GRANITE REAL ESTATE INVESTME (GRT-UN.CA) Stock Fundamental Analysis
Canada - TSX:GRT-UN - CA3874372053 - REIT
77.08 CAD
-0.2 (-0.26%)
Taking everything into account, GRT-UN scores 6 out of 10 in our fundamental rating. GRT-UN was compared to 37 industry peers in the Diversified REITs industry. GRT-UN has an excellent profitability rating, but there are some minor concerns on its financial health. GRT-UN has a correct valuation and a medium growth rate.
1. Profitability
1.1 Basic Checks
GRT-UN had positive earnings in the past year.
In the past year GRT-UN had a positive cash flow from operations.
GRT-UN had positive earnings in each of the past 5 years.
GRT-UN had a positive operating cash flow in each of the past 5 years.
1.2 Ratios
GRT-UN has a Return On Assets of 3.02%. This is amongst the best in the industry. GRT-UN outperforms 83.78% of its industry peers.
The Return On Equity of GRT-UN (5.28%) is better than 67.57% of its industry peers.
Looking at the Return On Invested Capital, with a value of 3.52%, GRT-UN is in line with its industry, outperforming 48.65% of the companies in the same industry.
The Average Return On Invested Capital over the past 3 years for GRT-UN is in line with the industry average of 4.98%.
The last Return On Invested Capital (3.52%) for GRT-UN is above the 3 year average (3.16%), which is a sign of increasing profitability.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 3.02% | ||
| ROE | 5.28% | ||
| ROIC | 3.52% |
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 has a Profit Margin of 48.08%. This is amongst the best in the industry. GRT-UN outperforms 91.89% of its industry peers.
GRT-UN's Profit Margin has declined in the last couple of years.
With an excellent Operating Margin value of 75.49%, GRT-UN belongs to the best of the industry, outperforming 100.00% of the companies in the same industry.
GRT-UN's Operating Margin has been stable in the last couple of years.
With an excellent Gross Margin value of 82.21%, GRT-UN belongs to the best of the industry, outperforming 94.59% of the companies in the same industry.
GRT-UN's Gross Margin has been stable in the last couple of years.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 75.49% | ||
| PM (TTM) | 48.08% | ||
| GM | 82.21% |
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
With a Return on Invested Capital (ROIC) below the Cost of Capital (WACC), GRT-UN is destroying value.
The number of shares outstanding for GRT-UN has been reduced compared to 1 year ago.
The number of shares outstanding for GRT-UN has been increased compared to 5 years ago.
The debt/assets ratio for GRT-UN has been reduced compared to a year ago.
2.2 Solvency
Based on the Altman-Z score of 1.19, we must say that GRT-UN is in the distress zone and has some risk of bankruptcy.
Looking at the Altman-Z score, with a value of 1.19, GRT-UN belongs to the top of the industry, outperforming 86.49% of the companies in the same industry.
The Debt to FCF ratio of GRT-UN is 8.52, which is on the high side as it means it would take GRT-UN, 8.52 years of fcf income to pay off all of its debts.
GRT-UN has a better Debt to FCF ratio (8.52) than 97.30% of its industry peers.
GRT-UN has a Debt/Equity ratio of 0.56. This is a neutral value indicating GRT-UN is somewhat dependend on debt financing.
GRT-UN has a Debt to Equity ratio of 0.56. This is amongst the best in the industry. GRT-UN outperforms 89.19% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.56 | ||
| Debt/FCF | 8.52 | ||
| Altman-Z | 1.19 |
ROIC/WACC0.64
WACC5.47%
2.3 Liquidity
A Current Ratio of 1.82 indicates that GRT-UN should not have too much problems paying its short term obligations.
The Current ratio of GRT-UN (1.82) is better than 91.89% of its industry peers.
GRT-UN has a Quick Ratio of 1.82. This is a normal value and indicates that GRT-UN is financially healthy and should not expect problems in meeting its short term obligations.
GRT-UN has a Quick ratio of 1.82. This is amongst the best in the industry. GRT-UN outperforms 91.89% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 1.82 | ||
| Quick Ratio | 1.82 |
3. Growth
3.1 Past
GRT-UN shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 9.59%, which is quite good.
Measured over the past years, GRT-UN shows a decrease in Earnings Per Share. The EPS has been decreasing by -6.06% on average per year.
GRT-UN shows quite a strong growth in Revenue. In the last year, the Revenue has grown by 9.81%.
Measured over the past years, GRT-UN shows a quite strong growth in Revenue. The Revenue has been growing by 15.77% on average per year.
EPS 1Y (TTM)9.59%
EPS 3Y-34.68%
EPS 5Y-6.06%
EPS Q2Q%10.34%
Revenue 1Y (TTM)9.81%
Revenue growth 3Y13.09%
Revenue growth 5Y15.77%
Sales Q2Q%8.04%
3.2 Future
Based on estimates for the next years, GRT-UN will show a small growth in Earnings Per Share. The EPS will grow by 6.48% on average per year.
The Revenue is expected to grow by 6.06% on average over the next years.
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
The EPS growth rate is accelerating: in the next years the growth will be better than in the last years.
The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
4. Valuation
4.1 Price/Earnings Ratio
Based on the Price/Earnings ratio of 13.31, the valuation of GRT-UN can be described as correct.
Based on the Price/Earnings ratio, GRT-UN is valued a bit cheaper than 78.38% of the companies in the same industry.
Compared to an average S&P500 Price/Earnings ratio of 25.89, GRT-UN is valued a bit cheaper.
