DREAM Unlimited Valuation Multiples

DREAM Unlimited is valued at $480M as of October 2026, a 6.3x revenue multiple. In the last 12 months, DREAM Unlimited revenue was $299M.

DREAM Unlimited Overview

About DREAM Unlimited

DREAM Unlimited is a Toronto-based Canadian real estate developer, owner and asset manager listed on the Toronto Stock Exchange (TSX: DRM). Founded by Michael Cooper in the mid-1990s, it develops land and housing in master-planned communities in Western Canada, mainly in Saskatchewan and Alberta, builds office and residential projects in Toronto and holds a portfolio of income-producing properties across Canada. Its asset management business manages Dream Office REIT, Dream Industrial REIT and Dream Impact Trust together with private funds and partnerships, and reported $28 billion of assets under management at June 30, 2026. The company earns revenue from lot and home sales, rental income and asset management fees, and says it has completed $47 billion of real estate transactions since inception. In 2021 it owned 11.2 million square feet of commercial space including 26,018 residential rental units. Its major projects include the Quayside site on Toronto's waterfront, approved by Waterfront Toronto in December 2022 for development with Great Gulf, and the Brightwater community in Mississauga. Recent deals include logistics joint ventures between CPP Investments and Dream Industrial in December 2025 and a $147 million acquisition of UK multi-let industrial business Chancerygate announced in July 2026.


Founded

2013

HQ

Canada

Employees

271

Website

dream.ca

Financials (LTM)

Revenue: $299M
Net Income: $21M

EV

$1.9B

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DREAM Unlimited Financials

DREAM Unlimited reported last 12-month revenue of $299M.

In the same LTM period, DREAM Unlimited generated $116M in gross profit and $21M in net income.

Revenue (LTM)


DREAM Unlimited P&L

In the most recent fiscal year, DREAM Unlimited reported revenue of $325M and EBITDA of $49M.

DREAM Unlimited is unprofitable as of last fiscal year, with gross margin of 40%, EBITDA margin of 15%, and net margin of (4%).

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LTMLast FY2025202620272028
Revenue$299M$325M$325M
Gross Profit$116M$131M$131M
Gross Margin39%40%40%
EBITDA-$49M$49M
EBITDA Margin-15%15%
EBIT Margin-27%27%
Net Profit$21M($13M)($13M)
Net Margin7%(4%)(4%)
Net Debt-$1.3B-

Financial data powered by Morningstar, Inc.

DREAM Unlimited Stock Performance

DREAM Unlimited has current market cap of $480M, and enterprise value of $1.9B.

Market Cap Evolution


DREAM Unlimited's stock price is $11.44.

DREAM Unlimited share price decreased by 2.6% in the last 30 days, and by 13.8% in the last year.

DREAM Unlimited has an EPS (earnings per share) of $-0.31.

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EVMarket CapPrice 1DPrice 1MPrice 3MPrice 12MEPS
$1.9B$480M0.0%-2.6%-18.9%-13.8%$-0.31

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DREAM Unlimited Valuation Multiples

DREAM Unlimited trades at 6.3x EV/Revenue multiple, and 38.6x EV/EBITDA.

See NTM and 2027E valuation multiples for DREAM Unlimited

EV / Revenue (LTM)


DREAM Unlimited Financial Valuation Multiples

As of October 4, 2026, DREAM Unlimited has market cap of $480M and EV of $1.9B.

DREAM Unlimited has a P/E ratio of 22.3x.

LTMLast FY2025202620272028
EV/Revenue6.3x5.8x5.8x
EV/EBITDA-38.6x38.6x
EV/EBIT-21.8x21.8x
EV/Gross Profit16.4x14.5x14.5x
P/E22.3x(36.6x)(36.6x)
EV/FCF-124.1x124.1x

Multiples above and below 250x are considered non-meaningful (n/m). Valuation data powered by FactSet, Inc. and Morningstar, Inc.

Verified DREAM Unlimited Valuation Multiples

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DREAM Unlimited Margins & Growth Rates

DREAM Unlimited decreased revenue by 12% but EBITDA grew by 12% in the last fiscal year.

