Primaris REITPMREF 83 Operating Margin % is 47.59% as of Mar. 2026, which is 5% below its 10-year median of 50.02. GuruFocus rates PMREF with a GF Score™ of 83/100 and a GF Value™ of $13.25 (Fairly Valued). The stock has 8 warning signs investors should review. Among 750 REITs companies, Primaris REIT ranks worse than 54.13% on this metric.
Operating Margin % is calculated as Operating Income divided by its Revenue. Primaris REIT's Operating Income for the
three
months ended in Mar. 2026 was $61.7 Mil. Primaris REIT's Revenue for the
three
months ended in Mar. 2026 was $129.6 Mil. Therefore, Primaris REIT's Operating Margin % for the quarter that ended in Mar. 2026 was 47.59%.
Good Sign:
Primaris REIT operating margin is expanding. Margin expansion is usually a good sign.
The historical rank and industry rank for Primaris REIT's Operating Margin % or its related term are showing as below:
PMREF'
s Operating Margin % Range Over the Past 10 Years
Min: 25.19 Med: 50.02 Max: 52.85
Current: 50.31
PMREF's Operating Margin % is ranked worse than 54.13% of 750
companies
in the REITs industry
Industry Median: 52.67
vs PMREF: 50.31
Primaris REIT's 5-Year Average Operating Margin % Growth Rate was 1.70% per year.
Primaris REIT's Operating Income for the
three
months ended in Mar. 2026 was $61.7 Mil.
Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was $248.5 Mil.
Just like Gross Margin %, it is important to see a company maintains its operating margin over time. Among the same industry, a company with higher operating margin is more efficient in its operation. It is also more stable during industry slowdown or recessions. Peter Lynch prefers those with higher margins than those with lower margins.
Be Aware
Operating Margin % can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).
If a company is facing competition, its Operating Margin % may decline. Often the Operating Margin % declines well before the company's Revenue or even profit decline. Therefore, Operating Margin % is a very important indicator of whether the company is facing problems.
For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokias Operating Margin % had already been in decline since 2002, although its Earnings per Share (Diluted) were still rising. Investors who paid attention to Operating Margin % would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).
Therefore, Operating Margin % is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.
Primaris REIT Operating Margin % Related Terms
Primaris REIT Operating Margin % Historical Data
* Premium members only.
The historical data trend for Primaris REIT's Operating 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.
PMREF vs SPG, O, KIM: Operating Margin % Comparison
For the REIT - Retail subindustry, Primaris REIT's Operating Margin %, along with its competitors' market caps and Operating 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.
Primaris REIT Operating Margin % vs REITs Industry
For the REITs industry and Real Estate sector, Primaris REIT's Operating Margin % distribution charts can be found below:
* The bar in red indicates where Primaris REIT's Operating Margin % falls into.
Operating Margin % - also known as operating income margin, operating profit margin and return on sales (ROS) - is the ratio of Operating Income divided by net sales or Revenue, usually presented in percent.
Primaris REIT's Operating Margin % for the fiscal year that ended in Dec. 2025 is calculated as
* 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.
Primaris REIT (PMREF) has a Operating Margin % of 47.59% as of Mar. 2026. Operating margin is the ratio of total operating income to net sales. View historical data on Primaris REIT and its competitors. This is near median its historical median of 50.02. Over the past decade, Primaris REIT's Operating Margin % has ranged from 25.19 to 52.85. According to the industry distribution chart, Primaris REIT ranks #406 out of 750 companies in the REITs industry, placing it in the top 54.1%.
Is Primaris REIT's Operating Margin % too high?
Primaris REIT's current Operating Margin % of 47.59% is near median its 10-year median of 50.02. Over the past 10 years, this metric has ranged from a low of 25.19 to a high of 52.85. The REITs industry median Operating Margin % is 52.67. Primaris REIT's value of 47.59% is 9.6% below this industry median. Based on the distribution chart, Primaris REIT ranks #406 out of 750 companies in the REITs industry, which is below the industry midpoint. Overall, Primaris REIT has a GF Score™ of 83/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Primaris REIT's Operating Margin % compare to SPG and O?
According to the REITs industry distribution chart, Primaris REIT ranks #406 out of 750 companies for Operating Margin %. This places Primaris REIT in the lower half of its industry. The industry median Operating Margin % is 52.67. Primaris REIT's value of 47.59% is 9.6% below this benchmark. Historically, Primaris REIT's own Operating Margin % has ranged from 25.19 to 52.85 over the past decade. While the company's 10-year median is 50.02 vs. the industry median of 52.67, Primaris REIT has consistently been below 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 Operating Margin % for a REITs company?
The median Operating Margin % among REITs companies is 52.67, based on 750 companies in the industry. Companies in the top quartile (top 25%) have a Operating Margin % significantly above this median, while those in the bottom quartile fall well below. However, Operating Margin % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Primaris REIT's current Operating Margin % of 47.59% is 9.6% below 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 Operating Margin % mean?
A high Operating Margin % can signal that a stock is expensive relative to its fundamentals. Operating margin is the ratio of total operating income to net sales. View historical data on Primaris REIT and its competitors. For the REITs industry, the median Operating Margin % is 52.67 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Primaris REIT's current Operating Margin % is 47.59%, which is near median its own 10-year median of 50.02. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Primaris REIT stock overvalued right now?
Based on GuruFocus' analysis, Primaris REIT (PMREF) is currently considered Fairly Valued. The stock's GF Value™ is $13.25, compared to a current price of $14.30 — trading 7.9% above its estimated fair value. The current Operating Margin % is 47.59%, which is near median its 10-year median of 50.02 and 9.6% below the REITs industry median of 52.67. Primaris REIT's overall GF Score™ is 83/100 with 8 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Operating Margin % calculated?
Operating Margin % is calculated from a company's financial statements. For Primaris REIT (PMREF), the current Operating Margin % is 47.59% 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 Primaris REIT (PMREF) Overvalued in 2026?
Based on GuruFocus' analysis, Primaris REIT stock appears to be overvalued.
The current stock price of $14.30 is trading 7.9% above its estimated GF Value™ of $13.25.
GuruFocus considers Primaris REIT to be Fairly Valued.
Key valuation signals for PMREF:
Operating Margin %: 47.59% (near median its 10-year median of 50.02)
GF Value™: $13.25 vs. price of $14.30 (7.9% above fair value)
Industry Position: 9.6% below the REITs median (#406 of 750)
No single metric tells the full story. See the PMREF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Primaris REIT is an unincorporated, open-ended real estate investment trust. Through its subsidiaries, it owns, develops, and operates a national retail portfolio focused on enclosed shopping centres located in secondary Canadian markets. Its property portfolio includes: Dufferin Mall, Cataraqui Centre, Stone Road Mall, Orchard Park, Kildonan Place, Halifax Shopping Centre, Marlborough Mall, and Devonshire Mall. The company generates a majority of its revenue from the Rent receivables.
83GF Score
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