GRANITE REAL ESTATE INVESTME (GRT-UN.CA) Stock Fundamental Analysis
Canada - TSX:GRT-UN - CA3874372053 - REIT
80.58 CAD
+3.57 (+4.64%)
We assign a fundamental rating of 6 out of 10 to GRT-UN. GRT-UN was compared to 38 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 has a decent growth rate and is not valued too expensively. This makes GRT-UN very considerable 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
Looking at the Return On Assets, with a value of 3.53%, GRT-UN belongs to the top of the industry, outperforming 94.74% of the companies in the same industry.
GRT-UN has a better Return On Equity (6.20%) than 84.21% of its industry peers.
GRT-UN has a worse Return On Invested Capital (3.48%) than 63.16% of its industry peers.
GRT-UN had an Average Return On Invested Capital over the past 3 years of 3.16%. This is below the industry average of 5.45%.
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 97.37% of its industry peers.
In the last couple of years the Profit Margin of GRT-UN has declined.
The Operating Margin of GRT-UN (75.92%) is better than 100.00% of its industry peers.
GRT-UN's Operating Margin has been stable in the last couple of years.
GRT-UN's Gross Margin of 82.47% is amongst the best of the industry. GRT-UN outperforms 94.74% of its industry peers.
GRT-UN's Gross Margin has been stable in the last couple of years.
| 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
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.
The number of shares outstanding for GRT-UN has been increased compared to 5 years ago.
Compared to 1 year ago, GRT-UN has an improved debt to assets ratio.
2.2 Solvency
GRT-UN has an Altman-Z score of 1.24. This is a bad value and indicates that GRT-UN is not financially healthy and even has some risk of bankruptcy.
The Altman-Z score of GRT-UN (1.24) is better than 86.84% 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 94.74% 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 89.47% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.6 | ||
| Debt/FCF | 8.93 | ||
| Altman-Z | 1.24 |
ROIC/WACC0.62
WACC5.65%
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 Current ratio of 2.81. This is amongst the best in the industry. GRT-UN outperforms 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.
GRT-UN has a better Quick ratio (2.81) than 100.00% of its industry peers.
| 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.
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 9.86%.
GRT-UN 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
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.
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
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.
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
A Price/Earnings ratio of 14.29 indicates a correct valuation of GRT-UN.
GRT-UN's Price/Earnings ratio is rather cheap when compared to the industry. GRT-UN is cheaper than 81.58% of the companies in the same industry.
GRT-UN's Price/Earnings ratio indicates a valuation a bit cheaper than the S&P500 average which is at 27.40.
A Price/Forward Earnings ratio of 12.62 indicates a correct valuation of GRT-UN.
Based on the Price/Forward Earnings ratio, GRT-UN is valued a bit cheaper than 71.05% of the companies in the same industry.
GRT-UN's Price/Forward Earnings ratio indicates a valuation a bit cheaper than the S&P500 average which is at 22.94.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 14.29 | ||
| Fwd PE | 12.62 |
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 78.95% of the companies in the same industry.
Compared to the rest of the industry, the Price/Free Cash Flow ratio of GRT-UN is on the same level as its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 13.58 | ||
| EV/EBITDA | 17.71 |
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
GRT-UN has a Yearly Dividend Yield of 3.94%. Purely for dividend investing, there may be better candidates out there.
With a Dividend Yield of 3.94, GRT-UN pays less dividend than the industry average, which is at 7.95. 86.84% of the companies listed in the same industry pay a better dividend than GRT-UN!
GRT-UN's Dividend Yield is rather good when compared to the S&P500 average which is at 2.36.
| 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
GRT-UN pays out 62.44% of its income as dividend. 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 (10/17/2025, 7:00:00 PM)
80.58
+3.57 (+4.64%)
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 Cap4.88B
Analysts83.08
Price Target88.51 (9.84%)
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)0%
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)-0.04%
Revenue NY rev (3m)0.09%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 14.29 | ||
| Fwd PE | 12.62 | ||
| P/S | 8.22 | ||
| P/FCF | 13.58 | ||
| P/OCF | 13.58 | ||
| P/B | 0.91 | ||
| P/tB | 0.91 | ||
| EV/EBITDA | 17.71 |
EPS(TTM)5.64
EY7%
EPS(NY)6.38
Fwd EY7.92%
FCF(TTM)5.93
FCFY7.36%
OCF(TTM)5.94
OCFY7.37%
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 | 1.24 |
F-Score7
WACC5.65%
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 Year7.88%
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 Year7.97%
EBIT Next 3Y6.37%
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%