Its Retirement Operations property portfolio spans Western Canada, Ontario, Quebec, and other provinces. The Company serves over 25,000 residents in over four provinces across the country.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	1,109	852	739	708	906	–
Revenue growth	30.1%	15.4%	4.3%	−21.9%	−2.4%	3.6%
EPS (basic, normalized)	0.10	0.09	0.53	0.21	0.05	–
EPS growth	11.1%	−83.0%	152.4%	320.0%	–	–
Gross margin	41.4%	40.2%	37.3%	34.4%	30.5%	36.8%
Net margin	2.7%	2.6%	−8.3%	3.9%	1.1%	0.4%
ROE	2.1%	2.4%	−7.8%	3.4%	1.3%	0.3%

Balance sheet, last quarter
Cash & short-term investments (mil)	38.1
Current ratio	0.30x
Long-term debt (mil)	2,687
Net debt (mil)	3,212
Total equity (mil)	1,846
Net debt / equity	1.74x
Net debt / EBITDA	7.18x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	1,109	+30.1%	9.0x	447	+44.1%	22.3x	0.10	+11.1%	205.7x
2026	1,348	+21.6%	7.4x	510	+13.9%	19.6x	0.15	+50.0%	137.1x
2027	1,455	+7.9%	6.9x	566	+11.0%	17.6x	0.30	+100.0%	68.6x
2028	1,508	+3.6%	6.6x	628	+10.9%	15.9x	0.41	+36.7%	50.2x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	1,348	0.0%	+1.2%	+3.0%	0.15	0.0%	−48.3%	−50.0%
2027	1,455	0.0%	+1.5%	+4.4%	0.30	0.0%	−26.8%	−21.1%
2028	1,508	−0.9%	–	–	0.41	0.0%	–	–

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	Dec 2025	FQ-1	FQ0
Sales reported (mil)	196	202	220	218	253	273	280	292	309	326
Sales mean (mil)	225	214	232	250	256	269	287	292	316	322
Surprise	−13.1%	−5.8%	−5.3%	−12.4%	−1.3%	+1.7%	−2.5%	0.0%	−2.1%	+1.2%
EPS reported	–	–	–	–	–	–	–	0.02	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

Peer comparison Residential & Commercial REITs

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
CSH_u Chartwell Retirement Residences	6.8B	7.18x	2.7%	3.65x	137.1x	68.6x	19.6x	17.6x
REI_u RioCan Real Estate Investment Trust	6.2B	8.20x	4.8%	0.87x	13.4x	13.3x	18.8x	17.4x
GRT_u Granite Real Estate Investment Trust	5.3B	6.37x	55.3%	0.91x	14.6x	12.9x	16.9x	15.6x
CHP_u Choice Properties Real Estate Investment Trust	4.9B	6.24x	−4.3%	2.58x	39.3x	14.3x	10.5x	8.6x
FCR_u First Capital Real Estate Investment Trust	4.9B	8.75x	145.5%	1.01x	18.0x	17.1x	20.7x	20.4x
CAR_u Canadian Apartment Properties Real Estate Investment Trust	4.8B	10.24x	19.6%	0.57x	−101.3x	12.3x	18.3x	17.6x
Mean		7.83x	37.3%	1.60x	20.2x	23.1x	17.5x	16.2x
Median		7.69x	12.2%	0.96x	16.3x	13.8x	18.6x	17.5x