A Price/Forward Earnings ratio of 12.08 indicates a correct valuation of GRT-UN.
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.
GRT-UN is valuated cheaply when we compare the Price/Forward Earnings ratio to 34.59, which is the current average of the S&P500 Index.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 13.31 | ||
| Fwd PE | 12.08 |
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 75.68% of the companies in the same industry.
GRT-UN's Price/Free Cash Flow is on the same level as the industry average.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 12.43 | ||
| EV/EBITDA | 16.85 |
4.3 Compensation for Growth
The decent profitability rating of GRT-UN 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
GRT-UN has a Yearly Dividend Yield of 3.94%.
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 2.44, 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 its dividend for at least 10 years, so it has a reliable track record of non decreasing dividend.
Dividend Growth(5Y)1.78%
Div Incr Years14
Div Non Decr Years14
5.3 Sustainability
GRT-UN pays out 71.73% of its income as dividend. This is not a sustainable payout ratio.
GRT-UN's earnings are growing more than its dividend. This makes the dividend growth sustainable.
DP71.73%
EPS Next 2Y7.36%
EPS Next 3Y6.48%
TSX:GRT-UN (11/14/2025, 7:00:00 PM)
77.08
-0.2 (-0.26%)
Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)
Earnings (Next)
Inst Owners73.65%
Inst Owner ChangeN/A
Ins Owners0.67%
Ins Owner ChangeN/A
Market Cap4.67B
Revenue(TTM)604.98M
Net Income(TTM)290.86M
Analysts83.08
Price Target89.02 (15.49%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 3.94% |
Yearly Dividend3.3
Dividend Growth(5Y)1.78%
DP71.73%
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)0.58%
PT rev (3m)5.44%
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%
Revenue NY rev (3m)-1.12%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 13.31 | ||
| Fwd PE | 12.08 | ||
| P/S | 7.72 | ||
| P/FCF | 12.43 | ||
| P/OCF | 12.43 | ||
| P/B | 0.85 | ||
| P/tB | 0.85 | ||
| EV/EBITDA | 16.85 |
EPS(TTM)5.79
EY7.51%
EPS(NY)6.38
Fwd EY8.28%
FCF(TTM)6.2
FCFY8.04%
OCF(TTM)6.2
OCFY8.04%
SpS9.98
BVpS90.88
TBVpS90.88
PEG (NY)N/A
PEG (5Y)N/A
Graham Number108.81
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 3.02% | ||
| ROE | 5.28% | ||
| ROCE | 4.89% | ||
| ROIC | 3.52% | ||
| ROICexc | 3.57% | ||
| ROICexgc | 3.57% | ||
| OM | 75.49% | ||
| PM (TTM) | 48.08% | ||
| GM | 82.21% | ||
| FCFM | 62.09% |
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%
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-Score6
Asset Turnover0.06
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.56 | ||
| Debt/FCF | 8.52 | ||
| Debt/EBITDA | 6.77 | ||
| Cap/Depr | 7.49% | ||
| Cap/Sales | 0.02% | ||
| Interest Coverage | 5.84 | ||
| Cash Conversion | 82.05% | ||
| Profit Quality | 129.14% | ||
| Current Ratio | 1.82 | ||
| Quick Ratio | 1.82 | ||
| Altman-Z | 1.19 |
F-Score6
WACC5.47%
ROIC/WACC0.64
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)9.59%
EPS 3Y-34.68%
EPS 5Y-6.06%
EPS Q2Q%10.34%
EPS Next Y-4.81%
EPS Next 2Y7.36%
EPS Next 3Y6.48%
EPS Next 5YN/A
Revenue 1Y (TTM)9.81%
Revenue growth 3Y13.09%
Revenue growth 5Y15.77%
Sales Q2Q%8.04%
Revenue Next Year7.88%
Revenue Next 2Y5.79%
Revenue Next 3Y6.06%
Revenue Next 5YN/A
EBIT growth 1Y8.36%
EBIT growth 3Y14.12%
EBIT growth 5Y16.14%
EBIT Next Year7.97%
EBIT Next 3Y6.37%
EBIT Next 5YN/A
FCF growth 1Y24.21%
FCF growth 3Y8.95%
FCF growth 5Y13.06%
OCF growth 1Y24.16%
OCF growth 3Y8.88%
OCF growth 5Y13.05%
GRANITE REAL ESTATE INVESTME / GRT-UN.CA FAQ
Can you provide the ChartMill fundamental rating for GRANITE REAL ESTATE INVESTME?
ChartMill assigns a fundamental rating of 6 / 10 to GRT-UN.CA.
What is the valuation status of GRANITE REAL ESTATE INVESTME (GRT-UN.CA) stock?
ChartMill assigns a valuation rating of 5 / 10 to GRANITE REAL ESTATE INVESTME (GRT-UN.CA). This can be considered as Fairly Valued.
How profitable is GRANITE REAL ESTATE INVESTME (GRT-UN.CA) stock?
GRANITE REAL ESTATE INVESTME (GRT-UN.CA) has a profitability rating of 7 / 10.
What is the valuation of GRANITE REAL ESTATE INVESTME based on its PE and PB ratios?
The Price/Earnings (PE) ratio for GRANITE REAL ESTATE INVESTME (GRT-UN.CA) is 13.31 and the Price/Book (PB) ratio is 0.85.
Can you provide the expected EPS growth for GRT-UN stock?
The Earnings per Share (EPS) of GRANITE REAL ESTATE INVESTME (GRT-UN.CA) is expected to decline by -4.81% in the next year.