DIR-UN Stock Analysis: Dream Industrial Real | TO
REIT - Industrial | TO, Canada | Market Cap: 3.855m CAD | 12M Return: 7% | CA26153W1095 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 8.80M
Rev. Trend: 99.8%
Qual. Beats: 0
Warnings
Tailwinds
No distinct edge detected
Seasonality 11.8 years of data, until 10/2026
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, ≥40 worth a closer look and ≥60 is strong.
Dream Industrial REIT is a Canadian open-ended trust that owns, manages and operates industrial properties across Canada, Europe and the United States. The supplied description lists a portfolio of 348 assets and 565 buildings, but dates those figures to June 30, 2026.
As an industrial REIT, it generally earns rental income by leasing properties used for activities such as warehousing, distribution and manufacturing. Its stated objective is to provide distributions and grow net asset value and cash flow per unit.
- Lease renewals and rent escalations support same-property NOI growth
- Higher borrowing costs pressure cash flow and property valuations
- Currency swings affect translated European and U.S. earnings
| Net Income: 168.5m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.01 > 0.02 and ΔFCF/TA -1.62 > 1.0 |
| NWC/Revenue: -73.76% < 20% (prev -180.1%; Δ 106.3% < -1%) |
| CFO/TA 0.02 > 3% & CFO 168.7m > Net Income 168.5m |
| Net Debt (2.72b) to EBITDA (284.5m): 9.55 < 3 |
| Current Ratio: 0.41 > 1.5 & < 3 |
| Outstanding Shares: last quarter (288.9m) vs 12m ago -1.29% < -2% |
| Gross Margin: 72.74% > 18% (prev 76.44%; Δ -3.70% > 0.5%) |
| Asset Turnover: 6.41% > 50% (prev 5.85%; Δ 0.56% > 0%) |
| Interest Coverage Ratio: 2.98 > 6 (EBIT TTM 278.4m / Interest Expense TTM 93.3m) |
| A: -0.05 (Total Current Assets 265.3m - Total Current Liabilities 651.4m) / Total Assets 8.06b |
| B: 0.15 (Retained Earnings 1.22b / Total Assets 8.06b) |
| C: 0.03 (EBIT TTM 278.4m / Avg Total Assets 8.16b) |
| D: 1.41 (Book Value of Equity 4.72b / Total Liabilities 3.34b) |
| Altman-Z'' = 1.89 = BBB |
As of November 13, 2026, the stock is trading at CAD 12.57 with a total of 575,813 shares traded. Over the past week, the price has changed by -2.63%, over one month by -0.95%, over three months by -8.72% and over the past year by +7.00%.
Current recommended Stop Loss: 12.20 (which is 2.9% or 1.6 ATR below the current price).
Dream Industrial Real has no consensus analysts rating.
P/E Trailing = 20.4063
P/E Forward = 11.2233
P/S = 6.7311
P/B = 0.7735
Revenue TTM = 523.5m CAD
EBIT TTM = 278.4m CAD
EBITDA TTM = 284.5m CAD
Long Term Debt = 2.25b CAD (from longTermDebt, last quarter)
Short Term Debt = 651.4m CAD (from shortTermDebt, last quarter)
Debt = 2.91b CAD (from shortLongTermDebtTotal, last quarter) + Leases 11.9m
Net Debt = 2.72b CAD (calculated: Debt 2.91b - CCE 197.6m)
Enterprise Value = 6.57b CAD (3.85b + Debt 2.91b - CCE 197.6m)
Interest Coverage Ratio = 2.98 (Ebit TTM 278.4m / Interest Expense TTM 93.3m)
EV/FCF = 121.2x (Enterprise Value 6.57b / FCF TTM 54.2m)
FCF Yield = 0.82% (FCF TTM 54.2m / Enterprise Value 6.57b)
FCF Margin = 10.35% (FCF TTM 54.2m / Revenue TTM 523.5m)
Net Margin = 32.19% (Net Income TTM 168.5m / Revenue TTM 523.5m)
Gross Margin = 72.74% ((Revenue TTM 523.5m - Cost of Revenue TTM 142.7m) / Revenue TTM)
Gross Margin QoQ = 73.91% (prev 71.04%)
Tobins Q-Ratio = 0.82 (Enterprise Value 6.57b / Total Assets 8.06b)
Interest Expense / Debt = 3.20% (Interest Expense 93.3m / Debt 2.91b)
Taxrate = 0.58% (982k / 169.5m)
NOPAT = 276.7m (EBIT 278.4m * (1 - 0.58%))
Current Ratio = 0.41 (Total Current Assets 265.3m / Total Current Liabilities 651.4m)
Debt / Equity = 0.62 (Debt 2.91b / totalStockholderEquity, last quarter 4.72b)
Debt / EBITDA = 9.55 (Net Debt 2.72b / EBITDA 284.5m)
Debt / FCF = 50.12 (Net Debt 2.72b / FCF TTM 54.2m)
Total Stockholder Equity = 4.77b (last 4 quarters mean from totalStockholderEquity)
RoA = 2.06% (Net Income 168.5m / Total Assets 8.06b)
RoE = 3.53% (Net Income TTM 168.5m / Total Stockholder Equity 4.77b)
RoCE = 3.97% (EBIT 278.4m / Capital Employed (Equity 4.77b + L.T.Debt 2.25b))
RoIC = 3.45% (NOPAT 276.7m / Invested Capital 8.03b)
WACC = 5.16% (E(3.85b)/V(6.77b) * Re(6.65%) + D(2.91b)/V(6.77b) * Rd(3.20%) * (1-Tc(0.01)))
Discount Rate = 6.65% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 53.87 | Cagr: 0.16%
[DCF] Terminal Value 73.10% ; FCFF base≈108.4m ; Y1≈95.1m ; Y5≈76.8m
[DCF] Fair Price = N/A (negative equity: EV 1.23b - Net Debt 2.72b = -1.48b; debt exceeds intrinsic value)
Revenue Correlation: 99.84 | Revenue CAGR: 7.65% | SUE: -0.55 | # QB: 0
EPS current Quarter (2027-03-31): EPS=0.00 | Chg30d=N/A | Revisions=N/A | Analysts=0
EPS current Year (2026-12-31): EPS=0.86 | Chg30d=-15.69% | Revisions=-25% | GrowthEPS=+48.3% | GrowthRev=+5.9%
EPS next Year (2027-12-31): EPS=1.13 | Chg30d=+0.00% | Revisions=+0% | GrowthEPS=+31.4% | GrowthRev=+10.3%