Madison Pacific Cl B (MPC) AI Stock Analysis

• Market Cap: C$278.54M
• Dividend Yield: 8.35%
• Average Volume (3M): 66.00
• Price to Earnings (P/E): 12.1
• Beta (1Y): 0.18
• Revenue Growth: 5.67%
• EPS Growth: N/A
• Country: CA
• Employees: 11
• Sector: Real Estate
• Sector Strength: 53
• Industry: Real Estate - Services
• EPS (TTM): 0.15
• Shares Outstanding: 7,355,420
• 10 Day Avg. Volume: 10
• 30 Day Avg. Volume: 66
• PEG Ratio: -0.08
• Price to Book (P/B): 0.78
• Price to Sales (P/S): 6.92
• P/FCF Ratio: 21.35
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 58 Neutral
• Price Target: C$5.00 ▼(-4.03% Downside)
• Action: Reiterated Date: 03/13/26
• Date: Action: Reiterated 03/13/26

The score is primarily constrained by uneven financial quality (large profitability swings and limited cash conversion) and bearish technicals (below key moving averages with negative MACD). These are partly offset by a reasonable P/E and a very high dividend yield.

Positive Factors

Steady revenue growth

Consistent top-line growth indicates durable demand for the company’s real estate income streams and supports occupancy and lease renewals. Over a multi-quarter horizon, steady revenue reduces reliance on one-off gains and underpins predictable rental cash flows for operations and distributions.

Consistent positive operating & free cash flow

Repeated positive operating and free cash flow provides a durable internal funding source for maintenance, selective acquisitions, and dividends. Even with volatility, the ability to generate cash from operations increases resilience to external shocks and supports ongoing capital allocation.

Manageable leverage with stable equity

Debt levels are moderate relative to equity, providing financial flexibility while preserving leverage benefits typical of real estate firms. Stable equity and historically positive ROE in most years give a long-term buffer against cyclical dips and support credit access for refinancing or opportunistic growth.

Negative Factors

Volatile profitability including large 2024 loss

Sharp swings in reported profits, driven by large non-recurring or fair-value items, undermine predictability of distributable earnings and capital planning. Such volatility complicates forecasting, stresses stakeholder confidence, and raises the risk that high margins may not persist across business cycles.

Weak cash conversion relative to net income

Low operating cash flow-to-net-income ratios suggest earnings include significant non-cash or timing items. Over time, weak cash conversion can limit the company’s ability to sustainably fund dividends, capex, or debt service despite headline profitability, increasing funding and liquidity risk.

Trend of rising debt into 2025

An upward debt trend increases interest and refinancing exposure, reducing financial flexibility. Coupled with earnings volatility and modest cash conversion, higher leverage raises the risk of covenant pressure or constrained capital allocation during downturns, weakening long-term resilience.

Madison Pacific Cl B Business Overview & Revenue Model

Company Description

Madison Pacific Properties Inc., together with its subsidiaries, owns, develops, and manages office, industrial, commercial, retail, and multi-family rental real estate properties in Metro Vancouver region, British Columbia, Alberta, and Ontario. Its property portfolio comprises interests in 1,655,820 square feet of net rentable area of industrial properties; 126,990 square feet of net rentable area of retail/highway commercial properties; and 116,689 square feet of net rentable area of office properties. The company also provides property management services, including tenant services and relationships, building operations, leasing, lease administration, property accounting and reporting, and project management. In addition, it holds interest in undeveloped residential lands in Mission, British Columbia. The company was formerly known as Princeton Mining Corporation and changed its name to Madison Pacific Properties Inc. in April 1998. Madison Pacific Properties Inc. was incorporated in 1963 and is headquartered in Vancouver, Canada.

