GRANITE REAL ESTATE INVESTME (GRT-UN.CA) Stock Fundamental Analysis
Canada - TSX:GRT-UN - CA3874372053 - REIT
78.95 CAD
-1.63 (-2.02%)
We assign a fundamental rating of 6 out of 10 to GRT-UN. GRT-UN was compared to 35 industry peers in the Diversified REITs industry. GRT-UN gets an excellent profitability rating and is at the same time showing great financial health properties. GRT-UN has a correct valuation and a medium 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.
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.
GRT-UN had a positive operating cash flow in each of the past 5 years.
1.2 Ratios
GRT-UN has a better Return On Assets (3.53%) than 94.29% of its industry peers.
GRT-UN's Return On Equity of 6.20% is amongst the best of the industry. GRT-UN outperforms 82.86% of its industry peers.
Looking at the Return On Invested Capital, with a value of 3.48%, GRT-UN is doing worse than 62.86% of the companies in the same industry.
GRT-UN had an Average Return On Invested Capital over the past 3 years of 3.16%. This is in line with the industry average of 5.08%.
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 has a Profit Margin of 56.27%. This is amongst the best in the industry. GRT-UN outperforms 97.14% of its industry peers.
GRT-UN's Profit Margin has declined in the last couple of years.
GRT-UN's Operating Margin of 75.92% is amongst the best of the industry. GRT-UN outperforms 100.00% of its industry peers.
GRT-UN's Operating Margin has been stable in the last couple of years.
Looking at the Gross Margin, with a value of 82.47%, GRT-UN belongs to the top of the industry, outperforming 94.29% of the companies in the same industry.
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
GRT-UN has a Return on Invested Capital (ROIC), which is below the Cost of Capital (WACC), which means it 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.
GRT-UN has a better debt/assets ratio than last year.
2.2 Solvency
GRT-UN has an Altman-Z score of 1.23. 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 (1.23) is better than 91.43% 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.
With an excellent Debt to FCF ratio value of 8.93, GRT-UN belongs to the best of the industry, outperforming 94.29% 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 88.57% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.6 | ||
| Debt/FCF | 8.93 | ||
| Altman-Z | 1.23 |
ROIC/WACC0.63
WACC5.5%
2.3 Liquidity
A Current Ratio of 2.81 indicates that GRT-UN has no problem at all paying 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.
With an excellent Quick ratio value of 2.81, GRT-UN belongs to the best of the industry, outperforming 100.00% of the companies in the same industry.
| 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.
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 9.86% in the last year.
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.
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 Year7.88%
Revenue Next 2Y5.79%
Revenue Next 3Y6.06%
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.
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
The Price/Earnings ratio is 14.00, which indicates a correct valuation of GRT-UN.
82.86% of the companies in the same industry are more expensive than GRT-UN, based on the Price/Earnings ratio.
The average S&P500 Price/Earnings ratio is at 27.69. GRT-UN is valued slightly cheaper when compared to this.
GRT-UN is valuated correctly with a Price/Forward Earnings ratio of 12.37.
Based on the Price/Forward Earnings ratio, GRT-UN is valued a bit cheaper than 71.43% 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 23.18.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 14 | ||
| Fwd PE | 12.37 |
4.2 Price Multiples
Based on the Enterprise Value to EBITDA ratio, GRT-UN is valued a bit cheaper than 80.00% of the companies in the same industry.
60.00% of the companies in the same industry are cheaper than GRT-UN, based on the Price/Free Cash Flow ratio.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 13.3 | ||
| EV/EBITDA | 17.49 |
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.
Compared to an average industry Dividend Yield of 7.89, GRT-UN's dividend is way lower than its industry peers. On top of this 88.57% 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 2.34.
| 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.
GRT-UN's earnings are growing more than its dividend. This makes the dividend growth sustainable.
DP62.44%
EPS Next 2Y7.36%
EPS Next 3Y6.48%
TSX:GRT-UN (10/20/2025, 7:00:00 PM)
78.95
-1.63 (-2.02%)
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 Cap4.78B
Analysts83.08
Price Target88.51 (12.11%)
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 | ||
| Fwd PE | 12.37 | ||
| P/S | 8.05 | ||
| P/FCF | 13.3 | ||
| P/OCF | 13.3 | ||
| P/B | 0.89 | ||
| P/tB | 0.89 | ||
| EV/EBITDA | 17.49 |
EPS(TTM)5.64
EY7.14%
EPS(NY)6.38
Fwd EY8.09%
FCF(TTM)5.93
FCFY7.52%
OCF(TTM)5.94
OCFY7.52%
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 | 1.23 |
F-Score7
WACC5.5%
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)9.19%
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%