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RFA Financial
(TSX:RFA)
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Rating:63Neutral
Price Target:
C$9.50
â–¼(-62.29% Downside)
Action:Reiterated
Date:12/18/25
The overall stock score of 63 reflects a mixed outlook. The most significant factor is the strong technical analysis, indicating bullish momentum. However, financial performance is challenged by declining revenue and profitability, partially offset by strong cash flow generation. The valuation is moderate, with a negative P/E ratio but a high dividend yield.
Positive Factors
Diversified commercial portfolio
A diversified mix across retail, office and industrial and operations in Canada and the U.S. reduces exposure to a single market cycle. That geographic and sector spread supports more stable rental cash flows, lowers portfolio volatility, and enables cross-market capital allocation and redevelopment opportunities over the medium term.
Negative Factors
Declining revenue trend
Sustained negative revenue growth erodes the landlord income base that drives NOI and distributions. Over months this trend pressures leasing economics, forces more aggressive tenant retention or repricing, and can limit the cash available for maintenance, redevelopment, or deleveraging unless leasing demand and rent resets improve.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified commercial portfolio
A diversified mix across retail, office and industrial and operations in Canada and the U.S. reduces exposure to a single market cycle. That geographic and sector spread supports more stable rental cash flows, lowers portfolio volatility, and enables cross-market capital allocation and redevelopment opportunities over the medium term.
Read all positive factors
RFA Financial (RFA) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$1.19B
Dividend Yield3.45%
Average Volume (3M)405.43K
Price to Earnings (P/E)―
Beta (1Y)0.71
Revenue Growth32.48%
EPS Growth-155.60%
CountryCA
Employees25
SectorReal Estate
Sector Strength53
IndustryFinancial - Credit Services
Share Statistics
EPS (TTM)-0.89
Shares Outstanding46,095,985
10 Day Avg. Volume290,415
30 Day Avg. Volume405,433
Financial Highlights & Ratios
PEG Ratio0.20
Price to Book (P/B)0.49
Price to Sales (P/S)2.57
P/FCF Ratio9.70
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)C$238.40M
RFA Financial Business Overview & Revenue Model
Company Description
RFA Financial, Inc. engages in providing a scaled and dynamic financial services platform. The firm offers banking, mortgage, lending, and real estate products and solutions. It specializes in residential mortgage lending and asset management thro...
How the Company Makes Money
Artis Real Estate Investment generates revenue primarily through the leasing of its commercial properties, which provides a steady stream of rental income. The company earns money from long-term leases with tenants in its retail, office, and indus...
RFA Financial Earnings Call Summary
Earnings Call Date:Aug 07, 2025
(Q2-2025)
| % Change Since: |
Next Earnings Date:May 18, 2027
Earnings Call Sentiment Neutral
The earnings call reflected a stable and strategically productive quarter with positive developments in leasing, occupancy, and deleveraging. However, challenges such as elevated payout ratios, increased debt to gross book value, and strategic review costs remain. The company is actively managing these challenges while exploring growth opportunities.Positive Updates
Increased Occupancy Rates
Occupancy rates rose to 87.8% as of June 30 from 87.1% at March 31, driven by a new 80,600 square foot lease in the U.S. industrial portfolio.
Negative Updates
Elevated Payout Ratios
Payout ratios were elevated, and income metrics like FFO and AFFO may fluctuate quarter-to-quarter.
Read all updates
Q2-2025 Updates
Positive
Negative
Increased Occupancy Rates
Occupancy rates rose to 87.8% as of June 30 from 87.1% at March 31, driven by a new 80,600 square foot lease in the U.S. industrial portfolio.
