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How does FCR-UN.TO make money? Does FCR-UN.TO have pricing power? What's the Earnings Whisper? Will FCR-UN.TO profit more as the business scales? What is FCR-UN.TO's management track record? Is FCR-UN.TO's current price justified?

First Capital Real Estate Investment Trust

CAD 22.55 +$3.58 (+18.87%)

TSX · 14 Sep 2026 20:00 UTC

Previous Close

CAD 22.62

Day Range

CAD 22.5CAD 22.73

Year Range

CAD 18.26CAD 23.84

Market Cap

4.79B

AVG Volume

650.28K

Trailing/Forward PE

4.65/16.7

PEG ratio

0.85

Dividend Yield

4.01%

Next Earnings Date

2026-11-03

Primary Exchange

Toronto Stock Exchange

Revenue (CAD)

FCR-UN.TO Revenue (CAD) by year
Period	Revenue (CAD)
2025	743.81M
2024	712.58M
2023	752.07M
2022	712.2M
2021	683.81M
2020	676.22M
2019	777.05M
2018	784.44M
2017	764.78M
2016	707.23M

Net Income (CAD)

FCR-UN.TO Net Income (CAD) by year
Period	Net Income (CAD)
2025	1.06B
2024	204.93M
2023	-134.06M
2022	-160M
2021	460.13M
2020	2.7M
2019	401.35M
2018	343.61M
2017	633.09M
2016	382.72M

Operating Income (CAD)

FCR-UN.TO Operating Income (CAD) by year
Period	Operating Income (CAD)
2025	414.84M
2024	389.88M
2023	441.68M
2022	404.62M
2021	373.37M
2020	380.58M
2019	452.19M
2018	472.52M
2017	471.39M
2016	418.04M

EBITDA (CAD)

FCR-UN.TO EBITDA (CAD) by year
Period	EBITDA (CAD)
2025	405.96M
2024	389.88M
2023	441.68M
2022	404.62M
2021	373.37M
2020	380.58M
2019	452.19M
2018	472.52M
2017	471.39M
2016	418.04M

Cash Flows (CAD)

FCR-UN.TO Cash Flows (CAD) by year
Period	Cash Flows (CAD)
2025	98.2M
2024	110.02M
2023	84.71M
2022	126.21M
2021	96.09M
2020	14.47M
2019	40.96M
2018	16.66M
2017	38.25M
2016	38.48M

EPS (CAD)

FCR-UN.TO EPS (CAD) by year
Period	EPS (CAD)
2025	5.01
2024	0.96
2023	-0.64
2022	-0.74
2021	2.07
2020	0.01
2019	1.79
2018	1.37
2017	2.56
2016	1.6

Expenses (CAD)

FCR-UN.TO Expenses (CAD) by year
Period	Expenses (CAD)
2025	163.27M
2024	180.24M
2023	190.69M
2022	164.99M
2021	201.01M
2020	226.81M
2019	266.67M
2018	303.45M
2017	268.35M
2016	253.03M

Cash & Debt (CAD)

FCR-UN.TO Cash & Debt (CAD) by year
Period	Cash & Debt (CAD)
2025	57.17M
2024	153.54M
2023	90.22M
2022	36.03M
2021	74.06M
2020	104.16M
2019	29.45M
2018	39.1M
2017	33.23M
2016	25.19M

Debt ratios

FCR-UN.TO Debt ratios by year
Period	Debt ratios
2025	2.39
2024	2.42
2023	2.5
2022	2.55
2021	2.6
2020	2.64
2019	2.59
2018	2.46

Margins

FCR-UN.TO Margins by year
Period	Margins
2025	63.26%
2024	62.64%
2023	65.07%
2022	62.43%
2021	61.55%
2020	59.5%
2019	63.15%
2018	64.97%
2017	66.4%
2016	64.04%

Return on Capital

FCR-UN.TO Return on Capital by year
Period	Return on Capital
2025	21.74%
2024	5.11%
2023	-3.35%
2022	-3.69%
2021	9.85%
2020	0.06%
2019	8.97%
2018	6.86%
2017	13.48%
2016	9.04%

