MNARF Debt-to-EBITDA : 7.28 (As of Mar. 2026) — 13% Above Median

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

MNARF Morguard North American Residential Real Estate Investment Trust MNARF
66 GF Score
Price $12.18
GF Value $10.41
Valuation Modestly Overvalued
! 10 Warning Signs
View Full Analysis

What is Morguard North American Residential Real Estate Investment Trust Debt-to-EBITDA?

Morguard North American Residential Real Estate Investment Trust MNARF 66 Debt-to-EBITDA is 7.28 as of Mar. 2026, which is 13% above its 10-year median of 6.46. GuruFocus rates MNARF with a GF Score™ of 66/100 and a GF Value™ of $10.41 (Modestly Overvalued). The stock has 10 warning signs investors should review. Among 578 REITs companies, Morguard North American Residential Real Estate Investment Trust ranks worse than 68.86% on this metric.

Debt-to-EBITDA measures a company's ability to pay off its debt.

Morguard North American Residential Real Estate Investment Trust's Short-Term Debt & Capital Lease Obligation for the quarter that ended in Mar. 2026 was $140.1 Mil. Morguard North American Residential Real Estate Investment Trust's Long-Term Debt & Capital Lease Obligation for the quarter that ended in Mar. 2026 was $1,158.2 Mil. Morguard North American Residential Real Estate Investment Trust's annualized EBITDA for the quarter that ended in Mar. 2026 was $178.3 Mil. Morguard North American Residential Real Estate Investment Trust's annualized Debt-to-EBITDA for the quarter that ended in Mar. 2026 was 7.28.

A high Debt-to-EBITDA ratio generally means that a company may spend more time to paying off its debt. According to Joel Tillinghast's BIG MONEY THINKS SMALL: Biases, Blind Spots, and Smarter Investing, a ratio of Debt-to-EBITDA exceeding four is usually considered scary unless tangible assets cover the debt.

The historical rank and industry rank for Morguard North American Residential Real Estate Investment Trust's Debt-to-EBITDA or its related term are showing as below:

MNARF' s Debt-to-EBITDA Range Over the Past 10 Years
Min: 3.88   Med: 6.46   Max: 10.9
Current: 8.93

During the past 13 years, the highest Debt-to-EBITDA Ratio of Morguard North American Residential Real Estate Investment Trust was 10.90. The lowest was 3.88. And the median was 6.46.

MNARF's Debt-to-EBITDA is ranked worse than
68.86% of 578 companies
in the REITs industry
Industry Median: 6.51 vs MNARF: 8.93

Morguard North American Residential Real Estate Investment Trust  (OTCPK:MNARF) Debt-to-EBITDA Explanation

In the calculation of Debt-to-EBITDA, we use the total of Short-Term Debt & Capital Lease Obligation and Long-Term Debt & Capital Lease Obligation divided by EBITDA. In some calculations, Total Liabilities is used to for calculation.


Be Aware

A high Debt-to-EBITDA ratio generally means that a company may spend more time to paying off its debt.

According to Joel Tillinghast's BIG MONEY THINKS SMALL: Biases, Blind Spots, and Smarter Investing, a ratio of Debt-to-EBITDA exceeding four is usually considered scary unless tangible assets cover the debt.


Morguard North American Residential Real Estate Investment Trust Debt-to-EBITDA Related Terms


Morguard North American Residential Real Estate Investment Trust Debt-to-EBITDA Historical Data

* Premium members only.

The historical data trend for Morguard North American Residential Real Estate Investment Trust's Debt-to-EBITDA can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Morguard North American Residential Real Estate Investment Trust Debt-to-EBITDA Chart

Morguard North American Residential Real Estate Investment Trust Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Debt-to-EBITDA
Get a 7-Day Free Trial Premium Member Only Premium Member Only 3.88 4.12 6.16 9.99 8.99

Morguard North American Residential Real Estate Investment Trust Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Debt-to-EBITDA Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 7.79 7.83 14.59 8.66 7.28

MNARF vs AVB, EQR, ESS: Debt-to-EBITDA Comparison

For the REIT - Residential subindustry, Morguard North American Residential Real Estate Investment Trust's Debt-to-EBITDA, along with its competitors' market caps and Debt-to-EBITDA data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Morguard North American Residential Real Estate Investment Trust Debt-to-EBITDA vs REITs Industry

For the REITs industry and Real Estate sector, Morguard North American Residential Real Estate Investment Trust's Debt-to-EBITDA distribution charts can be found below:

* The bar in red indicates where Morguard North American Residential Real Estate Investment Trust's Debt-to-EBITDA falls into.


MNARF
66GF Score
Morguard North American Residential Real Estate Investment Trust MNARF
Debt-to-EBITDA is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Morguard North American Residential Real Estate Investment Trust Debt-to-EBITDA Calculation

Debt-to-EBITDA measures a company's ability to pay off its debt.

Morguard North American Residential Real Estate Investment Trust's Debt-to-EBITDA for the fiscal year that ended in Dec. 2025 is calculated as

Debt-to-EBITDA=Total Debt / EBITDA
=(Short-Term Debt & Capital Lease Obligation + Long-Term Debt & Capital Lease Obligation) / EBITDA
=(138.962 + 1144.541) / 142.841
=8.99

Morguard North American Residential Real Estate Investment Trust's annualized Debt-to-EBITDA for the quarter that ended in Mar. 2026 is calculated as

Debt-to-EBITDA=Total Debt / EBITDA
=(Short-Term Debt & Capital Lease Obligation + Long-Term Debt & Capital Lease Obligation) / EBITDA
=(140.121 + 1158.224) / 178.276
=7.28

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

In the calculation of annual Debt-to-EBITDA, the EBITDA of the last fiscal year is used. In calculating the annualized quarterly data, the EBITDA data used here is four times the quarterly (Mar. 2026) EBITDA data.

