ARTIS REAL ESTATE INVESTMENT (AX-UN.CA) Stock Fundamental Analysis

TSX:AX-UN • CA04315L1058

23.52 CAD
-0.48 (-2%)
Last: Feb 27, 2026, 07:00 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Analyst Ratings Earnings Estimates Financials Ownership News
Fundamental Rating

3

Overall AX-UN gets a fundamental rating of 3 out of 10. We evaluated AX-UN against 35 industry peers in the Diversified REITs industry. The financial health of AX-UN is average, but there are quite some concerns on its profitability. AX-UN is valued expensive and it does not seem to be growing.


Dividend Valuation Growth Profitability Health

2

1. Profitability

1.1 Basic Checks

  • AX-UN had negative earnings in the past year.
  • AX-UN had a positive operating cash flow in the past year.
  • In multiple years AX-UN reported negative net income over the last 5 years.
  • AX-UN had a positive operating cash flow in each of the past 5 years.
AX-UN.CA Yearly Net Income VS EBIT VS OCF VS FCFAX-UN.CA Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 200M -200M

1.2 Ratios

  • Looking at the Return On Assets, with a value of -3.37%, AX-UN is doing worse than 68.57% of the companies in the same industry.
  • Looking at the Return On Equity, with a value of -6.21%, AX-UN is doing worse than 65.71% of the companies in the same industry.
  • AX-UN has a worse Return On Invested Capital (0.28%) than 97.14% of its industry peers.
  • AX-UN had an Average Return On Invested Capital over the past 3 years of 4.34%. This is in line with the industry average of 5.26%.
  • The last Return On Invested Capital (0.28%) for AX-UN is well below the 3 year average (4.34%), which needs to be investigated, but indicates that AX-UN had better years and this may not be a problem.
Industry RankSector Rank
ROA -3.37%
ROE -6.21%
ROIC 0.28%
ROA(3y)-3.95%
ROA(5y)-0.73%
ROE(3y)-8.29%
ROE(5y)-1.91%
ROIC(3y)4.34%
ROIC(5y)4.41%
AX-UN.CA Yearly ROA, ROE, ROICAX-UN.CA Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 10 -10 -20

1.3 Margins

  • AX-UN's Operating Margin of 3.20% is on the low side compared to the rest of the industry. AX-UN is outperformed by 97.14% of its industry peers.
  • In the last couple of years the Operating Margin of AX-UN has declined.
  • AX-UN has a Gross Margin of 51.93%. This is in the lower half of the industry: AX-UN underperforms 71.43% of its industry peers.
  • AX-UN's Gross Margin has declined in the last couple of years.
Industry RankSector Rank
OM 3.2%
PM (TTM) N/A
GM 51.93%
OM growth 3Y-9.19%
OM growth 5Y-6.55%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y-1.4%
GM growth 5Y-1.76%
AX-UN.CA Yearly Profit, Operating, Gross MarginsAX-UN.CA Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 50 -50 -100

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ROAROEROICOperating and Profit MarginShow most profitable peers

5

2. Health

2.1 Basic Checks

  • AX-UN has a Return on Invested Capital (ROIC), which is below the Cost of Capital (WACC), which means it is destroying value.
  • The number of shares outstanding for AX-UN has been reduced compared to 1 year ago.
  • Compared to 5 years ago, AX-UN has less shares outstanding
  • The debt/assets ratio for AX-UN has been reduced compared to a year ago.
AX-UN.CA Yearly Shares OutstandingAX-UN.CA Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 10M 20M 30M 40M
AX-UN.CA Yearly Total Debt VS Total AssetsAX-UN.CA Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 1B 2B 3B 4B 5B

2.2 Solvency

  • AX-UN has an Altman-Z score of 0.20. This is a bad value and indicates that AX-UN is not financially healthy and even has some risk of bankruptcy.
  • AX-UN has a worse Altman-Z score (0.20) than 62.86% of its industry peers.
  • AX-UN has a debt to FCF ratio of 14.16. This is a negative value and a sign of low solvency as AX-UN would need 14.16 years to pay back of all of its debts.
  • The Debt to FCF ratio of AX-UN (14.16) is better than 71.43% of its industry peers.
  • AX-UN has a Debt/Equity ratio of 0.47. This is a healthy value indicating a solid balance between debt and equity.
  • The Debt to Equity ratio of AX-UN (0.47) is better than 100.00% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.47
Debt/FCF 14.16
Altman-Z 0.2
ROIC/WACC0.04
WACC6.61%
AX-UN.CA Yearly LT Debt VS Equity VS FCFAX-UN.CA Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 500M 1B 1.5B 2B 2.5B

