Granite Real Estate Investment Trust (GRTUF) Key Metrics
GRTUF key metrics, 2021–2025
Fiscal year ended December 31, 2025 · Canadian dollarsGRTUF returns How much profit the business earns on the capital it uses.
GRTUF financial health Debt, liquidity and how easily interest is covered.
GRTUF efficiency & capital use Working capital cycle and where the cash goes.
GRTUF returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
GRTUF debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
GRTUF cash returned to shareholders
GRTUF key metrics in Canadian dollars
2021–2025| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Returns & profitability | |||||
| Return on equity (ROE) | 6.1% | 6.5% | 2.5% | 2.9% | 24.6% |
| Return on invested capital (ROIC) | 4.3% | 4.1% | 3.9% | 3.6% | 3.2% |
| Return on assets (ROA) | 3.5% | 3.9% | 1.5% | 1.7% | 15.3% |
| Return on tangible assets | 3.5% | 3.7% | 1.5% | 1.7% | 15.3% |
| Free cash flow margin | 62.7% | 59.5% | 60.0% | 60.7% | 66.5% |
| Income quality (OCF / net income) | 1.13 | 0.94 | 2.29 | 1.78 | 0.20 |
| Financial health | |||||
| Total debt | C$2.90B | C$3.08B | C$2.82B | C$2.58B | C$2.43B |
| Cash & short-term investments | C$139.6M | C$126.2M | C$116.1M | C$135.1M | C$402.5M |
| Net debt | C$2.76B | C$2.95B | C$2.71B | C$2.45B | C$2.02B |
| Debt / equity | 0.52 | 0.54 | 0.53 | 0.47 | 0.46 |
| Debt / assets | 0.30 | 0.32 | 0.31 | 0.28 | 0.28 |
| Net debt / EBITDA | 6.08 | 6.14 | 13.32 | 17.63 | — |
| Current ratio | 0.41 | 1.07 | 0.39 | 0.44 | 2.96 |
| Quick ratio | 0.41 | 1.07 | 0.39 | 0.44 | 2.96 |
| Interest coverage | 5.1 | 5.0 | 5.4 | 7.7 | 7.4 |
| Working capital | −C$348.3M | C$11.0M | −C$232.8M | −C$345.7M | C$322.2M |
| Invested capital | C$8.28B | C$8.69B | C$7.99B | C$7.93B | C$7.34B |
| Tangible asset value | C$5.52B | C$5.74B | C$5.28B | C$5.48B | C$5.32B |
| Net current asset value | −C$3.97B | −C$3.73B | −C$3.63B | −C$3.53B | −C$2.76B |
| Capital allocation | |||||
| Dividends paid | C$208.1M | C$207.9M | C$203.9M | C$202.3M | C$191.1M |
| Share buybacks (net) | C$144.6M | C$45.8M | C$27.0M | C$155.5M | C$0 |
| Dividend payout ratio | 60.8% | 57.6% | 149.2% | 129.9% | 14.6% |
| Dividends + buybacks / free cash flow | 90.9% | 74.9% | 73.8% | 129.3% | 73.0% |
| Capex / revenue | 0.0% | 0.0% | 0.1% | 0.2% | 0.1% |
| Capex / operating cash flow | 0.0% | 0.0% | 0.1% | 0.3% | 0.2% |
| Capex / depreciation | 0.10 | 0.10 | 0.22 | 0.51 | 0.45 |
| Stock-based compensation / revenue | 2.2% | 0.9% | 2.0% | −0.0% | 3.2% |
| SG&A / revenue | 7.3% | 6.4% | 7.7% | 6.3% | 9.6% |
| Efficiency | |||||
| Days sales outstanding | 8.0 | 9.8 | 8.5 | 9.2 | 10.0 |
| Days payables outstanding | 52.1 | 46.8 | 48.0 | 46.5 | 47.9 |
| Cash conversion cycle (days) | -44.1 | -37.1 | -39.4 | -37.4 | -37.9 |
| Receivables turnover | 45.62 | 37.30 | 42.83 | 39.71 | 36.53 |
| Payables turnover | 7.00 | 7.79 | 7.61 | 7.84 | 7.62 |
| Asset turnover | 0.06 | 0.06 | 0.06 | 0.05 | 0.05 |
| Average receivables | C$13.6M | C$15.3M | C$12.2M | C$11.5M | C$10.8M |
| Average payables | C$15.6M | C$12.5M | C$11.3M | C$9.6M | C$8.0M |
| Intangibles / total assets | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Computed from GRTUF's annual financial statements (latest annual report filed —) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in Canadian dollars; data from EODHD. Averages use the opening and closing balance of each year.
GRTUF valuation and financial ratios
Granite Real Estate Investment earned a return on equity of 6.1% and a return on invested capital of 4.3% in fiscal 2025. It ended the year with C$2.9 billion of debt and C$139.6 million in cash and short-term investments, net debt of C$2.8 billion. It returned C$352.8 million to shareholders: C$208.1 million in dividends and C$144.6 million in share buybacks, 91% of free cash flow.
See the GRTUF income statement, the GRTUF chart for price history, or the GRTUF stock overview for the latest quote and news.
GRTUF key metrics FAQ
What is Granite Real Estate Investment's return on equity?
Granite Real Estate Investment's return on equity (ROE) was 6.1% in fiscal 2025: net income of C$342.3 million on average shareholders' equity of C$5.6 billion.
What is Granite Real Estate Investment's ROIC?
Granite Real Estate Investment's return on invested capital was 4.3% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Granite Real Estate Investment have?
Granite Real Estate Investment had total debt of C$2.9 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.52 and C$2.8 billion of net debt (6.08 times EBITDA).
Does Granite Real Estate Investment buy back its shares?
Yes. Granite Real Estate Investment spent C$144.6 million on net share repurchases in fiscal 2025.
What is Granite Real Estate Investment's current ratio?
Granite Real Estate Investment's current ratio was 0.41 at the end of fiscal 2025: current assets were 0.41 times current liabilities.