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GRANITE REAL ESTATE INVESTME (GRP.U) Stock Fundamental Analysis

USA - NYSE:GRP.U - CA3874372053 - REIT

56.98 USD
+0.2 (+0.35%)
Last: 10/22/2025, 8:04:00 PM
Fundamental Rating

7

GRP.U gets a fundamental rating of 7 out of 10. The analysis compared the fundamentals against 127 industry peers in the Diversified REITs industry. GRP.U gets an excellent profitability rating and is at the same time showing great financial health properties. GRP.U is not valued too expensively and it also shows a decent growth rate. These ratings would make GRP.U suitable for quality investing!


Dividend Valuation Growth Profitability Health

8

1. Profitability

1.1 Basic Checks

GRP.U had positive earnings in the past year.
In the past year GRP.U had a positive cash flow from operations.
Each year in the past 5 years GRP.U has been profitable.
Each year in the past 5 years GRP.U had a positive operating cash flow.
GRP.U Yearly Net Income VS EBIT VS OCF VS FCFGRP.U Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 200M 400M 600M 800M 1B

1.2 Ratios

GRP.U's Return On Assets of 3.53% is amongst the best of the industry. GRP.U outperforms 82.68% of its industry peers.
GRP.U has a better Return On Equity (6.20%) than 73.23% of its industry peers.
GRP.U has a Return On Invested Capital of 3.82%. This is in the better half of the industry: GRP.U outperforms 71.65% of its industry peers.
Measured over the past 3 years, the Average Return On Invested Capital for GRP.U is in line with the industry average of 3.04%.
The last Return On Invested Capital (3.82%) for GRP.U is above the 3 year average (3.46%), which is a sign of increasing profitability.
Industry RankSector Rank
ROA 3.53%
ROE 6.2%
ROIC 3.82%
ROA(3y)2.31%
ROA(5y)5.72%
ROE(3y)3.91%
ROE(5y)9.46%
ROIC(3y)3.46%
ROIC(5y)3.27%
GRP.U Yearly ROA, ROE, ROICGRP.U Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 5 10 15 20

1.3 Margins

GRP.U's Profit Margin of 56.27% is amongst the best of the industry. GRP.U outperforms 96.85% of its industry peers.
GRP.U's Profit Margin has declined in the last couple of years.
GRP.U has a better Operating Margin (75.92%) than 100.00% of its industry peers.
In the last couple of years the Operating Margin of GRP.U has remained more or less at the same level.
Looking at the Gross Margin, with a value of 82.47%, GRP.U belongs to the top of the industry, outperforming 82.68% of the companies in the same industry.
In the last couple of years the Gross Margin of GRP.U has remained more or less at the same level.
Industry RankSector Rank
OM 75.92%
PM (TTM) 56.27%
GM 82.47%
OM growth 3Y0.91%
OM growth 5Y0.32%
PM growth 3Y-42.48%
PM growth 5Y-14.61%
GM growth 3Y-0.64%
GM growth 5Y-0.97%
GRP.U Yearly Profit, Operating, Gross MarginsGRP.U Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 100 200 300

7

2. Health

2.1 Basic Checks

The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so GRP.U is destroying value.
Compared to 1 year ago, GRP.U has less shares outstanding
GRP.U has more shares outstanding than it did 5 years ago.
The debt/assets ratio for GRP.U has been reduced compared to a year ago.
GRP.U Yearly Shares OutstandingGRP.U Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 20M 40M 60M
GRP.U Yearly Total Debt VS Total AssetsGRP.U Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2B 4B 6B 8B

2.2 Solvency

GRP.U has an Altman-Z score of 1.24. This is a bad value and indicates that GRP.U is not financially healthy and even has some risk of bankruptcy.
GRP.U has a Altman-Z score of 1.24. This is amongst the best in the industry. GRP.U outperforms 84.25% of its industry peers.
The Debt to FCF ratio of GRP.U is 8.93, which is on the high side as it means it would take GRP.U, 8.93 years of fcf income to pay off all of its debts.
GRP.U's Debt to FCF ratio of 8.93 is amongst the best of the industry. GRP.U outperforms 89.76% of its industry peers.
A Debt/Equity ratio of 0.60 indicates that GRP.U is somewhat dependend on debt financing.
The Debt to Equity ratio of GRP.U (0.60) is better than 85.83% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.6
Debt/FCF 8.93
Altman-Z 1.24
ROIC/WACC0.72
WACC5.29%
GRP.U Yearly LT Debt VS Equity VS FCFGRP.U Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1B 2B 3B 4B 5B

