# Canadian Apartment Properties Real Estate Investment Trust (CAR-UN.TO) fundamentals

Data as of 2026-09-08. TSX, Canada. Sector: Real Estate / Equity Real Estate Investment Trusts (REITs). Price C$32.91, market value C$5.1 billion.

## Valuation
- **P/E (trailing): n/a** (negative earnings). Canadian Apartment Properties 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: 5.1×**. Each dollar of revenue is priced at 5.1×.
- **Price / book: 0.6×**. The shares trade below book value, which can signal a bargain or a balance sheet the market doubts.
- **EV / EBITDA: 72.4×**. Enterprise value is 72.4× operating earnings before depreciation, the multiple that ignores how the company is financed; above 20× is demanding.
- **Free-cash-flow yield: 4.5%** (5-yr avg 4.5%). Free cash flow equals 4.5% of the market value, in line with its five-year average of 4.5%.

## Profitability
- **Gross margin: 58.9%**. Canadian Apartment Properties Real Estate Investment Trust keeps 58.9% of revenue after the direct cost of what it sells.
- **Operating margin: 59.7%**. 59.7% of revenue is left after running the business, an exceptional level.
- **Net margin: 19.6%**. 19.6% of each dollar of sales reaches the bottom line.
- **Return on equity: 2.2%**. 2.2% on shareholders' equity is weak; the business earns little on the capital its owners have in it.
- **Return on invested capital: 4.0%**. Return on all capital, debt included, is 4.0%: close to or below the cost of capital, so growth may not create value.
- **Return on assets: -0.9%**. Each dollar of assets produces -0.9% of profit.

## Growth
- **Revenue growth (1 yr): -9.8%** (3-yr -0.1%/yr, 5-yr 2.6%/yr). Revenue fell 9.8% over the last year, against 2.6% a year compounded over five years: growth is slowing.
- **EPS growth (1 yr): -28.3%** (3-yr 151.4%/yr, 5-yr -25.5%/yr). Earnings per share fell 28.3%, slower than revenue, so margins compressed.
- **Free-cash-flow growth (3 yr): 7.8%/yr**. Free cash flow has compounded at 7.8% a year over three years, lagging earnings: check whether profits are turning into cash.

## Financial health
- **Debt to equity: 0.70**. Debt is 0.70 times equity, moderate leverage.
- **Net debt / EBITDA: 39.5×**. It would take 39.5 years of operating earnings to repay net borrowings, above the 3× level most lenders treat as comfortable.
- **Interest coverage: 3.0×**. Operating profit covers interest 3.0× over, a safe margin.
- **Current ratio: 0.24** (quick 0.24). 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: 1.43**. A Z-score of 1.43 is in the distress zone, a signal to examine the balance sheet closely.
- **Piotroski F-score: 4/9**. 4 of 9 checks pass: mixed.

## Dividends
- **Dividend yield: 4.72%** (C$1.55 per share, trailing). Canadian Apartment Properties Real Estate Investment Trust yields 4.72%, an income-level yield.
- **Payout ratio: 121%** (103% of free cash flow). The dividend exceeds earnings (121% payout), which is rarely sustainable outside REITs and one-off years.
- **Dividend growth (5 yr): 0.5%/yr** (1-yr -53.0%). The dividend has grown 0.5% a year over five years.
- **Shareholder yield: 8.4%**. Dividends plus net buybacks return 8.4% of the market value a year.

## Analyst view
- **Analyst consensus: buy** (14 analysts). 14 analysts cover Canadian Apartment Properties Real Estate Investment Trust; the consensus is buy, with an average price target of C$40.99 (+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): -20.0%** (YTD -8.8%, 3-mo -5.7%). The shares are down 20.0% over twelve months including dividends.
- **From 52-week high: -22.6%** (2.2% above the low). Trading 23% 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): 37**. An RSI of 37 is neutral.
- **Beta (1 yr): 0.30** (volatility 18%). Beta of 0.30 against the S&P/TSX Composite: the shares move much less than the market.

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

Not investment advice.