First Capital REIT (FRA:Z0H) EBITDA Margin %: 70.09% (As of Mar. 2026) — Near 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.

FRA:Z0H First Capital REIT FRA:Z0H
72 GF Score
Price €14.35
GF Value €10.89
! 7 Warning Signs
View Full Analysis

What is First Capital REIT EBITDA Margin %?

First Capital REIT FRA:Z0H -0.43% 72 EBITDA Margin % is 70.09% as of Mar. 2026, which is 7% above its 10-year median of 65.42. GuruFocus rates FRA:Z0H with a GF Score™ of 72/100 and a GF Value™ of €10.89. The stock has 7 warning signs investors should review. Among 744 REITs companies, First Capital REIT ranks worse than 55.65% on this metric.

EBITDA Margin % is calculated as EBITDA divided by its Revenue. First Capital REIT's EBITDA for the three months ended in Mar. 2026 was €83.8 Mil. First Capital REIT's Revenue for the three months ended in Mar. 2026 was €119.6 Mil. Therefore, First Capital REIT's EBITDA margin for the quarter that ended in Mar. 2026 was 70.09%.


First Capital REIT  (FRA:Z0H) EBITDA Margin % Explanation

EBITDA Margin % is the ratio of EBITDA divided by net sales or Revenue. It is an performance metric measuring company's operating profitability. EBITDA Margin takes depreciation and amortization, interest expense and tax into account, which makes it easy to compare the relative profitability of companies of different sizes in the same industry.


First Capital REIT EBITDA Margin % Related Terms


First Capital REIT EBITDA Margin % Historical Data

* Premium members only.

The historical data trend for First Capital REIT's EBITDA Margin % 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.

First Capital REIT EBITDA Margin % Chart

First Capital REIT Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
EBITDA Margin %
Get a 7-Day Free Trial Premium Member Only Premium Member Only 97.53 0.45 2.74 54.13 62.74

First Capital REIT Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
EBITDA Margin % 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 57.59 60.40 55.55 77.16 70.09

FRA:Z0H vs SPG, O, KIM: EBITDA Margin % Comparison

For the REIT - Retail subindustry, First Capital REIT's EBITDA Margin %, along with its competitors' market caps and EBITDA Margin % 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.


First Capital REIT EBITDA Margin % vs REITs Industry

For the REITs industry and Real Estate sector, First Capital REIT's EBITDA Margin % distribution charts can be found below:

* The bar in red indicates where First Capital REIT's EBITDA Margin % falls into.


FRA:Z0H
72GF Score
First Capital REIT FRA:Z0H
EBITDA Margin % is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

First Capital REIT EBITDA Margin % Calculation

EBITDA margin is the ratio of EBITDA divided by net sales or Revenue, usually presented in percent.

First Capital REIT's EBITDA Margin % for the fiscal year that ended in Dec. 2025 is calculated as

EBITDA Margin %=EBITDA (A: Dec. 2025 )/Revenue (A: Dec. 2025 )
=284.015/452.683
=62.74 %

First Capital REIT's EBITDA Margin % for the quarter that ended in Mar. 2026 is calculated as

EBITDA Margin %=EBITDA (Q: Mar. 2026 )/Revenue (Q: Mar. 2026 )
=83.834/119.604
=70.09 %

* 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.

