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.
Heriot REITJSE:HET 69 EV-to-FCF is 19.37 as of Jul. 22, 2026, which is 13% below its 10-year median of 22.22. GuruFocus rates JSE:HET with a GF Score™ of 69/100 and a GF Value™ of R23.55 (Fairly Valued). The stock has 13 warning signs investors should review. Among 736 REITs companies, Heriot REIT ranks better than 61.14% on this metric.
EV-to-FCF is calculated as enterprise value divided by its free cash flow. As of today, Heriot REIT's Enterprise Value is R14,317 Mil.
Heriot REIT's Free Cash Flow for the trailing twelve months (TTM) ended in Dec. 2025 was R739 Mil. Therefore, Heriot REIT's EV-to-FCF for today is 19.37.
The historical rank and industry rank for Heriot REIT's EV-to-FCF or its related term are showing as below:
JSE:HET'
s EV-to-FCF Range Over the Past 10 Years
Min: 18.25 Med: 22.22 Max: 34.92
Current: 19.37
During the past 8 years, the highest EV-to-FCF of Heriot REIT was 34.92. The lowest was 18.25. And the median was 22.22.
JSE:HET's EV-to-FCF is ranked better than 61.14% of 736
companies
in the REITs industry
Industry Median: 23.45
vs JSE:HET: 19.37
EV-to-FCF is a valuation multiple that allows analysts and investors to compare stocks, preferably in the same sector or industry. This important multiple is often used in conjunction with, or as an alternative to, the PE Ratio (TTM) to determine the fair market value of a company.
EV-to-FCF is a valuation multiple that allows analysts and investors to compare stocks, preferably in the same sector or industry. This important multiple is often used in conjunction with, or as an alternative to, the PE Ratio (TTM) to determine the fair market value of a company.
Heriot REIT's PE Ratio (TTM) for today is calculated as:
Heriot REIT's share price for today is R26.00.
For company reported semi-annually, GuruFocus uses latest annual data as the TTM data. Heriot REIT's Earnings per Share (Diluted) for the trailing twelve months (TTM) ended in Dec. 2025 was R4.095.
* 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.
Enterprise Value is used because it is a more complete measure in reflecting how much an investor pays when buying a company. Free Cash Flow is an important financial metric because it represents the actual amount of cash at a company's disposal. Companies with a low EV-to-FCF ratio, combined with a strong balance sheet are generally considered as undervalued.
Heriot REIT EV-to-FCF Related Terms
Heriot REIT EV-to-FCF Historical Data
* Premium members only.
The historical data trend for Heriot REIT's EV-to-FCF 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, Heriot REIT's EV-to-FCF, along with its competitors' market caps and EV-to-FCF 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.
Heriot REIT EV-to-FCF vs REITs Industry
For the REITs industry and Real Estate sector, Heriot REIT's EV-to-FCF distribution charts can be found below:
* The bar in red indicates where Heriot REIT's EV-to-FCF falls into.
Heriot REIT's current Enterprise Value is R14,317 Mil.
For company reported semi-annually, GuruFocus uses latest annual data as the TTM data. Heriot REIT's Free Cash Flow for the trailing twelve months (TTM) ended in Dec. 2025 was R739 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.
Heriot REIT (JSE:HET) has a EV-to-FCF of 19.37 as of Jul. 22, 2026. EV to FCF ratio is the company's enterprise value divided by free cash flow. View historical data on Heriot REIT and its competitors. This is 13% below median its historical median of 22.22. Over the past decade, Heriot REIT's EV-to-FCF has ranged from 18.25 to 34.92. According to the industry distribution chart, Heriot REIT ranks #286 out of 736 companies in the REITs industry, placing it in the top 38.9%.
Is Heriot REIT's EV-to-FCF too high?
Heriot REIT's current EV-to-FCF of 19.37 is 13% below median its 10-year median of 22.22. Over the past 10 years, this metric has ranged from a low of 18.25 to a high of 34.92. The REITs industry median EV-to-FCF is 23.45. Heriot REIT's value of 19.37 is 17.4% below this industry median. Based on the distribution chart, Heriot REIT ranks #286 out of 736 companies in the REITs industry, which is above the industry midpoint. Overall, Heriot REIT has a GF Score™ of 69/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Heriot REIT's EV-to-FCF compare to VICI and WPC?
According to the REITs industry distribution chart, Heriot REIT ranks #286 out of 736 companies for EV-to-FCF. This puts Heriot REIT in the upper half of its industry. The industry median EV-to-FCF is 23.45. Heriot REIT's value of 19.37 is 17.4% below this benchmark. Historically, Heriot REIT's own EV-to-FCF has ranged from 18.25 to 34.92 over the past decade. While the company's 10-year median is 22.22 vs. the industry median of 23.45, Heriot 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 EV-to-FCF for a REITs company?
The median EV-to-FCF among REITs companies is 23.45, based on 736 companies in the industry. Companies in the top quartile (top 25%) have a EV-to-FCF significantly above this median, while those in the bottom quartile fall well below. However, EV-to-FCF should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Heriot REIT's current EV-to-FCF of 19.37 is 17.4% 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 EV-to-FCF mean?
A high EV-to-FCF can signal that a stock is expensive relative to its fundamentals. EV to FCF ratio is the company's enterprise value divided by free cash flow. View historical data on Heriot REIT and its competitors. For the REITs industry, the median EV-to-FCF is 23.45 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Heriot REIT's current EV-to-FCF is 19.37, which is 13% below median its own 10-year median of 22.22. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Heriot REIT stock overvalued right now?
Based on GuruFocus' analysis, Heriot REIT (JSE:HET) is currently considered Fairly Valued. The stock's GF Value™ is R23.55, compared to a current price of R26.00 — trading 10.4% above its estimated fair value. The current EV-to-FCF is 19.37, which is 13% below median its 10-year median of 22.22 and 17.4% below the REITs industry median of 23.45. Heriot REIT's overall GF Score™ is 69/100 with 13 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is EV-to-FCF calculated?
EV-to-FCF is calculated from a company's financial statements. For Heriot REIT (JSE:HET), the current EV-to-FCF is 19.37 as of Jul. 22, 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 Heriot REIT (JSE:HET) Overvalued in 2026?
Based on GuruFocus' analysis, Heriot REIT stock appears to be overvalued.
The current stock price of R26.00 is trading 10.4% above its estimated GF Value™ of R23.55.
GuruFocus considers Heriot REIT to be Fairly Valued.
Key valuation signals for JSE:HET:
EV-to-FCF: 19.37 (13% below median its 10-year median of 22.22)
GF Value™: R23.55 vs. price of R26.00 (10.4% above fair value)
Industry Position: 17.4% below the REITs median (#286 of 736)
No single metric tells the full story. See the JSE:HET stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Heriot REIT Ltd is a South African real estate investment trust. The company's primary segments include retail, industrial, office, specialized, residential, and others. While the majority of the revenue is earned from the Retail segment. The primary objective of the company is to develop or acquire yield-enhancing assets within Southern Africa to create a stable and diverse portfolio for the purposes of generating capital growth and securing escalating net rental income streams. Geographically, the company operates in Gauteng, Western Cape, KwaZulu-Natal, North West, Mpumalanga, Limpopo, Free State, and Namibia.
69GF Score
Get the complete analysis for JSE:HET
EV-to-FCF 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:HET has been successfully added to your 
