# Plaza Retail REIT (PLZ-UN.TO) fundamentals

Data as of 2026-09-08. TSX, Canada. Sector: Real Estate / Equity Real Estate Investment Trusts (REITs). Price C$5.26, market value C$587 million.

## Valuation
- **P/E (trailing): 9.2×** (5-yr avg 10.2×, 3-yr avg 13.2×). Plaza Retail REIT trades at 9.2× trailing earnings, close to its own five-year average of 10.2×. The Real Estate median in the September 2026 study was 25.2×. Forward P/E is 13.2×, higher than trailing, so analysts expect earnings to fall.
- **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: 4.5×**. Each dollar of revenue is priced at 4.5×.
- **Price / book: 1.0×**. The shares trade at 1.0× book value; book value is a meaningful part of the valuation.
- **EV / EBITDA: 12.8×**. Enterprise value is 12.8× operating earnings before depreciation, the multiple that ignores how the company is financed.
- **Free-cash-flow yield: 7.6%** (5-yr avg 14.0%). Free cash flow equals 7.6% of the market value, below its five-year average of 14.0%, so the shares are pricier on cash than usual. Above 5% is generally attractive.
- **Earnings yield: 10.8%**. The inverse of the P/E: 10.8% of the price is earned each year.

## Profitability
- **Gross margin: 64.7%**. Plaza Retail REIT keeps 64.7% of revenue after the direct cost of what it sells, the kind of margin that comes with software, brands or pricing power.
- **Operating margin: 52.6%**. 52.6% of revenue is left after running the business, an exceptional level.
- **Net margin: 42.3%**. 42.3% of each dollar of sales reaches the bottom line.
- **Return on equity: 9.8%**. 9.8% on shareholders' equity is weak; the business earns little on the capital its owners have in it.
- **Return on invested capital: 5.6%**. Return on all capital, debt included, is 5.6%: close to or below the cost of capital, so growth may not create value.
- **Return on assets: 4.9%**. Each dollar of assets produces 4.9% of profit.

## Growth
- **Revenue growth (1 yr): 7.7%** (3-yr 5.5%/yr, 5-yr 4.1%/yr). Revenue grew 7.7% over the last year, against 4.1% a year compounded over five years: growth is accelerating.
- **EPS growth (1 yr): 108.7%** (3-yr 0.7%/yr). Earnings per share rose 108.7%, faster than revenue, so margins expanded or the share count shrank.
- **Free-cash-flow growth (3 yr): -20.8%/yr**. Free cash flow has compounded at -20.8% a year over three years, lagging earnings: check whether profits are turning into cash.

## Financial health
- **Debt to equity: 1.15**. Debt is 1.15 times equity, a leveraged balance sheet, which is normal for real estate.
- **Net debt / EBITDA: 6.7×**. It would take 6.7 years of operating earnings to repay net borrowings, above the 3× level most lenders treat as comfortable.
- **Interest coverage: 2.3×**. Operating profit covers interest 2.3×, thin but manageable.
- **Current ratio: 0.12** (quick 0.12). 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: 1.26**. A Z-score of 1.26 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: 5.32%** (C$0.28 per share, trailing). Plaza Retail REIT yields 5.32%, an income-level yield.
- **Payout ratio: 56%** (69% of free cash flow). 56% of earnings goes out as dividends, leaving room to keep raising it.
- **Consecutive years of increases: 10**. 10 straight years of increases, a record that survived at least one recession.
- **Dividend growth (5 yr): 0.0%/yr** (1-yr 0.0%). The dividend has not grown over five years.

## Price and momentum
- **Total return (1 yr): 33.2%** (YTD 26.6%, 3-mo 18.5%). The shares are up 33.2% over twelve months including dividends.
- **From 52-week high: -2.0%** (32.8% above the low). Trading within 5% of 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): 53**. An RSI of 53 is neutral.
- **Beta (1 yr): 0.28** (volatility 18%). Beta of 0.28 against the S&P/TSX Composite: the shares move much less than the market.

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

Not investment advice.