# Morguard Real Estate Investment Trust (MRT-UN.TO) fundamentals

Data as of 2026-09-08. TSX, Canada. Sector: Real Estate / Equity Real Estate Investment Trusts (REITs). Price C$7.00, market value C$471 million.

## Valuation
- **P/E (trailing): 87.5×**. Morguard Real Estate Investment Trust trades at 87.5× trailing earnings. The Real Estate median in the September 2026 study was 25.2×. Forward P/E is 9.0×, lower than trailing, so analysts expect earnings to grow.
- **PEG: 0.12**. A PEG of 0.12 means the P/E is low relative to expected earnings growth: the market is not paying much for that growth.
- **Price / sales: 2.0×**. Each dollar of revenue is priced at 2.0×.
- **Price / book: 0.5×**. The shares trade below book value, which can signal a bargain or a balance sheet the market doubts.
- **EV / EBITDA: 26.0×**. Enterprise value is 26.0× operating earnings before depreciation, the multiple that ignores how the company is financed; above 20× is demanding.
- **Free-cash-flow yield: 4.7%** (5-yr avg 10.0%). Free cash flow equals 4.7% of the market value, below its five-year average of 10.0%, so the shares are pricier on cash than usual.
- **Earnings yield: 1.1%**. The inverse of the P/E: 1.1% of the price is earned each year.

## Profitability
- **Gross margin: 47.2%**. Morguard Real Estate Investment Trust keeps 47.2% of revenue after the direct cost of what it sells.
- **Operating margin: 45.6%**. 45.6% of revenue is left after running the business, an exceptional level.
- **Net margin: -6.9%**. The company reported a net loss over the last twelve months.
- **Return on equity: -1.9%**. Return on equity is negative because earnings are negative.
- **Return on invested capital: 4.1%**. Return on all capital, debt included, is 4.1%: close to or below the cost of capital, so growth may not create value.
- **Return on assets: 0.2%**. Each dollar of assets produces 0.2% of profit.

## Growth
- **Revenue growth (1 yr): -7.7%** (3-yr -0.5%/yr, 5-yr -1.2%/yr). Revenue fell 7.7% over the last year, against -1.2% a year compounded over five years: growth is slowing.
- **EPS growth (1 yr): 72.8%**. Earnings per share rose 72.8%, faster than revenue, so margins expanded or the share count shrank.
- **Free-cash-flow growth (3 yr): -53.9%/yr**. Free cash flow has compounded at -53.9% a year over three years.

## Financial health
- **Debt to equity: 1.43**. Debt is 1.43 times equity, a leveraged balance sheet, which is normal for real estate.
- **Net debt / EBITDA: 18.8×**. It would take 18.8 years of operating earnings to repay net borrowings, above the 3× level most lenders treat as comfortable.
- **Interest coverage: 1.8×**. Operating profit covers interest 1.8×, thin but manageable.
- **Current ratio: 0.04** (quick 0.04). 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: 0.73**. A Z-score of 0.73 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: 3.43%** (C$0.24 per share, trailing). Morguard Real Estate Investment Trust yields 3.43%, a modest yield more typical of a growth-oriented payer.
- **Dividend growth (5 yr): -17.8%/yr** (1-yr -20.0%). The dividend has not grown over five years.

## Price and momentum
- **Total return (1 yr): 25.9%** (YTD 11.7%, 3-mo 5.4%). The shares are up 25.9% over twelve months including dividends.
- **From 52-week high: -5.0%** (23.9% above the low). Trading 5% 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): 49**. An RSI of 49 is neutral.
- **Beta (1 yr): 0.17** (volatility 19%). Beta of 0.17 against the S&P/TSX Composite: the shares move much less than the market.

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

Not investment advice.