CAR-UN Stock Analysis: Canadian Apartment | TO

Apartments, Townhomes, Rental Housing, Residential Holdings

Total Rating 22

Safety 65

Buy Signal -0.86

REIT - Residential
Industry Rotation: +3.7

Market Cap: 3.38B
Avg Turnover: 16.5M

Risk 3d forecast

Volatility18.6%

VaR 5^th Pctl3.28%

VaR vs Median6.85%

Reward TTM

Sharpe Ratio-1.03

Rel. Str. IBD16.8

Rel. Str. Peer Group15.1 pctl

Character TTM

Beta-0.060

Beta Downside0.018

Hurst Exponent0.476

Choppyness26.5%

Drawdowns 3y

Max DD38.19%

CAGR/Max DD-0.16

CAGR/Mean DD-0.30

EPS (Earnings per Share)

Revenue

Rev. CAGR: -2.98%
Rev. Trend: -66.6%

Last SUE: -1.02
Qual. Beats: -1

Warnings

High Debt/EBITDA With Thin Interest Coverage

Interest Coverage Ratio Critical

Below Sma 200d

Tailwinds

No distinct edge detected

Seasonality 11.8 years of data

Jan +2.9% 5

Feb -0.2% 15

Mar +0.3% 5

Apr -0.1% 7

May -0.0% 5

Jun +2.1% 23

Jul +0.3% 22

Aug -3.4% 23

Sep -0.0% 10

Oct -3.8% 39

Nov +1.6% 14

Dec -0.7% 11

How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.

Description: CAR-UN Canadian Apartment

Canadian Apartment Properties Real Estate Investment Trust (CAPREIT) is a Canadian residential REIT established in 1997. It owns rental apartments and townhomes across Canada and, to a lesser extent, the Netherlands.

As of June 30, 2026, the trust reported approximately 45,400 residential suites and a total fair value of about $14.4 billion, excluding assets held for sale. Residential REITs generally earn income by renting homes to tenants.

Headlines to Watch Out For

Canadian rent growth and occupancy lift same-property net operating income
Higher borrowing costs pressure refinancing, distributions, and property valuations
Rent controls constrain rental revenue growth across key markets

Piotroski VR-10 (Strict) 2.5

Net Income: -131.8m TTM > 0 and > 6% of Revenue
FCF/TA: 0.01 > 0.02 and ΔFCF/TA -1.09 > 1.0
NWC/Revenue: -89.72% < 20% (prev -43.84%; Δ -45.88% < -1%)
CFO/TA 0.03 > 3% & CFO 422.7m > Net Income -131.8m
Net Debt (6.10b) to EBITDA (157.6m): 38.69 < 3
Current Ratio: 0.20 > 1.5 & < 3
Outstanding Shares: last quarter (154.4m) vs 12m ago -3.91% < -2%
Gross Margin: 59.48% > 18% (prev 59.40%; Δ 0.08% > 0.5%)
Asset Turnover: 6.57% > 50% (prev 6.95%; Δ -0.37% > 0%)
Interest Coverage Ratio: 0.76 > 6 (EBIT TTM 151.6m / Interest Expense TTM 198.3m)

Altman Z'' 1.95

A: -0.06 (Total Current Assets 226.2m - Total Current Liabilities 1.11b) / Total Assets 14.8b
B: 0.28 (Retained Earnings 4.12b / Total Assets 14.8b)
C: 0.01 (EBIT TTM 151.6m / Avg Total Assets 15.1b)
D: 1.30 (Book Value of Equity 8.34b / Total Liabilities 6.41b)
Altman-Z'' = 1.95 = BBB

Beneish M -3.15

DSRI: 0.90 (Receivables 18.7m/22.5m, Revenue 989.9m/1.07b)
GMI: 1.00 (GM 59.40% / 59.48%)
AQI: 1.03 (AQ_t 0.98 / AQ_t-1 0.95)
SGI: 0.93 (Revenue 989.9m / 1.07b)
TATA: -0.04 (NI -131.8m - CFO 422.7m) / TA 14.8b)
Beneish M = -3.15 (Cap -4..+1) = AA

What is the price of CAR-UN shares?