Technical analysis

1M+3.1%
3M−8.2%
1Y+2.5%
3Y+115.8%

Financial statements in millions of CAD

Income statement in millions of CAD, fiscal years

Income statement, Chartwell Retirement Residences, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	1,109	852	739	708	906	929
Cost of revenue	650	509	463	465	630	622
Gross profit	458	343	275	243	277	306
Selling, general & administrative expenses	56.6	49.5	60.5	49.6	44.4	43.9
Research & development	–	–	–	–	–	–
Depreciation/amortization	247	169	157	156	168	180
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	−6.2	5.5	12.1	2.0	2.2	4.2
Other operating expenses	0	0	0	0	0	0
Operating income	161	119	46.0	35.5	62.1	78.3
Net interest income (expense)	−134	−107	−105	−73.7	−94.7	−100
Gain (loss) on sale of assets	62.9	54.0	12.1	71.8	44.8	25.1
Other non-operating income (expense)	−15.6	−9.7	−11.4	8.0	−1.1	8.0
Net income before taxes	74.2	56.9	−58.2	41.5	11.1	11.0
Provision for taxes	44.7	34.5	2.7	14.1	1.0	−3.9
Minority interest	−0.1	0	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	29.4	22.4	−60.9	27.4	10.1	14.9
Extraordinary items	–	0	189	22.1	–	–
Net income	29.4	22.4	128	49.5	10.1	14.9
EBIT, normalized	155	125	58.0	37.5	64.3	82.5
EBITDA, normalized	402	294	216	196	232	262
Basic EPS, normalized	0.10	0.09	0.53	0.21	0.05	–

Balance sheet in millions of CAD, fiscal years

Balance sheet, Chartwell Retirement Residences, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	109	20.0	24.6	28.5	95.5	70.2
Receivables	27.1	39.3	22.2	24.6	25.4	36.5
Total inventory	–	–	–	–	–	–
Prepaid expenses	–	–	–	–	–	–
Other current assets	35.4	329	297	227	26.0	20.7
Total current assets	172	388	344	280	147	127
Property, plant & equipment	4,790	3,628	2,841	3,176	3,156	3,223
Goodwill	9.2	9.2	9.2	9.2	9.2	9.2
Intangibles	11.0	12.5	15.8	18.9	63.3	69.7
Long-term investments	20.2	26.2	15.0	12.9	9.0	17.1
Note receivable	40.4	19.3	7.3	3.8	30.2	40.9
Other long-term assets	2.1	3.8	1.8	9.0	2.7	2.2
Total assets	5,045	4,087	3,234	3,510	3,417	3,489
Liabilities
Accounts payable	–	–	–	–	–	0
Payable/accrued	265	215	155	177	163	156
Accrued expenses	–	–	–	–	–	–
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	581	708	372	392	303	200
Other current liabilities	16.2	163	234	176	43.5	36.8
Total current liabilities	862	1,086	761	745	509	393
Long-term debt	2,406	1,891	1,654	1,943	2,045	2,318
Minority interest	0	1.6	–	–	–	–
Other liabilities	82.6	37.2	27.7	53.3	36.8	44.3
Total liabilities	3,351	3,015	2,443	2,741	2,591	2,755
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	3,833	3,061	2,646	2,605	2,567	2,348
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	−2,130	−1,981	−1,845	−1,827	−1,733	−1,607
Treasury stock	–	–	–	–	–	–
Other equity	−9.0	−8.4	−9.7	−8.3	−7.8	−7.3
Total equity	1,694	1,072	791	770	826	734
Total liabilities & shareholders' equity	5,045	4,087	3,234	3,510	3,417	3,489

Cash flow statement in millions of CAD, fiscal years

Cash flow statement, Chartwell Retirement Residences, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	29.5	22.4	128	49.5	10.1	14.9
Depreciation, depletion & amortization	247	169	157	158	168	180
Deferred taxes	43.7	34.8	−24.5	14.1	1.0	−3.9
Non-cash items	90.7	80.5	−50.2	4.3	51.0	67.1
Changes in working capital	−81.2	−105	−52.8	−88.4	−73.9	−73.2
Cash from operations	330	201	157	138	156	185
Investing activities
Capital expenditures	−150	−107	−129	−111	−115	−132
Other investing cash flows	−722	−546	208	−54.3	78.9	70.2
Cash from investing	−872	−653	78.9	−166	−36.5	−62.2
Financing activities
Financing cash flow items	−40.4	−19.5	−9.2	−8.9	−8.4	−7.8
Cash dividends paid	−128	−115	−110	−109	−116	−123
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	800	582	−121	78.4	30.0	55.2
Cash from financing	632	448	−240	−39.1	−94.5	−75.2
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	89.1	−4.6	−3.9	−67.0	25.3	47.3
Free cash flow	180	93.6	28.2	26.3	41.0	52.2

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.