Granite Real Estate Investment Trust (GRP-UN) Margin Analysis

Granite Real Estate Investment Trust

GRP-UN (NYSE)

(%)

Models
Granite Real Estate Investment Trust Margin Analysis

# --- Years and Quarters
assumptions.set({
    "timeseries": "annual",
    "data": {
        "#years": """
            4
        """,
        "#quarters": """
            8
        """,
    },
    "titles": {
        "#years": "Years",
        "#quarters": "Quarters",
    },
    "properties": {
        "width": "responsive",
        "title": "Years and Quarters",
        "id": "component-1",
        "bindTo": None
    },
    "descriptions": {
        "#years": r"""
The number of historical years used to render the annual chart and tables.
        """,
        "#quarters": r"""
The number of historical quarters used to render the quarterly chart and tables.
        """,
    }
})

# Render description block
model.render_description({
    "data": r"""
## Margin Analysis Report

Margins refer to the ratio between a financial report item and the revenue (example: Net Income Margin = Net Income / Revenue).

This analysis provides annual and quarterly sections for reporting key financial margins.
""",
    "properties": {
        "width": "responsive"
    }
})

# Render description block
model.render_description({
    "data": r"""
## Annual Section

The annual section uses annual data to calculate margins and growth rates.
""",
    "properties": {
        "width": "full"
    }
})

# --- Income Statement Margins
data.compute({
    "user:%revenueGrowthRate": """
        ( income:revenue / income:revenue:-1 ) - 1
    """,
    "user:%grossMargin": """
        income:grossProfit / income:revenue
    """,
    "user:%operatingMargin": """
        income:operatingIncome / income:revenue
    """,
    "user:%netMargin": """
        income:netIncome / income:revenue
    """,
}, forecast=0, timeseries="annual")

model.render_table({
    "timeseries": "annual",
    "data": {
        "income:revenue": "Revenue",
        "user:%revenueGrowthRate": "Revenue Growth Rate",
        "income:costOfRevenue": "Cost of Revenue",
        "income:grossProfit": "Gross Profit",
        "user:%grossMargin": "Gross Margin",
        "income:operatingIncome": "Operating Income",
        "user:%operatingMargin": "Operating Margin",
        "income:netIncome": "Net Income",
        "user:%netMargin": "Net Margin",
    },
    "start": data.get("""
        -assumption:#years
    """),
    "end": 0,
    "properties": {
        "title": "Income Statement Margins",
        "order": "descending",
        "number_format": "M",
        "include_ltm": True,
        "display_averages": False,
        "width": "responsive"
    }
})

# --- Cash Flow Statement Margins
data.compute({
    "user:%cashFromOperatingActivitiesMargin": """
        flow:netCashProvidedByOperatingActivities / income:revenue
    """,
    "user:%freeCashFlowMargin": """
        flow:freeCashFlow / income:revenue
    """,
    "user:%depreciationAndAmortizationMargin": """
        flow:depreciationAndAmortization / income:revenue
    """,
    "user:%capitalExpenditureMargin": """
        flow:capitalExpenditure / income:revenue
    """,
}, forecast=0, timeseries="annual")

model.render_table({
    "timeseries": "annual",
    "data": {
        "income:revenue": "Revenue",
        "flow:netCashProvidedByOperatingActivities": "Cash from Operating Activities",
        "user:%cashFromOperatingActivitiesMargin": "Cash from Operating Activities Margin",
        "flow:freeCashFlow": "Free Cash Flow",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
        "flow:depreciationAndAmortization": "Depreciation and Amortization",
        "user:%depreciationAndAmortizationMargin": "Depreciation and Amortization Margin",
        "flow:capitalExpenditure": "Capital Expenditure",
        "user:%capitalExpenditureMargin": "Capital Expenditure Margin",
    },
    "start": data.get("""
        -assumption:#years
    """),
    "end": 0,
    "properties": {
        "title": "Cash Flow Statement Margins",
        "order": "descending",
        "number_format": "M",
        "include_ltm": True,
        "display_averages": False,
        "width": "responsive"
    }
})

