# Allied Properties (AP-UN.TO) fundamentals

Data as of 2026-09-08. TSX, Canada. Sector: Real Estate / REIT - Office. Price C$8.57, market value C$1.7 billion.

## Valuation
- **P/E (trailing): n/a** (negative earnings). Allied Properties reported negative earnings over the last twelve months, so the P/E is not meaningful; use price-to-sales, EV/EBITDA and free-cash-flow yield instead.
- **Price / sales: 2.9×**. Each dollar of revenue is priced at 2.9×.
- **Price / book: 0.5×**. The shares trade below book value, which can signal a bargain or a balance sheet the market doubts.
- **Free-cash-flow yield: 14.5%** (5-yr avg 11.0%). Free cash flow equals 14.5% of the market value, above its five-year average of 11.0%, so the shares are cheaper on cash than they have usually been. Above 5% is generally attractive.

## Profitability
- **Gross margin: 50.4%**. Allied Properties keeps 50.4% of revenue after the direct cost of what it sells.
- **Operating margin: 21.7%**. 21.7% of revenue is left after running the business, a healthy level in most sectors.
- **Net margin: -224.1%**. The company reported a net loss over the last twelve months.
- **Return on equity: -33.1%**. Return on equity is negative because earnings are negative.
- **Return on invested capital: 1.2%**. Return on all capital, debt included, is 1.2%: close to or below the cost of capital, so growth may not create value.
- **Return on assets: -21.8%**. Each dollar of assets produces -21.8% of profit.

## Growth
- **Revenue growth (1 yr): 0.1%** (3-yr 4.5%/yr, 5-yr 1.1%/yr). Revenue grew 0.1% over the last year, against 1.1% a year compounded over five years: growth is slowing.
- **EPS growth (1 yr): -287.8%**. Earnings per share fell 287.8%, slower than revenue, so margins compressed.
- **Free-cash-flow growth (3 yr): -7.4%/yr**. Free cash flow has compounded at -7.4% a year over three years.

## Financial health
- **Debt to equity: 1.18**. Debt is 1.18 times equity, a leveraged balance sheet, which is normal for real estate.
- **Net debt / EBITDA: net cash**. Allied Properties holds more cash than debt.
- **Interest coverage: 0.8×**. Operating profit covers interest only 0.8×: fragile.
- **Current ratio: 0.67** (quick 0.36). Current liabilities exceed current assets, so the company depends on ongoing cash generation or refinancing to pay the next year's bills.
- **Altman Z-score: 0.90**. A Z-score of 0.90 is in the distress zone, a signal to examine the balance sheet closely.
- **Piotroski F-score: 5/9**. 5 of 9 checks pass: mixed.

## Dividends
- **Dividend yield: 8.40%** (C$1.17 per share, trailing). Allied Properties yields 8.40%, high enough to check carefully: yields this high often precede a cut.
- **Dividend growth (5 yr): 0.6%/yr** (1-yr -5.0%). The dividend has grown 0.6% a year over five years.

## Analyst view
- **Analyst consensus: hold** (9 analysts). 9 analysts cover Allied Properties; the consensus is hold, with an average price target of C$10.03 (+17% from the current price). Analyst opinion is shown for context; it is not part of the Fundamental Score.

## Price and momentum
- **Total return (1 yr): -51.6%** (YTD -33.6%, 3-mo -13.3%). The shares are down 51.6% over twelve months including dividends.
- **From 52-week high: -61.5%** (3.3% above the low). Trading 62% below its 52-week high, deep in a drawdown.
- **200-day average: below**. The price sits below its 200-day moving average, the usual definition of a downtrend.
- **RSI (14-day): 29**. An RSI of 29 is oversold; bounces are common, but oversold can stay oversold in a real decline.
- **Beta (1 yr): 0.73** (volatility 44%). Beta of 0.73 against the S&P/TSX Composite: the shares move roughly with the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=AP-UN.TO · Page: https://foliofundamentals.com/stocks/ap-un.to

Not investment advice.