Frequently Asked Questions Learn more about EBITDA Margin % →
What does a EBITDA Margin % of 70.09% mean?
First Capital REIT (FRA:Z0H) has a EBITDA Margin % of 70.09% as of Mar. 2026. EBITDA Margin is the ratio of EBITDA divided by net sales or Revenue, usually presented in percent. View historical data on First Capital REIT and its competitors. This is near median its historical median of 65.42. Over the past decade, First Capital REIT's EBITDA Margin % has ranged from 0.45 to 133.72. According to the industry distribution chart, First Capital REIT ranks #414 out of 744 companies in the REITs industry, placing it in the top 55.6%.
Is First Capital REIT's EBITDA Margin % too high?
First Capital REIT's current EBITDA Margin % of 70.09% is near median its 10-year median of 65.42. Over the past 10 years, this metric has ranged from a low of 0.45 to a high of 133.72. The REITs industry median EBITDA Margin % is 69.79. First Capital REIT's value of 70.09% is 0.4% above this industry median. Based on the distribution chart, First Capital REIT ranks #414 out of 744 companies in the REITs industry, which is below the industry midpoint. Overall, First Capital REIT has a GF Score™ of 72/100, reflecting its overall financial health beyond just this single metric.
How does First Capital REIT's EBITDA Margin % compare to SPG and O?
According to the REITs industry distribution chart, First Capital REIT ranks #414 out of 744 companies for EBITDA Margin %. This places First Capital REIT in the lower half of its industry. The industry median EBITDA Margin % is 69.79. First Capital REIT's value of 70.09% is 0.4% above this benchmark. Historically, First Capital REIT's own EBITDA Margin % has ranged from 0.45 to 133.72 over the past decade. While the company's 10-year median is 65.42 vs. the industry median of 69.79, First Capital REIT 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 EBITDA Margin % for a REITs company?
The median EBITDA Margin % among REITs companies is 69.79, based on 744 companies in the industry. Companies in the top quartile (top 25%) have a EBITDA Margin % significantly above this median, while those in the bottom quartile fall well below. However, EBITDA Margin % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. First Capital REIT's current EBITDA Margin % of 70.09% is 0.4% 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 EBITDA Margin % mean?
A high EBITDA Margin % can signal that a stock is expensive relative to its fundamentals. EBITDA Margin is the ratio of EBITDA divided by net sales or Revenue, usually presented in percent. View historical data on First Capital REIT and its competitors. For the REITs industry, the median EBITDA Margin % is 69.79 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. First Capital REIT's current EBITDA Margin % is 70.09%, which is near median its own 10-year median of 65.42. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is First Capital REIT stock overvalued right now?
First Capital REIT (FRA:Z0H) has a current EBITDA Margin % of 70.09%. The stock's GF Value™ is €10.89, compared to a current price of €14.35 — trading 31.7% above its estimated fair value. The current EBITDA Margin % is 70.09%, which is near median its 10-year median of 65.42 and 0.4% above the REITs industry median of 69.79. First Capital REIT's overall GF Score™ is 72/100 with 7 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is EBITDA Margin % calculated?
EBITDA Margin % is calculated from a company's financial statements. For First Capital REIT (FRA:Z0H), the current EBITDA Margin % is 70.09% 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 First Capital REIT (FRA:Z0H) Overvalued in 2026?

Based on GuruFocus' analysis, First Capital REIT stock appears to be overvalued. The current stock price of €14.35 is trading 31.7% above its estimated GF Value™ of €10.89.

Key valuation signals for FRA:Z0H:

  • EBITDA Margin %: 70.09% (near median its 10-year median of 65.42)
  • GF Value™: €10.89 vs. price of €14.35 (31.7% above fair value)
  • GF Score™: 72/100 with 7 warning signs
  • Industry Position: 0.4% above the REITs median (#414 of 744)

No single metric tells the full story. See the FRA:Z0H stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


First Capital REIT Business Description

Industry Real EstateREITs
Other Exchanges FCXXF:USAFCR.UN:Canada
Address 85 Hanna Avenue, Suite 400, King Liberty Village, Toronto, ON, CAN, M6K 3S3
First Capital REIT is a developer, owner and operator of grocery-anchored, open-air centres in neighbourhoods in Canada's populated centres. The company's focus is on creating thriving neighbourhoods that create value for businesses, residents, communities and investors.
72GF Score

Get the complete analysis for FRA:Z0H

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

€14.35
Price
€10.89
GF Value