As of November 04, 2026, the stock is trading at CAD 31.39 with a total of 527,710 shares traded. Over the past week, the price has changed by -0.50%, over one month by +1.19%, over three months by -8.54% and over the past year by -14.07%.

Current recommended Stop Loss: 30.60 (which is 2.5% or 1.5 ATR below the current price).

Is CAR-UN a buy, sell or hold?

Canadian Apartment has no consensus analysts rating.

Canadian Apartment (CAR-UN) - Fundamental Data Overview as of 03 November 2026

Market Cap USD = 3.38b (4.73b CAD * 0.7147 CAD.USD)
P/E Forward = 12.1655
P/S = 4.7748
P/B = 0.5665
P/EG = 1.5226
Revenue TTM = 989.9m CAD
EBIT TTM = 151.6m CAD
EBITDA TTM = 157.6m CAD
Long Term Debt = 4.98b CAD (from longTermDebt, last quarter)
Short Term Debt = 1.11b CAD (from shortTermDebt, last quarter)
Debt = 6.16b CAD (from shortLongTermDebtTotal, last quarter) + Leases 30.8m
Net Debt = 6.10b CAD (calculated: Debt 6.16b - CCE 61.9m)
Enterprise Value = 10.8b CAD (4.73b + Debt 6.16b - CCE 61.9m)
Interest Coverage Ratio = 0.76 (Ebit TTM 151.6m / Interest Expense TTM 198.3m)
EV/FCF = 59.71x (Enterprise Value 10.8b / FCF TTM 181.3m)
FCF Yield = 1.67% (FCF TTM 181.3m / Enterprise Value 10.8b)
FCF Margin = 18.31% (FCF TTM 181.3m / Revenue TTM 989.9m)
Net Margin = -13.32% (Net Income TTM -131.8m / Revenue TTM 989.9m)
Gross Margin = 59.48% ((Revenue TTM 989.9m - Cost of Revenue TTM 401.1m) / Revenue TTM)
Gross Margin QoQ = 61.04% (prev 56.92%)
Tobins Q-Ratio = 0.73 (Enterprise Value 10.8b / Total Assets 14.8b)
Interest Expense / Debt = 3.22% (Interest Expense 198.3m / Debt 6.16b)
Taxrate = 8.15% (17.5m / 214.5m)
NOPAT = 139.2m (EBIT 151.6m * (1 - 8.15%))
Current Ratio = 0.20 (Total Current Assets 226.2m / Total Current Liabilities 1.11b)
Debt / Equity = 0.74 (Debt 6.16b / totalStockholderEquity, last quarter 8.34b)
Debt / EBITDA = 38.69 (Net Debt 6.10b / EBITDA 157.6m)
Debt / FCF = 33.64 (Net Debt 6.10b / FCF TTM 181.3m)
Total Stockholder Equity = 8.61b (last 4 quarters mean from totalStockholderEquity)
RoA = -0.88% (Net Income -131.8m / Total Assets 14.8b)
RoE = -1.53% (Net Income TTM -131.8m / Total Stockholder Equity 8.61b)
RoCE = 1.12% (EBIT 151.6m / Capital Employed (Equity 8.61b + L.T.Debt 4.98b))
RoIC = 0.95% (NOPAT 139.2m / Invested Capital 14.7b)
WACC = 4.04% (E(4.73b)/V(10.9b) * Re(5.45%) + D(6.16b)/V(10.9b) * Rd(3.22%) * (1-Tc(0.08)))
Discount Rate = 5.45% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -96.44 | Cagr: -4.13%
[DCF] Terminal Value 73.10% ; FCFF base≈251.4m ; Y1≈220.5m ; Y5≈178.1m
[DCF] Fair Price = N/A (negative equity: EV 2.86b - Net Debt 6.10b = -3.24b; debt exceeds intrinsic value)
Revenue Correlation: -66.56 | Revenue CAGR: -2.98% | SUE: -1.02 | # QB: -1
EPS current Year (2026-12-31): EPS=-0.31 | Chg30d=-141.33% | Revisions=+25% | GrowthEPS=-125.2% | GrowthRev=-1.5%
EPS next Year (2027-12-31): EPS=2.55 | Chg30d=+0.00% | Revisions=-25% | GrowthEPS=+922.6% | GrowthRev=+1.1%