DREAM INDUSTRIAL REAL ESTATE (DIR-UN.CA) Stock Fundamental Analysis

Canada • Toronto Stock Exchange • TSX:DIR-UN • CA26153W1095

13.45 CAD
+0.1 (+0.75%)
Last: Feb 10, 2026, 07:00 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Analyst Ratings Earnings Estimates Financials Ownership News
Fundamental Rating

5

Overall DIR-UN gets a fundamental rating of 5 out of 10. We evaluated DIR-UN against 38 industry peers in the Diversified REITs industry. DIR-UN scores excellent on profitability, but there are concerns on its financial health. DIR-UN has a correct valuation and a medium growth rate. Finally DIR-UN also has an excellent dividend rating.


Dividend Valuation Growth Profitability Health

7

1. Profitability

1.1 Basic Checks

  • DIR-UN had positive earnings in the past year.
  • In the past year DIR-UN had a positive cash flow from operations.
  • DIR-UN had positive earnings in each of the past 5 years.
  • DIR-UN had a positive operating cash flow in each of the past 5 years.
DIR-UN.CA Yearly Net Income VS EBIT VS OCF VS FCFDIR-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 400M 600M

1.2 Ratios

  • DIR-UN's Return On Assets of 2.95% is fine compared to the rest of the industry. DIR-UN outperforms 76.32% of its industry peers.
  • DIR-UN has a better Return On Equity (5.18%) than 63.16% of its industry peers.
  • DIR-UN has a Return On Invested Capital of 3.07%. This is in the lower half of the industry: DIR-UN underperforms 73.68% of its industry peers.
  • DIR-UN had an Average Return On Invested Capital over the past 3 years of 2.81%. This is below the industry average of 5.49%.
  • The last Return On Invested Capital (3.07%) for DIR-UN is above the 3 year average (2.81%), which is a sign of increasing profitability.
Industry RankSector Rank
ROA 2.95%
ROE 5.18%
ROIC 3.07%
ROA(3y)4.74%
ROA(5y)5.99%
ROE(3y)7.87%
ROE(5y)10.3%
ROIC(3y)2.81%
ROIC(5y)2.7%
DIR-UN.CA Yearly ROA, ROE, ROICDIR-UN.CA Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 5 10 15

1.3 Margins

  • DIR-UN has a Profit Margin of 50.71%. This is amongst the best in the industry. DIR-UN outperforms 97.37% of its industry peers.
  • In the last couple of years the Profit Margin of DIR-UN has declined.
  • With an excellent Operating Margin value of 65.13%, DIR-UN belongs to the best of the industry, outperforming 92.11% of the companies in the same industry.
  • DIR-UN's Operating Margin has improved in the last couple of years.
  • With an excellent Gross Margin value of 76.46%, DIR-UN belongs to the best of the industry, outperforming 89.47% of the companies in the same industry.
  • In the last couple of years the Gross Margin of DIR-UN has remained more or less at the same level.
Industry RankSector Rank
OM 65.13%
PM (TTM) 50.71%
GM 76.46%
OM growth 3Y2.22%
OM growth 5Y2.97%
PM growth 3Y-35.75%
PM growth 5Y-9.53%
GM growth 3Y0.46%
GM growth 5Y1.38%
DIR-UN.CA Yearly Profit, Operating, Gross MarginsDIR-UN.CA Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 50 100 150 200

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3

2. Health

2.1 Basic Checks

  • DIR-UN has more shares outstanding than it did 1 year ago.
  • DIR-UN has more shares outstanding than it did 5 years ago.
  • Compared to 1 year ago, DIR-UN has a worse debt to assets ratio.
DIR-UN.CA Yearly Shares OutstandingDIR-UN.CA Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 50M 100M 150M 200M 250M
DIR-UN.CA Yearly Total Debt VS Total AssetsDIR-UN.CA Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 2B 4B 6B 8B

