Madison Pacific Properties Inc. MPC

Real EstateReal Estate OperationsCanada

Last close 4.80 CAD on Nov 1, 2026, −9.9% year to date

Quant rating

Quant rating D Rank 37 of 38 in Real Estate

Growth D 33 of 38
Valuation D 38 of 38
Quality D 28 of 38
Revisions D 32 of 38
Momentum C 21 of 38

Historical valuation

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

Key data

Market cap: 265M
Enterprise value: 623M
52-week range: 4.34 – 5.49
3-year range: 3.81 – 6.38
Dividend yield: 2.19%
Beta (5 years): 0.11
Shares outstanding: 59.5M
Next earnings: –

About the company

Madison Pacific Properties Inc. is a Canada-based company, which owns, manages and develops commercial real estate assets. These industrial, retail, residential and office assets are located in British Columbia, Alberta and Ontario. The Company’s investment portfolio comprises 55 properties with approximately 1.9 million rentable sq. ft. of industrial and commercial space and a 50% interest in seven multi-family rental properties with a total of 219 units. Approximately 91.25% of available space within the industrial and commercial investment properties is leased and within the multi-family residential properties, 98.2% is leased. Its development properties include a 50% interest in the Silverdale Hills Limited Partnership which owns approximately 1,405 acres of primarily residential designated development lands in Mission, British Columbia. Its portfolio includes 1919 W 8th Vancouver, British Columbia and 1873 Adanac St. Vancouver, British Columbia.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	45.8	14.9	40.5	37.4	32.8	–
Revenue growth	208.4%	−63.3%	8.2%	14.0%	5.5%	8.1%
EPS (basic, normalized)	0.06	0.10	0.14	–	–	–
EPS growth	−40.0%	−28.6%	–	–	–	–
Gross margin	89.2%	88.4%	87.6%	89.3%	89.9%	88.9%
Net margin	57.1%	32.3%	46.0%	169.3%	153.4%	91.6%
ROE	6.3%	–	4.1%	15.1%	13.4%	9.7%

Balance sheet, last quarter
Cash & short-term investments (mil)	19.3
Current ratio	0.22x
Long-term debt (mil)	255
Net debt (mil)	359
Total equity (mil)	429
Net debt / equity	0.84x
Net debt / EBITDA	–

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	45.8	+208.4%	13.6x	–	–	–	0.06	−40.0%	80.0x

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	–	–	–	–	–	–	–	–
2027	–	–	–	–	–	–	–	–
2028	–	–	–	–	–	–	–	–

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Jun 2007	Sep 2007	Dec 2007	Mar 2008	Jun 2008	Sep 2008	Dec 2008	Mar 2009	Jun 2009	FQ0
Sales reported (mil)	3.5	3.5	2.3	3.8	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	0.04	0.02	0.02	0.02	0.02	0.01	0.01	0.05	0.01	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

Peer comparison Real Estate Operations

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
MPC Madison Pacific Properties Inc.	265M	–	57.1%	0.67x	–	–	–	–
VONOY Vonovia SE	21.4B	–	72.1%	1.01x	9.6x	9.4x	21.5x	20.9x
HLPPY Hang Lung Properties Ltd	5.7B	–	–	–	–	–	–	–
VTMX Vesta Real Estate Corporation SAB de CV	4.5B	–	–	–	20.8x	18.6x	–	–
GZTGF G City Ltd	746M	34.54x	2.8%	0.42x	–	–	–	–
TCI Transcontinental Realty Investors Inc	603M	–	28.1%	0.51x	–	–	–	–
Mean		34.54x	40.0%	0.65x	15.2x	14.0x	21.5x	20.9x
Median		34.54x	42.6%	0.59x	15.2x	14.0x	21.5x	20.9x