2.3 Liquidity

A Current Ratio of 2.81 indicates that GRP.U has no problem at all paying its short term obligations.
The Current ratio of GRP.U (2.81) is better than 88.98% of its industry peers.
A Quick Ratio of 2.81 indicates that GRP.U has no problem at all paying its short term obligations.
The Quick ratio of GRP.U (2.81) is better than 88.98% of its industry peers.
Industry RankSector Rank
Current Ratio 2.81
Quick Ratio 2.81
GRP.U Yearly Current Assets VS Current LiabilitesGRP.U Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 200M 400M 600M 800M

5

3. Growth

3.1 Past

The Earnings Per Share has grown by an nice 9.19% over the past year.
GRP.U shows a decrease in Earnings Per Share. Measured over the last years, the EPS has been decreasing by -6.06% yearly.
Looking at the last year, GRP.U shows a quite strong growth in Revenue. The Revenue has grown by 9.86% in the last year.
GRP.U shows quite a strong growth in Revenue. Measured over the last years, the Revenue has been growing by 15.77% yearly.
EPS 1Y (TTM)9.19%
EPS 3Y-34.68%
EPS 5Y-6.06%
EPS Q2Q%5.12%
Revenue 1Y (TTM)9.86%
Revenue growth 3Y13.09%
Revenue growth 5Y15.77%
Sales Q2Q%5.17%

3.2 Future

GRP.U is expected to show a small growth in Earnings Per Share. In the coming years, the EPS will grow by 6.48% yearly.
Based on estimates for the next years, GRP.U will show a small growth in Revenue. The Revenue will grow by 6.06% on average per year.
EPS Next Y-4.81%
EPS Next 2Y7.36%
EPS Next 3Y6.48%
EPS Next 5YN/A
Revenue Next Year7.88%
Revenue Next 2Y5.79%
Revenue Next 3Y6.06%
Revenue Next 5YN/A

3.3 Evolution

When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
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.
GRP.U Yearly Revenue VS EstimatesGRP.U Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 200M 400M 600M
GRP.U Yearly EPS VS EstimatesGRP.U Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 5 10 15

6

4. Valuation

4.1 Price/Earnings Ratio

With a Price/Earnings ratio of 14.17, GRP.U is valued correctly.
Based on the Price/Earnings ratio, GRP.U is valued cheaply inside the industry as 92.13% of the companies are valued more expensively.
GRP.U's Price/Earnings ratio indicates a valuation a bit cheaper than the S&P500 average which is at 27.57.
A Price/Forward Earnings ratio of 12.54 indicates a correct valuation of GRP.U.
Compared to the rest of the industry, the Price/Forward Earnings ratio of GRP.U indicates a rather cheap valuation: GRP.U is cheaper than 98.43% of the companies listed in the same industry.
GRP.U is valuated rather cheaply when we compare the Price/Forward Earnings ratio to 23.09, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 14.17
Fwd PE 12.54
GRP.U Price Earnings VS Forward Price EarningsGRP.U Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30 40 50

4.2 Price Multiples

75.59% of the companies in the same industry are cheaper than GRP.U, based on the Enterprise Value to EBITDA ratio.
85.83% of the companies in the same industry are more expensive than GRP.U, based on the Price/Free Cash Flow ratio.
Industry RankSector Rank
P/FCF 13.48
EV/EBITDA 17.6
GRP.U Per share dataGRP.U EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 20 40 60

4.3 Compensation for Growth

The excellent profitability rating of GRP.U may justify a higher PE ratio.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y7.36%
EPS Next 3Y6.48%

5

5. Dividend

5.1 Amount

With a Yearly Dividend Yield of 3.94%, GRP.U has a reasonable but not impressive dividend return.
Compared to an average industry Dividend Yield of 6.21, GRP.U is paying slightly less dividend.
GRP.U's Dividend Yield is rather good when compared to the S&P500 average which is at 2.32.
Industry RankSector Rank
Dividend Yield 3.94%

5.2 History

The dividend of GRP.U has a limited annual growth rate of 1.78%.
GRP.U has paid a dividend for at least 10 years, which is a reliable track record.
The dividend of GRP.U decreased in the last 3 years.
Dividend Growth(5Y)1.78%
Div Incr Years2
Div Non Decr Years2
GRP.U Yearly Dividends per shareGRP.U Yearly Dividends per shareYearly Dividends per share 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1 2 3