2.2 Solvency

  • Based on the Altman-Z score of 0.91, we must say that DIR-UN is in the distress zone and has some risk of bankruptcy.
  • The Altman-Z score of DIR-UN (0.91) is better than 84.21% of its industry peers.
  • The Debt to FCF ratio of DIR-UN is 9.99, which is on the high side as it means it would take DIR-UN, 9.99 years of fcf income to pay off all of its debts.
  • With an excellent Debt to FCF ratio value of 9.99, DIR-UN belongs to the best of the industry, outperforming 84.21% of the companies in the same industry.
  • DIR-UN has a Debt/Equity ratio of 0.52. This is a neutral value indicating DIR-UN is somewhat dependend on debt financing.
  • The Debt to Equity ratio of DIR-UN (0.52) is better than 92.11% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.52
Debt/FCF 9.99
Altman-Z 0.91
ROIC/WACCN/A
WACCN/A
DIR-UN.CA Yearly LT Debt VS Equity VS FCFDIR-UN.CA Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 1B 2B 3B 4B

2.3 Liquidity

  • A Current Ratio of 0.17 indicates that DIR-UN may have some problems paying its short term obligations.
  • DIR-UN has a Current ratio (0.17) which is comparable to the rest of the industry.
  • A Quick Ratio of 0.17 indicates that DIR-UN may have some problems paying its short term obligations.
  • DIR-UN has a Quick ratio (0.17) which is comparable to the rest of the industry.
Industry RankSector Rank
Current Ratio 0.17
Quick Ratio 0.17
DIR-UN.CA Yearly Current Assets VS Current LiabilitesDIR-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

6

3. Growth

3.1 Past

  • The Earnings Per Share has grown by an impressive 74.68% over the past year.
  • DIR-UN shows a decrease in Earnings Per Share. Measured over the last years, the EPS has been decreasing by -7.45% yearly.
  • The Revenue has been growing slightly by 7.53% in the past year.
  • Measured over the past years, DIR-UN shows a quite strong growth in Revenue. The Revenue has been growing by 19.01% on average per year.
EPS 1Y (TTM)74.68%
EPS 3Y-31.68%
EPS 5Y-7.45%
EPS Q2Q%227.94%
Revenue 1Y (TTM)7.53%
Revenue growth 3Y17.17%
Revenue growth 5Y19.01%
Sales Q2Q%8.39%

3.2 Future

  • The Earnings Per Share is expected to grow by 13.64% on average over the next years. This is quite good.
  • Based on estimates for the next years, DIR-UN will show a quite strong growth in Revenue. The Revenue will grow by 8.12% on average per year.
EPS Next Y-3.9%
EPS Next 2Y18.43%
EPS Next 3Y13.64%
EPS Next 5YN/A
Revenue Next Year8.36%
Revenue Next 2Y8.62%
Revenue Next 3Y8.12%
Revenue Next 5YN/A

3.3 Evolution

  • The EPS growth rate is accelerating: in the next years the growth will be better than in the last years.
  • When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
DIR-UN.CA Yearly Revenue VS EstimatesDIR-UN.CA Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 100M 200M 300M 400M 500M
DIR-UN.CA Yearly EPS VS EstimatesDIR-UN.CA Yearly EPS VS EstimatesYearly EPS VS Estimates 2017 2019 2020 2021 2022 2023 2024 2025 2026 2027 0.5 1 1.5 2 2.5

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4

4. Valuation

4.1 Price/Earnings Ratio

  • Based on the Price/Earnings ratio of 15.82, the valuation of DIR-UN can be described as correct.
  • DIR-UN's Price/Earnings ratio is a bit cheaper when compared to the industry. DIR-UN is cheaper than 71.05% of the companies in the same industry.
  • When comparing the Price/Earnings ratio of DIR-UN to the average of the S&P500 Index (28.03), we can say DIR-UN is valued slightly cheaper.
  • With a Price/Forward Earnings ratio of 12.33, DIR-UN is valued correctly.
  • DIR-UN's Price/Forward Earnings ratio is a bit cheaper when compared to the industry. DIR-UN is cheaper than 76.32% of the companies in the same industry.
  • DIR-UN is valuated cheaply when we compare the Price/Forward Earnings ratio to 27.97, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 15.82
Fwd PE 12.33
DIR-UN.CA Price Earnings VS Forward Price EarningsDIR-UN.CA Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 20 40 60 80 100

