24 years of historical data (2001–2024) · Real Estate · REIT - Industrial
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Granite Real Estate Investment Trust trades at 15.6x earnings, 13% above its 5-year average of 13.8x, sitting at the 69th percentile of its historical range. Compared to the Real Estate sector median P/E of 23.4x, the stock trades at a discount of 33%. On a free-cash-flow basis, the stock trades at 15.9x P/FCF, 10% above the 5-year average of 14.5x.
| 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
Granite Real Estate Investment Trust's enterprise value stands at 19.2x EBITDA, 16% above its 5-year average of 16.6x. The Real Estate sector median is 13.6x, placing the stock at a 41% premium on an enterprise-value basis.
| 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
Granite Real Estate Investment Trust earns an operating margin of 76.5%, significantly above the Real Estate sector average of 22.0%. ROE of 6.5% is modest. ROIC of 3.8% represents below-average returns on invested capital.
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
Granite Real Estate Investment Trust carries a Debt/EBITDA ratio of 7.1x, which is highly leveraged (6% above the sector average of 6.7x). Net debt stands at $3.0B ($3.1B total debt minus $126M cash). Interest coverage of 5.0x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| 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 | 5.04 | 5.04 | 5.39 | 7.73 | 7.44 | — | — | 11.68 | 9.14 | 9.49 | 8.57 |
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.07x means Granite Real Estate Investment Trust can comfortably meet its short-term obligations, though there is limited excess liquidity. The current ratio has improved from 0.44x to 1.07x over the past 3 years.
| 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
Granite Real Estate Investment Trust returns 4.5% to shareholders annually — split between a 3.7% dividend yield and 0.8% buyback yield. A payout ratio of 57.6% is moderate and appears sustainable, balancing shareholder returns with reinvestment capacity. The earnings yield of 6.4% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
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 |
Compare GRP-UN with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| GRP-UNYou | $4B | 15.6 | 19.2 | 15.9 | 82.9% | 76.5% | 6.5% | 3.8% | 7.1 |
| PLD | $132B | 35.6 | 23.2 | 27.0 | 74.9% | 53.8% | 6.4% | 3.8% | 4.5 |
| EGP | $10B | 42.1 | 19.9 | 29.3 | 72.7% | 69.4% | 7.7% | 7.3% | 2.6 |
| REXR | $9B | 31.2 | 13.5 | 82.7 | 77.5% | 68.8% | 3.2% | 4.3% | 3.8 |
| FR | $8B | 29.1 | 22.2 | 62.0 | 72.6% | 44.3% | 10.7% | 4.6% | 4.7 |
| STAG | $7B | 26.9 | 23.8 | 15.8 | — | 0.7% | 7.6% | 0.1% | — |
| TRNO | $7B | 16.9 | 25.5 | 32.8 | 50.3% | 40.3% | 10.3% | 2.9% | 3.8 |
| LXP | $3B | 27.2 | — | 17.9 | 81.6% | 0.8% | 5.1% | 0.1% | — |
| PLYM | $979M | 7.1 | 13.3 | 10.2 | 68.9% | 18.2% | 25.9% | 2.1% | 5.4 |
| ILPT | $391M | -5.9 | 0.4 | 6.4 | 86.3% | 78.0% | -6.9% | 8.9% | — |
| LPA | $80M | -2.7 | 15.0 | 30.1 | 84.1% | 48.5% | -11.0% | 3.1% | 12.5 |
| Real Estate Median | — | 23.4 | 13.6 | 13.7 | 60.4% | 22.0% | 3.3% | 2.6% | 6.7 |
Peers based on L4 peer group classification. Compare multiple stocks →
Includes 30+ ratios · 24 years · Updated daily
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Start ComparisonGranite 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.