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.
Spear REITJSE:SEA -0.47%69 Earnings Yield (Joel Greenblatt) % is 13.46% as of Feb. 2026, which is 16% above its 10-year median of 11.62. GuruFocus rates JSE:SEA with a GF Score™ of 69/100 and a GF Value™ of R6.64 (Significantly Overvalued). The stock has 12 warning signs investors should review. Among 960 REITs companies, Spear REIT ranks better than 88.65% on this metric.
Spear REIT's Enterprise Value for the quarter that ended in Feb. 2026 was R7,089.2 Mil.
Spear REIT's EBIT for the trailing twelve months (TTM) ended in Feb. 2026 was R954.0 Mil. Spear REIT's Earnings Yield (Joel Greenblatt) for the quarter that ended in Feb. 2026 was 13.46%.
The historical rank and industry rank for Spear REIT's Earnings Yield (Joel Greenblatt) % or its related term are showing as below:
JSE:SEA'
s Earnings Yield (Joel Greenblatt) % Range Over the Past 10 Years
Min: 5.53 Med: 11.62 Max: 18.36
Current: 11.63
During the past 10 years, the highest Earnings Yield (Joel Greenblatt) of Spear REIT was 18.36%. The lowest was 5.53%. And the median was 11.62%.
JSE:SEA's Earnings Yield (Joel Greenblatt) % is ranked better than 88.65% of 960
companies
in the REITs industry
Industry Median: 3.52
vs JSE:SEA: 11.63
Joel Greenblatt's definition of earnings yield has the same problems the regular earnings yield does. It does not consider the growth of the company. It only looks at one-year's business operation. For cyclical companies, the earnings yield is usually highest at the peak of the business cycle. But these earnings are rarely sustainable.
A better indicator of the attractiveness of an investment which takes growth into account is the Forward Rate of Return (Yacktman) %. Spear REIT's Forward Rate of Return (Yacktman) % for the quarter that ended in Feb. 2026 was 17.47%. The Forward Rate of Return uses the normalized Free Cash Flow of the past five years, and considers growth. The forward rate of return can be thought of as the return that investors buying the stock today can expect from it in the future.
Joel Greenblatt defines the earnings yield using the above equation because it more accurately reflects the company's profitability relative to its stock price. Items like interest payment and tax etc. are not directly related to the company's operational profitability.
Enterprise Value instead of market cap (share price) is used in the calculation because it is the real price stock and bond investors together pay for the company.
Be Aware
Joel Greenblatt's definition of earnings yield has the same problems the regular earnings yield does. It does not consider the growth of the company. It only looks at one-year's business operation. For cyclical companies, the earnings yield is usually highest at the peak of the business cycle. But these earnings are rarely sustainable.
Spear REIT Earnings Yield (Joel Greenblatt) % Related Terms
Spear REIT Earnings Yield (Joel Greenblatt) % Historical Data
* Premium members only.
The historical data trend for Spear REIT's Earnings Yield (Joel Greenblatt) % 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:SEA vs VICI, WPC: Earnings Yield (Joel Greenblatt) % Comparison
For the REIT - Diversified subindustry, Spear REIT's Earnings Yield (Joel Greenblatt) %, along with its competitors' market caps and Earnings Yield (Joel Greenblatt) % 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 Earnings Yield (Joel Greenblatt) % vs REITs Industry
For the REITs industry and Real Estate sector, Spear REIT's Earnings Yield (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Spear REIT's Earnings Yield (Joel Greenblatt) % falls into.
In his book, The Little That Beat the Market, hedge fund manager Joel Greenblatt defines Earnings Yield as operating income divided by enterprise value.
Spear REITs Earnings Yield (Joel Greenblatt) for the fiscal year that ended in Feb. 2026 is calculated as
For company reported semi-annually or annually, GuruFocus only calculate annual data for Earnings Yield (Joel Greenblatt) and apply the annual figure to corresponding quarter.
What does a Earnings Yield (Joel Greenblatt) % of 13.46% mean?