Shares Outstanding

FCR-UN.TO Shares Outstanding by year
Period	Shares Outstanding
2025	212.45M
2024	212.32M
2023	214.2M
2022	213.52M
2021	219.53M
2020	219.42M
2019	217.95M
2018	252.99M
2017	246.63M
2016	245.01M

Dividends (CAD)

FCR-UN.TO Dividends (CAD) by year
Period	Dividends (CAD)
2026	0.61
2025	0.89
2024	0.86
2023	0.86
2022	0.58
2021	0.43
2020	0.86
2019	0.72
2018	0.86
2017	0.86

Book Value Per Share (CAD)

FCR-UN.TO Book Value Per Share (CAD) by year
Period	Book Value Per Share (CAD)
2025	23.03
2024	18.91
2023	18.66
2022	20.3
2021	21.27
2020	19.4
2019	20.53
2018	19.8
2017	19.04
2016	17.28

Total Assets (CAD)

FCR-UN.TO Total Assets (CAD) by year
Period	Total Assets (CAD)
2025	9.23B
2024	9.18B
2023	9.19B
2022	9.58B
2021	10.11B
2020	10.03B
2019	10.16B
2018	10.45B
2017	9.97B
2016	9.1B

PE Ratio

FCR-UN.TO PE Ratio by year
Period	PE Ratio
Sep 26	4.47
Sep 26	4.49
Sep 26	4.51
Aug 26	4.52
Aug 26	4.5
Aug 26	4.54
Aug 26	4.54
Jul 26	4.55
Jul 26	4.54
Jul 26	4.55
Jul 26	4.63
Jul 26	4.64
Jun 26	4.64
Jun 26	4.64
Jun 26	4.68
Jun 26	4.65
May 26	4.69
May 26	4.71
May 26	4.63
May 26	4.68
May 26	4.67
Apr 26	4.67
Apr 26	4.69
Apr 26	4.3
Apr 26	4.17
Mar 26	17.64
Mar 26	17.59
Mar 26	17.91
Mar 26	18.27
Feb 26	18.43
Feb 26	18.01
Feb 26	17.45
Feb 26	17.45
Jan 26	17.05
Jan 26	17.42
Jan 26	17.12
Jan 26	16.71
Jan 26	16.34
Dec 25	15.29
Dec 25	15.59
Dec 25	15.35
Dec 25	15.2
Nov 25	15.98
Nov 25	15.87
Nov 25	15.71
Nov 25	15.43
Oct 25	15.31
Oct 25	15.76
Oct 25	15.81
Oct 25	15.77
Oct 25	16.12
Sep 25	19.34
Sep 25	19.27
Sep 25	19.25
Sep 25	19.24
Aug 25	19.14
Aug 25	18.97
Aug 25	18.92
Aug 25	18.5
Aug 25	18.44
Jul 25	18.41
Jul 25	18.68
Jul 25	18.08
Jul 25	18.41
Jun 25	18.46
Jun 25	18.29
Jun 25	18.28
Jun 25	18.33
May 25	18.39
May 25	17.77
May 25	18.11
May 25	17.82
May 25	17.98
Apr 25	17.39
Apr 25	17.08
Apr 25	16
Apr 25	16.83
Mar 25	10.18
Mar 25	10.12
Mar 25	10.31
Mar 25	10.49
Feb 25	10.18
Feb 25	10.17
Feb 25	10.23
Feb 25	10.39
Jan 25	10.23
Jan 25	10.21
Jan 25	10.34
Jan 25	10.34
Jan 25	10.61
Dec 22	17.6
Dec 22	17.5
Dec 22	17.52
Dec 22	17.81
Nov 22	18.11
Nov 22	17.37
Nov 22	18.03
Nov 22	16.55
Oct 22	16.68
Oct 22	15.53

