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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 Heiwa Real Estate REIT's Debt-to-EBITDA or its related term are showing as below:
TSE:8966'
s Debt-to-EBITDA Range Over the Past 10 Years
Min: 8.09 Med: 10.6 Max: 13.32
Current: 9.41
During the past 13 years, the highest Debt-to-EBITDA Ratio of Heiwa Real Estate REIT was 13.32. The lowest was 8.09. And the median was 10.60.
TSE:8966's Debt-to-EBITDA is ranked worse than 71% of 569
companies
in the REITs industry
Industry Median: 6.52
vs TSE:8966: 9.41
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.
Heiwa Real Estate REIT Debt-to-EBITDA Related Terms
Heiwa Real Estate REIT Debt-to-EBITDA Historical Data
* Premium members only.
The historical data trend for Heiwa Real Estate REIT'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 REIT - Diversified subindustry, Heiwa Real Estate REIT'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.
Heiwa Real Estate REIT Debt-to-EBITDA vs REITs Industry
For the REITs industry and Real Estate sector, Heiwa Real Estate REIT's Debt-to-EBITDA distribution charts can be found below:
* The bar in red indicates where Heiwa Real Estate REIT'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 (May. 2026) EBITDA data.
Heiwa Real Estate REIT (TSE:8966) has a Debt-to-EBITDA of 8.99 as of May. 2026. Debt-to-EBITDA ratio represents the ratio of total debt to total earnings before interest, taxes, depreciation and amortization. View historical data on Heiwa Real Estate REIT. This is 15% below median its historical median of 10.60. Over the past decade, Heiwa Real Estate REIT's Debt-to-EBITDA has ranged from 8.09 to 13.32. According to the industry distribution chart, Heiwa Real Estate REIT ranks #404 out of 569 companies in the REITs industry, placing it in the top 71%.
Is Heiwa Real Estate REIT's Debt-to-EBITDA too high?
Heiwa Real Estate REIT's current Debt-to-EBITDA of 8.99 is 15% below median its 10-year median of 10.60. Over the past 10 years, this metric has ranged from a low of 8.09 to a high of 13.32. The REITs industry median Debt-to-EBITDA is 6.52. Heiwa Real Estate REIT's value of 8.99 is 37.9% above this industry median. Based on the distribution chart, Heiwa Real Estate REIT ranks #404 out of 569 companies in the REITs industry, which is below the industry midpoint. Overall, Heiwa Real Estate REIT has a GF Score™ of 70/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Heiwa Real Estate REIT's Debt-to-EBITDA compare to VICI and WPC?
According to the REITs industry distribution chart, Heiwa Real Estate REIT ranks #404 out of 569 companies for Debt-to-EBITDA. This places Heiwa Real Estate REIT in the lower half of its industry. The industry median Debt-to-EBITDA is 6.52. Heiwa Real Estate REIT's value of 8.99 is 37.9% above this benchmark. Historically, Heiwa Real Estate REIT's own Debt-to-EBITDA has ranged from 8.09 to 13.32 over the past decade. While the company's 10-year median is 10.60 vs. the industry median of 6.52, Heiwa Real Estate 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 Debt-to-EBITDA for a REITs company?
The median Debt-to-EBITDA among REITs companies is 6.52, based on 569 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. Heiwa Real Estate REIT's current Debt-to-EBITDA of 8.99 is 37.9% 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 Heiwa Real Estate REIT. For the REITs industry, the median Debt-to-EBITDA is 6.52 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Heiwa Real Estate REIT's current Debt-to-EBITDA is 8.99, which is 15% below median its own 10-year median of 10.60. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Heiwa Real Estate REIT stock overvalued right now?
Based on GuruFocus' analysis, Heiwa Real Estate REIT (TSE:8966) is currently considered Modestly Undervalued. The stock's GF Value™ is 円157,612.60, compared to a current price of 円132,000.00 — trading 16.3% below its estimated fair value. The current Debt-to-EBITDA is 8.99, which is 15% below median its 10-year median of 10.60 and 37.9% above the REITs industry median of 6.52. Heiwa Real Estate REIT's overall GF Score™ is 70/100 with 4 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 Heiwa Real Estate REIT (TSE:8966), the current Debt-to-EBITDA is 8.99 as of May. 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 Heiwa Real Estate REIT (TSE:8966) Overvalued in 2026?
Based on GuruFocus' analysis, Heiwa Real Estate REIT stock appears to be undervalued.
The current stock price of 円132,000.00 is trading 16.3% below its estimated GF Value™ of 円157,612.60.
GuruFocus considers Heiwa Real Estate REIT to be Modestly Undervalued.
Key valuation signals for TSE:8966:
Debt-to-EBITDA: 8.99 (15% below median its 10-year median of 10.60)
GF Value™: 円157,612.60 vs. price of 円132,000.00 (16.3% below fair value)
Industry Position: 37.9% above the REITs median (#404 of 569)
No single metric tells the full story. See the TSE:8966 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Heiwa Real Estate REIT Inc is a real estate company that invests in office buildings and residential buildings located in the Tokyo Metropolitan Area and other cities across Japan. The company leases its buildings for rental revenue and renovates its properties. The tenants include both individuals and businesses from various industries such as wholesale and retail, manufacturing, and information and technology services.
70GF Score
Get the complete analysis for TSE:8966
Debt-to-EBITDA is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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