TWC Enterprises Ltd TWC

Consumer DiscretionaryHotels & Entertainment ServicesCanada

Last close 26.00 CAD on Nov 2, 2026, +7.0% year to date

Quant rating

Quant rating D Rank 30 of 32 in Consumer Discretionary

Growth D 26 of 32
Valuation C 17 of 32
Quality D 32 of 32
Revisions D 26 of 32
Momentum B 12 of 32

Historical valuation

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

Key data

Market cap: 627M
Enterprise value: 452M
52-week range: 21.99 – 29.98
3-year range: 16.30 – 29.98
Dividend yield: 1.54%
Beta (5 years): 0.35
Shares outstanding: 24.1M
Next earnings: –

About the company

TWC Enterprises Limited is a Canada-based company engaged in golf club operations under the trademark ClubLink One Membership More Golf (ClubLink). The Company is the owner, operator and manager of golf clubs with 47, 18-hole equivalent championship and two, 18-hole equivalent academy courses (including three managed properties), at about 35 locations in Ontario, Quebec and Florida. Its segments include Golf Club Operations Segment and Corporate Operations and Other Segment. Its golf clubs are organized in clusters that are located in densely populated metropolitan areas and resort destinations frequented by those who live and work in these areas. It also offers golfers in their region a variety of membership, daily fee, corporate event and resort opportunities. ClubLink also has annual membership programs, and the product offerings include Players Card and Players Club in the Ontario/Quebec region as well as the ClubLink Card in the Florida region.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	232	246	230	191	178	–
Revenue growth	−5.6%	6.8%	20.8%	6.9%	35.4%	12.0%
EPS (basic, normalized)	–	–	–	–	–	–
EPS growth	–	–	–	–	–	–
Gross margin	77.8%	63.9%	64.7%	80.7%	75.3%	72.5%
Net margin	24.8%	16.6%	9.9%	9.8%	50.4%	22.3%
ROE	9.8%	7.4%	4.4%	3.7%	19.8%	9.0%

Balance sheet, last quarter
Cash & short-term investments (mil)	78.3
Current ratio	2.64x
Long-term debt (mil)	5.5
Net debt (mil)	−175
Total equity (mil)	661
Net debt / equity	−0.26x
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	232	−5.6%	1.9x	–	–	–	–	–	–

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
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Hotels & Entertainment Services

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
TWC TWC Enterprises Ltd	627M	–	24.8%	0.99x	–	–	–	–
LTH Life Time Group Holdings, Inc.	13.8B	1.47x	12.5%	2.85x	25.6x	22.5x	11.6x	10.2x
MTN Vail Resorts, Inc.	7.7B	4.30x	5.2%	22.94x	27.9x	23.7x	10.7x	10.1x
PLNT Planet Fitness Inc	5.9B	3.89x	16.5%	−6.86x	17.0x	15.2x	10.8x	10.1x
PRSU Pursuit Attractions and Hospitality, Inc.	2.1B	2.34x	5.5%	2.86x	31.1x	30.2x	13.5x	12.7x
PRKS United Parks & Resorts Inc.	2.1B	3.73x	10.1%	−2.45x	11.3x	9.2x	6.5x	6.3x
Mean		3.14x	12.4%	3.39x	22.6x	20.1x	10.6x	9.9x
Median		3.73x	11.3%	1.92x	25.6x	22.5x	10.8x	10.1x

