SF Real Estate Investment Trust (HKSE:02191) EBIT: HK$-301.2 Mil (TTM As of Dec. 2025)

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HKSE:02191 SF Real Estate Investment Trust HKSE:02191
76 GF Score
Price HK$2.67
GF Value HK$2.59
Valuation Fairly Valued
! 6 Warning Signs
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What is SF Real Estate Investment Trust EBIT?

SF Real Estate Investment Trust HKSE:02191 +0.75% 76 EBIT is HK$-301.2 Mil as of Dec. 2025. GuruFocus rates HKSE:02191 with a GF Score™ of 76/100 and a GF Value™ of HK$2.59 (Fairly Valued). The stock has 6 warning signs investors should review.

SF Real Estate Investment Trust's earnings before interest and taxes (EBIT) for the six months ended in Dec. 2025 was HK$85.6 Mil. Its earnings before interest and taxes (EBIT) for the trailing twelve months (TTM) ended in Dec. 2025 was HK$-301.2 Mil.

EBIT or Operating Income is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. SF Real Estate Investment Trust's annualized ROC % for the quarter that ended in Dec. 2025 was 3.21%. SF Real Estate Investment Trust's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was 1,387.02%.

EBIT is also linked to Joel Greenblatt's definition of earnings yield. SF Real Estate Investment Trust's Earnings Yield (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was -6.65%.


SF Real Estate Investment Trust  (HKSE:02191) EBIT Explanation

1. EBIT or Operating Income is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

SF Real Estate Investment Trust's annualized ROC % for the quarter that ended in Dec. 2025 is calculated as:

ROC % (Q: Dec. 2025 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Jun. 2025 ) + Invested Capital (Q: Dec. 2025 ))/ count )
=328.222 * ( 1 - 37.75% )/( (6360.311 + 6377.889)/ 2 )
=204.318195/6369.1
=3.21 %

where

Invested Capital(Q: Jun. 2025 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=6445.635 - 134.434 - ( 138.277 - max(0, 236.208 - 187.098+138.277))
=6360.311

Invested Capital(Q: Dec. 2025 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=6411.369 - 45.92 - ( 128.949 - max(0, 194.98 - 182.54+128.949))
=6377.889

Note: The Operating Income data used here is two times the semi-annual (Dec. 2025) data.

2. Joel Greenblatt's definition of Return on Capital:

SF Real Estate Investment Trust's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 is calculated as:

ROC (Joel Greenblatt) %(Q: Dec. 2025 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Jun. 2025  Q: Dec. 2025
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=171.234/( ( (12.706 + max(-123.958, 0)) + (11.985 + max(-101.146, 0)) )/ 2 )
=171.234/( ( 12.706 + 11.985 )/ 2 )
=171.234/12.3455
=1,387.02 %

where Working Capital is:

Working Capital(Q: Jun. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(1.448 + 0 + 29.698) - (134.434 + 0 + 20.67)
=-123.958

Working Capital(Q: Dec. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(4.882 + 0 + 48.59) - (45.92 + 0 + 108.698)
=-101.146

When net working capital is negative, 0 is used.

Note: The EBIT data used here is two times the semi-annual (Dec. 2025) EBIT data.

3. It is also linked to Joel Greenblatt's definition of Earnings Yield:

SF Real Estate Investment Trust's Earnings Yield (Joel Greenblatt) % for today is calculated as:

Earnings Yield (Joel Greenblatt) %=EBIT (TTM)/Enterprise Value (Q: Dec. 2025 )
=-301.175/4531.808
=-6.65 %

* 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.


SF Real Estate Investment Trust EBIT Related Terms


SF Real Estate Investment Trust EBIT Historical Data

* Premium members only.

The historical data trend for SF Real Estate Investment Trust's EBIT 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.

SF Real Estate Investment Trust EBIT Chart

SF Real Estate Investment Trust Annual Data
Trend Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
EBIT
Get a 7-Day Free Trial 243.17 616.49 386.43 -250.16 -301.18

SF Real Estate Investment Trust Semi-Annual Data
Dec18 Dec19 Dec20 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
EBIT Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only 148.20 66.67 -316.83 -386.79 85.62

HKSE:02191 vs PLD, PSA, EXR: EBIT Comparison

For the REIT - Industrial subindustry, SF Real Estate Investment Trust's EV-to-EBIT, along with its competitors' market caps and EV-to-EBIT 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.