Frequently Asked Questions Learn more about Debt-to-EBITDA →
What does a Debt-to-EBITDA of 7.28 mean?
Morguard North American Residential Real Estate Investment Trust (MNARF) has a Debt-to-EBITDA of 7.28 as of Mar. 2026. Debt-to-EBITDA ratio represents the ratio of total debt to total earnings before interest, taxes, depreciation and amortization. View historical data on Morguard North American Residential Real Estate Investment Trust. This is 13% above median its historical median of 6.46. Over the past decade, Morguard North American Residential Real Estate Investment Trust's Debt-to-EBITDA has ranged from 3.88 to 10.90. According to the industry distribution chart, Morguard North American Residential Real Estate Investment Trust ranks #398 out of 578 companies in the REITs industry, placing it in the top 68.9%.
Is Morguard North American Residential Real Estate Investment Trust's Debt-to-EBITDA too high?
Morguard North American Residential Real Estate Investment Trust's current Debt-to-EBITDA of 7.28 is 13% above median its 10-year median of 6.46. Over the past 10 years, this metric has ranged from a low of 3.88 to a high of 10.90. The REITs industry median Debt-to-EBITDA is 6.51. Morguard North American Residential Real Estate Investment Trust's value of 7.28 is 11.8% above this industry median. Based on the distribution chart, Morguard North American Residential Real Estate Investment Trust ranks #398 out of 578 companies in the REITs industry, which is below the industry midpoint. Overall, Morguard North American Residential Real Estate Investment Trust has a GF Score™ of 66/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Morguard North American Residential Real Estate Investment Trust's Debt-to-EBITDA compare to AVB and EQR?
According to the REITs industry distribution chart, Morguard North American Residential Real Estate Investment Trust ranks #398 out of 578 companies for Debt-to-EBITDA. This places Morguard North American Residential Real Estate Investment Trust in the lower half of its industry. The industry median Debt-to-EBITDA is 6.51. Morguard North American Residential Real Estate Investment Trust's value of 7.28 is 11.8% above this benchmark. Historically, Morguard North American Residential Real Estate Investment Trust's own Debt-to-EBITDA has ranged from 3.88 to 10.90 over the past decade. While the company's 10-year median is 6.46 vs. the industry median of 6.51, Morguard North American Residential Real Estate Investment Trust has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Debt-to-EBITDA for a REITs company?
The median Debt-to-EBITDA among REITs companies is 6.51, based on 578 companies in the industry. Companies in the top quartile (top 25%) have a Debt-to-EBITDA significantly above this median, while those in the bottom quartile fall well below. However, Debt-to-EBITDA should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Morguard North American Residential Real Estate Investment Trust's current Debt-to-EBITDA of 7.28 is 11.8% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Debt-to-EBITDA mean?
A high Debt-to-EBITDA can signal that a stock is expensive relative to its fundamentals. Debt-to-EBITDA ratio represents the ratio of total debt to total earnings before interest, taxes, depreciation and amortization. View historical data on Morguard North American Residential Real Estate Investment Trust. For the REITs industry, the median Debt-to-EBITDA is 6.51 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Morguard North American Residential Real Estate Investment Trust's current Debt-to-EBITDA is 7.28, which is 13% above median its own 10-year median of 6.46. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Morguard North American Residential Real Estate Investment Trust stock overvalued right now?
Based on GuruFocus' analysis, Morguard North American Residential Real Estate Investment Trust (MNARF) is currently considered Modestly Overvalued. The stock's GF Value™ is $10.41, compared to a current price of $12.18 — trading 17% above its estimated fair value. The current Debt-to-EBITDA is 7.28, which is 13% above median its 10-year median of 6.46 and 11.8% above the REITs industry median of 6.51. Morguard North American Residential Real Estate Investment Trust's overall GF Score™ is 66/100 with 10 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Debt-to-EBITDA calculated?
Debt-to-EBITDA is calculated from a company's financial statements. For Morguard North American Residential Real Estate Investment Trust (MNARF), the current Debt-to-EBITDA is 7.28 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Morguard North American Residential Real Estate Investment Trust (MNARF) Overvalued in 2026?

Based on GuruFocus' analysis, Morguard North American Residential Real Estate Investment Trust stock appears to be overvalued. The current stock price of $12.18 is trading 17% above its estimated GF Value™ of $10.41. GuruFocus considers Morguard North American Residential Real Estate Investment Trust to be Modestly Overvalued.

Key valuation signals for MNARF:

  • Debt-to-EBITDA: 7.28 (13% above median its 10-year median of 6.46)
  • GF Value™: $10.41 vs. price of $12.18 (17% above fair value)
  • GF Score™: 66/100 with 10 warning signs
  • Industry Position: 11.8% above the REITs median (#398 of 578)

No single metric tells the full story. See the MNARF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Morguard North American Residential Real Estate Investment Trust Business Description

Industry Real EstateREITs
Other Exchanges MRG.UN:Canada
Address 55 City Centre Drive, Suite 1000, Mississauga, ON, CAN, L5B 1M3
Morguard North American Residential Real Estate Investment Trust is an open-end real estate investment trust. The REIT invests in multi-suite residential rental properties in Canada and the United States. It acquires, develops, owns and manages multi-suite residential, commercial and hotel properties and serves as a real estate investment advisor and management company. The REIT operates into two reportable segments, Canada and the United States. The United States contributes to the majority of revenue.
66GF Score

Get the complete analysis for MNARF

Debt-to-EBITDA is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$12.18
Price
$10.41
GF Value