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Spear REITJSE:SEA -1.59%67 Debt-to-Equity is 0.38 as of Feb. 2026, which is 39% below its 10-year median of 0.62. GuruFocus rates JSE:SEA with a GF Score™ of 67/100 and a GF Value™ of R6.69 (Significantly Overvalued). The stock has 12 warning signs investors should review. Among 683 REITs companies, Spear REIT ranks better than 83.02% on this metric.
A high debt to equity ratio generally means that a company has been aggressive in financing its growth with debt. This can result in volatile earnings as a result of the additional interest expense.
The historical rank and industry rank for Spear REIT's Debt-to-Equity or its related term are showing as below:
JSE:SEA'
s Debt-to-Equity Range Over the Past 10 Years
Min: 0.38 Med: 0.62 Max: 0.89
Current: 0.38
During the past 10 years, the highest Debt-to-Equity Ratio of Spear REIT was 0.89. The lowest was 0.38. And the median was 0.62.
JSE:SEA's Debt-to-Equity is ranked better than 83.02% of 683
companies
in the REITs industry
Industry Median: 0.78
vs JSE:SEA: 0.38
Because a company can increase its ROE % by having more financial leverage, it is important to watch the leverage ratio when investing in high ROE % companies.
Spear REIT Debt-to-Equity Related Terms
Spear REIT Debt-to-Equity Historical Data
* Premium members only.
The historical data trend for Spear REIT's Debt-to-Equity 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, Spear REIT's Debt-to-Equity, along with its competitors' market caps and Debt-to-Equity 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.
Spear REIT Debt-to-Equity vs REITs Industry
For the REITs industry and Real Estate sector, Spear REIT's Debt-to-Equity distribution charts can be found below:
* The bar in red indicates where Spear REIT's Debt-to-Equity 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.
Spear REIT (JSE:SEA) has a Debt-to-Equity of 0.38 as of Feb. 2026. Debt-to-Equity ratio represents the ratio of total debt to total company equity. View historical data on Spear REIT and its competitors. This is 39% below median its historical median of 0.62. Over the past decade, Spear REIT's Debt-to-Equity has ranged from 0.38 to 0.89. According to the industry distribution chart, Spear REIT ranks #116 out of 683 companies in the REITs industry, placing it in the top 17%.
Is Spear REIT's Debt-to-Equity too high?
Spear REIT's current Debt-to-Equity of 0.38 is 39% below median its 10-year median of 0.62. Over the past 10 years, this metric has ranged from a low of 0.38 to a high of 0.89. The REITs industry median Debt-to-Equity is 0.78. Spear REIT's value of 0.38 is 51.3% below this industry median. Based on the distribution chart, Spear REIT ranks #116 out of 683 companies in the REITs industry, which is in the top quartile — a strong position relative to peers. Overall, Spear REIT has a GF Score™ of 67/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Spear REIT's Debt-to-Equity compare to VICI and WPC?
According to the REITs industry distribution chart, Spear REIT ranks #116 out of 683 companies for Debt-to-Equity. This places Spear REIT in the top 17% of its industry — outperforming the majority of peers. The industry median Debt-to-Equity is 0.78. Spear REIT's value of 0.38 is 51.3% below this benchmark. Historically, Spear REIT's own Debt-to-Equity has ranged from 0.38 to 0.89 over the past decade. While the company's 10-year median is 0.62 vs. the industry median of 0.78, Spear 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 Debt-to-Equity for a REITs company?
The median Debt-to-Equity among REITs companies is 0.78, based on 683 companies in the industry. Companies in the top quartile (top 25%) have a Debt-to-Equity significantly above this median, while those in the bottom quartile fall well below. However, Debt-to-Equity should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Spear REIT's current Debt-to-Equity of 0.38 is 51.3% 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 Debt-to-Equity mean?
A high Debt-to-Equity can signal that a stock is expensive relative to its fundamentals. Debt-to-Equity ratio represents the ratio of total debt to total company equity. View historical data on Spear REIT and its competitors. For the REITs industry, the median Debt-to-Equity is 0.78 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Spear REIT's current Debt-to-Equity is 0.38, which is 39% below median its own 10-year median of 0.62. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Spear REIT stock overvalued right now?
Based on GuruFocus' analysis, Spear REIT (JSE:SEA) is currently considered Significantly Overvalued. The stock's GF Value™ is R6.69, compared to a current price of R13.00 — trading 94.3% above its estimated fair value. The current Debt-to-Equity is 0.38, which is 39% below median its 10-year median of 0.62 and 51.3% below the REITs industry median of 0.78. Spear REIT's overall GF Score™ is 67/100 with 12 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Debt-to-Equity calculated?
Debt-to-Equity is calculated from a company's financial statements. For Spear REIT (JSE:SEA), the current Debt-to-Equity is 0.38 as of Feb. 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 Spear REIT (JSE:SEA) Overvalued in 2026?
Based on GuruFocus' analysis, Spear REIT stock appears to be overvalued.
The current stock price of R13.00 is trading 94.3% above its estimated GF Value™ of R6.69.
GuruFocus considers Spear REIT to be Significantly Overvalued.
Key valuation signals for JSE:SEA:
Debt-to-Equity: 0.38 (39% below median its 10-year median of 0.62)
GF Value™: R6.69 vs. price of R13.00 (94.3% above fair value)
Industry Position: 51.3% below the REITs median (#116 of 683)
No single metric tells the full story. See the JSE:SEA stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Spear REIT Ltd is a real estate investment trust. The company has five segments Industrial, Commercial, Retail, Development, and Non-property. The company generates majority of revenue from Industrial segment. The industrial portfolio comprises a diverse range of multi-let industrial properties, warehouses, logistics parks, and urban logistics facilities. The company has presence in Cape.
67GF Score
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