4.2 Price Multiples

  • Compared to the rest of the industry, the Price/Free Cash Flow ratio of DIR-UN is on the same level as its industry peers.
Industry RankSector Rank
P/FCF 12.23
EV/EBITDA N/A
DIR-UN.CA Per share dataDIR-UN.CA EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 5 10 15

4.3 Compensation for Growth

  • DIR-UN has a very decent profitability rating, which may justify a higher PE ratio.
  • DIR-UN's earnings are expected to grow with 13.64% in the coming years. This may justify a more expensive valuation.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y18.43%
EPS Next 3Y13.64%

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

7

5. Dividend

5.1 Amount

  • DIR-UN has a Yearly Dividend Yield of 5.00%, which is a nice return.
  • DIR-UN's Dividend Yield is slightly below the industry average, which is at 7.11.
  • DIR-UN's Dividend Yield is rather good when compared to the S&P500 average which is at 1.80.
Industry RankSector Rank
Dividend Yield 5%

5.2 History

  • The dividend of DIR-UN has a limited annual growth rate of 3.03%.
  • DIR-UN has paid a dividend for at least 10 years, which is a reliable track record.
  • DIR-UN has not decreased their dividend for at least 10 years, which is a reliable track record.
Dividend Growth(5Y)3.03%
Div Incr Years1
Div Non Decr Years12
DIR-UN.CA Yearly Dividends per shareDIR-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

5.3 Sustainability

  • 57.44% of the earnings are spent on dividend by DIR-UN. This is a bit on the high side, but may be sustainable.
  • The dividend of DIR-UN is growing, but earnings are growing more, so the dividend growth is sustainable.
DP57.44%
EPS Next 2Y18.43%
EPS Next 3Y13.64%
DIR-UN.CA Yearly Income VS Free CF VS DividendDIR-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 400M 600M
DIR-UN.CA Dividend Payout.DIR-UN.CA Dividend Payout, showing the Payout Ratio.DIR-UN.CA Dividend Payout.PayoutRetained Earnings

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DREAM INDUSTRIAL REAL ESTATE

TSX:DIR-UN (2/10/2026, 7:00:00 PM)

13.45

+0.1 (+0.75%)

Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)11-04
Earnings (Next)02-17
Inst Owners29.39%
Inst Owner ChangeN/A
Ins Owners0.18%
Ins Owner ChangeN/A
Market Cap3.85B
Revenue(TTM)492.10M
Net Income(TTM)249.55M
Analysts81.43
Price Target14.92 (10.93%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 5%
Yearly Dividend0.49
Dividend Growth(5Y)3.03%
DP57.44%
Div Incr Years1
Div Non Decr Years12
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)0.69%
PT rev (3m)5.03%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)0%
EPS NY rev (3m)-12.94%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)0%
Revenue NY rev (3m)-0.22%
Valuation
Industry RankSector Rank
PE 15.82
Fwd PE 12.33
P/S 7.82
P/FCF 12.23
P/OCF 12.23
P/B 0.8
P/tB 0.8
EV/EBITDA N/A
EPS(TTM)0.85
EY6.32%
EPS(NY)1.09
Fwd EY8.11%
FCF(TTM)1.1
FCFY8.18%
OCF(TTM)1.1
OCFY8.18%
SpS1.72
BVpS16.83
TBVpS16.83
PEG (NY)N/A
PEG (5Y)N/A
Graham Number17.94
Profitability
Industry RankSector Rank
ROA 2.95%
ROE 5.18%
ROCE 4.26%
ROIC 3.07%
ROICexc 3.1%
ROICexgc 3.1%
OM 65.13%
PM (TTM) 50.71%
GM 76.46%
FCFM 63.93%
ROA(3y)4.74%
ROA(5y)5.99%
ROE(3y)7.87%
ROE(5y)10.3%
ROIC(3y)2.81%
ROIC(5y)2.7%
ROICexc(3y)2.84%
ROICexc(5y)2.78%
ROICexgc(3y)2.84%
ROICexgc(5y)2.78%
ROCE(3y)3.91%
ROCE(5y)3.75%
ROICexgc growth 3Y12.88%
ROICexgc growth 5Y-1.14%
ROICexc growth 3Y12.88%
ROICexc growth 5Y-1.14%
OM growth 3Y2.22%
OM growth 5Y2.97%
PM growth 3Y-35.75%
PM growth 5Y-9.53%
GM growth 3Y0.46%
GM growth 5Y1.38%
F-Score7
Asset Turnover0.06
Health
Industry RankSector Rank
Debt/Equity 0.52
Debt/FCF 9.99
Debt/EBITDA N/A
Cap/Depr N/A
Cap/Sales N/A
Interest Coverage 4.41
Cash Conversion N/A
Profit Quality 126.07%
Current Ratio 0.17
Quick Ratio 0.17
Altman-Z 0.91
F-Score7
WACCN/A
ROIC/WACCN/A
Cap/Depr(3y)N/A
Cap/Depr(5y)N/A
Cap/Sales(3y)N/A
Cap/Sales(5y)N/A
Profit Quality(3y)144.93%
Profit Quality(5y)106.14%
High Growth Momentum
Growth
EPS 1Y (TTM)74.68%
EPS 3Y-31.68%
EPS 5Y-7.45%
EPS Q2Q%227.94%
EPS Next Y-3.9%
EPS Next 2Y18.43%
EPS Next 3Y13.64%
EPS Next 5YN/A
Revenue 1Y (TTM)7.53%
Revenue growth 3Y17.17%
Revenue growth 5Y19.01%
Sales Q2Q%8.39%
Revenue Next Year8.36%
Revenue Next 2Y8.62%
Revenue Next 3Y8.12%
Revenue Next 5YN/A
EBIT growth 1Y6.41%
EBIT growth 3Y19.77%
EBIT growth 5Y22.54%
EBIT Next Year19.21%
EBIT Next 3Y12.48%
EBIT Next 5YN/A
FCF growth 1Y14.8%
FCF growth 3Y19.32%
FCF growth 5Y19.83%
OCF growth 1Y14.8%
OCF growth 3Y19.32%
OCF growth 5Y19.81%

DREAM INDUSTRIAL REAL ESTATE / DIR-UN.CA FAQ

What is the ChartMill fundamental rating of DREAM INDUSTRIAL REAL ESTATE (DIR-UN.CA) stock?

ChartMill assigns a fundamental rating of 5 / 10 to DIR-UN.CA.


What is the valuation status of DREAM INDUSTRIAL REAL ESTATE (DIR-UN.CA) stock?

ChartMill assigns a valuation rating of 4 / 10 to DREAM INDUSTRIAL REAL ESTATE (DIR-UN.CA). This can be considered as Fairly Valued.


How profitable is DREAM INDUSTRIAL REAL ESTATE (DIR-UN.CA) stock?

DREAM INDUSTRIAL REAL ESTATE (DIR-UN.CA) has a profitability rating of 7 / 10.


What is the valuation of DREAM INDUSTRIAL REAL ESTATE based on its PE and PB ratios?

The Price/Earnings (PE) ratio for DREAM INDUSTRIAL REAL ESTATE (DIR-UN.CA) is 15.82 and the Price/Book (PB) ratio is 0.8.


What is the financial health of DREAM INDUSTRIAL REAL ESTATE (DIR-UN.CA) stock?

The financial health rating of DREAM INDUSTRIAL REAL ESTATE (DIR-UN.CA) is 3 / 10.