5.3 Sustainability

GRP.U pays out 62.44% of its income as dividend. This is not a sustainable payout ratio.
The dividend of GRP.U is growing, but earnings are growing more, so the dividend growth is sustainable.
DP62.44%
EPS Next 2Y7.36%
EPS Next 3Y6.48%
GRP.U Yearly Income VS Free CF VS DividendGRP.U Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 200M 400M 600M 800M 1B
GRP.U Dividend Payout.GRP.U Dividend Payout, showing the Payout Ratio.GRP.U Dividend Payout.PayoutRetained Earnings

GRANITE REAL ESTATE INVESTME

NYSE:GRP.U (10/22/2025, 8:04:00 PM)

56.98

+0.2 (+0.35%)

Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)08-06 2025-08-06/amc
Earnings (Next)11-05 2025-11-05
Inst Owners73.65%
Inst Owner Change-0.01%
Ins Owners0.67%
Ins Owner ChangeN/A
Market Cap3.45B
Revenue(TTM)593.87M
Net Income(TTM)334.19M
Analysts83.08
Price Target63.76 (11.9%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 3.94%
Yearly Dividend2.35
Dividend Growth(5Y)1.78%
DP62.44%
Div Incr Years2
Div Non Decr Years2
Ex-Date09-29 2025-09-29 (0.2833)
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)-0.52%
PT rev (3m)4.58%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)0%
EPS NY rev (3m)-9.37%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)-0.04%
Revenue NY rev (3m)0.09%
Valuation
Industry RankSector Rank
PE 14.17
Fwd PE 12.54
P/S 8.16
P/FCF 13.48
P/OCF 13.48
P/B 0.9
P/tB 0.9
EV/EBITDA 17.6
EPS(TTM)4.02
EY7.06%
EPS(NY)4.55
Fwd EY7.98%
FCF(TTM)4.23
FCFY7.42%
OCF(TTM)4.23
OCFY7.42%
SpS6.98
BVpS63.37
TBVpS63.37
PEG (NY)N/A
PEG (5Y)N/A
Graham Number75.71
Profitability
Industry RankSector Rank
ROA 3.53%
ROE 6.2%
ROCE 4.84%
ROIC 3.82%
ROICexc 3.86%
ROICexgc 3.86%
OM 75.92%
PM (TTM) 56.27%
GM 82.47%
FCFM 60.55%
ROA(3y)2.31%
ROA(5y)5.72%
ROE(3y)3.91%
ROE(5y)9.46%
ROIC(3y)3.46%
ROIC(5y)3.27%
ROICexc(3y)3.51%
ROICexc(5y)3.43%
ROICexgc(3y)3.51%
ROICexgc(5y)3.43%
ROCE(3y)4.38%
ROCE(5y)4.14%
ROICexgc growth 3Y8.35%
ROICexgc growth 5Y-0.02%
ROICexc growth 3Y8.35%
ROICexc growth 5Y-0.02%
OM growth 3Y0.91%
OM growth 5Y0.32%
PM growth 3Y-42.48%
PM growth 5Y-14.61%
GM growth 3Y-0.64%
GM growth 5Y-0.97%
F-Score7
Asset Turnover0.06
Health
Industry RankSector Rank
Debt/Equity 0.6
Debt/FCF 8.93
Debt/EBITDA 7.1
Cap/Depr 6.27%
Cap/Sales 0.01%
Interest Coverage 5.33
Cash Conversion 79.54%
Profit Quality 107.59%
Current Ratio 2.81
Quick Ratio 2.81
Altman-Z 1.24
F-Score7
WACC5.29%
ROIC/WACC0.72
Cap/Depr(3y)27.37%
Cap/Depr(5y)53.98%
Cap/Sales(3y)0.08%
Cap/Sales(5y)0.18%
Profit Quality(3y)166.81%
Profit Quality(5y)115.37%
High Growth Momentum
Growth
EPS 1Y (TTM)9.19%
EPS 3Y-34.68%
EPS 5Y-6.06%
EPS Q2Q%5.12%
EPS Next Y-4.81%
EPS Next 2Y7.36%
EPS Next 3Y6.48%
EPS Next 5YN/A
Revenue 1Y (TTM)9.86%
Revenue growth 3Y13.09%
Revenue growth 5Y15.77%
Sales Q2Q%5.17%
Revenue Next Year7.88%
Revenue Next 2Y5.79%
Revenue Next 3Y6.06%
Revenue Next 5YN/A
EBIT growth 1Y8.62%
EBIT growth 3Y14.12%
EBIT growth 5Y16.14%
EBIT Next Year51.63%
EBIT Next 3Y19.13%
EBIT Next 5YN/A
FCF growth 1Y21.72%
FCF growth 3Y8.95%
FCF growth 5Y13.06%
OCF growth 1Y21.62%
OCF growth 3Y8.88%
OCF growth 5Y13.05%