Free Cash Flow Yield

FCR-UN.TO Free Cash Flow Yield by year
Period	Free Cash Flow Yield
Sep 26	2.87%
Sep 26	2.86%
Sep 26	2.84%
Aug 26	2.84%
Aug 26	2.85%
Aug 26	2.82%
Aug 26	2.82%
Jul 26	2.82%
Jul 26	2.82%
Jul 26	2.82%
Jul 26	2.77%
Jul 26	2.77%
Jun 26	1.99%
Jun 26	1.99%
Jun 26	1.97%
Jun 26	1.99%
May 26	1.97%
May 26	1.96%
May 26	1.99%
May 26	1.97%
May 26	1.98%
Apr 26	1.98%
Apr 26	1.97%
Apr 26	2.15%
Apr 26	2.21%
Mar 26	2.63%
Mar 26	2.64%
Mar 26	2.59%
Mar 26	2.54%
Feb 26	2.52%
Feb 26	2.57%
Feb 26	2.66%
Feb 26	2.66%
Jan 26	2.72%
Jan 26	2.66%
Jan 26	2.71%
Jan 26	2.77%
Jan 26	2.84%
Dec 25	2.12%
Dec 25	2.08%
Dec 25	2.11%
Dec 25	2.13%
Nov 25	2.03%
Nov 25	2.04%
Nov 25	2.06%
Nov 25	2.1%
Oct 25	2.12%
Oct 25	2.06%
Oct 25	2.05%
Oct 25	2.06%
Oct 25	2.01%
Sep 25	2.63%
Sep 25	2.64%
Sep 25	2.64%
Sep 25	2.64%
Aug 25	2.65%
Aug 25	2.68%
Aug 25	2.68%
Aug 25	2.75%
Aug 25	2.75%
Jul 25	2.76%
Jul 25	2.72%
Jul 25	2.81%
Jul 25	2.76%
Jun 25	2.91%
Jun 25	2.94%
Jun 25	2.94%
Jun 25	2.93%
May 25	2.92%
May 25	3.02%
May 25	2.96%
May 25	3.01%
May 25	2.99%
Apr 25	3.09%
Apr 25	3.14%
Apr 25	3.36%
Apr 25	3.19%
Mar 25	3.41%
Mar 25	3.43%
Mar 25	3.37%
Mar 25	3.31%
Feb 25	3.41%
Feb 25	3.42%
Feb 25	3.39%
Feb 25	3.34%
Jan 25	3.39%
Jan 25	3.4%
Jan 25	3.36%
Jan 25	3.36%
Jan 25	3.27%
Dec 24	2.96%
Dec 24	2.95%
Dec 24	2.92%
Dec 24	2.84%
Nov 24	2.82%
Nov 24	2.84%
Nov 24	2.86%
Nov 24	2.82%
Nov 24	2.87%
Oct 24	2.85%

Price to Sales

FCR-UN.TO Price to Sales by year
Period	Price to Sales
Sep 26	6.4
Sep 26	6.42
Sep 26	6.45
Aug 26	6.46
Aug 26	6.44
Aug 26	6.49
Aug 26	6.49
Jul 26	6.5
Jul 26	6.49
Jul 26	6.5
Jul 26	6.63
Jul 26	6.63
Jun 26	6.63
Jun 26	6.64
Jun 26	6.69
Jun 26	6.65
May 26	6.71
May 26	6.73
May 26	6.62
May 26	6.69
May 26	6.68
Apr 26	6.68
Apr 26	6.71
Apr 26	6.15
Apr 26	5.97
Mar 26	5.9
Mar 26	5.89
Mar 26	5.99
Mar 26	6.11
Feb 26	6.17
Feb 26	6.03
Feb 26	5.84
Feb 26	5.84
Jan 26	5.71
Jan 26	5.83
Jan 26	5.73
Jan 26	5.59
Jan 26	5.47
Dec 25	5.35
Dec 25	5.45
Dec 25	5.37
Dec 25	5.31
Nov 25	5.59
Nov 25	5.55
Nov 25	5.49
Nov 25	5.39
Oct 25	5.35
Oct 25	5.51
Oct 25	5.53
Oct 25	5.51
Oct 25	5.64
Sep 25	5.92
Sep 25	5.9
Sep 25	5.89
Sep 25	5.89
Aug 25	5.86
Aug 25	5.81
Aug 25	5.79
Aug 25	5.66
Aug 25	5.64
Jul 25	5.63
Jul 25	5.72
Jul 25	5.53
Jul 25	5.63
Jun 25	5.31
Jun 25	5.26
Jun 25	5.26
Jun 25	5.27
May 25	5.29
May 25	5.11
May 25	5.21
May 25	5.12
May 25	5.17
Apr 25	5
Apr 25	4.91
Apr 25	4.6
Apr 25	4.84
Mar 25	4.75
Mar 25	4.72
Mar 25	4.81
Mar 25	4.9
Feb 25	4.75
Feb 25	4.75
Feb 25	4.78
Feb 25	4.85
Jan 25	4.78
Jan 25	4.77
Jan 25	4.83
Jan 25	4.83
Jan 25	4.96
Dec 24	4.98
Dec 24	4.99
Dec 24	5.05
Dec 24	5.19
Nov 24	5.24
Nov 24	5.19
Nov 24	5.16
Nov 24	5.23
Nov 24	5.13
Oct 24	5.17

