FCR-UN Stock Analysis: First Capital Real Estate | TO
REIT - Retail | TO, Canada | Market Cap: 4.921m CAD | 12M Return: 29.4% | CA31890B1031 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 9.44M
Rev. Trend: 17.4%
Qual. Beats: 0
Warnings
Tailwinds
No distinct edge detected
Seasonality 11.8 years of data
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.
First Capital Real Estate Investment Trust is a Canadian retail REIT that owns, operates, acquires and develops open-air, grocery-anchored shopping centres in Canadian neighborhoods it describes as having strong demographics. Retail REITs typically earn income by leasing space to retailers and other businesses.
After a tax reorganization completed on November 30, 2025, the Trust holds substantially all of its real estate portfolio through subsidiary partnerships and trusts. Its units trade on the Toronto Stock Exchange under FCR-UN.
- Grocery-anchored leasing supports occupancy and rental growth
- Lower interest rates ease refinancing costs and cap-rate pressure
- Redevelopments and asset sales reshape portfolio growth and leverage
| Net Income: 1.03b TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.01 > 0.02 and ΔFCF/TA 0.39 > 1.0 |
| NWC/Revenue: -53.93% < 20% (prev -44.63%; Δ -9.30% < -1%) |
| CFO/TA 0.02 > 3% & CFO 210.7m > Net Income 1.03b |
| Net Debt (4.07b) to EBITDA (402.8m): 10.09 < 3 |
| Current Ratio: 0.55 > 1.5 & < 3 |
| Outstanding Shares: last quarter (212.6m) vs 12m ago 0.05% < -2% |
| Gross Margin: 63.14% > 18% (prev 64.11%; Δ -0.98% > 0.5%) |
| Asset Turnover: 8.04% > 50% (prev 7.95%; Δ 0.09% > 0%) |
| Interest Coverage Ratio: 2.52 > 6 (EBIT TTM 400.5m / Interest Expense TTM 158.8m) |
| A: -0.04 (Total Current Assets 499.9m - Total Current Liabilities 907.4m) / Total Assets 9.40b |
| B: 0.22 (Retained Earnings 2.05b / Total Assets 9.40b) |
| C: 0.04 (EBIT TTM 400.5m / Avg Total Assets 9.39b) |
| D: 1.08 (Book Value of Equity 4.84b / Total Liabilities 4.48b) |
| Altman-Z'' = 1.85 = BBB |
| DSRI: 1.02 (Receivables 111.0m/107.3m, Revenue 755.5m/746.7m) |
| GMI: 1.02 (GM 64.11% / 63.14%) |
| AQI: 1.04 (AQ_t 0.95 / AQ_t-1 0.91) |
| SGI: 1.01 (Revenue 755.5m / 746.7m) |
| TATA: 0.09 (NI 1.03b - CFO 210.7m) / TA 9.40b) |
| Beneish M = -2.95 (Cap -4..+1) = A |
As of November 01, 2026, the stock is trading at CAD 22.96 with a total of 330,613 shares traded. Over the past week, the price has changed by -0.49%, over one month by +1.21%, over three months by +1.65% and over the past year by +29.39%.
Current recommended Stop Loss: 22.70 (which is 1.1% or 1.5 ATR below the current price).
First Capital Real Estate has no consensus analysts rating.
P/E Trailing = 4.8129
P/E Forward = 14.8148
P/S = 6.6493
P/B = 1.035
P/EG = 1.783
Revenue TTM = 755.5m CAD
EBIT TTM = 400.5m CAD
EBITDA TTM = 402.8m CAD
Long Term Debt = 3.45b CAD (from longTermDebt, last quarter)
Short Term Debt = 633.8m CAD (from shortTermDebt, last quarter)
Debt = 4.10b CAD (from shortLongTermDebtTotal, last quarter) + Leases 8.02m
Net Debt = 4.07b CAD (calculated: Debt 4.10b - CCE 32.0m)
Enterprise Value = 8.99b CAD (4.92b + Debt 4.10b - CCE 32.0m)
Interest Coverage Ratio = 2.52 (Ebit TTM 400.5m / Interest Expense TTM 158.8m)
EV/FCF = 74.00x (Enterprise Value 8.99b / FCF TTM 121.4m)
FCF Yield = 1.35% (FCF TTM 121.4m / Enterprise Value 8.99b)
FCF Margin = 16.07% (FCF TTM 121.4m / Revenue TTM 755.5m)
Net Margin = 136.7% (Net Income TTM 1.03b / Revenue TTM 755.5m)
Gross Margin = 63.14% ((Revenue TTM 755.5m - Cost of Revenue TTM 278.5m) / Revenue TTM)
Gross Margin QoQ = 63.54% (prev 61.82%)
Tobins Q-Ratio = 0.96 (Enterprise Value 8.99b / Total Assets 9.40b)
Interest Expense / Debt = 3.88% (Interest Expense 158.8m / Debt 4.10b)
Taxrate = 3.38% (854k / 25.3m)
NOPAT = 386.9m (EBIT 400.5m * (1 - 3.38%))
Current Ratio = 0.55 (Total Current Assets 499.9m / Total Current Liabilities 907.4m)
Debt / Equity = 0.85 (Debt 4.10b / totalStockholderEquity, last quarter 4.84b)
Debt / EBITDA = 10.09 (Net Debt 4.07b / EBITDA 402.8m)
Debt / FCF = 33.48 (Net Debt 4.07b / FCF TTM 121.4m)
Total Stockholder Equity = 4.64b (last 4 quarters mean from totalStockholderEquity)
RoA = 10.99% (Net Income 1.03b / Total Assets 9.40b)
RoE = 22.27% (Net Income TTM 1.03b / Total Stockholder Equity 4.64b)
RoCE = 4.95% (EBIT 400.5m / Capital Employed (Equity 4.64b + L.T.Debt 3.45b))
RoIC = 4.25% (NOPAT 386.9m / Invested Capital 9.09b)
WACC = 5.01% (E(4.92b)/V(9.02b) * Re(6.06%) + D(4.10b)/V(9.02b) * Rd(3.88%) * (1-Tc(0.03)))
Discount Rate = 6.06% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -15.12 | Cagr: -0.30%
[DCF] Terminal Value 77.97% ; FCFF base≈106.7m ; Y1≈122.3m ; Y5≈180.0m
[DCF] Fair Price = N/A (negative equity: EV 2.71b - Net Debt 4.07b = -1.36b; debt exceeds intrinsic value)
EPS Correlation: N/A | EPS CAGR: N/A | SUE: N/A | # QB: 0
Revenue Correlation: 17.38 | Revenue CAGR: 0.53% | SUE: 0.06 | # QB: 0
EPS current Quarter (2026-09-30): EPS=0.00 | Chg30d=N/A | Revisions=N/A | Analysts=0
EPS current Year (2026-12-31): EPS=1.28 | Chg30d=N/A | Revisions=-25% | GrowthEPS=-74.2% | GrowthRev=+4.8%
EPS next Year (2027-12-31): EPS=1.35 | Chg30d=N/A | Revisions=+25% | GrowthEPS=+5.5% | GrowthRev=+1.5%