Technical analysis

1M−2.8%
3M−2.5%
1Y+13.5%
3Y+59.7%

Financial statements in millions of CAD

Income statement in millions of CAD, fiscal years

Income statement, TWC Enterprises Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	232	246	230	191	178	132
Cost of revenue	51.6	88.9	81.3	36.8	44.1	12.1
Gross profit	181	157	149	154	134	120
Selling, general & administrative expenses	108	98.2	93.6	90.5	68.2	61.8
Research & development	–	–	–	–	–	–
Depreciation/amortization	14.1	14.3	14.2	17.9	19.4	19.2
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	15.7	–	–	–	–	0
Other operating expenses	12.4	10.4	11.1	10.6	9.3	9.4
Operating income	30.9	34.3	30.3	35.0	37.4	29.2
Net interest income (expense)	13.0	12.0	−6.0	−7.8	39.3	−26.0
Gain (loss) on sale of assets	0.4	8.2	1.2	0.4	40.3	1.4
Other non-operating income (expense)	0.3	1.3	6.0	0.2	−6.1	−0.5
Net income before taxes	44.6	55.8	31.6	27.8	111	4.2
Provision for taxes	−11.1	15.2	9.5	9.2	21.3	3.2
Minority interest	1.9	0.2	0.9	0.1	0.3	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	57.5	40.8	22.9	18.8	89.9	1.0
Extraordinary items	–	–	–	–	–	–
Net income	57.5	40.8	22.9	18.8	89.9	1.0
EBIT, normalized	46.6	34.3	30.3	35.0	37.4	29.2
EBITDA, normalized	60.7	48.6	44.5	53.5	56.8	49.0
Basic EPS, normalized	–	–	–	–	–	–

Balance sheet in millions of CAD, fiscal years

Balance sheet, TWC Enterprises Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	163	55.6	53.7	44.1	91.4	57.2
Receivables	10.7	28.6	6.7	20.0	6.6	35.6
Total inventory	6.2	5.8	6.3	5.2	4.2	4.6
Prepaid expenses	–	–	–	–	–	–
Other current assets	54.3	177	211	229	200	69.8
Total current assets	234	267	278	298	302	167
Property, plant & equipment	452	405	400	403	405	422
Goodwill	–	–	–	–	–	–
Intangibles	11.0	10.0	10.8	11.6	12.9	14.6
Long-term investments	25.6	11.2	0	5.5	5.4	23.0
Note receivable	0	0.5	2.8	0.4	1.5	3.7
Other long-term assets	0.3	13.3	10.4	9.2	19.8	2.1
Total assets	723	707	702	727	747	632
Liabilities
Accounts payable	16.6	14.4	10.9	9.9	8.8	2.7
Payable/accrued	0.1	–	–	–	1.3	–
Accrued expenses	7.5	7.3	7.7	15.5	13.7	13.2
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	13.1	20.6	7.1	18.6	43.7	27.8
Other current liabilities	22.0	26.8	31.1	38.3	45.4	21.0
Total current liabilities	59.3	69.0	56.7	82.3	113	64.6
Long-term debt	19.7	8.1	57.6	68.0	75.9	103
Minority interest	5.6	7.5	7.7	8.6	8.7	–
Other liabilities	30.6	54.5	50.1	53.0	54.5	50.6
Total liabilities	115	139	172	212	252	218
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	101	102	102	102	101	102
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	496	452	420	404	389	308
Treasury stock	–	–	–	–	–	–
Other equity	10.0	14.3	7.5	9.2	4.8	4.1
Total equity	607	568	530	515	495	414
Total liabilities & shareholders' equity	723	707	702	727	747	632

Cash flow statement in millions of CAD, fiscal years

Cash flow statement, TWC Enterprises Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	55.6	40.6	22.0	18.7	89.6	1.0
Depreciation, depletion & amortization	14.1	14.3	14.2	17.9	19.4	19.2
Deferred taxes	–	–	–	–	–	–
Non-cash items	−9.2	−4.8	6.7	16.0	−50.0	25.5
Changes in working capital	−2.5	29.7	−5.0	−40.5	8.7	−12.7
Cash from operations	58.0	79.8	38.0	12.0	67.7	33.0
Investing activities
Capital expenditures	−19.3	−17.2	−15.0	−13.1	−23.3	−10.1
Other investing cash flows	−53.4	0.2	5.6	−9.0	23.9	−4.7
Cash from investing	−72.7	−16.9	−9.4	−22.1	0.6	−14.8
Financing activities
Financing cash flow items	−0.3	−1.0	−0.1	−0.1	−0.1	−0.1
Cash dividends paid	−8.3	−6.9	−4.6	−1.4	−2.0	−2.1
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	18.4	−57.1	−13.6	−39.4	−31.9	−25.9
Cash from financing	9.8	−65.0	−18.4	−40.9	−33.9	−28.1
Foreign exchange effects	−1.8	3.9	−0.7	3.8	−0.3	1.1
Net change in cash	−6.7	1.8	9.6	−47.2	34.2	−8.8
Free cash flow	38.7	62.6	23.0	−1.1	44.5	22.9

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.