GRANITE REAL ESTATE INVESTME (GRT-UN.CA) Stock Fundamental Analysis
Canada • Toronto Stock Exchange • TSX:GRT-UN • CA3874372053
88.57 CAD
-0.4 (-0.45%)
Last: Feb 6, 2026, 07:00 PM
GRT-UN gets a fundamental rating of 6 out of 10. The analysis compared the fundamentals against 38 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
- Looking at the Return On Assets, with a value of 3.02%, GRT-UN belongs to the top of the industry, outperforming 84.21% of the companies in the same industry.
- GRT-UN has a better Return On Equity (5.28%) than 65.79% of its industry peers.
- GRT-UN has a Return On Invested Capital (3.52%) which is comparable to the rest of the industry.
- Measured over the past 3 years, the Average Return On Invested Capital for GRT-UN is below the industry average of 5.49%.
- The 3 year average ROIC (3.16%) for GRT-UN is below the current ROIC(3.52%), indicating increased profibility in the last year.
| 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
- With an excellent Profit Margin value of 48.08%, GRT-UN belongs to the best of the industry, outperforming 92.11% of the companies in the same industry.
- In the last couple of years the Profit Margin of GRT-UN has declined.
- GRT-UN's Operating Margin of 75.49% is amongst the best of the industry. GRT-UN outperforms 97.37% of its industry peers.
- In the last couple of years the Operating Margin of GRT-UN has remained more or less at the same level.
- The Gross Margin of GRT-UN (82.21%) is better than 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 | 75.49% | ||
| 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.
- 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
- Based on the Altman-Z score of 1.30, 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 (1.30) than 86.84% of its industry peers.
- GRT-UN has a debt to FCF ratio of 8.52. This is a slightly negative value and a sign of low solvency as GRT-UN would need 8.52 years to pay back of all of its debts.
- GRT-UN has a better Debt to FCF ratio (8.52) than 94.74% 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.
- Looking at the Debt to Equity ratio, with a value of 0.56, GRT-UN belongs to the top of the industry, outperforming 89.47% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.56 | ||
| Debt/FCF | 8.52 | ||
| Altman-Z | 1.3 |
ROIC/WACC0.61
WACC5.77%
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 92.11% 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.
- GRT-UN has a Quick ratio of 1.82. This is amongst the best in the industry. GRT-UN outperforms 92.11% 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.
- The Revenue has grown by 9.81% in the past year. This is quite good.
- 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
- The Earnings Per Share is expected to grow by 6.59% on average over the next years.
- 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
- Based on the Price/Earnings ratio of 15.30, the valuation of GRT-UN can be described as correct.
- GRT-UN's Price/Earnings ratio is a bit cheaper when compared to the industry. GRT-UN is cheaper than 73.68% 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 27.92.
- Based on the Price/Forward Earnings ratio of 13.83, the valuation of GRT-UN can be described as correct.
- Based on the Price/Forward Earnings ratio, GRT-UN is valued a bit cheaper than the industry average as 65.79% of the companies are valued more expensively.
- GRT-UN's Price/Forward Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 27.78.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 15.3 | ||
| Fwd PE | 13.83 |
4.2 Price Multiples
- Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of GRT-UN indicates a somewhat cheap valuation: GRT-UN is cheaper than 65.79% of the companies listed 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 | 14.29 | ||
| EV/EBITDA | 18.42 |
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%.
- Compared to an average industry Dividend Yield of 7.11, GRT-UN's dividend is way lower than its industry peers. On top of this 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 1.83.
| 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 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.
- 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 (2/6/2026, 7:00:00 PM)
88.57
-0.4 (-0.45%)
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 Cap5.37B
Revenue(TTM)604.98M
Net Income(TTM)290.86M
Analysts83.08
Price Target91.06 (2.81%)
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%
PT rev (3m)2.29%
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 | 15.3 | ||
| Fwd PE | 13.83 | ||
| P/S | 8.87 | ||
| P/FCF | 14.29 | ||
| P/OCF | 14.28 | ||
| P/B | 0.97 | ||
| P/tB | 0.97 | ||
| EV/EBITDA | 18.42 |
EPS(TTM)5.79
EY6.54%
EPS(NY)6.4
Fwd EY7.23%
FCF(TTM)6.2
FCFY7%
OCF(TTM)6.2
OCFY7%
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 | 1.3 |
F-Score6
WACC5.77%
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 5 / 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%.