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GRANITE REAL ESTATE INVESTME (GRT-UN.CA) Stock Fundamental Analysis

Canada - TSX:GRT-UN - CA3874372053 - REIT

78.65 CAD
+2.15 (+2.81%)
Last: 9/22/2025, 7:00:00 PM
Fundamental Rating

6

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 scores excellent points on both the profitability and health parts. This is a solid base for a good stock. GRT-UN is not valued too expensively and it also shows a decent growth rate. These ratings would make GRT-UN suitable for quality investing!


Dividend Valuation Growth Profitability Health

7

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.
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.
GRT-UN.CA Yearly Net Income VS EBIT VS OCF VS FCFGRT-UN.CA 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

Looking at the Return On Assets, with a value of 3.53%, GRT-UN belongs to the top 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.
With a Return On Invested Capital value of 3.48%, GRT-UN is not doing good in the industry: 64.86% of the companies in the same industry are doing better.
GRT-UN had an Average Return On Invested Capital over the past 3 years of 3.16%. This is below the industry average of 5.52%.
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 RankSector 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%
GRT-UN.CA Yearly ROA, ROE, ROICGRT-UN.CA Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 5 10 15 20

1.3 Margins

The Profit Margin of GRT-UN (56.27%) is better than 97.30% of its industry peers.
In the last couple of years the Profit Margin of GRT-UN has declined.
With an excellent Operating Margin value of 75.92%, GRT-UN belongs to the best of the industry, outperforming 97.30% of the companies in the same industry.
GRT-UN's Operating Margin has been stable in the last couple of years.
GRT-UN has a Gross Margin of 82.47%. This is amongst the best in the industry. GRT-UN outperforms 94.59% of its industry peers.
GRT-UN's Gross Margin has been stable in the last couple of years.
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%
GRT-UN.CA Yearly Profit, Operating, Gross MarginsGRT-UN.CA 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

With a Return on Invested Capital (ROIC) below the Cost of Capital (WACC), GRT-UN is destroying value.
Compared to 1 year ago, GRT-UN has less shares outstanding
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.
GRT-UN.CA Yearly Shares OutstandingGRT-UN.CA Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 20M 40M 60M
GRT-UN.CA Yearly Total Debt VS Total AssetsGRT-UN.CA 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

GRT-UN has an Altman-Z score of 1.23. This is a bad value and indicates that GRT-UN is not financially healthy and even has some risk of bankruptcy.
GRT-UN has a better Altman-Z score (1.23) than 89.19% of its industry peers.
The Debt to FCF ratio of GRT-UN is 8.93, which is on the high side as it means it would take GRT-UN, 8.93 years of fcf income to pay off all of its debts.
GRT-UN has a better Debt to FCF ratio (8.93) than 94.59% of its industry peers.
A Debt/Equity ratio of 0.60 indicates that GRT-UN is somewhat dependend on debt financing.
The Debt to Equity ratio of GRT-UN (0.60) is better than 89.19% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.6
Debt/FCF 8.93
Altman-Z 1.23
ROIC/WACC0.62
WACC5.66%
GRT-UN.CA Yearly LT Debt VS Equity VS FCFGRT-UN.CA 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

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.
GRT-UN has a better Current ratio (2.81) than 100.00% of its industry peers.
GRT-UN has a Quick Ratio of 2.81. This indicates that GRT-UN is financially healthy and has no problem in meeting its short term obligations.
The Quick ratio of GRT-UN (2.81) is better than 100.00% of its industry peers.
Industry RankSector Rank
Current Ratio 2.81
Quick Ratio 2.81
GRT-UN.CA Yearly Current Assets VS Current LiabilitesGRT-UN.CA 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.
GRT-UN 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, GRT-UN shows a quite strong growth in Revenue. The Revenue has grown by 9.86% in the last year.
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)9.19%
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

