Latest Ratios: P/E Ratio 15.6x · EV/EBITDA 19.2x · ROE 6.5%. (2001–2024 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.9B | $3.1B | $3.7B | $3.3B | $5.3B | $3.5B | $2.5B | $1.8B | $1.8B | $1.6B | $1.3B |
| Enterprise Value | $6.1B | $6.1B | $6.6B | $6.3B | $7.4B | $5.0B | $3.4B | $2.3B | $2.4B | $2.0B | $1.7B |
| P/E Ratio → | 15.60 | 8.50 | 26.97 | 21.33 | 4.07 | 8.07 | 6.50 | 3.82 | 5.12 | 5.64 | 6.69 |
| P/S Ratio | 9.48 | 5.39 | 7.01 | 7.31 | 13.55 | 10.19 | 9.10 | 7.18 | 8.23 | 7.05 | 5.99 |
| P/B Ratio | 0.98 | 0.53 | 0.69 | 0.61 | 1.00 | 0.88 | 0.79 | 0.71 | 0.86 | 0.81 | 0.70 |
| P/FCF | 15.95 | 9.06 | 11.69 | 12.03 | 20.38 | 19.37 | 16.23 | 14.26 | 24.44 | 11.22 | 9.73 |
| P/OCF | 15.94 | 9.06 | 11.67 | 12.00 | 20.33 | 14.19 | 13.54 | 11.25 | 11.55 | 9.85 | 8.10 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 10.64 | 12.74 | 13.75 | 18.77 | 14.59 | 12.59 | 9.36 | 10.98 | 8.85 | 8.04 |
| EV / EBITDA | 19.21 | 13.87 | 16.85 | 17.85 | 25.10 | 9.30 | 16.56 | 7.72 | 9.42 | 8.20 | 10.73 |
| EV / EBIT | 19.26 | 12.63 | 32.89 | 45.60 | 4.65 | 9.32 | 16.74 | 4.32 | 6.29 | 5.68 | 6.95 |
| EV / FCF | — | 17.89 | 21.22 | 22.64 | 28.23 | 27.72 | 22.45 | 18.59 | 32.59 | 14.07 | 13.07 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 82.9% | 82.9% | 83.5% | 83.5% | 84.5% | 86.1% | 87.0% | 87.5% | 95.8% | 96.6% | 96.7% |
| Operating Margin | 76.5% | 76.5% | 75.3% | 76.7% | 74.5% | — | 75.7% | 87.5% | 81.2% | 83.7% | 74.6% |
| Net Profit Margin | 63.4% | 63.4% | 26.2% | 34.2% | 332.9% | 126.3% | 140.0% | 188.0% | 160.7% | 125.0% | 89.4% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 6.5% | 6.5% | 2.5% | 2.9% | 28.3% | 12.2% | 13.5% | 20.1% | 17.5% | 14.7% | 11.1% |
| ROA | 3.9% | 3.9% | 1.5% | 1.7% | 17.1% | 7.4% | 8.5% | 12.6% | 11.7% | 9.9% | 7.5% |
| ROIC | 3.8% | 3.8% | 3.5% | 3.3% | 3.4% | — | 4.3% | 5.6% | 5.3% | 6.0% | 5.5% |
| ROCE | 4.8% | 4.8% | 4.5% | 4.1% | 4.0% | — | 4.7% | 6.0% | 6.1% | 6.8% | 6.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.54 | 0.54 | 0.59 | 0.56 | 0.46 | 0.59 | 0.40 | 0.48 | 0.32 | 0.33 | 0.30 |
| Debt / EBITDA | 7.13 | 7.13 | 7.87 | 8.75 | 8.35 | 4.36 | 6.03 | 3.99 | 2.62 | 2.68 | 3.48 |
| Net Debt / Equity | — | 0.52 | 0.56 | 0.54 | 0.39 | 0.38 | 0.30 | 0.22 | 0.29 | 0.21 | 0.24 |
| Net Debt / EBITDA | 6.84 | 6.84 | 7.57 | 8.36 | 6.98 | 2.80 | 4.59 | 1.80 | 2.35 | 1.66 | 2.74 |
| Debt / FCF | — | 8.82 | 9.53 | 10.60 | 7.86 | 8.35 | 6.22 | 4.34 | 8.15 | 2.85 | 3.34 |
| Interest Coverage | 5.54 | 5.54 | 2.77 | 3.04 | 40.37 | — | — | 28.93 | 19.63 | 17.66 | 13.30 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.07 | 1.07 | 0.39 | 0.44 | 2.96 | 2.26 | 3.78 | 8.39 | 4.02 | 4.29 | 1.25 |
| Quick Ratio | 1.07 | 1.07 | 0.39 | 0.44 | 2.96 | 2.26 | 3.78 | 8.39 | 4.00 | 4.29 | 1.25 |
| Cash Ratio | 0.86 | 0.86 | 0.30 | 0.22 | 2.45 | 2.22 | 3.51 | 7.78 | 0.60 | 4.21 | 1.15 |
| Asset Turnover | — | 0.06 | 0.06 | 0.05 | 0.05 | 0.05 | 0.06 | 0.06 | 0.07 | 0.08 | 0.08 |
| Inventory Turnover | — | — | — | — | — | — | — | — | 3.66 | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.7% | 6.8% | 5.6% | 6.1% | 3.6% | 4.7% | 6.1% | 7.0% | 6.7% | 7.2% | 8.4% |
| Payout Ratio | 57.6% | 57.6% | 149.2% | 129.9% | 14.6% | 37.9% | 39.4% | 26.9% | 34.3% | 40.5% | 56.0% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.4% | 11.8% | 3.7% | 4.7% | 24.6% | 12.4% | 15.4% | 26.2% | 19.5% | 17.7% | 14.9% |
| FCF Yield | 6.3% | 11.0% | 8.6% | 8.3% | 4.9% | 5.2% | 6.2% | 7.0% | 4.1% | 8.9% | 10.3% |
| Buyback Yield | 0.8% | 1.5% | 0.7% | 4.7% | 0.0% | 0.7% | 0.0% | 3.6% | 0.7% | 0.0% | 0.0% |
| Total Shareholder Yield | 4.5% | 8.3% | 6.3% | 10.7% | 3.6% | 5.4% | 6.1% | 10.6% | 7.3% | 7.2% | 8.4% |