Technical analysis

1M−0.6%
3M−5.7%
1Y−9.4%
3Y−15.1%

Financial statements in millions of CAD

Income statement in millions of CAD, fiscal years

Income statement, Madison Pacific Properties Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	45.8	14.9	40.5	37.4	32.8	31.1
Cost of revenue	4.9	1.7	5.0	4.0	3.3	3.1
Gross profit	40.9	13.1	35.4	33.4	29.5	27.9
Selling, general & administrative expenses	14.0	4.7	14.7	11.3	9.9	8.3
Research & development	–	–	–	–	–	–
Interest expense (income), operating	−26.1	−3.2	−13.0	−58.9	−49.7	−27.6
Unusual expense (income)	–	–	–	–	–	–
Other operating expenses	0	0	0	0	0	0
Operating income	53.0	11.6	33.8	81.0	69.3	47.3
Net interest income (expense)	−15.1	−5.2	−9.5	−2.8	−7.4	−11.0
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	37.9	6.4	24.2	78.2	61.9	36.3
Provision for taxes	6.2	1.3	5.3	12.8	8.3	6.2
Minority interest	−5.5	−0.3	−0.4	−2.1	−3.3	−0.1
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	26.1	4.8	18.6	63.3	50.3	30.0
Extraordinary items	–	–	–	–	–	–
Net income	26.1	4.8	18.6	63.3	50.3	30.0
EBIT, normalized	26.9	8.4	20.7	22.1	19.6	19.7
EBITDA, normalized	29.0	–	22.6	23.7	20.8	20.9
Basic EPS, normalized	0.06	0.10	0.14	–	–	–

Balance sheet in millions of CAD, fiscal years

Balance sheet, Madison Pacific Properties Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	19.3	19.1	45.2	42.0	42.3	71.5
Receivables	2.1	1.9	2.6	0.7	0.6	1.3
Total inventory	–	–	–	–	–	–
Prepaid expenses	0.9	0.8	3.6	3.2	3.5	2.5
Other current assets	0	0.2	0.1	0	0	0
Total current assets	22.3	22.0	51.5	46.0	46.4	75.3
Property, plant & equipment	–	–	–	–	–	–
Goodwill	–	–	–	–	–	–
Intangibles	–	–	–	–	–	–
Long-term investments	827	787	778	773	676	604
Note receivable	–	0.4	0.2	0.3	0.6	0.7
Other long-term assets	1.5	0.7	23.2	22.9	18.4	17.4
Total assets	851	810	853	842	741	698
Liabilities
Accounts payable	0.8	1.3	0.7	0.5	0.6	0.7
Payable/accrued	–	–	–	–	–	–
Accrued expenses	3.6	2.4	1.9	2.0	2.4	1.8
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	117	108	57.3	87.5	53.9	34.4
Other current liabilities	4.4	4.3	8.8	9.9	10.0	9.9
Total current liabilities	126	116	68.7	99.8	66.9	46.9
Long-term debt	230	207	251	223	226	235
Minority interest	15.5	12.0	12.9	12.8	11.1	8.3
Other liabilities	62.4	58.9	57.6	56.3	49.2	42.7
Total liabilities	434	393	391	392	353	333
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	72.7	72.7	72.7	72.7	67.5	67.5
Additional paid-in capital	–	–	–	–	0	1.1
Retained earnings (accumulated deficit)	344	344	390	378	321	296
Treasury stock	–	–	–	–	–	–
Other equity	0	0	0	0	0	0
Total equity	416	417	463	450	388	365
Total liabilities & shareholders' equity	851	810	853	842	741	698

Cash flow statement in millions of CAD, fiscal years

Cash flow statement, Madison Pacific Properties Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	31.7	5.1	19.0	65.4	53.6	30.1
Depreciation, depletion & amortization	2.1	0.5	1.9	1.6	1.3	1.3
Deferred taxes	3.9	0.4	1.3	7.1	6.5	5.6
Non-cash items	−26.6	−2.3	−12.7	−64.8	−50.9	−23.9
Changes in working capital	0	2.1	−3.6	1.6	−0.8	−2.1
Cash from operations	11.1	5.7	5.8	10.9	9.6	11.0
Investing activities
Capital expenditures	–	–	–	–	–	–
Other investing cash flows	−11.7	−6.5	11.3	−32.1	−22.8	−23.2
Cash from investing	−11.7	−6.5	11.3	−32.1	−22.8	−23.2
Financing activities
Financing cash flow items	−2.0	0	−0.3	−0.4	−0.5	−3.4
Cash dividends paid	−26.5	−3.1	−6.2	−6.2	−26.1	−6.2
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	29.3	8.3	−7.4	27.6	10.6	36.2
Cash from financing	0.9	5.2	−13.9	21.0	−16.0	26.7
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	0.3	4.4	3.2	−0.3	−29.2	14.5
Free cash flow	11.1	5.7	5.8	10.9	9.6	11.0

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 1, 2026 after market close.