GRANITE REAL ESTATE INVESTME (GRT-UN.CA) Stock Fundamental Analysis
TSX:GRT-UN - CA3874372053 - REIT
78.24 CAD
+0.09 (+0.12%)
GRT-UN gets a fundamental rating of 6 out of 10. The analysis compared the fundamentals against 37 industry peers in the Diversified REITs industry. GRT-UN gets an excellent profitability rating and is at the same time showing great financial health properties. GRT-UN has a correct valuation and a medium growth rate. These ratings would make GRT-UN suitable for quality investing!
1. Profitability
1.1 Basic Checks
In the past year GRT-UN was profitable.
In the past year GRT-UN had a positive cash flow from operations.
Each year in the past 5 years GRT-UN has been profitable.
In the past 5 years GRT-UN always reported a positive cash flow from operatings.
1.2 Ratios
With an excellent Return On Assets value of 3.53%, GRT-UN belongs to the best of the industry, outperforming 94.59% of the companies in the same industry.
GRT-UN has a Return On Equity of 6.20%. This is amongst the best in the industry. GRT-UN outperforms 81.08% of its industry peers.
GRT-UN has a worse Return On Invested Capital (3.48%) than 64.86% of its industry peers.
Measured over the past 3 years, the Average Return On Invested Capital for GRT-UN is in line with the industry average of 5.04%.
The 3 year average ROIC (3.16%) for GRT-UN is below the current ROIC(3.48%), indicating increased profibility in the last year.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 3.53% | ||
| ROE | 6.2% | ||
| ROIC | 3.48% |
ROA(3y)2.31%
ROA(5y)5.72%
ROE(3y)3.91%
ROE(5y)9.46%
ROIC(3y)3.16%
ROIC(5y)2.98%
1.3 Margins
GRT-UN's Profit Margin of 56.27% is amongst the best of the industry. GRT-UN outperforms 97.30% of its industry peers.
In the last couple of years the Profit Margin of GRT-UN has declined.
GRT-UN's Operating Margin of 75.92% is amongst the best of the industry. GRT-UN outperforms 97.30% of its industry peers.
In the last couple of years the Operating Margin of GRT-UN has remained more or less at the same level.
The Gross Margin of GRT-UN (82.47%) is better than 94.59% of its industry peers.
In the last couple of years the Gross Margin of GRT-UN has remained more or less at the same level.
| Industry Rank | Sector 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%
2. Health
2.1 Basic Checks
GRT-UN has a Return on Invested Capital (ROIC), which is below the Cost of Capital (WACC), which means it is destroying value.
Compared to 1 year ago, GRT-UN has less shares outstanding
GRT-UN has more shares outstanding than it did 5 years ago.
Compared to 1 year ago, GRT-UN has an improved debt to assets ratio.
2.2 Solvency
Based on the Altman-Z score of 1.22, we must say that GRT-UN is in the distress zone and has some risk of bankruptcy.
GRT-UN has a better Altman-Z score (1.22) than 86.49% of its industry peers.
GRT-UN has a debt to FCF ratio of 8.93. This is a slightly negative value and a sign of low solvency as GRT-UN would need 8.93 years to pay back of all of its debts.
The Debt to FCF ratio of GRT-UN (8.93) is better than 94.59% of its industry peers.
A Debt/Equity ratio of 0.60 indicates that GRT-UN is somewhat dependend on debt financing.
GRT-UN's Debt to Equity ratio of 0.60 is amongst the best of the industry. GRT-UN outperforms 89.19% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.6 | ||
| Debt/FCF | 8.93 | ||
| Altman-Z | 1.22 |
ROIC/WACC0.61
WACC5.7%
2.3 Liquidity
GRT-UN has a Current Ratio of 2.81. This indicates that GRT-UN is financially healthy and has no problem in meeting its short term obligations.
The Current ratio of GRT-UN (2.81) is better than 100.00% of its industry peers.
A Quick Ratio of 2.81 indicates that GRT-UN has no problem at all paying its short term obligations.
Looking at the Quick ratio, with a value of 2.81, GRT-UN belongs to the top of the industry, outperforming 100.00% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 2.81 | ||
| Quick Ratio | 2.81 |
3. Growth
3.1 Past
The Earnings Per Share has grown by an nice 9.19% over the past year.
GRT-UN shows a decrease in Earnings Per Share. Measured over the last years, the EPS has been decreasing by -6.06% yearly.
GRT-UN shows quite a strong growth in Revenue. In the last year, the Revenue has grown by 9.86%.
The Revenue has been growing by 15.77% on average over the past years. This is quite good.
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
The Earnings Per Share is expected to grow by 6.48% on average over the next years.
GRT-UN is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 6.14% yearly.
EPS Next Y-4.81%
EPS Next 2Y7.36%
EPS Next 3Y6.48%
EPS Next 5YN/A
Revenue Next Year8.19%
Revenue Next 2Y6.4%
Revenue Next 3Y6.14%
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.
