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

Data as of 2026-09-08. TSX, Canada. Sector: Real Estate / Equity Real Estate Investment Trusts (REITs). Price C$3.79, market value C$338 million.

## Valuation
- **P/E (trailing): 13.5×** (5-yr avg 9.1×, 3-yr avg 9.4×). BTB Real Estate Investment Trust trades at 13.5× trailing earnings, well above its own five-year average of 9.1×: investors are paying up relative to the company's past. The Real Estate median in the September 2026 study was 25.2×. Forward P/E is 10.2×, lower than trailing, so analysts expect earnings to grow.
- **Price / sales: 2.6×**. Each dollar of revenue is priced at 2.6×.
- **Price / book: 0.7×**. The shares trade below book value, which can signal a bargain or a balance sheet the market doubts.
- **EV / EBITDA: 17.5×**. Enterprise value is 17.5× operating earnings before depreciation, the multiple that ignores how the company is financed.
- **Free-cash-flow yield: 12.3%** (5-yr avg 31.5%). Free cash flow equals 12.3% of the market value, below its five-year average of 31.5%, so the shares are pricier on cash than usual. Above 5% is generally attractive.
- **Earnings yield: 7.4%**. The inverse of the P/E: 7.4% of the price is earned each year.

## Profitability
- **Gross margin: 57.8%**. BTB Real Estate Investment Trust keeps 57.8% of revenue after the direct cost of what it sells.
- **Operating margin: 50.8%**. 50.8% of revenue is left after running the business, an exceptional level.
- **Net margin: 17.2%**. 17.2% of each dollar of sales reaches the bottom line.
- **Return on equity: 4.6%**. 4.6% on shareholders' equity is weak; the business earns little on the capital its owners have in it.
- **Return on invested capital: 4.3%**. Return on all capital, debt included, is 4.3%: close to or below the cost of capital, so growth may not create value.
- **Return on assets: 2.1%**. Each dollar of assets produces 2.1% of profit.

## Growth
- **Revenue growth (1 yr): 0.1%** (3-yr 2.9%/yr, 5-yr 7.0%/yr). Revenue grew 0.1% over the last year, against 7.0% a year compounded over five years: growth is slowing.
- **EPS growth (1 yr): -43.2%** (3-yr -18.4%/yr). Earnings per share fell 43.2%, slower than revenue, so margins compressed.
- **Free-cash-flow growth (3 yr): -34.4%/yr**. Free cash flow has compounded at -34.4% a year over three years, lagging earnings: check whether profits are turning into cash.

## Financial health
- **Debt to equity: 1.48**. Debt is 1.48 times equity, a leveraged balance sheet, which is normal for real estate.
- **Net debt / EBITDA: 11.9×**. It would take 11.9 years of operating earnings to repay net borrowings, above the 3× level most lenders treat as comfortable.
- **Interest coverage: 1.8×**. Operating profit covers interest 1.8×, thin but manageable.
- **Current ratio: 0.09** (quick 0.09). 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: 0.87**. A Z-score of 0.87 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: 7.92%** (C$0.30 per share, trailing). BTB Real Estate Investment Trust yields 7.92%, high enough to check carefully: yields this high often precede a cut.
- **Payout ratio: 117%** (64% of free cash flow). The dividend exceeds earnings (117% payout), though free cash flow still covers it.
- **Consecutive years of increases: 4**. 4 straight years of increases.
- **Dividend growth (5 yr): -2.5%/yr** (1-yr 0.0%). The dividend has not grown over five years.

## Price and momentum
- **Total return (1 yr): 7.7%** (YTD -3.7%, 3-mo 2.0%). The shares are up 7.7% over twelve months including dividends.
- **From 52-week high: -12.5%** (4.1% above the low). Trading 12% 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): 41**. An RSI of 41 is neutral.
- **Beta (1 yr): 0.46** (volatility 14%). Beta of 0.46 against the S&P/TSX Composite: the shares move much less than the market.

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

Not investment advice.