GRANITE REAL ESTATE INVESTME (GRT-UN.CA) Stock Fundamental Analysis
Canada - TSX:GRT-UN - CA3874372053 - REIT
76.76 CAD
-1.17 (-1.5%)
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. GRT-UN has outstanding health and profitabily ratings, belonging to the best of the industry. This is a solid base for any company. GRT-UN is not valued too expensively and it also shows a decent growth rate. With these ratings, GRT-UN could be worth investigating further for quality investing!.
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.
GRT-UN had positive earnings in each of the past 5 years.
GRT-UN had a positive operating cash flow in each of the past 5 years.
1.2 Ratios
GRT-UN has a Return On Assets of 3.53%. This is amongst the best in the industry. GRT-UN outperforms 94.59% of its industry peers.
The Return On Equity of GRT-UN (6.20%) is better than 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: 67.57% 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 5.56%.
The last Return On Invested Capital (3.48%) for GRT-UN is above the 3 year average (3.16%), which is a sign of increasing profitability.
| 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 has a better Profit Margin (56.27%) than 97.30% of its industry peers.
In the last couple of years the Profit Margin of GRT-UN has declined.
GRT-UN has a Operating Margin of 75.92%. This is amongst the best in the industry. GRT-UN outperforms 97.30% of its industry peers.
GRT-UN's Operating Margin has been stable in the last couple of years.
The Gross Margin of GRT-UN (82.47%) is better than 94.59% of its industry peers.
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 | 75.92% | ||
| 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
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.
GRT-UN has more shares outstanding than it did 5 years ago.
Compared to 1 year ago, GRT-UN has an improved debt to assets ratio.
2.2 Solvency
Based on the Altman-Z score of 1.21, we must say that GRT-UN is in the distress zone and has some risk of bankruptcy.
With an excellent Altman-Z score value of 1.21, GRT-UN belongs to the best of the industry, outperforming 89.19% of the companies in the same industry.
GRT-UN has a debt to FCF ratio of 8.93. This is a slightly negative value and a sign of low solvency as GRT-UN would need 8.93 years to pay back of all of its debts.
With an excellent Debt to FCF ratio value of 8.93, GRT-UN belongs to the best of the industry, outperforming 94.59% of the companies in the same industry.
A Debt/Equity ratio of 0.60 indicates that GRT-UN is somewhat dependend on debt financing.
GRT-UN has a Debt to Equity ratio of 0.60. This is amongst the best in the industry. GRT-UN outperforms 89.19% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.6 | ||
| Debt/FCF | 8.93 | ||
| Altman-Z | 1.21 |
ROIC/WACC0.61
WACC5.69%
2.3 Liquidity
A Current Ratio of 2.81 indicates that GRT-UN has no problem at all paying its short term obligations.
Looking at the Current ratio, with a value of 2.81, GRT-UN belongs to the top of the industry, outperforming 100.00% of the companies in the same industry.
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.
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
GRT-UN shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 9.19%, which is quite good.
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.
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
Based on estimates for the next years, GRT-UN will show a small growth in Earnings Per Share. The EPS will grow by 6.48% on average per year.
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
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
GRT-UN is valuated correctly with a Price/Earnings ratio of 13.61.
Based on the Price/Earnings ratio, GRT-UN is valued cheaper than 81.08% 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 27.20.
With a Price/Forward Earnings ratio of 12.03, GRT-UN is valued correctly.
Compared to the rest of the industry, the Price/Forward 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.
The average S&P500 Price/Forward Earnings ratio is at 22.71. GRT-UN is valued slightly cheaper when compared to this.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 13.61 | ||
| Fwd PE | 12.03 |
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 ratio is in line with the industry average.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 12.94 | ||
| EV/EBITDA | 17.26 |
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 7.90. 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 2.38.
| 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
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 (9/16/2025, 7:00:00 PM)
76.76
-1.17 (-1.5%)
Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)
Earnings (Next)
Inst Owners75.13%
Inst Owner ChangeN/A
Ins Owners0.67%
Ins Owner ChangeN/A
Market Cap4.65B
Analysts83.08
Price Target88.51 (15.31%)
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)4.83%
PT rev (3m)7.43%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)-9.37%
EPS NY rev (3m)-9.37%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)-1.08%
Revenue NY rev (3m)0.13%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 13.61 | ||
| Fwd PE | 12.03 | ||
| P/S | 7.83 | ||
| P/FCF | 12.94 | ||
| P/OCF | 12.93 | ||
| P/B | 0.86 | ||
| P/tB | 0.86 | ||
| EV/EBITDA | 17.26 |
EPS(TTM)5.64
EY7.35%
EPS(NY)6.38
Fwd EY8.32%
FCF(TTM)5.93
FCFY7.73%
OCF(TTM)5.94
OCFY7.73%
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 | 1.21 |
F-Score7
WACC5.69%
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)9.19%
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%