model.render_chart({
    "timeseries": "annual",
    "data": {
        "user:%grossMargin": "Gross Margin",
        "user:%operatingMargin": "Operating Margin",
        "user:%netMargin": "Net Margin",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
    },
    "start": data.get("""
        -assumption:#years
    """),
    "end": 0,
    "properties": {
        "title": "Annual Chart",
        "include_ltm": False,
        "set_editable": [],
        "hidden_keys": [],
        "bar_keys": ["user:%grossMargin", "user:%operatingMargin", "user:%netMargin", "user:%freeCashFlowMargin"],
        "width": "full"
    }
})

# Render description block
model.render_description({
    "data": r"""
## Quarterly Section

The quarterly section uses quarterly data to calculate margins and growth rates.
""",
    "properties": {
        "width": "full"
    }
})

model.render_table({
    "timeseries": "quarterly",
    "data": {
        "income:revenue": "Revenue",
        "user:%revenueGrowthRate": "Revenue Growth Rate",
        "income:costOfRevenue": "Cost of Revenue",
        "income:grossProfit": "Gross Profit",
        "user:%grossMargin": "Gross Margin",
        "income:operatingIncome": "Operating Income",
        "user:%operatingMargin": "Operating Margin",
        "income:netIncome": "Net Income",
        "user:%netMargin": "Net Margin",
    },
    "start": data.get("""
        -assumption:#quarters
    """),
    "end": 0,
    "properties": {
        "title": "Income Statement Margins",
        "order": "descending",
        "number_format": "M",
        "display_averages": False,
        "width": "responsive"
    }
})

model.render_table({
    "timeseries": "quarterly",
    "data": {
        "income:revenue": "Revenue",
        "flow:netCashProvidedByOperatingActivities": "Cash from Operating Activities",
        "user:%cashFromOperatingActivitiesMargin": "Cash from Operating Activities Margin",
        "flow:freeCashFlow": "Free Cash Flow",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
        "flow:depreciationAndAmortization": "Depreciation and Amortization",
        "user:%depreciationAndAmortizationMargin": "Depreciation and Amortization Margin",
        "flow:capitalExpenditure": "Capital Expenditure",
        "user:%capitalExpenditureMargin": "Capital Expenditure Margin",
    },
    "start": data.get("""
        -assumption:#quarters
    """),
    "end": 0,
    "properties": {
        "title": "Cash Flow Statement Margins",
        "order": "descending",
        "number_format": "M",
        "display_averages": False,
        "width": "responsive"
    }
})

model.render_chart({
    "timeseries": "quarterly",
    "data": {
        "user:%grossMargin": "Gross Margin",
        "user:%operatingMargin": "Operating Margin",
        "user:%netMargin": "Net Margin",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
    },
    "start": data.get("""
        -assumption:#quarters
    """),
    "end": 0,
    "properties": {
        "title": "Quarterly Chart",
        "set_editable": [],
        "hidden_keys": [],
        "bar_keys": ["user:%grossMargin", "user:%operatingMargin", "user:%netMargin", "user:%freeCashFlowMargin"],
        "width": "full"
    }
})

Years and Quarters

Years Years The number of historical years used to render the annual chart and tables.	#
Quarters Quarters The number of historical quarters used to render the quarterly chart and tables.	#

Margin Analysis Report

Margins refer to the ratio between a financial report item and the revenue (example: Net Income Margin = Net Income / Revenue).

This analysis provides annual and quarterly sections for reporting key financial margins.

Annual Section

The annual section uses annual data to calculate margins and growth rates.

