GRANITE REAL ESTATE INVESTME (GRT-UN.CA) Stock Fundamental Analysis
Canada - Toronto Stock Exchange - TSX:GRT-UN - CA3874372053 - REIT
83.27 CAD
-0.06 (-0.07%)
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. While GRT-UN has a great profitability rating, 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
With an excellent Return On Assets value of 3.02%, GRT-UN belongs to the best of the industry, outperforming 83.78% of the companies in the same industry.
GRT-UN has a better Return On Equity (5.28%) than 64.86% of its industry peers.
GRT-UN has a Return On Invested Capital of 3.52%. This is comparable to the rest of the industry: GRT-UN outperforms 40.54% 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 5.57%.
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
Looking at the Profit Margin, with a value of 48.08%, GRT-UN belongs to the top of the industry, outperforming 91.89% of the companies in the same industry.
GRT-UN's Profit Margin has declined in the last couple of years.
Looking at the Operating Margin, with a value of 75.49%, GRT-UN belongs to the top 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.
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 | 75.49% | ||
| 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
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.
GRT-UN has a better debt/assets ratio than last year.
2.2 Solvency
Based on the Altman-Z score of 1.25, 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 1.25, GRT-UN belongs to the top of the industry, outperforming 89.19% 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 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.
Looking at the Debt to Equity ratio, with a value of 0.56, GRT-UN belongs to the top 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 | 1.25 |
ROIC/WACC0.63
WACC5.55%
2.3 Liquidity
A Current Ratio of 1.82 indicates that GRT-UN should not have too much problems paying its short term obligations.
GRT-UN has a Current ratio of 1.82. This is amongst the best in the industry. GRT-UN outperforms 94.59% of its industry peers.
A Quick Ratio of 1.82 indicates that GRT-UN should not have too much problems paying its short term obligations.
GRT-UN has a Quick ratio of 1.82. This is amongst the best in the industry. GRT-UN outperforms 94.59% 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.
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 9.81%.
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
The Earnings Per Share is expected to grow by 6.59% on average over the next years.
Based on estimates for the next years, GRT-UN will show a small growth in Revenue. The Revenue will grow by 5.62% on average per year.
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
With a Price/Earnings ratio of 14.38, GRT-UN is valued correctly.
Compared to the rest of the industry, the Price/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 rather cheaply when we compare the Price/Earnings ratio to 26.92, which is the current average of the S&P500 Index.
A Price/Forward Earnings ratio of 13.00 indicates a correct valuation of GRT-UN.
67.57% of the companies in the same industry are more expensive than GRT-UN, based on the Price/Forward Earnings ratio.
GRT-UN's Price/Forward Earnings ratio indicates a valuation a bit cheaper than the S&P500 average which is at 23.57.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 14.38 | ||
| Fwd PE | 13 |
4.2 Price Multiples
Based on the Enterprise Value to EBITDA ratio, GRT-UN is valued a bit cheaper than the industry average as 72.97% of the companies are valued more expensively.
The rest of the industry has a similar Price/Free Cash Flow ratio as GRT-UN.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 13.43 | ||
| EV/EBITDA | 17.67 |
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 2Y7.53%
EPS Next 3Y6.59%
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 7.04. 86.49% 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 1.94.
| 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 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
GRT-UN pays out 71.73% 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.
DP71.73%
EPS Next 2Y7.53%
EPS Next 3Y6.59%
TSX:GRT-UN (1/7/2026, 7:00:00 PM)
83.27
-0.06 (-0.07%)
Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)
Earnings (Next)
Inst Owners75%
Inst Owner ChangeN/A
Ins Owners0.68%
Ins Owner ChangeN/A
Market Cap5.05B
Revenue(TTM)604.98M
Net Income(TTM)290.86M
Analysts83.08
Price Target91.06 (9.36%)
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-DateN/A
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)0%
EPS NY rev (3m)-6.51%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)0%
Revenue NY rev (3m)0.45%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 14.38 | ||
| Fwd PE | 13 | ||
| P/S | 8.34 | ||
| P/FCF | 13.43 | ||
| P/OCF | 13.43 | ||
| P/B | 0.92 | ||
| P/tB | 0.92 | ||
| EV/EBITDA | 17.67 |
EPS(TTM)5.79
EY6.95%
EPS(NY)6.4
Fwd EY7.69%
FCF(TTM)6.2
FCFY7.44%
OCF(TTM)6.2
OCFY7.45%
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 | 1.25 |
F-Score6
WACC5.55%
ROIC/WACC0.63
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
What is the ChartMill fundamental rating of GRANITE REAL ESTATE INVESTME (GRT-UN.CA) stock?
ChartMill assigns a fundamental rating of 6 / 10 to GRT-UN.CA.
What is the valuation status for GRT-UN 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 earnings growth outlook for GRANITE REAL ESTATE INVESTME?
The Earnings per Share (EPS) of GRANITE REAL ESTATE INVESTME (GRT-UN.CA) is expected to decline by -11.01% in the next year.
Can you provide the dividend sustainability for GRT-UN stock?
The dividend rating of GRANITE REAL ESTATE INVESTME (GRT-UN.CA) is 6 / 10 and the dividend payout ratio is 71.73%.