# Dream Office (D-UN.TO) fundamentals

Data as of 2026-09-08. TSX, Canada. Sector: Real Estate / REIT - Office. Price C$18.33, market value C$349 million.

## Valuation
- **P/E (trailing): n/a** (negative earnings). Dream Office 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: 1.8×**. Each dollar of revenue is priced at 1.8×.
- **Price / book: 0.3×**. The shares trade below book value, which can signal a bargain or a balance sheet the market doubts.
- **Free-cash-flow yield: -0.7%** (5-yr avg 6.3%). Free cash flow is negative: the business is consuming cash, which is normal for heavy investment phases but a warning otherwise.

## Profitability
- **Gross margin: 47.4%**. Dream Office keeps 47.4% of revenue after the direct cost of what it sells.
- **Operating margin: 49.9%**. 49.9% of revenue is left after running the business, an exceptional level.
- **Net margin: -81.1%**. The company reported a net loss over the last twelve months.
- **Return on equity: -17.8%**. Return on equity is negative because earnings are negative.
- **Return on invested capital: 3.6%**. Return on all capital, debt included, is 3.6%: close to or below the cost of capital, so growth may not create value.
- **Return on assets: -3.6%**. Each dollar of assets produces -3.6% of profit.

## Growth
- **Revenue growth (1 yr): 0.6%** (3-yr 0.2%/yr, 5-yr -0.9%/yr). Revenue grew 0.6% over the last year, against -0.9% a year compounded over five years: growth is accelerating.
- **EPS growth (1 yr): -53.2%**. Earnings per share fell 53.2%, slower than revenue, so margins compressed.

## Financial health
- **Debt to equity: 1.38**. Debt is 1.38 times equity, a leveraged balance sheet, which is normal for real estate.
- **Interest coverage: 1.5×**. Operating profit covers interest only 1.5×: fragile.
- **Current ratio: 0.25** (quick 0.25). 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: 0.88**. A Z-score of 0.88 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: 5.46%** (C$1.00 per share, trailing). Dream Office yields 5.46%, an income-level yield.
- **Dividend growth (5 yr): -17.5%/yr** (1-yr -7.7%). The dividend has not grown over five years.

## Price and momentum
- **Total return (1 yr): 11.4%** (YTD 3.5%, 3-mo 0.6%). The shares are up 11.4% over twelve months including dividends.
- **From 52-week high: -15.1%** (19.4% above the low). Trading 15% below its 52-week high.
- **200-day average: above**. The price sits above its 200-day moving average, the usual definition of an uptrend.
- **RSI (14-day): 48**. An RSI of 48 is neutral.
- **Beta (1 yr): 0.56** (volatility 28%). Beta of 0.56 against the S&P/TSX Composite: the shares move much less than the market.

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

Not investment advice.