Income Statement Margins

Monetary values in USD amounts except #	LTM Mar 15	2024 Dec 31	2023 Dec 31	2022 Dec 31	2021 Dec 31
Revenue	441.1	395.5	393.3	336.1	311.1
Revenue Growth Rate	11.52%	0.562%	17.02%	8.03%	16.52%
Cost of Revenue	78.48	67.51	64.9	55.49	48.08
Gross Profit	362.6	328	328.4	280.6	263
Gross Margin	82.21%	82.93%	83.5%	83.49%	84.55%
Operating Income	333.3	302.5	296.3	257.7	231.6
Operating Margin	75.57%	76.48%	75.33%	76.67%	74.45%
Net Income	211.9	250.6	103.1	114.9	1,036
Net Margin	48.04%	63.36%	26.22%	34.19%	332.9%

Cash Flow Statement Margins

Monetary values in USD amounts except #	LTM Mar 15	2024 Dec 31	2023 Dec 31	2022 Dec 31	2021 Dec 31
Revenue	441.1	395.5	393.3	336.1	311.1
Cash from Operating Activities	273.4	235.3	236.3	204.7	207.3
Cash from Operating Activities Margin	61.98%	59.49%	60.08%	60.91%	66.65%
Free Cash Flow	273.3	235.2	236.1	204.1	206.9
Free Cash Flow Margin	61.95%	59.47%	60.03%	60.73%	66.5%
Depreciation and Amortization	0.687	0.896	0.96	1.18	1.04
Depreciation and Amortization Margin	0.156%	0.226%	0.244%	0.351%	0.335%
Capital Expenditure	-0.096	-0.087	-0.215	-0.595	-0.466
Capital Expenditure Margin	-0.022%	-0.022%	-0.055%	-0.177%	-0.15%

Annual Chart

Monetary values in USD

{"sectionId": "section-chart-1", "sectionType": "chart", "title": "Annual Chart", "timeseries": "annual", "series": [{"label": "Gross Margin", "mappingKey": "user:%grossMargin", "data": [{"l": "2021", "x": "2021-12-31", "y": 84.55}, {"l": "2022", "x": "2022-12-31", "y": 83.49}, {"l": "2023", "x": "2023-12-31", "y": 83.5}, {"l": "2024", "x": "2024-12-31", "y": 82.93}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}, {"label": "Operating Margin", "mappingKey": "user:%operatingMargin", "data": [{"l": "2021", "x": "2021-12-31", "y": 74.45}, {"l": "2022", "x": "2022-12-31", "y": 76.67}, {"l": "2023", "x": "2023-12-31", "y": 75.33}, {"l": "2024", "x": "2024-12-31", "y": 76.48}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}, {"label": "Net Margin", "mappingKey": "user:%netMargin", "data": [{"l": "2021", "x": "2021-12-31", "y": 332.9}, {"l": "2022", "x": "2022-12-31", "y": 34.19}, {"l": "2023", "x": "2023-12-31", "y": 26.22}, {"l": "2024", "x": "2024-12-31", "y": 63.36}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}, {"label": "Free Cash Flow Margin", "mappingKey": "user:%freeCashFlowMargin", "data": [{"l": "2021", "x": "2021-12-31", "y": 66.5}, {"l": "2022", "x": "2022-12-31", "y": 60.73}, {"l": "2023", "x": "2023-12-31", "y": 60.03}, {"l": "2024", "x": "2024-12-31", "y": 59.47}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}], "editableDates": {}, "properties": {"display_table": false}, "width": "full"}

Quarterly Section

The quarterly section uses quarterly data to calculate margins and growth rates.

Income Statement Margins

Monetary values in USD amounts except #	2025 (Q3) Sep 30	2025 (Q2) Jun 30	2025 (Q1) Mar 31	2024 (Q4) Dec 31	2024 (Q3) Sep 30	2024 (Q2) Jun 30
Revenue	110	109.6	107.5	102.9	104.9	102.6
Revenue Growth Rate	0.356%	2.02%	4.46%	-1.93%	2.26%
Cost of Revenue	18.6	19	20.16	18.69	16.51	17.18
Gross Profit	91.43	90.64	87.3	84.18	88.39	85.41
Gross Margin	83.1%	82.67%	81.24%	81.83%	84.26%	83.25%
Operating Income	81.28	83.04	81.21	79.37	78.9	80.13
Operating Margin	73.87%	75.74%	75.56%	77.15%	75.21%	78.11%
Net Income	48.9	69.78	30.47	58.2	82.5	55.71
Net Margin	44.45%	63.64%	28.35%	56.58%	78.64%	54.3%