2.3 Liquidity

  • A Current Ratio of 0.75 indicates that AX-UN may have some problems paying its short term obligations.
  • With an excellent Current ratio value of 0.75, AX-UN belongs to the best of the industry, outperforming 82.86% of the companies in the same industry.
  • AX-UN has a Quick Ratio of 0.75. This is a bad value and indicates that AX-UN is not financially healthy enough and could expect problems in meeting its short term obligations.
  • With an excellent Quick ratio value of 0.75, AX-UN belongs to the best of the industry, outperforming 85.71% of the companies in the same industry.
Industry RankSector Rank
Current Ratio 0.75
Quick Ratio 0.75
AX-UN.CA Yearly Current Assets VS Current LiabilitesAX-UN.CA Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 200M 400M 600M 800M 1B

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

0

3. Growth

3.1 Past

  • AX-UN shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 18.90%, which is quite good.
  • The Revenue for AX-UN has decreased by -20.06% in the past year. This is quite bad
  • Measured over the past years, AX-UN shows a very negative growth in Revenue. The Revenue has been decreasing by -10.45% on average per year.
EPS 1Y (TTM)18.9%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%-171.43%
Revenue 1Y (TTM)-20.06%
Revenue growth 3Y-10.54%
Revenue growth 5Y-10.45%
Sales Q2Q%-10.33%

3.2 Future

  • No EPS estimates are available, so we could not analyze the future EPS growth and evolution.
  • No Revenue estimates are available, so we could not analyze the future revenue growth and evolution.
EPS Next Y38.1%
EPS Next 2YN/A
EPS Next 3YN/A
EPS Next 5YN/A
Revenue Next Year-10.8%
Revenue Next 2YN/A
Revenue Next 3YN/A
Revenue Next 5YN/A

3.3 Evolution

  • No EPS estimates are available, so we could not analyze the future EPS growth and evolution.
  • No Revenue estimates are available, so we could not analyze the future revenue growth and evolution.
AX-UN.CA Yearly Revenue VS EstimatesAX-UN.CA Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 100M 200M 300M 400M 500M
AX-UN.CA Yearly EPS VS EstimatesAX-UN.CA Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 1 -1 2 -2

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1

4. Valuation

4.1 Price/Earnings Ratio

  • The Price/Earnings Ratio is negative for AX-UN. In the last year negative earnings were reported.
  • Besides the negative Price/Earnings Ratio, also the Forward Price/Earnings Ratio is negative for AX-UN. No positive earnings are expected for the next year.
Industry RankSector Rank
PE N/A
Fwd PE N/A
AX-UN.CA Price Earnings VS Forward Price EarningsAX-UN.CA Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 0 50 -50 -100 -150

4.2 Price Multiples

  • The rest of the industry has a similar Enterprise Value to EBITDA ratio as AX-UN.
  • AX-UN's Price/Free Cash Flow is on the same level as the industry average.
Industry RankSector Rank
P/FCF 14.04
EV/EBITDA 228.23
AX-UN.CA Per share dataAX-UN.CA EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 10 20 30

4.3 Compensation for Growth

PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2YN/A
EPS Next 3YN/A

More info and screens

Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

6

5. Dividend

5.1 Amount

  • AX-UN has a Yearly Dividend Yield of 8.45%, which is a nice return.
  • Compared to an average industry Dividend Yield of 7.24, AX-UN pays a bit more dividend than its industry peers.
  • Compared to an average S&P500 Dividend Yield of 1.82, AX-UN pays a better dividend.
Industry RankSector Rank
Dividend Yield 8.45%

5.2 History

  • The dividend of AX-UN is nicely growing with an annual growth rate of 8.07%!
  • AX-UN has been paying a dividend for at least 10 years, so it has a reliable track record.
  • AX-UN has decreased its dividend recently.
Dividend Growth(5Y)8.07%
Div Incr Years1
Div Non Decr Years1
AX-UN.CA Yearly Dividends per shareAX-UN.CA Yearly Dividends per shareYearly Dividends per share 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 0.2 0.4 0.6 0.8 1

5.3 Sustainability

  • The earnings of AX-UN are negative and hence is the payout ratio. AX-UN will probably not be able to sustain this dividend level.
  • The dividend of AX-UN is growing, but earnings are growing more, so the dividend growth is sustainable.
DP-107.39%
EPS Next 2YN/A
EPS Next 3YN/A
AX-UN.CA Yearly Income VS Free CF VS DividendAX-UN.CA Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 200M -200M

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ARTIS REAL ESTATE INVESTMENT

TSX:AX-UN (2/27/2026, 7:00:00 PM)

23.52

-0.48 (-2%)

Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)11-14
Earnings (Next)03-04
Inst OwnersN/A
Inst Owner ChangeN/A
Ins OwnersN/A
Ins Owner ChangeN/A
Market Cap1.10B
Revenue(TTM)249.75M
Net Income(TTM)-87.80M
Analysts37.14
Price Target7.65 (-67.47%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 8.45%
Yearly Dividend1
Dividend Growth(5Y)8.07%
DP-107.39%
Div Incr Years1
Div Non Decr Years1
Ex-Date01-30
Surprises & Revisions
EPS beat(2)N/A
Avg EPS beat(2)N/A
Min EPS beat(2)N/A
Max EPS beat(2)N/A
EPS beat(4)N/A
Avg EPS beat(4)N/A
Min EPS beat(4)N/A
Max EPS beat(4)N/A
EPS beat(8)N/A
Avg EPS beat(8)N/A
EPS beat(12)N/A
Avg EPS beat(12)N/A
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)N/A
Avg Revenue beat(2)N/A
Min Revenue beat(2)N/A
Max Revenue beat(2)N/A
Revenue beat(4)N/A
Avg Revenue beat(4)N/A
Min Revenue beat(4)N/A
Max Revenue beat(4)N/A
Revenue beat(8)N/A
Avg Revenue beat(8)N/A
Revenue beat(12)N/A
Avg Revenue beat(12)N/A
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)0%
PT rev (3m)0%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)0%
EPS NY rev (3m)0%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)0%
Revenue NY rev (3m)0%
Valuation
Industry RankSector Rank
PE N/A
Fwd PE N/A
P/S 4.39
P/FCF 14.04
P/OCF 14.04
P/B 0.78
P/tB 0.78
EV/EBITDA 228.23
EPS(TTM)-2.66
EYN/A
EPS(NY)-0.13
Fwd EYN/A
FCF(TTM)1.68
FCFY7.12%
OCF(TTM)1.68
OCFY7.12%
SpS5.36
BVpS30.32
TBVpS30.32
PEG (NY)N/A
PEG (5Y)N/A
Graham NumberN/A
Profitability
Industry RankSector Rank
ROA -3.37%
ROE -6.21%
ROCE 0.38%
ROIC 0.28%
ROICexc 0.28%
ROICexgc 0.28%
OM 3.2%
PM (TTM) N/A
GM 51.93%
FCFM 31.27%
ROA(3y)-3.95%
ROA(5y)-0.73%
ROE(3y)-8.29%
ROE(5y)-1.91%
ROIC(3y)4.34%
ROIC(5y)4.41%
ROICexc(3y)4.39%
ROICexc(5y)4.53%
ROICexgc(3y)4.39%
ROICexgc(5y)4.53%
ROCE(3y)6.02%
ROCE(5y)6.13%
ROICexgc growth 3Y-6.15%
ROICexgc growth 5Y-3.03%
ROICexc growth 3Y-6.15%
ROICexc growth 5Y-3.03%
OM growth 3Y-9.19%
OM growth 5Y-6.55%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y-1.4%
GM growth 5Y-1.76%
F-Score5
Asset Turnover0.1
Health
Industry RankSector Rank
Debt/Equity 0.47
Debt/FCF 14.16
Debt/EBITDA 69.38
Cap/Depr 0%
Cap/Sales 0%
Interest Coverage 0.12
Cash Conversion 819.32%
Profit Quality N/A
Current Ratio 0.75
Quick Ratio 0.75
Altman-Z 0.2
F-Score5
WACC6.61%
ROIC/WACC0.04
Cap/Depr(3y)22.34%
Cap/Depr(5y)13.48%
Cap/Sales(3y)0.09%
Cap/Sales(5y)0.05%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)18.9%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%-171.43%
EPS Next Y38.1%
EPS Next 2YN/A
EPS Next 3YN/A
EPS Next 5YN/A
Revenue 1Y (TTM)-20.06%
Revenue growth 3Y-10.54%
Revenue growth 5Y-10.45%
Sales Q2Q%-10.33%
Revenue Next Year-10.8%
Revenue Next 2YN/A
Revenue Next 3YN/A
Revenue Next 5YN/A
EBIT growth 1Y-94.99%
EBIT growth 3Y-18.76%
EBIT growth 5Y-16.32%
EBIT Next Year73.49%
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y18.59%
FCF growth 3Y-26.68%
FCF growth 5Y-16.66%
OCF growth 1Y17.92%
OCF growth 3Y-26.56%
OCF growth 5Y-16.72%

ARTIS REAL ESTATE INVESTMENT / AX-UN.CA FAQ

Can you provide the ChartMill fundamental rating for ARTIS REAL ESTATE INVESTMENT?

ChartMill assigns a fundamental rating of 3 / 10 to AX-UN.CA.


What is the valuation status for AX-UN stock?

ChartMill assigns a valuation rating of 1 / 10 to ARTIS REAL ESTATE INVESTMENT (AX-UN.CA). This can be considered as Overvalued.


Can you provide the profitability details for ARTIS REAL ESTATE INVESTMENT?

ARTIS REAL ESTATE INVESTMENT (AX-UN.CA) has a profitability rating of 2 / 10.


Can you provide the dividend sustainability for AX-UN stock?

The dividend rating of ARTIS REAL ESTATE INVESTMENT (AX-UN.CA) is 6 / 10 and the dividend payout ratio is -107.39%.