# Centuria Industrial REIT (CIP.AU)

Canonical: https://gigainvestors.com/s/CIP.AU

Analysis as of: 2026-10-16T07:43:21.727Z. Financial observations: FY2009–FY2026.

Listing currency: AUD. Reporting currency: AUD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: AUD 2.78 per share; close as of 2026-10-15.

Estimated value: low AUD 1.69 per share, central AUD 1.92 per share, high AUD 2.23 per share. Buy at or below the central value AUD 1.92 per share. Valuation as of 2026-10-16T07:43:21.727Z; scenarios are not confidence intervals.

Expected annual return: 7.8% at the stated quote. About 7.8% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; AU 10-year bond 5.2% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 1

- Operating margin variation: 0.21×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.74×

- FY2018: 0.70×

- FY2019: 1.18×

- FY2020: 0.93×

- FY2021: 0.91×

- FY2022: 0.89×

- FY2023: 0.89×

- FY2024: 0.63×

- FY2025: 0.63×

- FY2026: 0.59×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 24.8pp below the typical margin (limit 4pp)

- ROIC, median of available years: 4.4%

- ROIC, second-lowest year: 3.0%

- Typical minus recent gross margin: 24.8 pp

- Typical gross margin (annual median): 90.7%

- Recent gross margin (lower of latest and 3-year median): 65.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.0%

- ROIC including acquisitions, ten-year median: 5.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 6.8%

- FY2018: 3.9%

- FY2019: 7.8%

- FY2020: 6.9%

- FY2021: 5.0%

- FY2022: 4.5%

- FY2023: 4.3%

- FY2024: 3.8%

- FY2025: 3.0%

- FY2026: 3.0%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.91×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: AUD 577M

- Net income, five-year total: AUD 632M

- Return on incremental invested capital: 2.0%

- Working capital / revenue, annual change: 1.0 pp

- Working capital / revenue, change between three-year averages: 5.2 pp

- Working capital / revenue, final three-year average: 3.7%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 1.00×

- FY2023: 1.00×

- FY2024: 0.86×

- FY2025: 1.12×

- FY2026: 0.60×

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 6.8% vs 3.0%

- Per-share earnings: 0.23 to 0.21 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 11.4%

- Ordinary dilution, 5-year annual growth: 1.0%

- Market cap gain: AUD 1.3B

- Cumulative retained earnings: AUD 732M

- Diluted shares, 10-year annual growth: 11.4%

- Diluted shares, 5-year annual growth: 1.0%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: -1.2%

- Per-share value change: AUD -0.02

- Per-share value, starting three-year median: AUD 0.23

- Per-share value, ending three-year median: AUD 0.21

- Buybacks concentrated in cheaper years (correlation): -0.09

- Average buyback yield: 0.6%

- Buyback history: 6 years

- Debt-funded buybacks: Yes

- Acquisition spending: AUD 0

- Cumulative net income, 10 years: AUD 1.5B

- ROIC, first three-year median: 6.8%

- ROIC, last three-year median: 3.0%

Chart: Earnings per share; fiscal year observations.

- FY2017: AUD 0.21

- FY2018: AUD 0.40

- FY2019: AUD 0.25

- FY2020: AUD 0.15

- FY2021: AUD 1.03

- FY2022: AUD 0.58

- FY2023: AUD -0.12

- FY2024: AUD 0.08

- FY2025: AUD 0.21

- FY2026: AUD 0.26

### accounting: pass

- Sloan accruals: 1.6%

- Receivables to sales index (DSRI): 0.18×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.60×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2017: 0.9%

- FY2018: 5.0%

- FY2019: 2.0%

- FY2020: 0.6%

- FY2021: 17.0%

- FY2022: 6.2%

- FY2023: -4.5%

- FY2024: -1.2%

- FY2025: 0.9%

- FY2026: 1.6%

## Holders

## Price story

Down 34% since Dec 2021 · sales +7%

Story as of 2026-10-16T10:00:12.693Z; price observation 2026-10-15.

Price needs cash profits to grow 5.6% a year for ten years

### Sales · FY2025–2026

sales +7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: AUD 81M 

- FY2018: AUD 89M 

- FY2019: AUD 94M 

- FY2020: AUD 118M 

- FY2021: AUD 160M 

- FY2022: AUD 205M 

- FY2023: AUD 229M 

- FY2024: AUD 228M 

- FY2025: AUD 233M 

- FY2026: AUD 250M 

### Gross margin · FY2026

gross margin 65.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 93.1% 

- FY2018: 93.0% 

- FY2019: 92.7% 

- FY2020: 92.6% 

- FY2021: 91.2% 

- FY2022: 89.1% 

- FY2023: 89.4% 

- FY2024: 89.9% 

- FY2025: 90.1% 

- FY2026: 65.8% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in property rentals; annual sales are AUD 249.6 million.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:21.727Z); FY2026: revenue 249583000; grossProfit 164318000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CIP.AU: Centuria Industrial REIT is Australia's largest domestic pure play industrial REIT. CIP's portfolio of high-quality industrial assets is situated in urban infill locations throughout Australia and is underpinned by a quality and diverse tenant base. CIP is overseen by a hands-on, active manager and provides investors with income and an opportunity for capital growth from a pure play portfolio of high quality Australian industrial assets. Centuria Industrial REIT was incorporated in Australia.

