# Dream Industrial (DIR-UN.TO) fundamentals

Data as of 2026-09-08. TSX, Canada. Sector: Real Estate / REIT - Industrial. Price C$13.33, market value C$3.8 billion.

## Valuation
- **P/E (trailing): 23.0×** (5-yr avg 15.1×, 3-yr avg 22.3×). Dream Industrial trades at 23.0× trailing earnings, well above its own five-year average of 15.1×: 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 11.8×, lower than trailing, so analysts expect earnings to grow.
- **Price / sales: 7.3×**. Each dollar of revenue is priced at 7.3×.
- **Price / book: 0.8×**. The shares trade below book value, which can signal a bargain or a balance sheet the market doubts.
- **EV / EBITDA: 24.2×**. Enterprise value is 24.2× operating earnings before depreciation, the multiple that ignores how the company is financed; above 20× is demanding.
- **Free-cash-flow yield: 2.2%** (5-yr avg 3.8%). Free cash flow equals 2.2% of the market value, below its five-year average of 3.8%, so the shares are pricier on cash than usual.
- **Earnings yield: 4.4%**. The inverse of the P/E: 4.4% of the price is earned each year.

## Profitability
- **Gross margin: 73.7%**. Dream Industrial keeps 73.7% of revenue after the direct cost of what it sells, the kind of margin that comes with software, brands or pricing power.
- **Operating margin: 68.9%**. 68.9% of revenue is left after running the business, an exceptional level.
- **Net margin: 33.5%**. 33.5% of each dollar of sales reaches the bottom line.
- **Return on equity: 3.5%**. 3.5% on shareholders' equity is weak; the business earns little on the capital its owners have in it.
- **Return on invested capital: 4.6%**. Return on all capital, debt included, is 4.6%: close to or below the cost of capital, so growth may not create value.
- **Return on assets: 2.0%**. Each dollar of assets produces 2.0% of profit.

## Growth
- **Revenue growth (1 yr): 9.0%** (3-yr 11.2%/yr, 5-yr 16.6%/yr). Revenue grew 9.0% over the last year, against 16.6% a year compounded over five years: growth is slowing.
- **EPS growth (1 yr): -35.6%** (3-yr -39.4%/yr, 5-yr -13.2%/yr). Earnings per share fell 35.6%, slower than revenue, so margins compressed.
- **Free-cash-flow growth (3 yr): 25.7%/yr**. Free cash flow has compounded at 25.7% a year over three years, keeping pace with earnings: the growth is real cash.

## Financial health
- **Debt to equity: 0.65**. Debt is 0.65 times equity, moderate leverage.
- **Net debt / EBITDA: 10.8×**. It would take 10.8 years of operating earnings to repay net borrowings, above the 3× level most lenders treat as comfortable.
- **Interest coverage: 3.8×**. Operating profit covers interest 3.8× 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: 1.56**. A Z-score of 1.56 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: 5.38%** (C$0.70 per share, trailing). Dream Industrial yields 5.38%, an income-level yield.
- **Payout ratio: 85%** (200% of free cash flow). 85% of earnings goes out as dividends, leaving a thin cushion.
- **Consecutive years of increases: 2**. 2 straight years of increases.
- **Dividend growth (5 yr): 0.0%/yr** (1-yr 0.0%). The dividend has not grown over five years.
- **Shareholder yield: 8.4%**. Dividends plus net buybacks return 8.4% of the market value a year.

## Price and momentum
- **Total return (1 yr): 13.8%** (YTD 8.8%, 3-mo -4.7%). The shares are up 13.8% over twelve months including dividends.
- **From 52-week high: -10.2%** (12.9% above the low). Trading 10% 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): 32**. An RSI of 32 is neutral.
- **Beta (1 yr): 0.49** (volatility 19%). Beta of 0.49 against the S&P/TSX Composite: the shares move much less than the market.

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

Not investment advice.