GRANITE REAL ESTATE INVESTME (GRT-UN.CA) Stock Fundamental Analysis
Canada - Toronto Stock Exchange - TSX:GRT-UN - CA3874372053 - REIT
81.7 CAD
+0.01 (+0.01%)
Overall GRT-UN gets a fundamental rating of 6 out of 10. We evaluated GRT-UN against 37 industry peers in the Diversified REITs industry. GRT-UN scores excellent on profitability, but there are some minor concerns on its financial health. GRT-UN is not valued too expensively and it also shows a decent growth rate.
1. Profitability
1.1 Basic Checks
GRT-UN had positive earnings in the past year.
GRT-UN had a positive operating cash flow in the past year.
Each year in the past 5 years GRT-UN has been profitable.
GRT-UN had a positive operating cash flow in each of the past 5 years.
1.2 Ratios
The Return On Assets of GRT-UN (3.02%) is better than 83.78% of its industry peers.
Looking at the Return On Equity, with a value of 5.28%, GRT-UN is in the better half of the industry, outperforming 67.57% of the companies in the same industry.
GRT-UN has a Return On Invested Capital (3.52%) which is comparable to the rest of the industry.
The Average Return On Invested Capital over the past 3 years for GRT-UN is below the industry average of 5.53%.
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 better Profit Margin (48.08%) than 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 97.30% of the companies in the same industry.
In the last couple of years the Operating Margin of GRT-UN has remained more or less at the same level.
Looking at the Gross Margin, with a value of 82.21%, GRT-UN belongs to the top 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
The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so GRT-UN is destroying value.
The number of shares outstanding for GRT-UN has been reduced compared to 1 year ago.
GRT-UN has more shares outstanding than it did 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 1.24, 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 (1.24) than 86.49% of its industry peers.
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 Debt to FCF ratio of 8.52. This is amongst the best in the industry. GRT-UN outperforms 94.59% of its industry peers.
A Debt/Equity ratio of 0.56 indicates that GRT-UN is somewhat dependend on debt financing.
With an excellent Debt to Equity ratio value of 0.56, GRT-UN belongs to the best of the industry, outperforming 89.19% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.56 | ||
| Debt/FCF | 8.52 | ||
| Altman-Z | 1.24 |
ROIC/WACC0.64
WACC5.52%
2.3 Liquidity
A Current Ratio of 1.82 indicates that GRT-UN should not have too much problems paying its short term obligations.
With an excellent Current ratio value of 1.82, GRT-UN belongs to the best of the industry, outperforming 91.89% of the companies in the same industry.
A Quick Ratio of 1.82 indicates that GRT-UN should not have too much problems paying its short term obligations.
With an excellent Quick ratio value of 1.82, GRT-UN belongs to the best of the industry, outperforming 91.89% of the companies in the same industry.
| 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.
The Earnings Per Share has been decreasing by -6.06% on average over the past years.
Looking at the last year, GRT-UN shows a quite strong growth in Revenue. The Revenue has grown by 9.81% in the last year.
The Revenue has been growing by 15.77% on average over the past years. This is quite good.
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 6.59% on average per year.
GRT-UN is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 5.62% yearly.
EPS Next Y-11.01%
EPS Next 2Y7.53%
EPS Next 3Y6.59%
EPS Next 5YN/A
Revenue Next Year8.37%
Revenue Next 2Y6.36%
Revenue Next 3Y5.62%
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
The Price/Earnings ratio is 14.11, which indicates a correct valuation of GRT-UN.
Based on the Price/Earnings ratio, GRT-UN is valued a bit cheaper than 75.68% of the companies in the same industry.
Compared to an average S&P500 Price/Earnings ratio of 26.77, GRT-UN is valued a bit cheaper.
GRT-UN is valuated correctly with a Price/Forward Earnings ratio of 12.76.
Based on the Price/Forward Earnings ratio, GRT-UN is valued a bit cheaper than the industry average as 70.27% of the companies are valued more expensively.
GRT-UN is valuated rather cheaply when we compare the Price/Forward Earnings ratio to 23.35, which is the current average of the S&P500 Index.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 14.11 | ||
| Fwd PE | 12.76 |
4.2 Price Multiples
Based on the Enterprise Value to EBITDA ratio, GRT-UN is valued a bit cheaper than 72.97% of the companies in the same industry.
The rest of the industry has a similar Price/Free Cash Flow ratio as GRT-UN.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 13.18 | ||
| EV/EBITDA | 17.46 |
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 2Y7.53%
EPS Next 3Y6.59%
5. Dividend
5.1 Amount
GRT-UN has a Yearly Dividend Yield of 3.94%.
With a Dividend Yield of 3.94, GRT-UN pays less dividend than the industry average, which is at 7.06. 86.49% of the companies listed in the same industry pay a better dividend than GRT-UN!
Compared to an average S&P500 Dividend Yield of 2.00, 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 been paying a dividend for at least 10 years, so it has 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
71.73% of the earnings are spent on dividend by GRT-UN. 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 2Y7.53%
EPS Next 3Y6.59%
TSX:GRT-UN (12/30/2025, 7:00:00 PM)
81.7
+0.01 (+0.01%)
Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)
Earnings (Next)
Inst Owners74.59%
Inst Owner ChangeN/A
Ins Owners0.68%
Ins Owner ChangeN/A
Market Cap4.95B
Revenue(TTM)604.98M
Net Income(TTM)290.86M
Analysts83.08
Price Target91.06 (11.46%)
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)0.88%
PT rev (3m)2.88%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)-6.51%
EPS NY rev (3m)-6.51%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)0.45%
Revenue NY rev (3m)0.42%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 14.11 | ||
| Fwd PE | 12.76 | ||
| P/S | 8.18 | ||
| P/FCF | 13.18 | ||
| P/OCF | 13.18 | ||
| P/B | 0.9 | ||
| P/tB | 0.9 | ||
| EV/EBITDA | 17.46 |
EPS(TTM)5.79
EY7.09%
EPS(NY)6.4
Fwd EY7.84%
FCF(TTM)6.2
FCFY7.59%
OCF(TTM)6.2
OCFY7.59%
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 | 1.24 |
F-Score6
WACC5.52%
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-11.01%
EPS Next 2Y7.53%
EPS Next 3Y6.59%
EPS Next 5YN/A
Revenue 1Y (TTM)9.81%
Revenue growth 3Y13.09%
Revenue growth 5Y15.77%
Sales Q2Q%8.04%
Revenue Next Year8.37%
Revenue Next 2Y6.36%
Revenue Next 3Y5.62%
Revenue Next 5YN/A
EBIT growth 1Y8.36%
EBIT growth 3Y14.12%
EBIT growth 5Y16.14%
EBIT Next Year7.81%
EBIT Next 3Y6.47%
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 4 / 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 14.11 and the Price/Book (PB) ratio is 0.9.
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 -11.01% in the next year.