### Why customers stay

Margins ranged from 65.8% to 90.1% during 2024–26; it earns 4.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:21.727Z); FY2024: grossProfit / revenue = 89.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:21.727Z); FY2025: grossProfit / revenue = 90.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:21.727Z); FY2026: grossProfit / revenue = 65.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:21.727Z); 10-year return on capital observations [[2017,0.0676219739502728],[2018,0.038709121131267454],[2019,0.07809529283244764],[2020,0.06874107283003522],[2021,0.04975077665424292],[2022,0.04509046710680131],[2023,0.04271738828513358],[2024,0.038025959388271136],[2025,0.030490762879677447],[2026,0.030025793817851792]]; median 0.043903927695967446. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back AUD 36.5 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:21.727Z); FY2017: growth capex 57488609.54534692; upkeep -57488609.54534692; owner earnings 48444609.54534692. Growth capex / owner earnings = 1.1866874371550935.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:21.727Z); FY2018: growth capex 62160000; upkeep -62160000; owner earnings 98895000. Growth capex / owner earnings = 0.6285454269679963.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:21.727Z); FY2019: growth capex 0; upkeep 0; owner earnings 75939000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:21.727Z); FY2020: growth capex 0; upkeep 0; owner earnings 75814000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:21.727Z); FY2021: growth capex 14000; upkeep -14000; owner earnings 611239000. Growth capex / owner earnings = 0.000022904297664252445.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:21.727Z); FY2022: growth capex 1835000; upkeep -1835000; owner earnings 367480000. Growth capex / owner earnings = 0.00499346903232829.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:21.727Z); FY2024: growth capex 0; upkeep 0; owner earnings 41365000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:21.727Z); FY2025: growth capex 0; upkeep 0; owner earnings 148844000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:21.727Z); FY2026: growth capex 0; upkeep 0; owner earnings 95676000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:21.727Z); Dividend observations: [[2017,44670000],[2018,45210000],[2019,44684000],[2020,54064000],[2021,79503000],[2022,92414000],[2023,103652000],[2024,101588000],[2025,103016000],[2026,104820000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:21.727Z); FY2026: cash repurchases 36489000 AUD.

### Are managers owners

Insiders own 2.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CIP.AU SharesStats.PercentInsiders = 2.571 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 5.6% yearly over ten years; actual decline was 4.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:21.727Z); Ten-year compound average after fade. Initial solved rate 0.06683569901291075. Price 2.78; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 0.23495389923994386 → FY2026 0.15323164442622217. Closing-price date 2026-10-15.

