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Acquires and renovates mid-market rental apartment buildings across Western Canada.
Acquires and renovates mid-market rental apartment buildings across Western Canada.
Buys older apartment buildings at prices well below the cost to rebuild, renovates suites as tenants move out and re-lets them at higher rents, funding with long-term mortgages, so profit grows with rent increases and with how fast units turn over. Founder Bob Dhillon runs the company and holds a large stake.
Moat: narrow (scale, process know-how). Repeatable acquire-and-reposition playbook in an underserved mid-market rental segment.
Headquarters: Calgary, Canada · Founded: 1997 · Employees: 649
Size Mainstreet Equity (MEQ.TO) is a Canada Real Estate company (Real Estate Development) with a market value of $1.19B, the 228th largest of 420 Canada companies the cockpit tracks. Shares closed at C$181.51 on 6 Nov 2026.
Performance Over six months the shares gained 1.2%, against -12.5% for the median peer and +5.2% for the Canada market (cap-weighted) — 5th highest of 21 in its peer set.
Growth Revenue grew 5.1% over the last twelve months (peer median -2.7%); the operating margin is 60.3% (peer median 11.4%).
Valuation It trades at 18.9× forward earnings against a peer median of 18.3× (8th cheapest of 15).
Next results Next results expected around 9 Dec 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$287M | C$276M | C$250M | C$210M | C$181M |
| Revenue growth | — | +11% | +19% | +16% | — |
| Gross profit | C$194M | C$183M | C$160M | C$130M | C$109M |
| EBITDA | C$173M | C$165M | C$142M | C$114M | C$94.7M |
| Net income | C$175M | C$287M | C$200M | C$109M | C$121M |
| Free cash flow | C$109M | C$85.4M | C$92.1M | C$71.7M | C$52.4M |
| Capital expenditure | C$448,000 | C$444,000 | C$311,000 | C$587,000 | C$768,000 |
| Total debt | C$1.80B | C$1.92B | C$1.65B | C$1.57B | C$1.43B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Mainstreet Equity MEQ.TO | $1.19B | +1% | +5% | 60% | 18.9× | n/a |
| Canadian Apartment Properties Real Estate Investment Trust CAR-UN.TO | $3.45B | -14% | -7% | 61% | n/a | n/a |
| Boardwalk Real Estate Investment Trust BEI-UN.TO | $2.21B | -5% | +3% | 62% | 63.1× | n/a |
| Killam Apartment REIT KMP-UN.TO | $1.51B | -3% | +5% | 63% | 11.0× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | MEQ.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +9.0% | -6.7% | 4th highest of 21 |
| 6-month return | +1.2% | -12.5% | 5th highest of 21 |
| Distance from 52-week high | -4.4% | -32.9% | 3rd highest of 21 |
| Revenue growth (TTM) | +5.1% | -2.7% | 7th highest of 21 |
| Operating margin | 60.3% | 11.4% | 2nd highest of 21 |
| Forward P/E | 18.9× | 18.3× | 8th cheapest of 15 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Mainstreet Equity MEQ.TO | Canada | $1.19B | +1% | +5% | 60% | 18.9× | n/a | n/a |
| Red Star Macalline 1528.HK | Hong Kong | $1.18B | -33% | -3% | -24% | 32.3× | n/a | n/a |
| Tosei 8923.T | Japan | $1.18B | +17% | +14% | 23% | 11.4× | n/a | n/a |
| Forestar FOR | United States | $1.21B | -14% | -2% | 13% | 10.4× | n/a | n/a |
| Sri Lotus Developers and Realty LOTUSDEV.NS | India | $1.21B | +59% | +40% | 38% | 33.4× | n/a | n/a |
| Beijing Urban Construction Investment & Development Co 600266.SS | China | $1.16B | -21% | -31% | -2% | n/a | n/a | n/a |
| Shenzhen Zhenye (Group) 000006.SZ | China | $1.24B | -37% | -56% | 0% | n/a | n/a | n/a |
| Frey FREY.PA | France | $1.24B | 0% | +45% | 49% | 22.9× | n/a | n/a |
| Tibet Urban Development & Investment 600773.SS | China | $1.27B | -67% | -78% | -124% | n/a | n/a | n/a |
| IRSA Inversiones y Representaciones SA Sponsored ADR IRS | United States | $1.12B | -10% | +4% | 42% | 64.9× | n/a | n/a |
| Signatureglobal (India) SIGNATURE.NS | India | $1.11B | -17% | -23% | -7% | 22.8× | n/a | n/a |
| Cibus Real Estate AB (publ) CIBUS.ST | Sweden | $1.11B | -12% | +20% | 75% | 11.2× | n/a | n/a |
| Art 0565.HK | Hong Kong | $1.28B | +38% | +51% | 60% | n/a | n/a | n/a |
| AEDAS Homes AEDAS.MC | Spain | $1.10B | +1% | -25% | 10% | 9.1× | n/a | n/a |
| Shenzhen Kingkey Smart Agriculture Times 000048.SZ | China | $1.10B | -7% | -17% | -15% | 10.4× | n/a | n/a |
| Vivenio Residencial SOCIMI YVIV.MC | Spain | $1.09B | -1% | +34% | 60% | n/a | n/a | n/a |
| China Overseas Grand Oceans 0081.HK | Hong Kong | $1.30B | -7% | -3% | 5% | 19.2× | n/a | n/a |
| Wedge Industrial 000534.SZ | China | $1.30B | -57% | +4% | 10% | 28.6× | n/a | n/a |
| Ichigo 2337.T | Japan | $1.09B | -13% | -17% | 29% | 9.0× | n/a | n/a |
| Cinda Real Estate 600657.SS | China | $1.08B | -19% | -44% | -97% | n/a | n/a | n/a |
| Zhuhai Zhumian 600185.SS | China | $1.08B | -27% | -49% | 17% | 17.3× | n/a | n/a |