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Granite Real Estate Investment Trust (GRTUF) fair value: what the stock is really worth
We calculate from audited financials what Granite Real Estate Investment Trust is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.
- Fair value above price? No
- Good quality? Yes
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Broad data
Sep 13, 2026
Broad data
Sep 13, 2026
Granite Real Estate Investment Trust
GRTUF · USOvervalued / MonitorQuality is not strong enough to offset the price risk.
!Fair value $51.60 · Overvalued (−16%)
✓Quality 69/100
!Mixed Growth (revenue 3y +10.7 %/yr)
✓Highly profitable · 56.6% net margin (TTM)
✓Moderate debt · generates free cash flow
·5.68% dividend yield
!Moderate moat 63/100
What runs behind every stock
26
valuation models
8 families, DCF to NCAV
37
quality factors
margins, balance sheet, cashflow, debt
6
AI factors
moat, what no ratio measures
2,000+
data points
verified, per stock, median
69 individual criteria per stock, every one traceable See the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 13, 2026.
How to read this chart
60‑month range $36.90 – $72.03 · fair‑value band $20.81 – $64.08 · the $61.34 price screens above the $51.60 fair value. Dashed = 300-day average. As of Sep 13, 2026.
Company profile
Granite Real Estate Investment Trust is a Canadian-based REIT engaged in the acquisition, development, ownership and management of logistics, warehouse and industrial properties in North America and Europe. Granite owns 145 investment properties representing approximately 61.5 million square feet of leasable area.
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Granite Real Estate Investment Trust is a Canadian-based REIT engaged in the acquisition, development, ownership and management of logistics, warehouse and industrial properties in North America and Europe. Granite owns 145 investment properties representing approximately 61.5 million square feet of leasable area. Granite Real Estate Investment Trust was incorporated in 2003 in Ontario, Canada.
Stock analysis
Granite Real Estate Investment Trust (GRTUF) currently trades at $61.34, while our model-based Fair Value estimate is $51.60, implying the stock looks roughly 18.9% overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of $82.54 per share, and 9 of the 16 models we run sit above the $61.34 price.
Bear case: the Growth DCF group reads lowest at $44.77, and 7 of the 16 models stay below the price. Evidence for this calculation is high.
Scenario range: $20.81 (bear) to $64.08 (bull), the price of $61.34 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 69/100 (solid quality), in the Real Estate sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Granite Real Estate Investment Trust reported revenue of C$619M in FY2025 versus C$393M in FY2021, a compound +12.0%/yr. Reported net income was C$342M in FY2025, compounding −28.5%/yr from FY2021.
Key figures
Market cap $4.1B · P/E ratio 13.3 · P/S ratio 7.36 · EPS (TTM) $4.61 · Dividend yield 5.7% · Net margin 55.3% · Return on equity 6.9% · Return on assets (EBIT) 4.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).
What moves the price
The share trades about 13% below its 52-week high and 28% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −18% fair-value upside, at −16%, GRTUF screens cheaper than that median.
Fair Value models
Bear $20.81
Fair Value $51.60
Bull $64.08
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 8 months old). Earnings retained since then ($0.6006 per share) are deliberately not added.
Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.
Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
Residual Income
$69.89
$72.44
$73.30
73
FCF DCF
$29.01
$79.35
$160.12
71
Growth DCF
$28.85
$75.78
$148.93
70
All 16 models by family
DCF Models
FCF DCF
$29.01
$79.35
$160.12
71
5Y Revenue Exit
$12.01
$47.38
$93.78
64
5Y EBITDA Exit
$37.65
$98.63
$173.38
68
10Y Revenue Exit
$15.84
$50.39
$100.06
59
10Y EBITDA Exit
$33.79
$86.47
$163.29
61
Dividend Discount
Gordon GGM
$29.44
$58.67
$88.84
64
DDM Multi-Stage
$29.44
$50.70
$61.93
64
Multiples
P/S Multiple
$48.58
$64.78
$80.97
58
P/B Multiple
$70.31
$93.74
$117.18
55
EV/EBIT
$78.49
$119.45
$160.42
65
EV/EBITDA
$50.80
$82.54
$114.28
66
EV/Revenue
$4.42
$25.35
$46.28
48
Asset-Based
NCAV (Graham)
$44.44
$59.55
$88.88
54
Growth DCF
Growth DCF
$28.85
$75.78
$148.93
70
Rev-Margin DCF
$11.39
$44.77
$85.39
64
Economic Profit
Residual Income
$69.89
$72.44
$73.30
73
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Set up alert →Quality Score breakdown
Overall quality
69/100
Of which business quality 66 · Market factors (momentum, volatility) 49
Profitability
36
Margins and returns on capital today
Quality Growth
47
Are margins and returns improving?