## Monthly share-price history (AUD per share)

- 2016-10: AUD 2.43 per share

- 2016-11: AUD 2.45 per share

- 2016-12: AUD 2.48 per share

- 2017-01: AUD 2.45 per share

- 2017-02: AUD 2.46 per share

- 2017-03: AUD 2.45 per share

- 2017-04: AUD 2.42 per share

- 2017-05: AUD 2.54 per share

- 2017-06: AUD 2.44 per share

- 2017-07: AUD 2.44 per share

- 2017-08: AUD 2.48 per share

- 2017-09: AUD 2.47 per share

- 2017-10: AUD 2.54 per share

- 2017-11: AUD 2.67 per share

- 2017-12: AUD 2.51 per share

- 2018-01: AUD 2.47 per share

- 2018-02: AUD 2.45 per share

- 2018-03: AUD 2.42 per share

- 2018-04: AUD 2.48 per share

- 2018-05: AUD 2.55 per share

- 2018-06: AUD 2.54 per share

- 2018-07: AUD 2.61 per share

- 2018-08: AUD 2.72 per share

- 2018-09: AUD 2.80 per share

- 2018-10: AUD 2.74 per share

- 2018-11: AUD 2.78 per share

- 2018-12: AUD 2.71 per share

- 2019-01: AUD 2.74 per share

- 2019-02: AUD 2.92 per share

- 2019-03: AUD 2.98 per share

- 2019-04: AUD 2.99 per share

- 2019-05: AUD 3.03 per share

- 2019-06: AUD 3.03 per share

- 2019-07: AUD 3.15 per share

- 2019-08: AUD 3.33 per share

- 2019-09: AUD 3.20 per share

- 2019-10: AUD 3.38 per share

- 2019-11: AUD 3.56 per share

- 2019-12: AUD 3.31 per share

- 2020-01: AUD 3.61 per share

- 2020-02: AUD 3.55 per share

- 2020-03: AUD 2.57 per share

- 2020-04: AUD 2.62 per share

- 2020-05: AUD 2.91 per share

- 2020-06: AUD 3.14 per share

- 2020-07: AUD 3.26 per share

- 2020-08: AUD 3.12 per share

- 2020-09: AUD 3.11 per share

- 2020-10: AUD 3.07 per share

- 2020-11: AUD 3.11 per share

- 2020-12: AUD 3.09 per share

- 2021-01: AUD 3.07 per share

- 2021-02: AUD 2.95 per share

- 2021-03: AUD 3.32 per share

- 2021-04: AUD 3.48 per share

- 2021-05: AUD 3.65 per share

- 2021-06: AUD 3.72 per share

- 2021-07: AUD 3.83 per share

- 2021-08: AUD 4.02 per share

- 2021-09: AUD 3.73 per share

- 2021-10: AUD 3.65 per share

- 2021-11: AUD 3.74 per share

- 2021-12: AUD 4.19 per share

- 2022-01: AUD 3.80 per share

- 2022-02: AUD 3.75 per share

- 2022-03: AUD 3.84 per share

- 2022-04: AUD 3.99 per share

- 2022-05: AUD 3.43 per share

- 2022-06: AUD 2.81 per share

- 2022-07: AUD 3.16 per share

- 2022-08: AUD 3.10 per share

- 2022-09: AUD 2.59 per share

- 2022-10: AUD 3.03 per share

- 2022-11: AUD 3.22 per share

- 2022-12: AUD 3.12 per share

- 2023-01: AUD 3.34 per share

- 2023-02: AUD 3.31 per share

- 2023-03: AUD 3.00 per share

- 2023-04: AUD 3.12 per share

- 2023-05: AUD 3.15 per share

- 2023-06: AUD 3.10 per share

- 2023-07: AUD 3.18 per share

- 2023-08: AUD 3.08 per share

- 2023-09: AUD 3.01 per share

- 2023-10: AUD 2.84 per share

- 2023-11: AUD 3.00 per share

- 2023-12: AUD 3.25 per share

- 2024-01: AUD 3.26 per share

- 2024-02: AUD 3.36 per share

- 2024-03: AUD 3.54 per share

- 2024-04: AUD 3.19 per share

- 2024-05: AUD 3.17 per share

- 2024-06: AUD 3.01 per share

- 2024-07: AUD 3.18 per share

- 2024-08: AUD 3.15 per share

- 2024-09: AUD 3.20 per share

- 2024-10: AUD 3.05 per share

- 2024-11: AUD 2.94 per share

- 2024-12: AUD 2.82 per share

- 2025-01: AUD 2.94 per share

- 2025-02: AUD 2.99 per share

- 2025-03: AUD 2.88 per share

- 2025-04: AUD 2.94 per share

- 2025-05: AUD 3.08 per share

- 2025-06: AUD 3.12 per share

- 2025-07: AUD 3.18 per share

- 2025-08: AUD 3.36 per share

- 2025-09: AUD 3.49 per share

- 2025-10: AUD 3.54 per share

- 2025-11: AUD 3.43 per share

- 2025-12: AUD 3.31 per share

- 2026-01: AUD 3.25 per share

- 2026-02: AUD 3.21 per share

- 2026-03: AUD 2.88 per share

- 2026-04: AUD 3.00 per share

- 2026-05: AUD 2.98 per share

- 2026-06: AUD 3.04 per share

- 2026-07: AUD 3.01 per share

- 2026-08: AUD 2.92 per share

- 2026-09: AUD 2.84 per share

- 2026-10: AUD 2.79 per share

## Annual estimated value (AUD per share)

- FY2017: low AUD 2.47 per share, central AUD 2.80 per share, high AUD 3.25 per share

- FY2018: low AUD 3.47 per share, central AUD 3.94 per share, high AUD 4.56 per share

- FY2019: low AUD 2.73 per share, central AUD 3.11 per share, high AUD 3.61 per share

- FY2020: low AUD 1.78 per share, central AUD 2.02 per share, high AUD 2.35 per share

- FY2021: low AUD 2.57 per share, central AUD 2.90 per share, high AUD 3.33 per share

- FY2022: low AUD 3.98 per share, central AUD 4.52 per share, high AUD 5.25 per share

- FY2023: low AUD 3.21 per share, central AUD 3.65 per share, high AUD 4.23 per share

- FY2024: low AUD 2.54 per share, central AUD 2.88 per share, high AUD 3.34 per share

- FY2025: low AUD 2.62 per share, central AUD 2.98 per share, high AUD 3.46 per share

- FY2026: low AUD 1.69 per share, central AUD 1.92 per share, high AUD 2.23 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:49:08.166Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.