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.
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.
MASJSE:MSP +0.33%73 Debt-to-EBITDA is 7.38 as of Dec. 2025, which is 104% above its 10-year median of 3.62. GuruFocus rates JSE:MSP with a GF Score™ of 73/100 and a GF Value™ of R20.15 (Fairly Valued). The stock has 6 warning signs investors should review. Among 1,273 Real Estate companies, MAS ranks better than 60.49% on this metric.
Debt-to-EBITDA measures a company's ability to pay off its debt.
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 MAS's Debt-to-EBITDA or its related term are showing as below:
JSE:MSP'
s Debt-to-EBITDA Range Over the Past 10 Years
Min: -22.8 Med: 3.62 Max: 14.23
Current: 4.06
During the past 13 years, the highest Debt-to-EBITDA Ratio of MAS was 14.23. The lowest was -22.80. And the median was 3.62.
JSE:MSP's Debt-to-EBITDA is ranked better than 60.49% of 1273
companies
in the Real Estate industry
Industry Median: 5.62
vs JSE:MSP: 4.06
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.
MAS Debt-to-EBITDA Related Terms
MAS Debt-to-EBITDA Historical Data
* Premium members only.
The historical data trend for MAS'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.
For the Real Estate - Diversified subindustry, MAS'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.
MAS Debt-to-EBITDA vs Real Estate Industry
For the Real Estate industry and Real Estate sector, MAS's Debt-to-EBITDA distribution charts can be found below:
* The bar in red indicates where MAS's Debt-to-EBITDA falls into.
* 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 two times the quarterly (Dec. 2025) EBITDA data.
MAS (JSE:MSP) has a Debt-to-EBITDA of 7.38 as of Dec. 2025. Debt-to-EBITDA ratio represents the ratio of total debt to total earnings before interest, taxes, depreciation and amortization. View historical data on MAS. This is 104% above median its historical median of 3.62. According to the industry distribution chart, MAS ranks #503 out of 1273 companies in the Real Estate industry, placing it in the top 39.5%.
Is MAS's Debt-to-EBITDA too high?
MAS's current Debt-to-EBITDA of 7.38 is 104% above median its 10-year median of 3.62. The Real Estate industry median Debt-to-EBITDA is 5.62. MAS's value of 7.38 is 31.3% above this industry median. Based on the distribution chart, MAS ranks #503 out of 1273 companies in the Real Estate industry, which is above the industry midpoint. Overall, MAS has a GF Score™ of 73/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does MAS's Debt-to-EBITDA compare to competitors?
According to the Real Estate industry distribution chart, MAS ranks #503 out of 1273 companies for Debt-to-EBITDA. This puts MAS in the upper half of its industry. The industry median Debt-to-EBITDA is 5.62. MAS's value of 7.38 is 31.3% above this benchmark. While the company's 10-year median is 3.62 vs. the industry median of 5.62, MAS 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 Real Estate company?
The median Debt-to-EBITDA among Real Estate companies is 5.62, based on 1,273 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. MAS's current Debt-to-EBITDA of 7.38 is 31.3% 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 MAS. For the Real Estate industry, the median Debt-to-EBITDA is 5.62 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. MAS's current Debt-to-EBITDA is 7.38, which is 104% above median its own 10-year median of 3.62. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is MAS stock overvalued right now?
Based on GuruFocus' analysis, MAS (JSE:MSP) is currently considered Fairly Valued. The stock's GF Value™ is R20.15, compared to a current price of R21.50 — trading 6.7% above its estimated fair value. The current Debt-to-EBITDA is 7.38, which is 104% above median its 10-year median of 3.62 and 31.3% above the Real Estate industry median of 5.62. MAS's overall GF Score™ is 73/100 with 6 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 MAS (JSE:MSP), the current Debt-to-EBITDA is 7.38 as of Dec. 2025. 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 MAS (JSE:MSP) Overvalued in 2026?
Based on GuruFocus' analysis, MAS stock appears to be overvalued.
The current stock price of R21.50 is trading 6.7% above its estimated GF Value™ of R20.15.
GuruFocus considers MAS to be Fairly Valued.
Key valuation signals for JSE:MSP:
Debt-to-EBITDA: 7.38 (104% above median its 10-year median of 3.62)
GF Value™: R20.15 vs. price of R21.50 (6.7% above fair value)
Industry Position: 31.3% above the Real Estate median (#503 of 1273)
No single metric tells the full story. See the JSE:MSP stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
MAS PLC is a property investor. It owns income generating properties in Romania, Bulgaria, and Poland. The company acquires, develops, and manages retail, office, industrial, and hotel properties. The company's reportable segments are CEE direct assets (CEE), CEE development joint venture (DJV), WE direct assets (WE), and Corporate. Its key revenue is derived from the CEE direct assets (CEE) segment which includes income properties located in CEE fully owned and managed by the company. Geographically, the company derives maximum revenue from Romania, and the rest from Bulgaria, Poland, and Germany.
73GF Score
Get the complete analysis for JSE:MSP
Debt-to-EBITDA is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
JSE:MSP has been successfully added to your 