Cashflow
86
Earnings quality: real cash, not paper profit
Fin. Strength
49
Balance sheet, leverage, solvency risk
Investment
97
Disciplined investing over empire-building
Low Volatility
44
Calm price path (market factor)
Momentum
47
Price trend over the last 3–12 months (market factor)
52W Momentum
58
Distance to the 52-week high (market factor)
Net Issuance
100
Share count: buybacks or dilution?
Revenue & earnings trend
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.
87/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+8.7%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+10.7%
’21
’22
’23
’24
’25
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: EBIT basis.
≈ +17.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+11.3%
Dividend (yield on the price)5.7%
Profit margin 2021 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.75% → 75%
⚠ Rate on operating basis: 2025 sits 131% above its own trend.
Growth Forecast
Price in line with expectations
The price assumes less growth than the company has delivered so far and about what analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+7.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+5.2%
Yearly sales growth analysts expect, extended to five years.
Forecast 2026 (sales)+8.0%
Forecast 2027 (sales)+5.0%
Projected 2028 (sales)+4.7%
Projected 2029 (sales)+4.3%
Projected 2030 (sales)+3.9%
GRTUF screens 19% overvalued. Compare with Prologis, Inc →
Earlier news
News mood ⓘNews mood, the average tone of recent news (12 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.
Positive
Recent news coverage is more positive than average.
- Granite Real Estate Investment Trust's Dividend Analysis
- Granite Real Estate Investment Trust (GRTUF) (Q2 2026) Earnings Call Highlights: Strong NOI ...
- Granite Real Estate Investment reports Q1 results
- Granite REIT declares CAD 0.2958 dividend
Compare Granite Real Estate Investment Trust with another stock
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Context: sector, industry, market
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: US Stocks
- Valuation of the USA market
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
None of the checked exposures detected
Similar stocks
10 more REIT - Industrial stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Prologis, Inc PLD | $135.75 | $65.08 | −52% |
| Public Storage, a member of the S&P 500, PSA | $296.50 | $231.14 | −22% |
| Extra Space Storage Inc EXR | $137.64 | $149.42 | +9% |
| EastGroup Properties, Inc EGP | $198.12 | $121.62 | −39% |
| Lineage, Inc LINE | $37.75 | $47.91 | +27% |
| CapitaLand Ascendas REIT (CLAR) A17U | 2.34 SGD | 3.08 SGD | +32% |
| CubeSmart CUBE | $39.54 | $32.58 | −18% |
| First Industrial Realty Trust, Inc FR | $61.38 | $20.72 | −66% |
| Rexford Industrial Realty, Inc REXR | $38.04 | $15.97 | −58% |
| STAG Industrial, Inc STAG | $37.14 | $34.47 | −7% |
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Frequently asked questions
Is Granite Real Estate Investment Trust (GRTUF) overvalued or undervalued?
As of Sep 13, 2026, our model estimates a fair value of $51.60 versus a price of $61.34, about −16% upside (overvalued).
What is the fair value of GRTUF?
Our model-based fair value for Granite Real Estate Investment Trust is $51.60 (as of Sep 13, 2026), built from audited fundamentals. The current price: $61.34.
What is the quality score of GRTUF?
Granite Real Estate Investment Trust has a Quality Score of 69/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Granite Real Estate Investment Trust (GRTUF)?
Our model-based price target is the fair value of $51.60 (as of Sep 13, 2026) from 16 valuation models. Cautious scenario $20.81, optimistic scenario $64.08. It is a calculation from audited fundamentals, not an analyst target.
What is the Granite Real Estate Investment Trust stock forecast for 2026?
Our models put fair value at $51.60, about −16% upside versus a price of $61.34 (overvalued). Cautious scenario $20.81, optimistic scenario $64.08. The calculation is refreshed regularly with new filings.
What is the revenue of Granite Real Estate Investment Trust (GRTUF)?
Granite Real Estate Investment Trust reported trailing-twelve-month revenue of about $630M (latest available figure, as of Sep 13, 2026).
Does Granite Real Estate Investment Trust pay a dividend?
Granite Real Estate Investment Trust currently shows a dividend yield of about 5.68% relative to its recent price (as of Sep 13, 2026).
What growth is priced into Granite Real Estate Investment Trust (GRTUF)?
For today's price to be fair in a discounted-cash-flow model, Granite Real Estate Investment Trust would have to grow free cash flow by +7.3 % per year for five years (discount rate 9.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 4 years revenue grew +12.0 % per year. As of Sep 13, 2026.
What discount rate (WACC) does the fair value of GRTUF use?
Our models discount Granite Real Estate Investment Trust at 9.7 %: a base by market capitalisation (mid), country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Granite Real Estate Investment Trust that is +7.3 % per year a year over ten years, using the same discount rate (9.7 %) and the same formula as our fair value.
How much growth has Granite Real Estate Investment Trust (GRTUF) delivered so far?