EV/EBITDA

FCR-UN.TO EV/EBITDA by year
Period	EV/EBITDA
Sep 26	20.14
Sep 26	20.17
Sep 26	20.23
Aug 26	20.25
Aug 26	20.21
Aug 26	20.3
Aug 26	20.31
Jul 26	20.32
Jul 26	20.31
Jul 26	20.32
Jul 26	20.53
Jul 26	20.54
Jun 26	21.84
Jun 26	21.85
Jun 26	21.95
Jun 26	21.87
May 26	21.99
May 26	22.02
May 26	21.82
May 26	21.95
May 26	21.92
Apr 26	21.92
Apr 26	21.97
Apr 26	20.95
Apr 26	20.62
Mar 26	22.25
Mar 26	22.22
Mar 26	22.43
Mar 26	22.67
Feb 26	22.77
Feb 26	22.5
Feb 26	22.13
Feb 26	22.12
Jan 26	21.86
Jan 26	22.1
Jan 26	21.9
Jan 26	21.64
Jan 26	21.39
Dec 25	18.97
Dec 25	19.16
Dec 25	19.01
Dec 25	18.91
Nov 25	19.4
Nov 25	19.33
Nov 25	19.23
Nov 25	19.06
Oct 25	18.98
Oct 25	19.26
Oct 25	19.3
Oct 25	19.27
Oct 25	19.49
Sep 25	21.23
Sep 25	21.19
Sep 25	21.18
Sep 25	21.17
Aug 25	21.11
Aug 25	21.02
Aug 25	20.99
Aug 25	20.75
Aug 25	20.72
Jul 25	20.7
Jul 25	20.86
Jul 25	20.52
Jul 25	20.7
Jun 25	19.71
Jun 25	19.61
Jun 25	19.61
Jun 25	19.63
May 25	19.67
May 25	19.34
May 25	19.52
May 25	19.37
May 25	19.45
Apr 25	19.14
Apr 25	18.98
Apr 25	18.41
Apr 25	18.84
Mar 25	17.94
Mar 25	17.89
Mar 25	18.05
Mar 25	18.2
Feb 25	17.94
Feb 25	17.93
Feb 25	17.98
Feb 25	18.11
Jan 25	17.98
Jan 25	17.97
Jan 25	18.07
Jan 25	18.07
Jan 25	18.3
Dec 24	18.05
Dec 24	18.07
Dec 24	18.18
Dec 24	18.42
Nov 24	18.49
Nov 24	18.42
Nov 24	18.36
Nov 24	18.48
Nov 24	18.31
Oct 24	18.38

