GRANITE REAL ESTATE INVESTME (GRT-UN.CA) Stock Fundamental Analysis
Canada - Toronto Stock Exchange - TSX:GRT-UN - CA3874372053 - REIT
86.96 CAD
-3.54 (-3.91%)
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 decent growth rate and is not valued too expensively.
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.
- In the past 5 years GRT-UN always reported a positive cash flow from operatings.
1.2 Ratios
- GRT-UN's Return On Assets of 3.02% is amongst the best of the industry. GRT-UN outperforms 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 64.86% of the companies in the same industry.
- GRT-UN's Return On Invested Capital of 3.52% is in line compared to the rest of the industry. GRT-UN outperforms 40.54% of its industry peers.
- Measured over the past 3 years, the Average Return On Invested Capital for GRT-UN 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.
- In the last couple of years the Profit Margin of GRT-UN has declined.
- 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.
- GRT-UN's Operating Margin has been stable in the last couple of years.
- 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
- With a Return on Invested Capital (ROIC) below the Cost of Capital (WACC), GRT-UN is destroying value.
- GRT-UN has less shares outstanding than it did 1 year ago.
- Compared to 5 years ago, GRT-UN has more shares outstanding
- 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 1.28. This is a bad value and indicates that GRT-UN is not financially healthy and even has some risk of bankruptcy.
- Looking at the Altman-Z score, with a value of 1.28, 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 Debt to FCF ratio of 8.52. This is amongst the best in the industry. GRT-UN outperforms 94.59% 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.
- 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 | 1.28 |
ROIC/WACC0.61
WACC5.73%
2.3 Liquidity
- GRT-UN has a Current 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.
- The Current ratio of GRT-UN (1.82) is better than 94.59% 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.
- The Quick ratio of GRT-UN (1.82) is better than 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.
- 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
- The EPS growth rate is accelerating: in the next years the growth will be better than in the last years.
- 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
- A Price/Earnings ratio of 15.02 indicates a correct valuation of GRT-UN.
- GRT-UN's Price/Earnings ratio is a bit cheaper when compared to the industry. GRT-UN is cheaper than 72.97% of the companies in the same industry.
- GRT-UN is valuated rather cheaply when we compare the Price/Earnings ratio to 27.32, which is the current average of the S&P500 Index.
- A Price/Forward Earnings ratio of 13.58 indicates a correct valuation of GRT-UN.
- GRT-UN's Price/Forward Earnings ratio is a bit cheaper when compared to the industry. GRT-UN is cheaper than 64.86% of the companies in the same industry.
- Compared to an average S&P500 Price/Forward Earnings ratio of 24.30, GRT-UN is valued a bit cheaper.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 15.02 | ||
| Fwd PE | 13.58 |
4.2 Price Multiples
- 67.57% of the companies in the same industry are more expensive than GRT-UN, based on the Enterprise Value to EBITDA ratio.
- The rest of the industry has a similar Price/Free Cash Flow ratio as GRT-UN.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 14.03 | ||
| EV/EBITDA | 18.1 |
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.
- Compared to an average industry Dividend Yield of 7.04, 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 1.86, 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 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
- 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 (1/21/2026, 7:00:00 PM)
86.96
-3.54 (-3.91%)
Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)11-05 2025-11-05/amc
Earnings (Next)02-25 2026-02-25/amc
Inst Owners75%
Inst Owner ChangeN/A
Ins Owners0.68%
Ins Owner ChangeN/A
Market Cap5.27B
Revenue(TTM)604.98M
Net Income(TTM)290.86M
Analysts83.08
Price Target91.06 (4.71%)
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-Date01-30 2026-01-30 (0.2958)
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 | 15.02 | ||
| Fwd PE | 13.58 | ||
| P/S | 8.71 | ||
| P/FCF | 14.03 | ||
| P/OCF | 14.02 | ||
| P/B | 0.96 | ||
| P/tB | 0.96 | ||
| EV/EBITDA | 18.1 |
EPS(TTM)5.79
EY6.66%
EPS(NY)6.4
Fwd EY7.36%
FCF(TTM)6.2
FCFY7.13%
OCF(TTM)6.2
OCFY7.13%
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 | 1.28 |
F-Score6
WACC5.73%
ROIC/WACC0.61
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%.