METRO INC. MRU

Consumer StaplesFood & Drug RetailingCanada

Last close 98.18 CAD on Nov 3, 2026, +1.1% year to date

Quant rating

Quant rating C Rank 10 of 21 in Consumer Staples

Growth B 4 of 21
Valuation C 14 of 21
Quality B 6 of 21
Revisions C 9 of 21
Momentum B 8 of 21

Wall Street consensus Hold (2.73)Average target 101.90 CAD +3.8%

Historical valuation

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

Key data

Market cap: 20.4B
Enterprise value: 25.3B
52-week range: 86.63 – 101.30
3-year range: 65.53 – 107.96
Dividend yield: 1.66%
Beta (5 years): 0.32
Shares outstanding: 208M
Next earnings: Nov 18, 2026

About the company

METRO INC. is a Canada-based company, which specializes in food and pharmacy in Quebec and Ontario. As a retailer, franchisor, distributor, and manufacturer, the Company operates or services a network of approximately 1,006 food stores under several banners including Metro, Metro Plus, Super C, Food Basics, Adonis and Premiere Moisson, and some 640 pharmacies primarily under the Jean Coutu, Brunet, Metro Pharmacy and Food Basics Pharmacy banners. The Adonis banner, which has over 16 stores, specializes in fresh products as well as Mediterranean and Middle Eastern products. It operates approximately 317 supermarkets under the Metro and Metro Plus banners. The Company also acts as a distributor for independent neighbourhood grocery stores. It operates Premiere Moisson, a banner specialized in premium quality artisan bakery, pastry, and deli products. The Premiere Moisson sells its products to the Company's stores, to restaurants and other chains as well as directly to consumers.

Growth and profitability fiscal year ends September 30

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	22,007	21,220	20,725	18,889	18,283	–
Revenue growth	3.7%	2.4%	9.7%	3.3%	1.6%	4.1%
EPS (basic, normalized)	4.77	4.30	4.30	3.82	3.44	–
EPS growth	10.9%	0.0%	12.6%	11.0%	–	–
Gross margin	19.9%	19.7%	19.7%	20.0%	20.0%	19.9%
Net margin	4.6%	4.4%	4.9%	4.5%	4.5%	4.6%
ROE	14.5%	13.4%	15.1%	13.0%	13.1%	13.8%

Balance sheet, last quarter
Cash & short-term investments (mil)	49.9
Current ratio	1.43x
Long-term debt (mil)	4,641
Net debt (mil)	4,916
Total equity (mil)	6,960
Net debt / equity	0.71x
Net debt / EBITDA	2.36x

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	22,007	+3.7%	1.2x	2,083	+4.9%	12.2x	4.77	+10.9%	20.6x
2026	22,536	+2.4%	1.1x	2,040	−2.0%	12.4x	4.56	−4.3%	21.5x
2027	23,401	+3.8%	1.1x	2,269	+11.2%	11.2x	5.43	+18.9%	18.1x
2028	24,385	+4.2%	1.0x	2,404	+5.9%	10.5x	5.94	+9.4%	16.5x

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	22,536	0.0%	−0.3%	−0.8%	4.56	−0.3%	−5.4%	−10.7%
2027	23,401	−0.1%	−0.1%	−0.2%	5.43	−0.6%	−2.0%	−3.3%
2028	24,385	−0.2%	+0.2%	+0.1%	5.94	−0.5%	+0.1%	−2.2%

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	4,656	6,652	4,938	5,117	4,910	6,871	5,109	5,286	5,113	6,970
Sales mean (mil)	4,662	6,603	4,863	5,135	4,861	6,924	5,116	5,274	5,080	6,913
Surprise	−0.1%	+0.7%	+1.5%	−0.3%	+1.0%	−0.8%	−0.1%	+0.2%	+0.6%	+0.8%
EPS reported	0.91	1.35	1.02	1.10	1.02	1.52	1.13	1.16	1.11	1.24
EPS mean	0.89	1.34	0.99	1.09	1.02	1.53	1.10	1.20	1.11	1.24
Surprise	+2.1%	+0.8%	+3.3%	+1.1%	−0.4%	−0.8%	+2.7%	−3.1%	−0.2%	+0.3%

Peer comparison Food & Drug Retailing

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
MRU METRO INC.	20.4B	2.36x	4.6%	2.95x	21.5x	18.1x	12.4x	11.2x
L Loblaw Companies Ltd	79.9B	2.09x	4.0%	7.30x	27.0x	24.1x	12.7x	11.9x
WN George Weston Limited	40.6B	3.55x	1.6%	9.00x	23.0x	19.7x	8.8x	8.2x
CASY Caseys General Stores Inc	34.5B	1.29x	4.1%	6.01x	31.1x	28.4x	16.3x	15.0x
TBBB BBB Foods Inc.	11.2B	8.10x	−3.6%	23.92x	−64.1x	−432.3x	42.7x	29.0x
ACI Albertsons Companies, Inc.	8.7B	2.32x	0.3%	4.41x	7.7x	8.0x	4.3x	4.4x
Mean		3.28x	1.8%	8.93x	7.7x	−55.7x	16.2x	13.3x
Median		2.34x	2.8%	6.66x	22.3x	18.9x	12.6x	11.5x