In the most recent fiscal year, DREAM Unlimited reported gross margin of 40%, EBITDA margin of 15%, and net margin of (4%).

See estimated margins and future growth rates for DREAM Unlimited

DREAM Unlimited Margins

Last FY20252026202720282029
Gross Margin40%40%37%
EBITDA Margin15%15%19%
EBIT Margin27%27%-
Net Margin(4%)(4%)11%
FCF Margin5%5%-

DREAM Unlimited Growth Rates

FY+1/FY25/2626/2727/2828/29
Revenue Growth(12%)(12%)
Gross Profit Growth(19%)(19%)
EBITDA Growth12%12%
Net Profit Growth(349%)(349%)

Data powered by FactSet, Inc. and Morningstar, Inc.

DREAM Unlimited Operational KPIs

DREAM Unlimited's revenue per employee in the last FY averaged $1.2M, while opex per employee averaged $0.2M for the same period.

DREAM Unlimited's Rule of 40 is 7% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

DREAM Unlimited's Rule of X is (11%) (created by Bessemer, Rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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LTMLast FY2025202620272028
Rule of 40-7%-
Bessemer Rule of X-(11%)-
Revenue per Employee-$1.2M-
Opex per Employee-$0.2M-
S&M Expenses to Revenue-2%2%
G&A Expenses to Revenue5%4%4%
Opex to Revenue-14%14%

Data powered by FactSet, Inc. and Morningstar, Inc.

Valuation Multiples Across 230+ Verticals

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Testa Residencial$125M-16.1x---
Fiducial Real Estate$96M$64M4.9x-7.3x-
Nawi Group$150M$94M12.8x-20.4x-
Immobiliare Grande Distribuzione$148M$104M9.2x9.0x13.0x12.3x
Dar AlMajed Real Estate$341M$80M2.4x-10.1x-
Future Generation Global$54M-8.8x---
Eczacıbaşı Yatırım-$16M--30.1x-
Fidere Patrimonio Socimi$60M$37M15.0x-24.4x-

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Acquisitions by DREAM Unlimited

DREAM Unlimited has acquired 1 company to date.

Last acquisition by DREAM Unlimited was on August 25th 1997. DREAM Unlimited acquired Arapahoe Basin Ski Area for $4M (EV/Revenue multiple available to Pro users).

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Latest Acquisitions by DREAM Unlimited

Arapahoe Basin Ski Area
Description
Arapahoe Basin Ski Area is a ski resort in Summit County, Colorado, on US Highway 6 near Keystone in the White River National Forest. It has 1,428 acres of skiable terrain, a summit elevation of 13,050 feet on the East Wall, among the highest in-bounds terrain in North America, and a base at 10,780 feet, served by six chairlifts including a high-speed six-pack, and is known mainly for advanced and expert terrain such as the East and West Walls, Montezuma Bowl and the Beavers and Steep Gullies expansion opened in 2017-18. Its high, north-facing slopes and snowmaking installed in 2002 give it one of the longest seasons in North America, often opening in mid-October and running lifts into June. It earns revenue from lift tickets, season passes, lessons, rentals and food, and since the 2019-20 season has been part of the Ikon Pass after ending a partnership of more than 20 years with Vail Resorts and its Epic Pass. Larry and Marnie Jump, Max Dercum and Sandy Shaufler started the area in 1945 and it opened for skiing in 1946. It was later owned by Joe Jankovsky, Ralston Purina, Vail Resorts and, from 1997, Dundee Resort Development of Canada; Alterra Mountain Company agreed to buy it in February 2024 and completed the purchase on November 19, 2024.
HQ CountryUnited States
HQ City
Dillon, CO
Deal Date25 Aug 1997
Valuation$4M
EV/Revenue
EV/EBITDA

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Investments by DREAM Unlimited

DREAM Unlimited has invested in 3 companies to date.

Latest investment by DREAM Unlimited was on November 13th 2018. DREAM Unlimited invested in Alate Partners in their $40M Seed round (EV/Revenue multiple available to Pro users).