Over the past 4 years revenue at Granite Real Estate Investment Trust grew +12.0 % a year. The price currently implies +7.3 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Granite Real Estate Investment Trust (GRTUF) growing?
The median revenue growth in the sector is +1.6 % a year. That is the yardstick for the growth priced into Granite Real Estate Investment Trust (+7.3 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Granite Real Estate Investment Trust (GRTUF)?
The free-cash-flow yield on the price is 10.44 %: that much free cash flow Granite Real Estate Investment Trust produces per unit of market value. When it exceeds the discount rate of our models (9.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Granite Real Estate Investment Trust (GRTUF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Granite Real Estate Investment Trust it is $51.60 per share (as of Sep 13, 2026), against a price of $61.34. It is the blended result of 16 valuation models (cash flow, earnings, asset, dividend).
Is Granite Real Estate Investment Trust stock overvalued or undervalued in 2026?
As of Sep 13, 2026, GRTUF trades above its calculated fair value: price $61.34, fair value $51.60, a gap of about −16% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of GRTUF?
No. The price is what the market pays today ($61.34); the fair value is what the company's own numbers justify ($51.60). For Granite Real Estate Investment Trust the two are $9.74 per share apart. That gap is exactly why we show both numbers side by side.
How much is Granite Real Estate Investment Trust worth?
The market values Granite Real Estate Investment Trust at about $4.1B (market capitalisation, as of Sep 13, 2026). Per share that is $61.34; our models calculate a fair value of $51.60 per share.
What do the bullish and bearish scenarios say about GRTUF?
Our models span a range for Granite Real Estate Investment Trust: cautious scenario $20.81, base $51.60, optimistic $64.08 per share (as of Sep 13, 2026, price $61.34). The range comes from different growth and margin assumptions, not from analyst opinions.
How far is GRTUF from its 52-week high?
Granite Real Estate Investment Trust trades at $61.34, about 13% below its 52-week high of $70.85 and 28% above the low of $47.85 (as of Sep 13, 2026). Distance from the high says nothing about value: that is what the fair value of $51.60 is for.
Which stocks are comparable to Granite Real Estate Investment Trust?
From the same area (Real Estate) we also value Prologis, Inc, Public Storage, a member of the S&P 500,, Extra Space Storage Inc, EastGroup Properties, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Granite Real Estate Investment Trust stock attractive at the current price?
The data as of Sep 13, 2026: price $61.34, calculated fair value $51.60 (−16%), Quality Score 69/100, from 16 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of GRTUF calculated?
We run Granite Real Estate Investment Trust through 16 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $51.60, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.8 % above its aggregate fair value. Granite Real Estate Investment Trust itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What should I pay attention to with Granite Real Estate Investment Trust right now?
The model range is unusually wide ($20.81 to $64.08). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid but not exceptional quality (69/100) and above fair value, neither a clear bargain nor a standout compounder. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Key figures of Granite Real Estate Investment Trust
How large is the market capitalisation of Granite Real Estate Investment Trust (GRTUF)?
The market capitalisation of Granite Real Estate Investment Trust is $4.1B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/E ratio of Granite Real Estate Investment Trust (GRTUF)?
The price-to-earnings ratio of Granite Real Estate Investment Trust is 13.3. Price to earnings: how many years of current profit you pay for the stock. A P/E of 10 means ten years of profit.
What is the P/S ratio of Granite Real Estate Investment Trust (GRTUF)?
The price-to-sales ratio of Granite Real Estate Investment Trust is 7.36 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Granite Real Estate Investment Trust (GRTUF)?
Earnings per share at Granite Real Estate Investment Trust are $4.61 (price ÷ EPS = P/E 13.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Granite Real Estate Investment Trust (GRTUF)?
The dividend yield of Granite Real Estate Investment Trust is 5.7% (payout 75.6%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Granite Real Estate Investment Trust (GRTUF)?
The net margin of Granite Real Estate Investment Trust is 55.3% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Granite Real Estate Investment Trust (GRTUF)?
The return on equity (ROE) of Granite Real Estate Investment Trust is 6.9% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Granite Real Estate Investment Trust (GRTUF)?
On an EBIT basis the return on assets of Granite Real Estate Investment Trust is 4.2% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Granite Real Estate Investment Trust (GRTUF)?
The operating margin of Granite Real Estate Investment Trust is 73.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Granite Real Estate Investment Trust (GRTUF)?
Revenue at Granite Real Estate Investment Trust is growing +7.8% versus a year earlier (3y avg +10.7%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Granite Real Estate Investment Trust (GRTUF)?
Earnings per share at Granite Real Estate Investment Trust are growing +112% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Granite Real Estate Investment Trust (GRTUF) carry?
The net debt of Granite Real Estate Investment Trust is $3.1B (fiscal year 2025, ≈ 8.1 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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