G 
Granite Real Estate Investment Trust GRT.UN.TO · CAD
Real Estate · Toronto Stock Exchange · 🇨🇦 Canada
87.01
+0.10%
Close of 9 Nov 2026, in CAD
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At a glance
Figures in CAD, from our data supplier.
Revenue
C$569.1m
FY2015FY2024
Net income
C$360.6m
FY2015FY2024
Free cash flow
C$338.5m
FY2015FY2024
Shareholders' equity
C$5.73bn
FY2015FY2024
Income statement
Fiscal years
| FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | C$569.1m | C$521.3m | C$455.6m | C$393.5m | C$340.2m | C$273.7m | C$247.5m | C$244.7m | C$223.4m | C$216.3m |
| Gross profit | C$472.0m | C$435.2m | C$380.4m | C$332.7m | C$293.0m | C$238.3m | C$216.5m | C$213.3m | C$215.8m | C$209.2m |
| Operating income | C$435.3m | C$392.5m | C$349.3m | C$292.9m | C$259.7m | C$206.0m | C$186.9m | C$181.0m | C$187.1m | C$180.2m |
| Net income | C$360.6m | C$136.7m | C$155.8m | C$1.31bn | C$429.8m | C$382.1m | C$465.2m | C$357.7m | C$279.3m | C$193.3m |
| Diluted earnings per share | 5.71 | 2.14 | 2.39 | 20.47 | 7.22 | 7.80 | 10.13 | 7.59 | 5.93 | 4.11 |
Balance sheet
At each fiscal year end
| FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | C$9.62bn | C$9.07bn | C$9.28bn | C$8.57bn | C$6.75bn | C$4.80bn | C$4.19bn | C$3.21bn | C$2.91bn | C$2.73bn |
| Cash and short-term investments | C$126.2m | C$116.1m | C$135.1m | C$402.5m | C$831.3m | C$298.7m | C$658.2m | C$69.0m | C$246.2m | C$119.2m |
| Total liabilities | C$3.89bn | C$3.79bn | C$3.81bn | C$3.25bn | C$2.83bn | C$1.66bn | C$1.69bn | C$1.07bn | C$963.4m | C$882.8m |
| Debt | C$3.11bn | C$3.10bn | C$3.07bn | C$2.46bn | C$2.21bn | C$1.22bn | C$1.20bn | C$679.9m | C$646.8m | C$564.0m |
| Shareholders' equity | C$5.73bn | C$5.28bn | C$5.48bn | C$5.32bn | C$3.92bn | C$3.15bn | C$2.50bn | C$2.14bn | C$1.95bn | C$1.85bn |
| Shares outstanding | 63m | 64m | 65m | 64m | 60m | 49m | 46m | 47m | 47m | 47m |
Cash flow
Fiscal years
| FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | C$338.6m | C$313.2m | C$277.5m | C$262.3m | C$244.3m | C$183.4m | C$157.9m | C$158.7m | C$160.0m | C$159.8m |
| Capital spending | −C$125,000 | −C$285,000 | −C$800,000 | −C$600,000 | −C$1.7m | −C$200,000 | −C$1.3m | −C$600,000 | −C$200,000 | −C$26.7m |
| Free cash flow | C$338.5m | C$312.9m | C$276.7m | C$261.7m | C$242.6m | C$183.2m | C$156.6m | C$158.1m | C$159.8m | C$133.1m |
| Dividends paid | −C$207.9m | −C$203.9m | −C$202.3m | −C$191.1m | −C$163.1m | −C$150.6m | −C$125.1m | −C$122.6m | −C$113.1m | −C$108.3m |
Latest quarters
By quarter end
| Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | Jun 2024 | Mar 2024 | Dec 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | C$153.0m | C$149.3m | C$154.7m | C$148.0m | C$141.9m | C$140.3m | C$138.9m | C$129.8m |
| Gross profit | C$127.1m | C$123.4m | C$125.6m | C$121.1m | C$119.6m | C$116.8m | C$114.5m | C$110.1m |
| Operating income | C$112.7m | C$113.1m | C$116.9m | C$114.0m | C$106.7m | C$109.8m | C$104.8m | C$100.3m |
| Net income | C$68.0m | C$95.0m | C$43.9m | C$84.0m | C$112.0m | C$76.0m | C$89.1m | C$31.3m |
| Diluted earnings per share | 1.12 | 1.55 | 0.70 | 1.33 | 1.77 | 1.21 | 1.40 | 0.49 |
| Total assets | C$9.63bn | C$9.47bn | C$9.63bn | C$9.62bn | C$9.32bn | C$9.27bn | C$9.23bn | C$9.07bn |
| Cash and short-term investments | C$127.9m | C$86.4m | C$123.1m | C$126.2m | C$133.5m | C$101.3m | C$139.9m | C$116.1m |
| Debt | C$3.10bn | C$3.21bn | C$3.13bn | C$3.11bn | C$2.33bn | C$2.88bn | C$2.87bn | C$2.85bn |
| Shareholders' equity | C$5.51bn | C$5.39bn | C$5.67bn | C$5.73bn | C$5.45bn | C$5.43bn | C$5.39bn | C$5.28bn |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 13.1% | 15.8% | 10.6% |
| Operating income | 14.1% | 16.1% | 9.7% |
| Net income | -34.9% | -1.2% | 17.8% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 83.2% | 83.5% | 84.3% | 86.8% |
| Operating margin | 75.9% | 75.8% | 75.8% | 77.0% |
| Net margin | 45.6% | 101.2% | 108.7% | 112.1% |
Valuation history
At each fiscal year end
| FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 12.2 | 35.7 | 28.9 | 5.2 | 10.8 | 8.5 | 5.3 | 6.3 | 7.4 | 9.0 |
| Price to sales | 7.8 | 9.3 | 9.9 | 17.1 | 13.6 | 11.8 | 9.9 | 9.3 | 9.2 | 8.1 |
Dividends and splits
Per share, in the currency the company pays
Paid for 22 years. Last went ex-dividend on 29 Sept 2026.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 3.412 | 3.308 | 3.209 | 3.108 | 3.008 | 2.912 | 2.805 | 2.73 |
- 1-to-1 reverse split · 4 Jan 2013
- 1-to-1 reverse split · 4 Jul 2011
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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