SF Real Estate Investment Trust EV-to-EBIT vs REITs Industry

For the REITs industry and Real Estate sector, SF Real Estate Investment Trust's EV-to-EBIT distribution charts can be found below:

* The bar in red indicates where SF Real Estate Investment Trust's EV-to-EBIT falls into.


HKSE:02191
76GF Score
SF Real Estate Investment Trust HKSE:02191
EBIT is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

SF Real Estate Investment Trust EBIT Calculation

EBIT, sometimes also called Earnings Before Interest and Taxes, is a measure of a firm's profit that includes all expenses except interest and income tax expenses. It is the difference between operating revenues and operating expenses. When a firm does not have non-operating income, then Operating Income is sometimes used as a synonym for EBIT and operating profit.

EBIT for the trailing twelve months (TTM) ended in Dec. 2025 adds up the semi-annually data reported by the company within the most recent 12 months, which was HK$-301.2 Mil.

* 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.

Frequently Asked Questions Learn more about EBIT →
What does a EBIT of HK$-301.2 Mil mean?
SF Real Estate Investment Trust (HKSE:02191) has a EBIT of HK$-301.2 Mil as of Dec. 2025. Earnings before interest and taxes is the difference between operating revenue and operating expenses. View historical data on SF Real Estate Investment Trust.
Is SF Real Estate Investment Trust's EBIT too high?
SF Real Estate Investment Trust's current EBIT is HK$-301.2 Mil. Overall, SF Real Estate Investment Trust has a GF Score™ of 76/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does SF Real Estate Investment Trust's EBIT compare to PLD and PSA?
SF Real Estate Investment Trust's EBIT of HK$-301.2 Mil can be compared against companies in the REITs industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good EBIT for a REITs company?
A good EBIT depends on the REITs industry context. However, EBIT should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high EBIT mean?
A high EBIT can signal that a stock is expensive relative to its fundamentals. Earnings before interest and taxes is the difference between operating revenue and operating expenses. View historical data on SF Real Estate Investment Trust. SF Real Estate Investment Trust's current EBIT is HK$-301.2 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is SF Real Estate Investment Trust stock overvalued right now?
Based on GuruFocus' analysis, SF Real Estate Investment Trust (HKSE:02191) is currently considered Fairly Valued. The stock's GF Value™ is HK$2.59, compared to a current price of HK$2.67 — trading 3.1% above its estimated fair value. The current EBIT is HK$-301.2 Mil. SF Real Estate Investment Trust's overall GF Score™ is 76/100 with 6 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is EBIT calculated?
EBIT is calculated from a company's financial statements. For SF Real Estate Investment Trust (HKSE:02191), the current EBIT is HK$-301.2 Mil 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 SF Real Estate Investment Trust (HKSE:02191) Overvalued in 2026?

Based on GuruFocus' analysis, SF Real Estate Investment Trust stock appears to be overvalued. The current stock price of HK$2.67 is trading 3.1% above its estimated GF Value™ of HK$2.59. GuruFocus considers SF Real Estate Investment Trust to be Fairly Valued.

Key valuation signals for HKSE:02191:

  • EBIT: HK$-301.2 Mil
  • GF Value™: HK$2.59 vs. price of HK$2.67 (3.1% above fair value)
  • GF Score™: 76/100 with 6 warning signs

No single metric tells the full story. See the HKSE:02191 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


SF Real Estate Investment Trust Business Description

Industry Real EstateREITs
Other Exchanges 8ET:Germany
Address 111 Leighton Road, Room 2002, 20th Floor, Lee Garden Six, Causeway Bay, Hong Kong, HKG
SF Real Estate Investment Trust is an investment holding company. It is engaged in property investments in Hong Kong, and in Foshan, Wuhu, and Changsha of the People's Republic of China. The Group holds one property company in Hong Kong and three property companies in Mainland China. It has two reportable segments of its business, Hong Kong and Mainland China. Key revenue is generated from Hong Kong.
76GF Score

Get the complete analysis for HKSE:02191

EBIT is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

HK$2.67
Price
HK$2.59
GF Value