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Latest Investments by DREAM Unlimited

Alate Partners
Bili Wangluo
Huandong Keji
Description
Alate Partners is a venture capital firm based in Toronto that invests in proptech startups transforming commercial, residential, and industrial real estate sectors. The firm partners with Dream and Relay Ventures to deliver funding alongside strategic introductions to real estate operators and managers across North America. Alate targets companies developing software for property design, construction management, and asset operations, including platforms like Dealpath for real estate deal management and Higharc for homebuilding automation. With a focus on early-stage investments, Alate supports founders scaling technologies amid urbanization trends in Canada and the United States.
Bili Wangluo develops mobile games for the Chinese market. The Beijing-based studio, operating under V5 King, creates casual and strategy titles distributed through major app stores. Its portfolio includes multiplayer online battle arena games and hyper-casual apps optimized for Android and iOS platforms. The company focuses on user acquisition via domestic channels and partnerships with local publishers to expand reach within China's gaming ecosystem.
Huandong Keji is a Shenzhen-headquartered game studio focused on mobile and online action titles like battle royales and MMORPGs. The company publishes games through platforms such as App Store and Google Play, with titles available in China and Southeast Asia. It employs over 200 developers and collaborates with Tencent for distribution.
HQ CountryCanadaChinaChina
HQ City
Toronto
Shanghai
Shanghai
Deal Date13 Nov 201814 Aug 201827 May 2014
RoundSeedSeries BAngel
Raised$40M$3M$200K
InvestorsRelay Ventures; DREAM UnlimitedDREAM UnlimitedDREAM Unlimited
Valuationundisclosedundisclosedundisclosed
EV/Revenue
EV/EBITDA

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About DREAM Unlimited

When was DREAM Unlimited founded?DREAM Unlimited was founded in 2013.
Where is DREAM Unlimited headquartered?DREAM Unlimited is headquartered in Canada.
How many employees does DREAM Unlimited have?As of today, DREAM Unlimited has over 271 employees.
Is DREAM Unlimited publicly listed?Yes, DREAM Unlimited is a public company listed on Toronto Stock Exchange.
What is the stock symbol of DREAM Unlimited?DREAM Unlimited trades under DRM ticker.
When did DREAM Unlimited go public?DREAM Unlimited went public in 2013.
Who are competitors of DREAM Unlimited?DREAM Unlimited main competitors include Testa Residencial, Fiducial Real Estate, Nawi Group, Immobiliare Grande Distribuzione, Dar AlMajed Real Estate, Future Generation Global, Eczacıbaşı Yatırım, Fidere Patrimonio Socimi, Birlesim Grup Enerji, Novavest Real Estate.
What is the current market cap of DREAM Unlimited?DREAM Unlimited's current market cap is $480M.
What is the current revenue of DREAM Unlimited?DREAM Unlimited's last 12 months revenue is $299M.
What is the current revenue growth of DREAM Unlimited?DREAM Unlimited revenue growth (NTM/LTM) is 7%.
What is the current EV/Revenue multiple of DREAM Unlimited?Current revenue multiple of DREAM Unlimited is 6.3x.
What is the current net income of DREAM Unlimited?DREAM Unlimited's last 12 months net income is $21M.
How many companies DREAM Unlimited has acquired to date?As of October 2026, DREAM Unlimited has acquired 1 company.
What was the largest acquisition by DREAM Unlimited?$4M acquisition of Arapahoe Basin Ski Area on 25th August 1997 was the largest M&A DREAM Unlimited has done to date.
What companies DREAM Unlimited acquired?DREAM Unlimited acquired Arapahoe Basin Ski Area.
In how many companies DREAM Unlimited has invested to date?As of October 2026, DREAM Unlimited has invested in 3 companies.
What was the last DREAM Unlimited investment?On 13th November 2018 DREAM Unlimited invested in Alate Partners, participating in a $40M Seed round, alongside Relay Ventures.
In what companies DREAM Unlimited invested in?DREAM Unlimited invested in Alate Partners, Bili Wangluo, and Huandong Keji.

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