Nexus Industrial REIT (NXR-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

+59.7%

CA$11.74

vs CA$7.35 price

Levered DCF

-CA$7.22

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.6

Distress zone

Rating

Overall 3 / 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	12.74×	7.93×	4.63×	8.31×	4.48×	18.11×	8.23×	4.85×
P/B	0.7×	0.68×	0.74×	0.88×	0.95×	0.89×	0.91×	0.87×
P/S	4.32×	4.11×	4.7×	5.57×	7.84×	4.36×	4.01×	3.49×
EV / EBITDA	18.15×	13.44×	9.54×	10.53×	11.51×	12.88×	9.87×	19.83×
Gross margin	74.0%	71.6%	71.0%	69.9%	67.0%	63.9%	63.2%	62.4%
Operating margin	67.4%	67.2%	65.5%	103.8%	-31.0%	67.6%	55.7%	57.1%
Net margin	34.0%	51.7%	101.5%	66.9%	175.2%	24.2%	48.6%	71.8%
Current ratio	0.13×	0.33×	0.37×	0.81×	1.12×	0.66×	0.31×	0.09×
Debt / equity	1.2×	1.18×	1.19×	0.95×	0.99×	1.14×	1.14×	1.3×
Interest coverage	2.2×	2.15×	0×	4.89×	-1.7×	3.77×	2.88×	0×
Dividend yield	6.0%	5.8%	5.1%	4.5%	3.2%	5.6%	5.9%	7.1%
Payout ratio	76.5%	45.8%	23.6%	37.4%	14.3%	100.3%	49.1%	34.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	5.5%	8.6%	16.0%	10.5%	21.2%	5.0%	11.1%	17.8%
Return on invested capital	4.4%	5.0%	4.3%	5.7%	-1.6%	2.5%	3.8%	5.7%
Return on assets	2.2%	3.5%	6.5%	4.7%	8.8%	2.1%	4.8%	7.1%
Free cash flow yield	3.6%	3.4%	4.3%	4.0%	3.0%	7.0%	8.0%	8.6%
Earnings yield	7.9%	12.6%	21.6%	12.0%	22.3%	5.5%	12.1%	20.6%
Enterprise value	CA$2.1B	CA$2B	CA$1.9B	CA$1.6B	CA$1.3B	CA$596.5M	CA$533.7M	CA$469.2M
Net debt / EBITDA	11.48×	8.5×	5.86×	5.43×	5.49×	7.1×	5.42×	11.85×
Cash conversion cycle (days)	-42	-109	-114	-99	16	-35	-3	47