Real Matters Inc REAL

Real EstateReal Estate OperationsCanada

Last close 3.06 CAD on Nov 2, 2026, −47.2% year to date

Quant rating

Quant rating D Rank 28 of 38 in Real Estate

Growth A 5 of 38
Valuation C 23 of 38
Quality C 18 of 38
Revisions B 7 of 38
Momentum D 37 of 38

Wall Street consensus Buy (2.50)Average target 6.17 CAD +101.5%

Historical valuation

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

Key data

Market cap: 228M
Enterprise value: 173M
52-week range: 3.00 – 7.51
3-year range: 3.00 – 9.34
Dividend yield: –
Beta (5 years): 1.35
Shares outstanding: 74.3M
Next earnings: Nov 19, 2026

About the company

Real Matters Inc. is a Canada-based technology and network management company. The Company's segments include U.S. Appraisal, U.S. Title, and Canada. The U.S. Appraisal segment provides residential mortgage appraisals for purchase, refinance, home equity and default transactions through its Solidifi brand. The U.S. Title segment serves the title market by providing various title services for refinance, purchase, home equity, short sale and real estate-owned transactions to financial institutions through its Solidifi brand. It provides services required to close a mortgage transaction, including title search, curative, closing and escrow services and title policy issuance. The Canadian segment's primary service offerings include residential mortgage appraisals for purchase, refinance and home equity transactions provided through its Solidifi brand. Additionally, the Company provides insurance inspection services to property and casualty insurers across Canada through its iv3 brand.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	236	234	223	470	639	–
Revenue growth	1.2%	5.0%	−52.6%	−26.5%	5.2%	−17.2%
EPS (basic, normalized)	−0.07	0.06	−0.04	0.04	0.61	–
EPS growth	–	–	–	−93.4%	–	–
Gross margin	26.3%	26.8%	26.2%	25.2%	32.6%	27.4%
Net margin	−13.3%	0.0%	−3.8%	−2.7%	6.5%	−2.7%
ROE	−21.9%	0.0%	−5.5%	−6.8%	17.9%	−3.2%

Balance sheet, last quarter
Cash & short-term investments (mil)	56.8
Current ratio	3.92x
Long-term debt (mil)	1.1
Net debt (mil)	−55.0
Total equity (mil)	125
Net debt / equity	−0.44x
Net debt / EBITDA	12.19x

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	236	+1.2%	0.7x	−4.5	−252.0%	−38.4x	−0.07	−226.1%	−43.4x
2026	75.9	−67.9%	2.3x	2.9	+164.3%	59.7x	0.01	+119.9%	217.9x
2027	93.5	+23.2%	1.9x	14.7	+406.7%	11.8x	0.16	+1,050.0%	18.9x
2028	107	+14.7%	1.6x	24.9	+69.4%	7.0x	0.21	+30.4%	14.5x

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	75.9	0.0%	0.0%	−5.6%	0.01	0.0%	0.0%	−75.0%
2027	93.5	0.0%	0.0%	−7.9%	0.16	0.0%	0.0%	−34.9%
2028	107	0.0%	0.0%	−9.4%	0.21	0.0%	0.0%	−38.8%

Earnings surprises EPS beat in 1 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)	11.5	13.1	12.0	10.9	10.1	11.9	11.9	13.0	13.6	13.7
Sales mean (mil)	9.9	13.1	12.9	11.6	10.5	13.5	12.2	12.1	12.8	14.8
Surprise	+16.1%	+0.3%	−7.1%	−6.4%	−4.2%	−11.8%	−2.5%	+7.4%	+6.0%	−7.7%
EPS reported	0.02	0.02	0.01	0.00	−0.02	−0.01	−0.02	−0.01	0.01	0.01
EPS mean	−0.02	0.01	0.00	−0.01	−0.02	0.01	0.00	0.00	0.01	0.02
Surprise	−190.9%	+55.5%	+150.0%	+33.3%	+14.3%	−249.9%	–	–	+100.0%	−55.6%

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
REAL Real Matters Inc	228M	12.19x	−13.3%	1.84x	217.9x	18.9x	59.7x	11.8x
CBRE CBRE Group, Inc.	55.1B	2.19x	2.9%	4.55x	17.4x	15.4x	12.0x	10.7x
BEKE KE Holdings Inc.	28.4B	−6.68x	3.2%	2.02x	15.7x	13.7x	8.5x	7.5x
JLL Jones Lang LaSalle Incorporated	24.2B	1.40x	3.0%	2.26x	15.0x	13.2x	11.0x	10.0x
ZG Zillow Group, Inc.	10.2B	−0.35x	0.9%	1.69x	14.4x	11.2x	9.5x	7.8x
CIGI Colliers International Group Inc.	7.3B	5.10x	1.9%	3.46x	14.0x	12.4x	10.7x	9.6x
Mean		2.31x	−0.3%	2.64x	49.1x	14.2x	18.6x	9.6x
Median		1.80x	2.4%	2.14x	15.3x	13.5x	10.9x	9.8x

