# RioCan Real Estate Investment Trust (REI-UN.TO) fundamentals

Data as of 2026-09-08. TSX, Canada. Sector: Real Estate / Equity Real Estate Investment Trusts (REITs). Price C$20.86, market value C$6.1 billion.

## Valuation
- **P/E (trailing): 24.3×** (5-yr avg 49.0×, 3-yr avg 70.9×). RioCan Real Estate Investment Trust trades at 24.3× trailing earnings, well below its own five-year average of 49.0×: cheap by its own standards. The Real Estate median in the September 2026 study was 25.2×. Forward P/E is 12.9×, lower than trailing, so analysts expect earnings to grow.
- **Price / sales: 4.4×**. Each dollar of revenue is priced at 4.4×.
- **Price / book: 0.8×**. The shares trade below book value, which can signal a bargain or a balance sheet the market doubts.
- **EV / EBITDA: 18.1×**. Enterprise value is 18.1× operating earnings before depreciation, the multiple that ignores how the company is financed.
- **Free-cash-flow yield: 4.8%** (5-yr avg 1.5%). Free cash flow equals 4.8% of the market value, above its five-year average of 1.5%, so the shares are cheaper on cash than they have usually been.
- **Earnings yield: 4.1%**. The inverse of the P/E: 4.1% of the price is earned each year.

## Profitability
- **Gross margin: 54.6%**. RioCan Real Estate Investment Trust keeps 54.6% of revenue after the direct cost of what it sells.
- **Operating margin: 46.5%**. 46.5% of revenue is left after running the business, an exceptional level.
- **Net margin: 4.7%**. 4.7% 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: 3.6%**. Return on all capital, debt included, is 3.6%: close to or below the cost of capital, so growth may not create value.
- **Return on assets: 1.7%**. Each dollar of assets produces 1.7% of profit.

## Growth
- **Revenue growth (1 yr): 14.6%** (3-yr 6.9%/yr, 5-yr 5.3%/yr). Revenue grew 14.6% over the last year, against 5.3% a year compounded over five years: growth is accelerating.
- **EPS growth (1 yr): -85.4%** (3-yr -32.6%/yr). Earnings per share fell 85.4%, slower than revenue, so margins compressed.
- **Free-cash-flow growth (3 yr): 17.0%/yr**. Free cash flow has compounded at 17.0% a year over three years, keeping pace with earnings: the growth is real cash.

## Financial health
- **Debt to equity: 1.01**. Debt is 1.01 times equity, a leveraged balance sheet, which is normal for real estate.
- **Net debt / EBITDA: 9.7×**. It would take 9.7 years of operating earnings to repay net borrowings, above the 3× level most lenders treat as comfortable.
- **Interest coverage: 2.2×**. Operating profit covers interest 2.2×, thin but manageable.
- **Current ratio: 0.74** (quick 0.49). 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: 1.38**. A Z-score of 1.38 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: 5.55%** (C$1.16 per share, trailing). RioCan Real Estate Investment Trust yields 5.55%, an income-level yield.
- **Payout ratio: 492%** (116% of free cash flow). The dividend exceeds earnings (492% payout), which is rarely sustainable outside REITs and one-off years.
- **Consecutive years of increases: 4**. 4 straight years of increases.
- **Dividend growth (5 yr): -4.3%/yr** (1-yr 4.2%). The dividend has not grown over five years.

## Analyst view
- **Analyst consensus: buy** (12 analysts). 12 analysts cover RioCan Real Estate Investment Trust; the consensus is buy, with an average price target of C$24.23 (+16% 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): 18.6%** (YTD 14.7%, 3-mo -7.1%). The shares are up 18.6% over twelve months including dividends.
- **From 52-week high: -10.3%** (15.5% 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): 38**. An RSI of 38 is neutral.
- **Beta (1 yr): 0.31** (volatility 15%). Beta of 0.31 against the S&P/TSX Composite: the shares move much less than the market.

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

Not investment advice.