# Boardwalk Real Estate Investment Trust (BEI-UN.TO) fundamentals

Data as of 2026-09-08. TSX, Canada. Sector: Real Estate / Equity Real Estate Investment Trusts (REITs). Price C$63.55, market value C$3.2 billion.

## Valuation
- **P/E (trailing): n/a** (negative earnings). Boardwalk Real Estate Investment Trust 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: 4.9×**. Each dollar of revenue is priced at 4.9×.
- **Price / book: 0.6×**. The shares trade below book value, which can signal a bargain or a balance sheet the market doubts.
- **EV / EBITDA: 50.4×**. Enterprise value is 50.4× operating earnings before depreciation, the multiple that ignores how the company is financed; above 20× is demanding.
- **Free-cash-flow yield: 3.1%** (5-yr avg 2.2%). Free cash flow equals 3.1% of the market value, above its five-year average of 2.2%, so the shares are cheaper on cash than they have usually been.

## Profitability
- **Gross margin: 63.6%**. Boardwalk Real Estate Investment Trust keeps 63.6% of revenue after the direct cost of what it sells, the kind of margin that comes with software, brands or pricing power.
- **Operating margin: 61.5%**. 61.5% of revenue is left after running the business, an exceptional level.
- **Net margin: 30.8%**. 30.8% of each dollar of sales reaches the bottom line.
- **Return on equity: 4.0%**. 4.0% on shareholders' equity is weak; the business earns little on the capital its owners have in it.
- **Return on invested capital: 4.7%**. Return on all capital, debt included, is 4.7%: close to or below the cost of capital, so growth may not create value.
- **Return on assets: -0.4%**. Each dollar of assets produces -0.4% of profit.

## Growth
- **Revenue growth (1 yr): 5.9%** (3-yr 8.8%/yr, 5-yr 6.5%/yr). Revenue grew 5.9% over the last year, against 6.5% a year compounded over five years.
- **EPS growth (1 yr): -64.6%** (3-yr -13.2%/yr). Earnings per share fell 64.6%, slower than revenue, so margins compressed.
- **Free-cash-flow growth (3 yr): 36.2%/yr**. Free cash flow has compounded at 36.2% a year over three years, keeping pace with earnings: the growth is real cash.

## Financial health
- **Debt to equity: 0.74**. Debt is 0.74 times equity, moderate leverage.
- **Net debt / EBITDA: 26.5×**. It would take 26.5 years of operating earnings to repay net borrowings, above the 3× level most lenders treat as comfortable.
- **Interest coverage: 3.2×**. Operating profit covers interest 3.2× over, a safe margin.
- **Current ratio: 0.12** (quick 0.11). 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: 1.33**. A Z-score of 1.33 is in the distress zone, a signal to examine the balance sheet closely.
- **Piotroski F-score: 6/9**. 6 of 9 checks pass: mixed.

## Dividends
- **Dividend yield: 2.83%** (C$1.68 per share, trailing). Boardwalk Real Estate Investment Trust yields 2.83%, a modest yield more typical of a growth-oriented payer.
- **Payout ratio: 43%** (83% of free cash flow). 43% of earnings goes out as dividends, leaving room to keep raising it.
- **Consecutive years of increases: 2**. 2 straight years of increases.
- **Dividend growth (5 yr): 24.7%/yr** (1-yr 116.1%). The dividend has compounded at 24.7% a year over five years, doubling roughly every 3 years at that pace.
- **Shareholder yield: 9.2%**. Dividends plus net buybacks return 9.2% of the market value a year.

## Analyst view
- **Analyst consensus: buy** (11 analysts). 11 analysts cover Boardwalk Real Estate Investment Trust; the consensus is buy, with an average price target of C$79.36 (+25% 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): -7.1%** (YTD -0.1%, 3-mo -0.7%). The shares are down 7.1% over twelve months including dividends.
- **From 52-week high: -12.6%** (4.6% above the low). Trading 13% below its 52-week high.
- **200-day average: below**. The price sits below its 200-day moving average, the usual definition of a downtrend.
- **RSI (14-day): 45**. An RSI of 45 is neutral.
- **Beta (1 yr): 0.23** (volatility 17%). Beta of 0.23 against the S&P/TSX Composite: the shares move much less than the market.

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

Not investment advice.