Price/Operating Cashflow

FCR-UN.TO Price/Operating Cashflow by year
Period	Price/Operating Cashflow
Sep 26	22.08
Sep 26	22.15
Sep 26	22.26
Aug 26	22.31
Aug 26	22.22
Aug 26	22.41
Aug 26	22.42
Jul 26	22.45
Jul 26	22.42
Jul 26	22.45
Jul 26	22.87
Jul 26	22.89
Jun 26	23.73
Jun 26	23.75
Jun 26	23.94
Jun 26	23.78
May 26	24.01
May 26	24.08
May 26	23.69
May 26	23.94
May 26	23.89
Apr 26	23.89
Apr 26	23.99
Apr 26	21.99
Apr 26	21.36
Mar 26	19.82
Mar 26	19.77
Mar 26	20.13
Mar 26	20.54
Feb 26	20.71
Feb 26	20.25
Feb 26	19.62
Feb 26	19.61
Jan 26	19.16
Jan 26	19.58
Jan 26	19.24
Jan 26	18.78
Jan 26	18.37
Dec 25	18.06
Dec 25	18.42
Dec 25	18.13
Dec 25	17.96
Nov 25	18.88
Nov 25	18.75
Nov 25	18.56
Nov 25	18.23
Oct 25	18.08
Oct 25	18.62
Oct 25	18.68
Oct 25	18.63
Oct 25	19.04
Sep 25	17.77
Sep 25	17.7
Sep 25	17.69
Sep 25	17.68
Aug 25	17.59
Aug 25	17.43
Aug 25	17.39
Aug 25	16.99
Aug 25	16.94
Jul 25	16.91
Jul 25	17.17
Jul 25	16.61
Jul 25	16.91
Jun 25	16.18
Jun 25	16.03
Jun 25	16.02
Jun 25	16.07
May 25	16.12
May 25	15.58
May 25	15.87
May 25	15.62
May 25	15.76
Apr 25	15.24
Apr 25	14.98
Apr 25	14.02
Apr 25	14.75
Mar 25	14.47
Mar 25	14.37
Mar 25	14.65
Mar 25	14.9
Feb 25	14.46
Feb 25	14.44
Feb 25	14.54
Feb 25	14.76
Jan 25	14.54
Jan 25	14.51
Jan 25	14.69
Jan 25	14.68
Jan 25	15.08
Dec 24	15.47
Dec 24	15.5
Dec 24	15.7
Dec 24	16.13
Nov 24	16.27
Nov 24	16.13
Nov 24	16.04
Nov 24	16.25
Nov 24	15.94
Oct 24	16.07

Price to Book

FCR-UN.TO Price to Book by year
Period	Price to Book
Sep 26	0.97
Sep 26	0.97
Sep 26	0.98
Aug 26	0.98
Aug 26	0.98
Aug 26	0.98
Aug 26	0.98
Jul 26	0.99
Jul 26	0.98
Jul 26	0.99
Jul 26	1
Jul 26	1.01
Jun 26	1.01
Jun 26	1.01
Jun 26	1.02
Jun 26	1.01
May 26	1.02
May 26	1.02
May 26	1.01
May 26	1.02
May 26	1.02
Apr 26	1.02
Apr 26	1.02
Apr 26	0.93
Apr 26	0.91
Mar 26	1.06
Mar 26	1.06
Mar 26	1.08
Mar 26	1.1
Feb 26	1.11
Feb 26	1.09
Feb 26	1.05
Feb 26	1.05
Jan 26	1.03
Jan 26	1.05
Jan 26	1.03
Jan 26	1.01
Jan 26	0.98
Dec 25	0.98
Dec 25	1
Dec 25	0.98
Dec 25	0.97
Nov 25	1.02
Nov 25	1.02
Nov 25	1.01
Nov 25	0.99
Oct 25	0.98
Oct 25	1.01
Oct 25	1.01
Oct 25	1.01
Oct 25	1.03
Sep 25	1.02
Sep 25	1.02
Sep 25	1.02
Sep 25	1.02
Aug 25	1.01
Aug 25	1
Aug 25	1
Aug 25	0.98
Aug 25	0.98
Jul 25	0.97
Jul 25	0.99
Jul 25	0.96
Jul 25	0.97
Jun 25	0.94
Jun 25	0.93
Jun 25	0.93
Jun 25	0.94
May 25	0.94
May 25	0.91
May 25	0.92
May 25	0.91
May 25	0.92
Apr 25	0.89
Apr 25	0.87
Apr 25	0.82
Apr 25	0.86
Mar 25	0.88
Mar 25	0.87
Mar 25	0.89
Mar 25	0.9
Feb 25	0.88
Feb 25	0.88
Feb 25	0.88
Feb 25	0.9
Jan 25	0.88
Jan 25	0.88
Jan 25	0.89
Jan 25	0.89
Jan 25	0.91
Dec 24	0.91
Dec 24	0.91
Dec 24	0.92
Dec 24	0.94
Nov 24	0.95
Nov 24	0.94
Nov 24	0.94
Nov 24	0.95
Nov 24	0.93
Oct 24	0.94

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First Capital Real Estate Investment Trust

Video analysis: FCR-UN.TO

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