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Firm Capital Property Trust

FCD-UN.TO

REIT - Diversified · Real Estate

Price

C$6.85

+0.09 (+1.33%)

Market Cap

C$252.9M

Exchange

Toronto Stock Exchange

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Winston Score between 40 and 70. The stock passes some quality checks but not all.

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.

Winston Score History

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

+2.2% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-8.3% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

11.7%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$4M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

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

Growth context

Firm Capital Property Trust is growing revenue at 2% 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

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Quality

Gross Margin

55.8%

Premium pricing power — 55.8% gross margin

Operating Margin

53.6%

Excellent — 53.6% operating margin

ROCE

1.3%

Weak — 1.3% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+0.4%

Nearly flat sales (0.4% YoY)

EPS YoY

-10.4%

Earnings shrinking (-10.4% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

101%

Turns 101% of profit into real cash

FCF Margin

37.8%

Converts sales into free cash efficiently (37.8%)

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

Debt / Equity

1.03

Elevated debt (1.03)

Interest Cover

2.27x

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

P/E Ratio

8.8x

Attractive valuation — P/E 8.8

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

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend Yield

7.70%

Healthy income — 7.70% yield

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

Dividend Growth

-0.0%

Dividend cut (-0.0% YoY) — warning sign

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