Firm Capital Property Trust

FCD-UN.TO

REIT - Diversified · Real Estate

Price

C$7.09

+0.01 (+0.14%)

Market Cap

C$261.8M

Exchange

Toronto Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Mixed

Cash Flow

Strong

Stability

Mixed

Valuation

Good

Dividends

Good

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Share count rising — dilution

+8.6% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 34.0M (2021) → 36.9M (2025)

Winston Score History

The full picture

Firm Capital Property Trust is a small Canadian real estate investment trust (REIT) that owns and rents out properties. Its portfolio includes commercial and residential properties, with tenants ranging from businesses to individual renters. The trust is focused primarily on the Canadian market and operates as a non-bank lender and property owner in niche real estate segments.

The trust earns money by collecting rent from tenants and earning interest from mortgage and lending activities, giving it a mixed income stream. With a market cap of around $200 million, it is a small-cap REIT operating mainly in Canada, and its edge comes from targeting smaller, less competitive property deals that larger institutions tend to ignore. The main risk facing the trust is rising interest rates, which increase its borrowing costs and can compress the spread between what it earns on properties and loans versus what it pays to finance them.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+4.3% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+75.0% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

C$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

11.7%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

C$653M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Firm Capital Property Trust is growing revenue at 4% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

57.0%

Premium pricing power — 57.0% gross margin

Profit after running costs

Operating Margin

51.6%

Excellent — 51.6% operating margin

Return on the money invested

ROCE

5.2%

Weak — 5.2% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+1.4%

Nearly flat sales (+1.4% YoY)

Profit growth

EPS YoY

+20.0%

Earnings growing fast (+20.0% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

72%

Modest — 72% of profit becomes cash

Spare cash per sale

FCF Margin

31.2%

Converts sales into free cash efficiently (31.2%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

1.06

Elevated debt (1.06)

Covers its interest

Interest Cover

2.31x

Tight — interest eats into profit (2.3x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

9.1x

Attractive valuation — P/E 9.1

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

7.33%

Healthy income — 7.33% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

+0.1%

Dividend flat

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