Spear REIT (JSE:SEA) has a Earnings Yield (Joel Greenblatt) % of 13.46% as of Feb. 2026. Joel Greenblatt's earnings yield equals the ratio of earnings before interest and taxes to enterprise value. View historical data on Spear REIT and its competitors. This is 16% above median its historical median of 11.62. Over the past decade, Spear REIT's Earnings Yield (Joel Greenblatt) % has ranged from 5.53 to 18.36. According to the industry distribution chart, Spear REIT ranks #109 out of 960 companies in the REITs industry, placing it in the top 11.4%.
Is Spear REIT's Earnings Yield (Joel Greenblatt) % too high?
Spear REIT's current Earnings Yield (Joel Greenblatt) % of 13.46% is 16% above median its 10-year median of 11.62. Over the past 10 years, this metric has ranged from a low of 5.53 to a high of 18.36. The REITs industry median Earnings Yield (Joel Greenblatt) % is 3.52. Spear REIT's value of 13.46% is 282.4% above this industry median. Based on the distribution chart, Spear REIT ranks #109 out of 960 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 69/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Spear REIT's Earnings Yield (Joel Greenblatt) % compare to VICI and WPC?
According to the REITs industry distribution chart, Spear REIT ranks #109 out of 960 companies for Earnings Yield (Joel Greenblatt) %. This places Spear REIT in the top 11% of its industry — outperforming the majority of peers. The industry median Earnings Yield (Joel Greenblatt) % is 3.52. Spear REIT's value of 13.46% is 282.4% above this benchmark. Historically, Spear REIT's own Earnings Yield (Joel Greenblatt) % has ranged from 5.53 to 18.36 over the past decade. While the company's 10-year median is 11.62 vs. the industry median of 3.52, Spear 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 Earnings Yield (Joel Greenblatt) % for a REITs company?
The median Earnings Yield (Joel Greenblatt) % among REITs companies is 3.52, based on 960 companies in the industry. Companies in the top quartile (top 25%) have a Earnings Yield (Joel Greenblatt) % significantly above this median, while those in the bottom quartile fall well below. However, Earnings Yield (Joel Greenblatt) % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Spear REIT's current Earnings Yield (Joel Greenblatt) % of 13.46% is 282.4% 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 Earnings Yield (Joel Greenblatt) % mean?
A high Earnings Yield (Joel Greenblatt) % can signal that a stock is expensive relative to its fundamentals. Joel Greenblatt's earnings yield equals the ratio of earnings before interest and taxes to enterprise value. View historical data on Spear REIT and its competitors. For the REITs industry, the median Earnings Yield (Joel Greenblatt) % is 3.52 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Spear REIT's current Earnings Yield (Joel Greenblatt) % is 13.46%, which is 16% above median its own 10-year median of 11.62. 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 R6.64, compared to a current price of R12.75 — trading 92% above its estimated fair value. The current Earnings Yield (Joel Greenblatt) % is 13.46%, which is 16% above median its 10-year median of 11.62 and 282.4% above the REITs industry median of 3.52. Spear REIT's overall GF Score™ is 69/100 with 12 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Earnings Yield (Joel Greenblatt) % calculated?
Earnings Yield (Joel Greenblatt) % is calculated from a company's financial statements. For Spear REIT (JSE:SEA), the current Earnings Yield (Joel Greenblatt) % is 13.46% 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 R12.75 is trading 92% above its estimated GF Value™ of R6.64.
GuruFocus considers Spear REIT to be Significantly Overvalued.
Key valuation signals for JSE:SEA:
Earnings Yield (Joel Greenblatt) %: 13.46% (16% above median its 10-year median of 11.62)
GF Value™: R6.64 vs. price of R12.75 (92% above fair value)
Industry Position: 282.4% above the REITs median (#109 of 960)
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.
69GF Score
Get the complete analysis for JSE:SEA
Earnings Yield (Joel Greenblatt) % 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:SEA has been successfully added to your 