Technical analysis

1M+10.7%
3M+6.3%
1Y+6.9%
3Y+40.8%

Financial statements in millions of CAD

Income statement in millions of CAD, fiscal years

Income statement, METRO INC., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	22,007	21,220	20,725	18,889	18,283	17,998
Cost of revenue	17,636	17,041	16,642	15,106	14,628	14,416
Gross profit	4,370	4,179	4,082	3,783	3,655	3,582
Selling, general & administrative expenses	–	–	–	–	1,390	1,348
Research & development	–	–	–	–	–	–
Depreciation/amortization	594	570	525	503	478	462
Interest expense (income), operating	–	–	–	0.5	0.6	0.6
Unusual expense (income)	24.4	14.0	−4.2	44.8	0	7.5
Other operating expenses	2,287	2,199	2,117	1,964	533	543
Operating income	1,464	1,396	1,444	1,271	1,254	1,221
Net interest income (expense)	−151	−152	−126	−117	−129	−133
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	7.1	6.0	2.9	−0.6	−4.6	−4.2
Net income before taxes	1,320	1,250	1,322	1,154	1,121	1,084
Provision for taxes	301	318	303	304	295	288
Minority interest	−2.5	−2.9	−4.0	−3.4	−2.7	−1.2
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	1,017	929	1,015	846	823	795
Extraordinary items	–	–	–	–	–	–
Net income	1,017	929	1,015	846	823	795
EBIT, normalized	1,488	1,428	1,440	1,316	1,359	1,232
EBITDA, normalized	2,083	1,998	1,965	1,819	1,836	1,694
Basic EPS, normalized	4.77	4.30	4.30	3.82	3.44	–

Balance sheet in millions of CAD, fiscal years

Balance sheet, METRO INC., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	67.3	29.4	29.5	13.4	446	442
Receivables	910	863	857	785	805	746
Total inventory	1,604	1,508	1,451	1,331	1,169	1,268
Prepaid expenses	79.4	73.2	65.9	54.1	46.6	45.0
Other current assets	0	0	0	0	0	0
Total current assets	2,661	2,474	2,404	2,183	2,467	2,500
Property, plant & equipment	5,086	4,905	4,711	4,453	4,194	4,011
Goodwill	3,317	3,314	3,307	3,301	3,301	3,301
Intangibles	2,661	2,699	2,733	2,739	2,855	2,850
Long-term investments	–	–	–	14.5	33.4	40.2
Note receivable	376	405	426	478	550	596
Other long-term assets	438	344	284	232	192	125
Total assets	14,539	14,141	13,865	13,401	13,592	13,424
Liabilities
Accounts payable	1,662	1,646	1,619	1,575	1,546	1,459
Payable/accrued	–	–	–	–	–	–
Accrued expenses	–	–	–	–	–	–
Short-term debt	0	0	0	0.1	0.1	0.4
Current portion of long-term debt	293	581	298	294	588	279
Other current liabilities	98.9	58.9	43.7	82.6	63.4	122
Total current liabilities	2,054	2,286	1,961	1,952	2,198	1,860
Long-term debt	4,309	3,730	4,027	3,827	3,976	4,423
Minority interest	18.4	17.2	15.1	13.9	12.9	13.2
Other liabilities	1,132	1,086	1,062	1,003	1,005	985
Total liabilities	7,513	7,119	7,064	6,797	7,192	7,282
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	1,545	1,576	1,601	1,649	1,674	1,714
Additional paid-in capital	26.9	25.5	23.6	23.3	24.2	22.2
Retained earnings (accumulated deficit)	5,482	5,441	5,196	4,947	4,722	4,431
Treasury stock	−25.1	−19.6	−17.9	−16.2	−20.5	−25.1
Other equity	−1.4	−1.1	−1.2	0.9	0	0
Total equity	7,027	7,022	6,801	6,604	6,400	6,142
Total liabilities & shareholders' equity	14,539	14,141	13,865	13,401	13,592	13,424

Cash flow statement in millions of CAD, fiscal years

Cash flow statement, METRO INC., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	1,320	1,250	1,322	1,154	1,121	1,084
Depreciation, depletion & amortization	594	570	525	503	478	462
Deferred taxes	–	–	–	–	–	–
Non-cash items	225	190	151	177	150	156
Changes in working capital	−415	−330	−435	−373	−166	−229
Cash from operations	1,725	1,680	1,564	1,461	1,583	1,474
Investing activities
Capital expenditures	−511	−580	−680	−621	−599	−511
Other investing cash flows	102	123	107	143	128	66.6
Cash from investing	−409	−456	−572	−478	−472	−444
Financing activities
Financing cash flow items	−179	−186	−158	−155	−160	−157
Cash dividends paid	−317	−295	−275	−258	−240	−221
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−782	−744	−542	−1,003	−707	−484
Cash from financing	−1,278	−1,224	−975	−1,416	−1,107	−862
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	37.9	−0.1	16.1	−432	4.3	168
Free cash flow	1,214	1,100	884	840	984	963

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 3, 2026 after market close.