How the Company Makes Money

The company primarily makes money through real estate-related income and gains. Key revenue sources typically include rental and leasing income from tenants, recoveries and reimbursements (e.g., property operating costs billed back to tenants where applicable), and property management-related fees if such services are provided internally or to third parties. Additional earnings can come from net proceeds on property dispositions (capital gains realized when properties are sold above their carrying value) and, depending on its financing structure, from interest income on cash balances or other investments. Specific breakdowns of revenue streams, material property types/geographies, tenant concentration, and any significant partnerships or joint ventures are null.

Madison Pacific Cl B Financial Statement Overview

Summary

Steady revenue growth and consistently positive operating/free cash flow support the score, but large year-to-year profit swings (including a major loss in 2024) and weak cash conversion versus net income reduce confidence in earnings durability. Leverage appears manageable, though debt has been rising into 2025.

Income Statement

Revenue has grown steadily over time, with a sharp step-up in 2025 (+34.6% annual). Profitability metrics look very strong in most years, but results have been volatile—most notably a large loss in 2024 (net margin about -99%), followed by a return to solid profitability in 2025 (net margin about 57%). Margins and earnings appear influenced by sizable non-recurring or fair-value type swings, which reduces confidence in the durability of reported profits.

Balance Sheet

The balance sheet is moderately leveraged for the sector, with debt-to-equity generally in the ~0.67–0.86 range and total debt rising into 2025. Equity has been relatively stable, and returns on equity are positive in most years but inconsistent (including a negative year in 2024). Overall, financial leverage looks manageable, but the combination of rising debt and earnings volatility increases risk.

Cash Flow

Operating cash flow and free cash flow are consistently positive, which is a key strength, and free cash flow rebounded strongly in 2025. However, cash generation is modest relative to the income statement in profitable years (operating cash flow is only ~0.08–0.24x net income across the period provided), suggesting earnings may not consistently translate into cash. Free cash flow also shows volatility (including a decline in 2023), which tempers the overall quality score.

Breakdown	Dec 2025	Aug 2024	Aug 2023	Aug 2022	Aug 2021
Income Statement
Total Revenue	45.82M	44.49M	40.47M	37.39M	32.79M
Gross Profit	29.59M	31.45M	27.50M	26.20M	23.39M
EBITDA	55.90M	25.97M	31.26M	39.18M	24.96M
Net Income	26.15M	-44.13M	18.62M	63.30M	50.29M
Balance Sheet
Total Assets	841.82M	795.45M	853.35M	842.15M	741.34M
Cash, Cash Equivalents and Short-Term Investments	16.68M	14.63M	45.16M	41.96M	42.25M
Total Debt	349.41M	302.91M	308.78M	310.46M	280.05M
Total Liabilities	418.66M	371.73M	377.78M	379.04M	342.19M
Stockholders Equity	406.47M	411.95M	462.69M	450.31M	388.01M
Cash Flow
Free Cash Flow	14.85M	14.68M	4.63M	9.32M	8.10M
Operating Cash Flow	14.85M	14.68M	5.84M	10.89M	9.55M
Investing Cash Flow	-15.43M	3.62M	11.27M	-32.14M	-22.79M
Financing Cash Flow	855.00K	-12.62M	-13.91M	20.96M	-15.96M

Madison Pacific Cl B Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 5.21
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:MPC, the sentiment is Negative. The current price of 5.21 is above the 20-day moving average (MA) of 4.87, above the 50-day MA of 5.05, and above the 200-day MA of 5.15, indicating a bearish trend. The MACD of -0.09 indicates Positive momentum. The RSI at 38.21 is Neutral, neither overbought nor oversold. The STOCH value of 50.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:MPC.

Madison Pacific Cl B Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IEI	66 Neutral	C$34.78M	7.07	4.41%	2.31%	2.03%	―
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
PKT	61 Neutral	C$129.83M	4.79	9.18%	―	―	―
MPC	58 Neutral	C$278.54M	12.12	3.93%	8.35%	5.67%	―
BRE	53 Neutral	C$130.97M	17.25	-8.54%	10.31%	58.15%	-235.04%
IVQ	51 Neutral	C$118.83M	-0.59	-28.36%	―	-33.25%	90.14%