Granite Real Estate Investment Trust (GRTUF) AI Stock Analysis

Granite Real Estate Investment Trust is a Canadian-based REIT established in 2003 and incorporated in Canada. With a workforce of 70 employees, the company focuses on the acquisition, development, ownership, and management of logistics, warehouse, and industrial properties situated across North America and Europe. Granite owns 145 investment properties representing approximately 61.5 million square feet of leasable area, operating primarily within the industrial real estate sector.

Granite's annual revenue expanded from $393.5M in FY2021 to $618.7M in FY2025, delivering a four-year compound annual growth rate of 12.0%. Annual revenue grew 15.8% in FY2022, 14.4% in FY2023, 9.2% in FY2024, and 8.7% in FY2025. Operating margins remained stable, recording 74.5% in FY2021 and 74.7% in FY2025. Net income was $1.31B in FY2021, $155.8M in FY2022, $136.7M in FY2023, $360.6M in FY2024, and $342.3M in FY2025. For the trailing twelve months ended June 30, 2026, revenue stood at $644.4M with an operating margin of 70.6%. In the latest quarter, quarterly revenue grew 9.8% year-over-year, while quarterly earnings declined 27.2%.

As of June 30, 2026, Granite held $94.6M in cash and short-term investments against total debt of $2.22B, resulting in net debt of $2.13B. Total assets stood at $9.79B and shareholders' equity reached $5.78B, corresponding to a debt-to-equity ratio of 0.38 and a current ratio of 0.18. In FY2025, the trust generated operating cash flow of $388.1M and free cash flow of $388.0M. Capital deployment in FY2025 included $117,000 in capital expenditures, $144.6M in share buybacks, and $208.1M in dividends paid.

Granite trades at a trailing P/E of 14.1x and a forward P/E of 12.3x, both lower than the median of its US-listed Real Estate peers at 21.6x and 23.5x, respectively. Its enterprise value to EBITDA ratio is 16.7x, compared to the peer median of 14.7x, while its price-to-sales multiple is 5.9x against the peer median of 3.7x. Over the past year, the stock returned 15.8%, trailing the S&P 500 return of 16.8%. Over a five-year period, Granite returned -3.4%, underperforming the S&P 500 return of 83.0%.

Granite pays a monthly dividend with an annualized forward payout of $2.50 per share, representing a dividend yield of 4.10%. The trust has paid dividends for 23 consecutive years, achieving a five-year annualized dividend growth rate of 3.1%. Its payout ratio is 58.6%, and its last ex-dividend date was September 29, 2026.

Wall Street analysts set a mean price target of $68.58 for Granite, representing an upside of 12.5% from its last close of $60.93 on October 16, 2026. For the current fiscal year ending December 31, 2026, consensus estimates project revenue of $666.9M. For the next fiscal year, analysts forecast revenue to reach $706.8M, representing estimated revenue growth of 6.0%.

This page is an AI-written research summary of Granite Real Estate Investment Trust (GRTUF). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

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