4. Valuation
4.1 Price/Earnings Ratio
With a Price/Earnings ratio of 13.87, GRT-UN is valued correctly.
81.08% of the companies in the same industry are more expensive than GRT-UN, based on the Price/Earnings ratio.
When comparing the Price/Earnings ratio of GRT-UN to the average of the S&P500 Index (27.13), we can say GRT-UN is valued slightly cheaper.
Based on the Price/Forward Earnings ratio of 12.26, the valuation of GRT-UN can be described as correct.
Compared to the rest of the industry, the Price/Forward Earnings ratio of GRT-UN indicates a somewhat cheap valuation: GRT-UN is cheaper than 72.97% of the companies listed in the same industry.
Compared to an average S&P500 Price/Forward Earnings ratio of 22.76, GRT-UN is valued a bit cheaper.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 13.87 | ||
| Fwd PE | 12.26 |
4.2 Price Multiples
GRT-UN's Enterprise Value to EBITDA ratio is a bit cheaper when compared to the industry. GRT-UN is cheaper than 78.38% of the companies in the same industry.
GRT-UN's Price/Free Cash Flow ratio is in line with the industry average.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 13.18 | ||
| EV/EBITDA | 17.4 |
4.3 Compensation for Growth
GRT-UN has a very decent profitability rating, which may justify a higher PE ratio.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y7.36%
EPS Next 3Y6.48%
5. Dividend
5.1 Amount
With a Yearly Dividend Yield of 3.94%, GRT-UN has a reasonable but not impressive dividend return.
Compared to an average industry Dividend Yield of 7.95, GRT-UN's dividend is way lower than its industry peers. On top of this 89.19% of the companies listed in the same industry pay a better dividend than GRT-UN!
Compared to an average S&P500 Dividend Yield of 2.32, GRT-UN pays a better dividend.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 3.94% |
5.2 History
The dividend of GRT-UN has a limited annual growth rate of 1.78%.
GRT-UN has paid a dividend for at least 10 years, which is a reliable track record.
GRT-UN has not decreased their dividend for at least 10 years, which is a reliable track record.
Dividend Growth(5Y)1.78%
Div Incr Years14
Div Non Decr Years14
5.3 Sustainability
62.44% of the earnings are spent on dividend by GRT-UN. This is not a sustainable payout ratio.
The dividend of GRT-UN is growing, but earnings are growing more, so the dividend growth is sustainable.
DP62.44%
EPS Next 2Y7.36%
EPS Next 3Y6.48%
TSX:GRT-UN (8/29/2025, 7:00:00 PM)
78.24
+0.09 (+0.12%)
Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)
Earnings (Next)
Inst Owners75.13%
Inst Owner ChangeN/A
Ins Owners0.67%
Ins Owner ChangeN/A
Market Cap4.74B
Analysts83.08
Price Target86.87 (11.03%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 3.94% |
Yearly Dividend3.3
Dividend Growth(5Y)1.78%
DP62.44%
Div Incr Years14
Div Non Decr Years14
Ex-Date
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)3.86%
PT rev (3m)4.86%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)-9.37%
EPS NY rev (3m)-9.37%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)-0.84%
Revenue NY rev (3m)0.37%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 13.87 | ||
| Fwd PE | 12.26 | ||
| P/S | 7.98 | ||
| P/FCF | 13.18 | ||
| P/OCF | 13.18 | ||
| P/B | 0.88 | ||
| P/tB | 0.88 | ||
| EV/EBITDA | 17.4 |
EPS(TTM)5.64
EY7.21%
EPS(NY)6.38
Fwd EY8.16%
FCF(TTM)5.93
FCFY7.58%
OCF(TTM)5.94
OCFY7.59%
SpS9.8
BVpS89
TBVpS89
PEG (NY)N/A
PEG (5Y)N/A
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 3.53% | ||
| ROE | 6.2% | ||
| ROCE | 4.84% | ||
| ROIC | 3.48% | ||
| ROICexc | 3.52% | ||
| ROICexgc | 3.52% | ||
| 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)3.16%
ROIC(5y)2.98%
ROICexc(3y)3.2%
ROICexc(5y)3.12%
ROICexgc(3y)3.2%
ROICexgc(5y)3.12%
ROCE(3y)4.38%
ROCE(5y)4.14%
ROICexcg growth 3Y8.35%
ROICexcg 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 Rank | Sector 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 | 1.22 |
F-Score7
WACC5.7%
ROIC/WACC0.61
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 Year8.19%
Revenue Next 2Y6.4%
Revenue Next 3Y6.14%
Revenue Next 5YN/A
EBIT growth 1Y8.62%
EBIT growth 3Y14.12%
EBIT growth 5Y16.14%
EBIT Next Year7.69%
EBIT Next 3YN/A
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%