# Slate Grocery REIT (SGR-UN.TO) fundamentals

Data as of 2026-09-08. TSX, Canada. Sector: Real Estate / Equity Real Estate Investment Trusts (REITs). Price C$15.31, market value C$907 million.

## Valuation
- **P/E (trailing): 15.6×** (5-yr avg 18.4×, 3-yr avg 26.7×). Slate Grocery REIT trades at 15.6× trailing earnings, close to its own five-year average of 18.4×. The Real Estate median in the September 2026 study was 25.2×. Forward P/E is 12.2×, lower than trailing, so analysts expect earnings to grow.
- **PEG: 1.54**. A PEG of 1.54 is in the range usually read as fairly priced for its growth.
- **Price / sales: 2.9×**. Each dollar of revenue is priced at 2.9×.
- **Price / book: 1.0×**. The shares trade below book value, which can signal a bargain or a balance sheet the market doubts.
- **EV / EBITDA: 14.1×**. Enterprise value is 14.1× operating earnings before depreciation, the multiple that ignores how the company is financed.
- **Free-cash-flow yield: 10.2%** (5-yr avg 8.7%). Free cash flow equals 10.2% of the market value, in line with its five-year average of 8.7%. Above 5% is generally attractive.
- **Earnings yield: 6.4%**. The inverse of the P/E: 6.4% of the price is earned each year.

## Profitability
- **Gross margin: 64.6%**. Slate Grocery REIT keeps 64.6% of revenue after the direct cost of what it sells, the kind of margin that comes with software, brands or pricing power.
- **Operating margin: 61.6%**. 61.6% of revenue is left after running the business, an exceptional level.
- **Net margin: 20.3%**. 20.3% of each dollar of sales reaches the bottom line.
- **Return on equity: 6.6%**. 6.6% on shareholders' equity is weak; the business earns little on the capital its owners have in it.
- **Return on invested capital: 6.2%**. Return on all capital, debt included, is 6.2%.
- **Return on assets: 1.9%**. Each dollar of assets produces 1.9% of profit.

## Growth
- **Revenue growth (1 yr): 2.0%** (3-yr 6.3%/yr, 5-yr 11.1%/yr). Revenue grew 2.0% over the last year, against 11.1% a year compounded over five years: growth is slowing.
- **EPS growth (1 yr): 7.9%** (3-yr -31.2%/yr, 5-yr -5.0%/yr). Earnings per share rose 7.9%, faster than revenue, so margins expanded or the share count shrank.
- **Free-cash-flow growth (3 yr): 5.3%/yr**. Free cash flow has compounded at 5.3% a year over three years, keeping pace with earnings: the growth is real cash.

## Financial health
- **Debt to equity: 1.98**. Debt is 1.98 times equity, a leveraged balance sheet, which is normal for real estate.
- **Net debt / EBITDA: 9.3×**. It would take 9.3 years of operating earnings to repay net borrowings, above the 3× level most lenders treat as comfortable.
- **Interest coverage: 2.0×**. Operating profit covers interest 2.0×, thin but manageable.
- **Current ratio: 0.45** (quick 0.45). 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: 0.99**. A Z-score of 0.99 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: 7.82%** (C$1.20 per share, trailing). Slate Grocery REIT yields 7.82%, high enough to check carefully: yields this high often precede a cut.
- **Payout ratio: 118%** (76% of free cash flow). The dividend exceeds earnings (118% payout), though free cash flow still covers it.
- **Consecutive years of increases: 4**. 4 straight years of increases.
- **Dividend growth (5 yr): 0.8%/yr** (1-yr 1.9%). The dividend has grown 0.8% a year over five years.

## Price and momentum
- **Total return (1 yr): 13.9%** (YTD 4.2%, 3-mo -10.8%). The shares are up 13.9% over twelve months including dividends.
- **From 52-week high: -14.3%** (8.9% above the low). Trading 14% below its 52-week high.
- **200-day average: below**. The price sits below its 200-day moving average, the usual definition of a downtrend.
- **RSI (14-day): 24**. An RSI of 24 is oversold; bounces are common, but oversold can stay oversold in a real decline.
- **Beta (1 yr): 0.47** (volatility 16%). Beta of 0.47 against the S&P/TSX Composite: the shares move much less than the market.

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

Not investment advice.