Cash Flow Statement Margins

Monetary values in USD amounts except #	2025 (Q3) Sep 30	2025 (Q2) Jun 30	2025 (Q1) Mar 31	2024 (Q4) Dec 31	2024 (Q3) Sep 30	2024 (Q2) Jun 30
Revenue	110	109.6	107.5	102.9	104.9	102.6
Cash from Operating Activities	87.72	53.48	75.68	49.5	78.87	56.12
Cash from Operating Activities Margin	79.73%	48.78%	70.42%	48.11%	75.19%	54.71%
Free Cash Flow	87.68	53.45	75.68	49.48	78.83	56.12
Free Cash Flow Margin	79.69%	48.75%	70.42%	48.1%	75.15%	54.71%
Depreciation and Amortization	0	0.224	0.218	0.225	0.245	0.247
Depreciation and Amortization Margin	0%	0.204%	0.203%	0.219%	0.234%	0.241%
Capital Expenditure	-0.044	-0.032	0	-0.019	-0.038	0.016
Capital Expenditure Margin	-0.04%	-0.029%	0%	-0.019%	-0.036%	0.016%

Quarterly Chart

Monetary values in USD

{"sectionId": "section-chart-2", "sectionType": "chart", "title": "Quarterly Chart", "timeseries": "quarterly", "series": [{"label": "Gross Margin", "mappingKey": "user:%grossMargin", "data": [{"l": "2024 (Q2)", "x": "2024-06-30", "y": 83.25}, {"l": "2024 (Q3)", "x": "2024-09-30", "y": 84.26}, {"l": "2024 (Q4)", "x": "2024-12-31", "y": 81.83}, {"l": "2025 (Q1)", "x": "2025-03-31", "y": 81.24}, {"l": "2025 (Q2)", "x": "2025-06-30", "y": 82.67}, {"l": "2025 (Q3)", "x": "2025-09-30", "y": 83.1}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "quarterly", "hidden": false}, {"label": "Operating Margin", "mappingKey": "user:%operatingMargin", "data": [{"l": "2024 (Q2)", "x": "2024-06-30", "y": 78.11}, {"l": "2024 (Q3)", "x": "2024-09-30", "y": 75.21}, {"l": "2024 (Q4)", "x": "2024-12-31", "y": 77.15}, {"l": "2025 (Q1)", "x": "2025-03-31", "y": 75.56}, {"l": "2025 (Q2)", "x": "2025-06-30", "y": 75.74}, {"l": "2025 (Q3)", "x": "2025-09-30", "y": 73.87}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "quarterly", "hidden": false}, {"label": "Net Margin", "mappingKey": "user:%netMargin", "data": [{"l": "2024 (Q2)", "x": "2024-06-30", "y": 54.3}, {"l": "2024 (Q3)", "x": "2024-09-30", "y": 78.64}, {"l": "2024 (Q4)", "x": "2024-12-31", "y": 56.58}, {"l": "2025 (Q1)", "x": "2025-03-31", "y": 28.35}, {"l": "2025 (Q2)", "x": "2025-06-30", "y": 63.64}, {"l": "2025 (Q3)", "x": "2025-09-30", "y": 44.45}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "quarterly", "hidden": false}, {"label": "Free Cash Flow Margin", "mappingKey": "user:%freeCashFlowMargin", "data": [{"l": "2024 (Q2)", "x": "2024-06-30", "y": 54.71}, {"l": "2024 (Q3)", "x": "2024-09-30", "y": 75.15}, {"l": "2024 (Q4)", "x": "2024-12-31", "y": 48.1}, {"l": "2025 (Q1)", "x": "2025-03-31", "y": 70.42}, {"l": "2025 (Q2)", "x": "2025-06-30", "y": 48.75}, {"l": "2025 (Q3)", "x": "2025-09-30", "y": 79.69}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "quarterly", "hidden": false}], "editableDates": {}, "properties": {"display_table": false}, "width": "full"}