GRT-UN is expected to show a small growth in Earnings Per Share. In the coming years, the EPS will grow by 6.48% yearly.
GRT-UN is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 6.06% yearly.
EPS Next Y-4.81%
EPS Next 2Y7.36%
EPS Next 3Y6.48%
EPS Next 5YN/A
Revenue Next Year7.93%
Revenue Next 2Y6.08%
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.
GRT-UN.CA Yearly Revenue VS EstimatesGRT-UN.CA Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 200M 400M 600M
GRT-UN.CA Yearly EPS VS EstimatesGRT-UN.CA Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 5 10 15

5

4. Valuation

4.1 Price/Earnings Ratio

Based on the Price/Earnings ratio of 13.95, the valuation of GRT-UN can be described as correct.
Based on the Price/Earnings ratio, GRT-UN is valued cheaply inside the industry as 81.08% of the companies are valued more expensively.
GRT-UN's Price/Earnings ratio indicates a valuation a bit cheaper than the S&P500 average which is at 27.41.
GRT-UN is valuated correctly with a Price/Forward Earnings ratio of 12.32.
Based on the Price/Forward Earnings ratio, GRT-UN is valued a bit cheaper than 70.27% of the companies in the same industry.
When comparing the Price/Forward Earnings ratio of GRT-UN to the average of the S&P500 Index (22.87), we can say GRT-UN is valued slightly cheaper.
Industry RankSector Rank
PE 13.95
Fwd PE 12.32
GRT-UN.CA Price Earnings VS Forward Price EarningsGRT-UN.CA Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

Based on the Enterprise Value to EBITDA ratio, GRT-UN is valued a bit cheaper than 78.38% of the companies in the same industry.
GRT-UN's Price/Free Cash Flow is on the same level as the industry average.
Industry RankSector Rank
P/FCF 13.25
EV/EBITDA 17.45
GRT-UN.CA Per share dataGRT-UN.CA EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 20 40 60 80

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%

6

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 7.94, GRT-UN's dividend is way lower than its industry peers. On top of this 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 2.38, GRT-UN pays a better dividend.
Industry RankSector 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
GRT-UN.CA Yearly Dividends per shareGRT-UN.CA Yearly Dividends per shareYearly Dividends per share 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1 2 3

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%
GRT-UN.CA Yearly Income VS Free CF VS DividendGRT-UN.CA 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
GRT-UN.CA Dividend Payout.GRT-UN.CA Dividend Payout, showing the Payout Ratio.GRT-UN.CA Dividend Payout.PayoutRetained Earnings

GRANITE REAL ESTATE INVESTME

TSX:GRT-UN (9/22/2025, 7:00:00 PM)

78.65

+2.15 (+2.81%)

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)11-04 2025-11-04
Inst Owners75.13%
Inst Owner ChangeN/A
Ins Owners0.67%
Ins Owner ChangeN/A
Market Cap4.77B
Analysts83.08
Price Target88.51 (12.54%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 3.94%
Yearly Dividend3.3
Dividend Growth(5Y)1.78%
DP62.44%
Div Incr Years14
Div Non Decr Years14
Ex-Date08-29 2025-08-29 (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)4.83%
PT rev (3m)5.83%
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)-0.24%
Revenue NY rev (3m)0.13%
Valuation
Industry RankSector Rank
PE 13.95
Fwd PE 12.32
P/S 8.02
P/FCF 13.25
P/OCF 13.25
P/B 0.88
P/tB 0.88
EV/EBITDA 17.45
EPS(TTM)5.64
EY7.17%
EPS(NY)6.38
Fwd EY8.12%
FCF(TTM)5.93
FCFY7.55%
OCF(TTM)5.94
OCFY7.55%
SpS9.8
BVpS89
TBVpS89
PEG (NY)N/A
PEG (5Y)N/A
Profitability
Industry RankSector 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 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 1.23
F-Score7
WACC5.66%
ROIC/WACC0.62
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 Year7.93%
Revenue Next 2Y6.08%
Revenue Next 3Y6.06%
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%