# SmartCentres Real Estate Investment Trust (SRU-UN.TO) fundamentals

Data as of 2026-09-08. TSX, Canada. Sector: Real Estate / Equity Real Estate Investment Trusts (REITs). Price C$27.57, market value C$4.7 billion.

## Valuation
- **P/E (trailing): 30.3×** (5-yr avg 11.3×, 3-yr avg 14.5×). SmartCentres Real Estate Investment Trust trades at 30.3× trailing earnings, well above its own five-year average of 11.3×: 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.
- **PEG: 2.61**. A PEG of 2.61 means the P/E is high relative to expected earnings growth; the price already assumes a lot.
- **Price / sales: 5.0×**. Each dollar of revenue is priced at 5.0×.
- **Price / book: 0.8×**. The shares trade below book value, which can signal a bargain or a balance sheet the market doubts.
- **EV / EBITDA: 26.2×**. Enterprise value is 26.2× operating earnings before depreciation, the multiple that ignores how the company is financed; above 20× is demanding.
- **Free-cash-flow yield: 8.3%** (5-yr avg 9.2%). Free cash flow equals 8.3% of the market value, in line with its five-year average of 9.2%. Above 5% is generally attractive.
- **Earnings yield: 3.3%**. The inverse of the P/E: 3.3% of the price is earned each year.

## Profitability
- **Gross margin: 60.5%**. SmartCentres Real Estate Investment Trust keeps 60.5% of revenue after the direct cost of what it sells, the kind of margin that comes with software, brands or pricing power.
- **Operating margin: 56.6%**. 56.6% of revenue is left after running the business, an exceptional level.
- **Net margin: 27.2%**. 27.2% of each dollar of sales reaches the bottom line.
- **Return on equity: 4.8%**. 4.8% on shareholders' equity is weak; the business earns little on the capital its owners have in it.
- **Return on invested capital: 4.0%**. Return on all capital, debt included, is 4.0%: close to or below the cost of capital, so growth may not create value.
- **Return on assets: 1.3%**. Each dollar of assets produces 1.3% of profit.

## Growth
- **Revenue growth (1 yr): 1.0%** (3-yr 4.8%/yr, 5-yr 3.5%/yr). Revenue grew 1.0% over the last year, against 3.5% a year compounded over five years: growth is slowing.
- **EPS growth (1 yr): 5.3%** (3-yr -32.6%/yr). Earnings per share rose 5.3%, roughly in step with revenue.
- **Free-cash-flow growth (3 yr): 0.6%/yr**. Free cash flow has compounded at 0.6% a year over three years, keeping pace with earnings: the growth is real cash.

## Financial health
- **Debt to equity: 1.00**. Debt is 1.00 times equity, moderate leverage.
- **Net debt / EBITDA: 13.7×**. It would take 13.7 years of operating earnings to repay net borrowings, above the 3× level most lenders treat as comfortable.
- **Interest coverage: 2.8×**. Operating profit covers interest 2.8×, thin but manageable.
- **Current ratio: 0.26** (quick 0.24). 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: 1.21**. A Z-score of 1.21 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: 6.71%** (C$1.85 per share, trailing). SmartCentres Real Estate Investment Trust yields 6.71%, high enough to check carefully: yields this high often precede a cut.
- **Payout ratio: 106%** (69% of free cash flow). The dividend exceeds earnings (106% payout), though free cash flow still covers 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.

## Analyst view
- **Analyst consensus: buy** (9 analysts). 9 analysts cover SmartCentres Real Estate Investment Trust; the consensus is buy, with an average price target of C$30.08 (+9% 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): 8.9%** (YTD 10.6%, 3-mo -4.6%). The shares are up 8.9% over twelve months including dividends.
- **From 52-week high: -10.8%** (10.2% above the low). Trading 11% 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): 33**. An RSI of 33 is neutral.
- **Beta (1 yr): 0.29** (volatility 12%). Beta of 0.29 against the S&P/TSX Composite: the shares move much less than the market.

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

Not investment advice.