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Spar GroupJSE:SPP -2.55%52 Debt-to-Equity is 3.12 as of Mar. 2026, which is 19% above its 10-year median of 2.62. GuruFocus rates JSE:SPP with a GF Score™ of 52/100 and a GF Value™ of R108.02 (Significantly Undervalued). The stock has 3 warning signs investors should review. Among 280 Retail - Defensive companies, Spar Group ranks worse than 92.14% 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 Spar Group's Debt-to-Equity or its related term are showing as below:
JSE:SPP'
s Debt-to-Equity Range Over the Past 10 Years
Min: 0.77 Med: 2.62 Max: 3.36
Current: 3.12
During the past 13 years, the highest Debt-to-Equity Ratio of Spar Group was 3.36. The lowest was 0.77. And the median was 2.62.
JSE:SPP's Debt-to-Equity is ranked worse than 92.14% of 280
companies
in the Retail - Defensive industry
Industry Median: 0.555
vs JSE:SPP: 3.12
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.
Spar Group Debt-to-Equity Related Terms
Spar Group Debt-to-Equity Historical Data
* Premium members only.
The historical data trend for Spar Group'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.
JSE:SPP vs SYY, USFD, PFGC: Debt-to-Equity Comparison
For the Food Distribution subindustry, Spar Group'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.
Spar Group Debt-to-Equity vs Retail - Defensive Industry
For the Retail - Defensive industry and Consumer Defensive sector, Spar Group's Debt-to-Equity distribution charts can be found below:
* The bar in red indicates where Spar Group'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.
Spar Group (JSE:SPP) has a Debt-to-Equity of 3.12 as of Mar. 2026. Debt-to-Equity ratio represents the ratio of total debt to total company equity. View historical data on Spar Group and its competitors. This is 19% above median its historical median of 2.62. Over the past decade, Spar Group's Debt-to-Equity has ranged from 0.77 to 3.36. According to the industry distribution chart, Spar Group ranks #258 out of 280 companies in the Retail - Defensive industry, placing it in the top 92.1%.
Is Spar Group's Debt-to-Equity too high?
Spar Group's current Debt-to-Equity of 3.12 is 19% above median its 10-year median of 2.62. Over the past 10 years, this metric has ranged from a low of 0.77 to a high of 3.36. The Retail - Defensive industry median Debt-to-Equity is 0.56. Spar Group's value of 3.12 is 462.2% above this industry median. Based on the distribution chart, Spar Group ranks #258 out of 280 companies in the Retail - Defensive industry, which is in the bottom quartile relative to peers. Overall, Spar Group has a GF Score™ of 52/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Spar Group's Debt-to-Equity compare to SYY and USFD?
According to the Retail - Defensive industry distribution chart, Spar Group ranks #258 out of 280 companies for Debt-to-Equity. This places Spar Group in the lower half of its industry. The industry median Debt-to-Equity is 0.56. Spar Group's value of 3.12 is 462.2% above this benchmark. Historically, Spar Group's own Debt-to-Equity has ranged from 0.77 to 3.36 over the past decade. While the company's 10-year median is 2.62 vs. the industry median of 0.56, Spar Group 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-Equity for a Retail - Defensive company?
The median Debt-to-Equity among Retail - Defensive companies is 0.56, based on 280 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. Spar Group's current Debt-to-Equity of 3.12 is 462.2% 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-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 Spar Group and its competitors. For the Retail - Defensive industry, the median Debt-to-Equity is 0.56 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Spar Group's current Debt-to-Equity is 3.12, which is 19% above median its own 10-year median of 2.62. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Spar Group stock overvalued right now?
Based on GuruFocus' analysis, Spar Group (JSE:SPP) is currently considered Significantly Undervalued. The stock's GF Value™ is R108.02, compared to a current price of R45.80 — trading 57.6% below its estimated fair value. The current Debt-to-Equity is 3.12, which is 19% above median its 10-year median of 2.62 and 462.2% above the Retail - Defensive industry median of 0.56. Spar Group's overall GF Score™ is 52/100 with 3 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 Spar Group (JSE:SPP), the current Debt-to-Equity is 3.12 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 Spar Group (JSE:SPP) Overvalued in 2026?
Based on GuruFocus' analysis, Spar Group stock appears to be undervalued.
The current stock price of R45.80 is trading 57.6% below its estimated GF Value™ of R108.02.
GuruFocus considers Spar Group to be Significantly Undervalued.
Key valuation signals for JSE:SPP:
Debt-to-Equity: 3.12 (19% above median its 10-year median of 2.62)
GF Value™: R108.02 vs. price of R45.80 (57.6% below fair value)
Industry Position: 462.2% above the Retail - Defensive median (#258 of 280)
No single metric tells the full story. See the JSE:SPP stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Spar Group Ltd operates as a wholesaler and distributor of goods and services to SPAR grocery stores and multiple other branded group retail outlets across multiple regions. It supplies fresh produce and merchandise to a network of independent retailers who operate under its brands like TOPS at SPAR, Build it, SPAR Health, and Encore. The company's revenue mainly comprise the revenue from the sale of merchandise, marketing and promotional activities as well as franchise fees. Geographically, it has a presence in Southern Africa, Ireland and South West England, Switzerland, Poland and Sri Lanka, with the majority of revenue generated from South Africa.
52GF Score
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