# Killam Apartment Real Estate Investment Trust (KMP-UN.TO) fundamentals

Data as of 2026-09-08. TSX, Canada. Sector: Real Estate / Equity Real Estate Investment Trusts (REITs). Price C$17.88, market value C$2.2 billion.

## Valuation
- **P/E (trailing): 255.4×** (5-yr avg 19.8×, 3-yr avg 25.8×). Killam Apartment Real Estate Investment Trust trades at 255.4× trailing earnings, well above its own five-year average of 19.8×: 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 13.9×, lower than trailing, so analysts expect earnings to grow.
- **Price / sales: 5.6×**. Each dollar of revenue is priced at 5.6×.
- **Price / book: 0.7×**. The shares trade below book value, which can signal a bargain or a balance sheet the market doubts.
- **EV / EBITDA: 59.9×**. Enterprise value is 59.9× operating earnings before depreciation, the multiple that ignores how the company is financed; above 20× is demanding.
- **Free-cash-flow yield: 2.7%** (5-yr avg 2.7%). Free cash flow equals 2.7% of the market value, in line with its five-year average of 2.7%.
- **Earnings yield: 0.4%**. The inverse of the P/E: 0.4% of the price is earned each year.

## Profitability
- **Gross margin: 66.5%**. Killam Apartment Real Estate Investment Trust keeps 66.5% of revenue after the direct cost of what it sells, the kind of margin that comes with software, brands or pricing power.
- **Operating margin: 64.5%**. 64.5% of revenue is left after running the business, an exceptional level.
- **Net margin: 7.7%**. 7.7% of each dollar of sales reaches the bottom line.
- **Return on equity: 1.0%**. 1.0% on shareholders' equity is weak; the business earns little on the capital its owners have in it.
- **Return on invested capital: 3.7%**. Return on all capital, debt included, is 3.7%: close to or below the cost of capital, so growth may not create value.
- **Return on assets: 0.1%**. Each dollar of assets produces 0.1% of profit.

## Growth
- **Revenue growth (1 yr): 4.4%** (3-yr 5.0%/yr, 5-yr 7.9%/yr). Revenue grew 4.4% over the last year, against 7.9% a year compounded over five years: growth is slowing.
- **EPS growth (1 yr): -95.6%** (3-yr -38.3%/yr, 5-yr -29.7%/yr). Earnings per share fell 95.6%, slower than revenue, so margins compressed.
- **Free-cash-flow growth (3 yr): 28.3%/yr**. Free cash flow has compounded at 28.3% a year over three years, keeping pace with earnings: the growth is real cash.

## Financial health
- **Debt to equity: 0.76**. Debt is 0.76 times equity, moderate leverage.
- **Net debt / EBITDA: 30.7×**. It would take 30.7 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: 0.07** (quick 0.07). 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: 1.41**. A Z-score of 1.41 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: 4.03%** (C$0.72 per share, trailing). Killam Apartment Real Estate Investment Trust yields 4.03%, an income-level yield.
- **Payout ratio: 215%** (117% of free cash flow). The dividend exceeds earnings (215% payout), which is rarely sustainable outside REITs and one-off years.
- **Consecutive years of increases: 10**. 10 straight years of increases, a record that survived at least one recession.
- **Dividend growth (5 yr): 1.2%/yr** (1-yr 2.4%). The dividend has grown 1.2% a year over five years.

## Analyst view
- **Analyst consensus: buy** (12 analysts). 12 analysts cover Killam Apartment Real Estate Investment Trust; the consensus is buy, with an average price target of C$21.10 (+18% 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): 2.0%** (YTD 11.3%, 3-mo -3.0%). The shares are up 2.0% over twelve months including dividends.
- **From 52-week high: -6.9%** (14.2% above the low). Trading 7% 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): 39**. An RSI of 39 is neutral.
- **Beta (1 yr): 0.33** (volatility 17%). 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=KMP-UN.TO · Page: https://foliofundamentals.com/stocks/kmp-un.to

Not investment advice.