Technical analysis

1M−9.7%
3M−36.2%
1Y−58.4%
3Y−38.3%

Financial statements in millions of CAD

Income statement in millions of CAD, fiscal years

Income statement, Real Matters Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	236	234	223	470	639	607
Cost of revenue	174	171	164	351	431	391
Gross profit	62.2	62.7	58.4	118	208	216
Selling, general & administrative expenses	67.2	62.7	61.5	107	132	118
Research & development	–	–	–	–	–	–
Depreciation/amortization	4.2	4.3	5.3	6.3	6.4	5.9
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	0.7	0	2.3	26.0	0.1	0
Other operating expenses	1.8	1.2	2.0	3.3	4.7	5.0
Operating income	−11.8	−5.5	−12.6	−24.2	65.5	87.1
Net interest income (expense)	4.8	4.4	0.3	8.1	−7.0	−5.2
Gain (loss) on sale of assets	–	–	0	−0.8	–	–
Other non-operating income (expense)	0	0	−0.1	−0.1	0	0
Net income before taxes	−7.0	−1.1	−12.4	−17.1	58.5	81.9
Provision for taxes	24.6	−1.1	−4.0	−4.3	16.5	24.9
Minority interest	–	0	0	0	−0.1	−1.1
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−31.5	0	−8.4	−12.8	41.8	55.9
Extraordinary items	–	–	–	–	–	–
Net income	−31.5	0	−8.4	−12.8	41.8	55.9
EBIT, normalized	−11.0	−5.5	−10.3	1.8	65.6	87.1
EBITDA, normalized	−6.9	−1.2	−5.1	8.1	72.0	93.0
Basic EPS, normalized	−0.07	0.06	−0.04	0.04	0.61	–

Balance sheet in millions of CAD, fiscal years

Balance sheet, Real Matters Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	56.0	67.0	58.9	64.6	76.3	172
Receivables	25.0	17.6	19.6	28.2	58.7	40.8
Total inventory	–	–	–	–	–	–
Prepaid expenses	3.5	4.2	4.8	3.6	3.3	2.4
Other current assets	1.7	0	0	0	0	0
Total current assets	86.2	88.8	83.2	96.4	138	215
Property, plant & equipment	2.7	4.0	5.2	9.6	14.1	15.1
Goodwill	60.1	58.4	58.6	59.7	76.7	80.5
Intangibles	2.6	3.9	5.4	6.9	7.9	10.6
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	3.6	26.5	22.3	16.8	9.5	11.1
Total assets	155	182	175	189	246	333
Liabilities
Accounts payable	14.6	13.8	12.7	16.4	27.6	25.9
Payable/accrued	–	–	–	–	–	–
Accrued expenses	4.2	4.1	4.3	5.9	5.4	6.9
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	1.1	1.5	2.3	2.1	2.2	1.7
Other current liabilities	3.3	0	0	0	0	1.8
Total current liabilities	23.1	19.4	19.3	24.5	35.3	36.5
Long-term debt	1.3	2.4	3.3	6.0	8.0	8.8
Minority interest	–	–	0	0.2	0.1	4.3
Other liabilities	4.4	3.4	0.7	0	0.8	4.7
Total liabilities	28.8	25.1	23.3	30.6	44.2	54.2
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	325	314	310	314	312	350
Additional paid-in capital	19.0	18.8	19.2	18.9	15.5	10.3
Retained earnings (accumulated deficit)	−200	−164	−164	−159	−119	−68.6
Treasury stock	–	–	–	–	–	–
Other equity	−17.9	−12.9	−13.3	−15.1	−6.3	−13.1
Total equity	126	156	151	159	202	278
Total liabilities & shareholders' equity	155	182	175	189	246	333

Cash flow statement in millions of CAD, fiscal years

Cash flow statement, Real Matters Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−31.5	0	−8.4	−12.8	41.9	57.0
Depreciation, depletion & amortization	4.2	4.3	5.3	6.3	6.4	5.9
Deferred taxes	–	–	–	–	–	–
Non-cash items	25.6	0.4	−1.4	14.4	22.2	34.6
Changes in working capital	−8.2	2.6	1.0	16.4	−38.8	2.0
Cash from operations	−10.0	7.4	−3.5	24.3	31.7	99.5
Investing activities
Capital expenditures	−1.4	−1.1	−1.4	−1.6	−3.8	−2.4
Other investing cash flows	0.5	0.8	0.3	0.1	0.2	0
Cash from investing	−1.0	−0.2	−1.1	−1.5	−3.6	−2.4
Financing activities
Financing cash flow items	−0.1	0	−0.2	0	−0.2	−2.1
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−0.6	1.9	−0.4	−42.1	−119	−18.1
Cash from financing	−0.7	1.9	−0.6	−42.1	−119	−20.2
Foreign exchange effects	−0.8	0.1	0	−0.2	3.8	−0.3
Net change in cash	−12.5	9.2	−5.2	−19.5	−87.4	76.6
Free cash flow	−11.4	6.3	−4.9	22.7	27.9	97.0

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 2, 2026 after market close.