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Operates general stores selling food and everyday goods in remote Northern Canadian and international island communities.
Operates general stores selling food and everyday goods in remote Northern Canadian and international island communities.
Sells mostly food and everyday goods in communities where it is often the only sizeable store, and runs its own freight and logistics to get stock there. A federal subsidy on shipping nutritious food to the north passes through its stores, so policy changes matter.
Moat: narrow (distribution, scale, installed base). Established supply-chain and store network into remote markets few competitors can economically serve.
Headquarters: Winnipeg, Canada · Employees: 7,001
Size North West (NWC.TO) is a Canada Consumer Discretionary company (Specialty Stores) with a market value of $2.02B, the 183rd largest of 420 Canada companies the cockpit tracks. Shares closed at C$59.46 on 6 Nov 2026.
Performance Over six months the shares gained 16.8%, against +22.1% for the median peer and +5.2% for the Canada market (cap-weighted) — 9th lowest of 20 in its peer set.
Growth Revenue grew 0.9% over the last twelve months (peer median +6.7%); the operating margin is 8.3% (peer median 9.0%).
Valuation It trades at 17.1× forward earnings against a peer median of 15.9× (10th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about -3% a year for seven years (Req g). Recent delivered growth is +2%, so the hurdle is -5 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 7.2 points above its cost of capital (5.5% WACC).
Next results Next results expected around 9 Dec 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$2.62B | C$2.60B | C$2.58B | C$2.47B | C$2.35B |
| Revenue growth | — | +1% | +4% | +5% | — |
| Gross profit | C$771M | C$760M | C$753M | C$704M | C$650M |
| EBITDA | C$341M | C$333M | C$325M | C$301M | C$279M |
| Net income | C$142M | C$139M | C$137M | C$129M | C$122M |
| Free cash flow | C$131M | C$141M | C$106M | C$102M | C$59.4M |
| Capital expenditure | C$157M | C$139M | C$146M | C$123M | C$117M |
| Total debt | C$475M | C$439M | C$422M | C$405M | C$403M |
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 |
|---|---|---|---|---|---|---|
| North West NWC.TO | $2.02B | +17% | +1% | 8% | 17.1× | -2.8% |
| Loblaw Companies L.TO | $57.0B | +16% | +4% | 7% | 26.1× | -1.0% |
| Metro MRU.TO | $14.6B | +11% | +3% | 6% | 19.4× | -0.7% |
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 | NWC.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +9.3% | +10.9% | 10th lowest of 21 |
| 6-month return | +16.8% | +22.1% | 9th lowest of 20 |
| Distance from 52-week high | -0.5% | -20.3% | highest of 21 |
| Revenue growth (TTM) | +0.9% | +6.7% | 6th lowest of 21 |
| Operating margin | 8.3% | 9.0% | 8th lowest of 21 |
| Forward P/E | 17.1× | 15.9× | 10th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | -2.8% | 7.9% | 3rd least demanding of 17 |
| Growth delivered (Del g) | +1.9% | +5.8% | 4th lowest of 17 |
| Hurdle (Req g minus delivered) | -4.7 pp | -1.4 pp | 6th least demanding of 17 |
| ROIC minus cost of capital | +7.2 pp | +2.4 pp | 7th highest of 21 |
| EV / EBITDA | 9.4× | 9.8× | 9th cheapest of 17 |
| Net debt / EBITDA | 1.1× | 1.7× | 5th least indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| North West NWC.TO | Canada | $2.02B | +17% | +1% | 8% | 17.1× | -2.8% | +1.9% |
| MTG 7806.T | Japan | $1.96B | +36% | +44% | 11% | 27.4× | n/a | n/a |
| Sonic Automotive SAH | United States | $1.95B | -24% | +2% | 3% | 9.3× | n/a | n/a |
| Super Retail SUL.AX | Australia | $2.14B | +22% | +3% | 9% | 13.8× | 6.7% | +4.0% |
| Chow Tai Seng Jewelry 002867.SZ | China | $1.88B | -12% | -22% | 14% | 13.1× | 1.3% | +11.7% |
| Lovisa LOV.AX | Australia | $2.18B | +32% | +18% | 18% | 27.8× | 21.9% | +26.7% |
| Lalithaa Jewellery Mart LALITHAA.NS | India | $2.21B | n/a | +48% | 6% | n/a | n/a | n/a |
| Watches of Switzerland WOSG.L | United Kingdom | $2.34B | +43% | +11% | 10% | 14.1× | 14.5% | +15.1% |
| Beijing Caishikou Department Store 605599.SS | China | $1.71B | -23% | +37% | 4% | 13.3× | -17.2% | +32.7% |
| Sally Beauty SBH | United States | $1.71B | +31% | +1% | 9% | 8.3× | -2.6% | +1.0% |
| POYA International 5904.TWO | Taiwan | $2.38B | +65% | +13% | 17% | 18.7× | 0.7% | +7.6% |
| Dunelm DNLM.L | United Kingdom | $2.44B | +24% | +3% | 12% | 11.7× | 2.4% | +6.4% |
| RH RH | United States | $2.48B | -2% | +3% | 10% | 20.2× | 11.4% | +3.8% |
| Honasa Consumer HONASA.NS | India | $1.61B | +32% | +21% | 10% | 52.9× | 42.5% | +39.1% |
| Bob's Discount Furniture BOBS | United States | $2.54B | +42% | +17% | 9% | 20.2× | 13.4% | +4.0% |
| Luk Fook Holdings (International) 0590.HK | Hong Kong | $1.58B | -9% | +29% | 20% | 6.1× | n/a | n/a |
| Savers Value Village SVV | United States | $1.52B | +22% | +10% | 8% | 18.2× | 12.9% | +15.0% |
| Pets At Home PETS.L | United Kingdom | $1.51B | +48% | -1% | 7% | 15.9× | 9.2% | +5.2% |
| Shanghai Yuyuan Tourist Mart 600655.SS | China | $2.70B | -6% | -21% | -3% | 77.3× | 15.9% | -4.4% |
| Advance Auto Parts AAP | United States | $2.75B | -19% | -1% | 4% | 19.2× | 5.6% | -3.2% |
| Leon's Furniture LNF.TO | Canada | $1.43B | +16% | 0% | 8% | 13.3× | -3.3% | +3.0% |