REI-UN Stock Analysis: RioCan Real Estate | TO
REIT - Retail | TO, Canada | Market Cap: 6.252m CAD | 12M Return: 20.6% | CA7669101031 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 17.2M
Rev. Trend: 94.0%
Qual. Beats: 0
Warnings
No concerns identified
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.
RioCan Real Estate Investment Trust is a Canadian retail REIT that owns, manages and develops necessity-based shopping properties in densely populated communities. As of June 30, 2026, its portfolio comprised 164 properties with approximately 31 million square feet of net leasable area. Like other retail REITs, it earns income primarily by leasing space to tenants. Established in 1993, RioCan is listed under the ticker REI-UN.
- Necessity-based retail leasing supports occupancy and rental growth
- Residential development completions boost earnings but require capital
- Higher borrowing costs pressure cash flow and property valuations
| Net Income: 252.2m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.02 > 0.02 and ΔFCF/TA 0.56 > 1.0 |
| NWC/Revenue: -25.31% < 20% (prev -19.65%; Δ -5.66% < -1%) |
| CFO/TA 0.03 > 3% & CFO 425.1m > Net Income 252.2m |
| Net Debt (6.95b) to EBITDA (725.5m): 9.58 < 3 |
| Current Ratio: 0.67 > 1.5 & < 3 |
| Outstanding Shares: last quarter (291.3m) vs 12m ago -1.62% < -2% |
| Gross Margin: 54.59% > 18% (prev 57.77%; Δ -3.18% > 0.5%) |
| Asset Turnover: 9.15% > 50% (prev 8.93%; Δ 0.22% > 0%) |
| Interest Coverage Ratio: 2.55 > 6 (EBIT TTM 723.8m / Interest Expense TTM 284.3m) |
| A: -0.02 (Total Current Assets 699.4m - Total Current Liabilities 1.05b) / Total Assets 14.7b |
| B: 0.18 (Retained Earnings 2.68b / Total Assets 14.7b) |
| C: 0.05 (EBIT TTM 723.8m / Avg Total Assets 15.0b) |
| D: 0.96 (Book Value of Equity 7.18b / Total Liabilities 7.50b) |
| Altman-Z'' = 1.77 = BBB |
As of November 01, 2026, the stock is trading at CAD 21.16 with a total of 1,089,680 shares traded. Over the past week, the price has changed by -0.86%, over one month by +2.44%, over three months by -3.59% and over the past year by +20.55%.
Current recommended Stop Loss: 20.60 (which is 2.6% or 1.6 ATR below the current price).
RioCan Real Estate has no consensus analysts rating.
P/E Trailing = 24.6437
P/E Forward = 11.5473
P/S = 4.8604
P/B = 0.7701
P/EG = 0.3953
Revenue TTM = 1.38b CAD
EBIT TTM = 723.8m CAD
EBITDA TTM = 725.5m CAD
Long Term Debt = 6.31b CAD (from longTermDebt, last quarter)
Short Term Debt = 678.9m CAD (from shortTermDebt, last quarter)
Debt = 7.02b CAD (from shortLongTermDebtTotal, last quarter) + Leases 26.5m
Net Debt = 6.95b CAD (calculated: Debt 7.02b - CCE 66.6m)
Enterprise Value = 13.2b CAD (6.25b + Debt 7.02b - CCE 66.6m)
Interest Coverage Ratio = 2.55 (Ebit TTM 723.8m / Interest Expense TTM 284.3m)
EV/FCF = 45.22x (Enterprise Value 13.2b / FCF TTM 292.0m)
FCF Yield = 2.21% (FCF TTM 292.0m / Enterprise Value 13.2b)
FCF Margin = 21.24% (FCF TTM 292.0m / Revenue TTM 1.38b)
Net Margin = 18.34% (Net Income TTM 252.2m / Revenue TTM 1.38b)
Gross Margin = 54.59% ((Revenue TTM 1.38b - Cost of Revenue TTM 624.4m) / Revenue TTM)
Gross Margin QoQ = 62.24% (prev 57.77%)
Tobins Q-Ratio = 0.90 (Enterprise Value 13.2b / Total Assets 14.7b)
Interest Expense / Debt = 4.05% (Interest Expense 284.3m / Debt 7.02b)
Taxrate = 0.0% (0.0 / 69.3m)
NOPAT = 723.8m (EBIT 723.8m * (1 - 0.00%))
Current Ratio = 0.67 (Total Current Assets 699.4m / Total Current Liabilities 1.05b)
Debt / Equity = 0.98 (Debt 7.02b / totalStockholderEquity, last quarter 7.18b)
Debt / EBITDA = 9.58 (Net Debt 6.95b / EBITDA 725.5m)
Debt / FCF = 23.81 (Net Debt 6.95b / FCF TTM 292.0m)
Total Stockholder Equity = 7.14b (last 4 quarters mean from totalStockholderEquity)
RoA = 1.68% (Net Income 252.2m / Total Assets 14.7b)
RoE = 3.53% (Net Income TTM 252.2m / Total Stockholder Equity 7.14b)
RoCE = 5.38% (EBIT 723.8m / Capital Employed (Equity 7.14b + L.T.Debt 6.31b))
RoIC = 5.08% (NOPAT 723.8m / Invested Capital 14.2b)
WACC = 4.92% (E(6.25b)/V(13.3b) * Re(5.89%) + D(7.02b)/V(13.3b) * Rd(4.05%) * (1-Tc(0.0)))
Discount Rate = 5.89% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -95.80 | Cagr: -1.37%
[DCF] Terminal Value 77.97% ; FCFF base≈263.2m ; Y1≈301.7m ; Y5≈444.1m
[DCF] Fair Price = N/A (negative equity: EV 6.68b - Net Debt 6.95b = -268.8m; debt exceeds intrinsic value)
Revenue Correlation: 94.01 | Revenue CAGR: 10.49% | SUE: 0.02 | # QB: 0
EPS current Year (2026-12-31): EPS=1.63 | Chg30d=+8.67% | Revisions=-25% | GrowthEPS=+585.1% | GrowthRev=-15.7%
EPS next Year (2027-12-31): EPS=1.62 | Chg30d=+0.00% | Revisions=-25% | GrowthEPS=-0.6% | GrowthRev=+3.2%