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

Data as of 2026-09-08. TSX, Canada. Sector: Real Estate / Equity Real Estate Investment Trusts (REITs). Price C$88.55, market value C$5.5 billion.

## Valuation
- **P/E (trailing): 14.6×** (5-yr avg 17.3×, 3-yr avg 19.1×). Granite Real Estate Investment Trust trades at 14.6× trailing earnings, close to its own five-year average of 17.3×. The Real Estate median in the September 2026 study was 25.2×. Forward P/E is 13.3×, lower than trailing, so analysts expect earnings to grow.
- **Price / sales: 8.5×**. Each dollar of revenue is priced at 8.5×.
- **Price / book: 0.9×**. The shares trade below book value, which can signal a bargain or a balance sheet the market doubts.
- **EV / EBITDA: 17.9×**. Enterprise value is 17.9× operating earnings before depreciation, the multiple that ignores how the company is financed.
- **Free-cash-flow yield: 6.9%** (5-yr avg 7.1%). Free cash flow equals 6.9% of the market value, in line with its five-year average of 7.1%. Above 5% is generally attractive.
- **Earnings yield: 6.8%**. The inverse of the P/E: 6.8% of the price is earned each year.

## Profitability
- **Gross margin: 82.0%**. Granite Real Estate Investment Trust keeps 82.0% of revenue after the direct cost of what it sells, the kind of margin that comes with software, brands or pricing power.
- **Operating margin: 73.3%**. 73.3% of revenue is left after running the business, an exceptional level.
- **Net margin: 55.3%**. 55.3% of each dollar of sales reaches the bottom line.
- **Return on equity: 6.2%**. 6.2% on shareholders' equity is weak; the business earns little on the capital its owners have in it.
- **Return on invested capital: 5.0%**. Return on all capital, debt included, is 5.0%: close to or below the cost of capital, so growth may not create value.
- **Return on assets: 3.7%**. Each dollar of assets produces 3.7% of profit.

## Growth
- **Revenue growth (1 yr): 8.7%** (3-yr 10.7%/yr, 5-yr 12.7%/yr). Revenue grew 8.7% over the last year, against 12.7% a year compounded over five years: growth is slowing.
- **EPS growth (1 yr): -2.3%** (3-yr 32.7%/yr, 5-yr -5.9%/yr). Earnings per share fell 2.3%, slower than revenue, so margins compressed.
- **Free-cash-flow growth (3 yr): 11.9%/yr**. Free cash flow has compounded at 11.9% a year over three years, lagging earnings: check whether profits are turning into cash.

## Financial health
- **Debt to equity: 0.61**. Debt is 0.61 times equity, moderate leverage.
- **Net debt / EBITDA: 6.6×**. It would take 6.6 years of operating earnings to repay net borrowings, above the 3× level most lenders treat as comfortable.
- **Interest coverage: 5.1×**. Operating profit covers interest 5.1× over, a safe margin.
- **Current ratio: 0.39** (quick 0.39). 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: 1.77**. A Z-score of 1.77 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: 4.01%** (C$3.49 per share, trailing). Granite Real Estate Investment Trust yields 4.01%, an income-level yield.
- **Payout ratio: 61%** (55% of free cash flow). 61% of earnings goes out as dividends, leaving room to keep raising it.
- **Consecutive years of increases: 6**. 6 straight years of increases.
- **Dividend growth (5 yr): 3.2%/yr** (1-yr 3.1%). The dividend has grown 3.2% a year over five years.
- **Shareholder yield: 2.8%**. Dividends plus net buybacks return 2.8% of the market value a year.

## Analyst view
- **Analyst consensus: strong_buy** (10 analysts). 10 analysts cover Granite Real Estate Investment Trust; the consensus is strong_buy, with an average price target of C$106.30 (+20% 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): 18.1%** (YTD 10.5%, 3-mo -8.4%). The shares are up 18.1% over twelve months including dividends.
- **From 52-week high: -12.8%** (18.1% above the low). Trading 13% 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): 38**. An RSI of 38 is neutral.
- **Beta (1 yr): 0.33** (volatility 20%). Beta of 0.33 against the S&P/TSX Composite: the shares move much less than the market.

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

Not investment advice.