Granite Real Estate Investment Trust (GRT-UN.TO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-38.5%

CA$52.76

vs CA$85.83 price

Levered DCF

CA$52.64

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.22

Distress zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	14.59×	12.2×	35.31×	28.9×	5.15×	10.26×	8.46×	5.23×
P/B	0.91×	0.76×	0.92×	0.82×	1.27×	1.12×	1.03×	0.97×
P/S	8.07×	7.69×	9.27×	9.89×	17.14×	12.96×	11.81×	9.82×
EV / EBITDA	18.01×	15.32×	38.47×	53.53×	5.53×	10.85×	9.16×	5.53×
Gross margin	82.0%	82.9%	83.5%	83.5%	84.5%	86.1%	87.1%	87.5%
Operating margin	74.9%	76.5%	75.7%	75.8%	74.3%	76.4%	87.1%	87.5%
Net margin	55.3%	63.4%	26.2%	34.2%	332.9%	126.3%	139.6%	188.0%
Current ratio	0.39×	1.07×	0.39×	0.44×	2.96×	2.26×	3.78×	8.39×
Debt / equity	0.61×	0.54×	0.59×	0.56×	0.46×	0.56×	0.39×	0.48×
Interest coverage	4.78×	5.04×	5.42×	7.64×	7.42×	7.73×	8.58×	11.68×
Dividend yield	4.2%	4.8%	4.2%	4.5%	2.8%	3.7%	4.7%	5.1%
Payout ratio	60.8%	57.6%	149.2%	129.9%	14.6%	37.9%	39.4%	26.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	6.2%	6.3%	2.6%	2.8%	24.6%	11.0%	12.1%	18.6%
Return on invested capital	4.5%	4.2%	4.4%	3.8%	2.9%	3.4%	4.5%	4.7%
Return on assets	3.5%	3.7%	1.5%	1.7%	15.3%	6.4%	8.0%	11.1%
Free cash flow yield	7.8%	7.7%	6.5%	6.1%	3.9%	4.1%	4.7%	5.1%
Earnings yield	6.9%	8.2%	2.8%	3.5%	19.4%	9.7%	11.8%	19.1%
Enterprise value	CA$8.3B	CA$7.4B	CA$7.8B	CA$7.4B	CA$8.8B	CA$5.8B	CA$4.2B	CA$3B
Net debt / EBITDA	7.15×	6.22×	14.68×	21.11×	1.29×	2.59×	2.03×	1.01×
Cash conversion cycle (days)	-52	-39	-39	-45	-38	-23	-44	-57