Read all positive updates
Company Guidance
During the second quarter of 2025, Artis Real Estate Investment Trust focused on reducing leverage and strengthening its balance sheet, aiming to maximize long-term value for its unitholders. Occupancy levels increased to 87.8%, up from 87.1% in the previous quarter, driven by the commencement of a new 80,600 square foot lease and 210,643 square feet of renewals with rental rates rising by 3.6%. The company closed the sale of a Canadian retail property for $4.8 million and went unconditional on the sale of a 90% interest in U.S. development land for USD 11.3 million. Debt to gross book value was at 41.1% as of June 30, 2025. The net asset value per unit stood at $12.98, reflecting impacts from foreign exchange, distributions, credit loss provisions, and fair value adjustments. Artis repurchased 1.77 million common units at an average price of $7.28 and continued to actively manage upcoming mortgage maturities. The company is exploring strategic options for the Cominar portfolio, with discussions progressing and a resolution expected by year-end.RFA Financial Financial Statement Overview
Summary
Income Statement
45
Neutral
Balance Sheet
55
Neutral
Cash Flow
60
Neutral
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 249.75M | 300.37M | 335.84M | 372.51M | 419.50M | 458.92M |
| Gross Profit | 129.30M | 163.23M | 184.02M | 209.98M | 237.78M | 269.27M |
| EBITDA | 4.36M | 53.88M | -217.19M | 294.89M | 232.92M | 265.09M |
| Net Income | -75.08M | -47.41M | -332.07M | -5.29M | 389.18M | 21.54M |
Balance Sheet | ||||||
| Total Assets | 2.60B | 2.80B | 3.74B | 4.55B | 4.58B | 4.86B |
| Cash, Cash Equivalents and Short-Term Investments | 64.16M | 32.79M | 28.94M | 29.17M | 221.47M | 34.70M |
| Total Debt | 1.11B | 1.13B | 1.91B | 2.21B | 1.97B | 2.40B |
| Total Liabilities | 1.19B | 1.22B | 2.02B | 2.32B | 2.12B | 2.53B |
| Stockholders Equity | 1.41B | 1.58B | 1.72B | 2.23B | 2.46B | 2.33B |
Cash Flow | ||||||
| Free Cash Flow | 109.96M | 79.73M | 79.59M | 140.72M | 202.28M | 176.31M |
| Operating Cash Flow | 109.96M | 80.14M | 79.96M | 140.74M | 202.29M | 176.33M |
| Investing Cash Flow | 58.51M | 652.11M | 298.39M | -288.99M | 607.47M | 165.96M |
| Financing Cash Flow | -158.09M | -730.44M | -378.19M | -46.57M | -622.97M | -350.00M |
RFA Financial Technical Analysis
Positive
25.19
Price Trends
25.73
Positive
25.23
Positive
23.06
Positive
Market Momentum
-0.15
Negative
59.85
Neutral
80.27
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:RFA, the sentiment is Positive. The current price of 25.19 is below the 20-day moving average (MA) of 25.56, below the 50-day MA of 25.73, and above the 200-day MA of 23.06, indicating a bullish trend. The MACD of -0.15 indicates Negative momentum. The RSI at 59.85 is Neutral, neither overbought nor oversold. The STOCH value of 80.27 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:RFA.
RFA Financial Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | C$4.86B | 4.72 | 22.27% | 3.93% | 0.07% | 295.34% | |
69 Neutral | C$4.31B | 7.80 | 15.35% | 5.10% | 4.77% | 24.61% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
65 Neutral | C$772.89M | 14.36 | 4.92% | 7.77% | 2.17% | 77.48% | |
63 Neutral | C$1.19B | -11.36 | -5.00% | 3.68% | 32.48% | -155.60% | |
59 Neutral | C$855.75M | 8.90 | 4.74% | 4.66% | -0.84% | 2.95% | |
50 Neutral | C$360.34M | -4.45 | -12.55% | 5.25% | -4.54% | 51.54% |
* Real Estate Sector Average
TSE:RFA
RFA Financial
26.86
8.45
45.87%
TSE:CRT.UN
CT Real Estate Investment
18.01
2.72
17.79%
TSE:FCR.UN
First Capital Realty
22.89
4.69
25.79%
TSE:MRG.UN
Morguard NA REIT UN
16.38
-0.91
-5.24%
TSE:D.UN
Dream Office Real Estate Investment
18.96
3.06
19.27%
TSE:NXR.UN
Nexus Real Estate Investment
7.98
0.70
9.59%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.