| Shares Outstanding | — | $63M | $63M | $65M | $64M | $57M | $49M | $46M | $47M | $47M | $47M |
Automotive sector concentration risk
As reported in quarterly financial data, Granite maintained a robust NOI margin of 83.1% in 2025Q3, demonstrating that the triple-net lease structure remains highly effective at insulating the REIT from inflationary pressures on property-level operating expenses like utilities and maintenance costs.
The consistency of these margins suggests that the REIT's high-specification industrial assets continue to command premium pricing power. Investors should monitor whether the ongoing pivot toward speculative development projects begins to dilute these margins as construction and lease-up costs are absorbed.
According to the REIT's reported figures, the FFO payout ratio has fluctuated significantly, reaching 75.4% in 2025Q3 compared to 46.2% in 2024Q3, which suggests that dividend sustainability may be sensitive to the timing of capital recycling and non-recurring income items.
While the current payout remains within a manageable range, the wide variance over the last ten quarters indicates that cash flow generation is not yet fully stabilized. This volatility may imply that the REIT's dividend policy is subject to the cyclical nature of its development pipeline rather than purely recurring rental income.
Based on the most recent quarterly filings, Granite maintains a debt-to-equity ratio of 0.61 as of 2025Q3, which remains exceptionally low for an industrial REIT and suggests a significant buffer against interest rate volatility compared to more highly levered peers in the logistics space.
This balance sheet strength appears to provide the REIT with a distinct cost-of-capital advantage, potentially allowing for opportunistic acquisitions during periods of market dislocation. However, analysts should investigate whether this low leverage reflects a deliberate strategy to avoid refinancing risk or a temporary pause in capital deployment.
As noted in institutional research, the market's reliance on standard P/E ratios for Granite is fundamentally flawed, as reported net income is heavily distorted by non-cash IFRS fair value adjustments on investment properties that obscure the REIT's actual cash-generating capacity.
Investors should instead prioritize FFO or AFFO multiples to better capture the recurring cash flow generated by the underlying industrial portfolio. Relying on P/E ratios likely leads to a misinterpretation of the REIT's valuation, as it fails to account for the depreciation and revaluation dynamics inherent in real estate accounting.
Includes 30+ ratios · 24 years · Updated daily
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Quick answers to the most common questions about buying GRP-UN stock.
Granite Real Estate Investment Trust's current P/E ratio is 15.6x. The historical average is 13.3x. This places it at the 69th percentile of its historical range.
Granite Real Estate Investment Trust's current EV/EBITDA is 19.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 17.8x.
Granite Real Estate Investment Trust's return on equity (ROE) is 6.5%. The historical average is 7.0%.
Based on historical data, Granite Real Estate Investment Trust is trading at a P/E of 15.6x. This is at the 69th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Granite Real Estate Investment Trust's current dividend yield is 3.69% with a payout ratio of 57.6%.
Granite Real Estate Investment Trust has 82.9% gross margin and 76.5% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Granite Real Estate Investment Trust's Debt/EBITDA ratio is 7.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.