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.
EV-to-FCF is calculated as enterprise value divided by its free cash flow. As of today, Heiwa Real Estate REIT's Enterprise Value is 円296,220 Mil.
Heiwa Real Estate REIT's Free Cash Flow for the trailing twelve months (TTM) ended in Nov. 2025 was 円-9,552 Mil. Therefore, Heiwa Real Estate REIT's EV-to-FCF for today is -31.01.
The historical rank and industry rank for Heiwa Real Estate REIT's EV-to-FCF or its related term are showing as below:
TSE:8966'
s EV-to-FCF Range Over the Past 10 Years
Min: -8558.26 Med: -26.27 Max: 224.46
Current: -30.84
During the past 13 years, the highest EV-to-FCF of Heiwa Real Estate REIT was 224.46. The lowest was -8558.26. And the median was -26.27.
TSE:8966's EV-to-FCF is ranked worse than 100% of 737
companies
in the REITs industry
Industry Median: 23.11
vs TSE:8966: -30.84
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.
Heiwa Real Estate REIT (TSE:8966) EV-to-FCF Explanation
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.
Heiwa Real Estate REIT's PE Ratio (TTM) for today is calculated as:
Heiwa Real Estate REIT's share price for today is 円135500.00.
For company reported semi-annually, GuruFocus uses latest annual data as the TTM data. Heiwa Real Estate REIT's Earnings per Share (Diluted) for the trailing twelve months (TTM) ended in Nov. 2025 was 円8245.396.
* 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.
* 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, Heiwa Real Estate 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.
Heiwa Real Estate REIT EV-to-FCF vs REITs Industry
For the REITs industry and Real Estate sector, Heiwa Real Estate REIT's EV-to-FCF distribution charts can be found below:
* The bar in red indicates where Heiwa Real Estate REIT's EV-to-FCF falls into.
Heiwa Real Estate REIT's current Enterprise Value is 円296,220 Mil.
For company reported semi-annually, GuruFocus uses latest annual data as the TTM data. Heiwa Real Estate REIT's Free Cash Flow for the trailing twelve months (TTM) ended in Nov. 2025 was 円-9,552 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.
Heiwa Real Estate REIT (TSE:8966) has a EV-to-FCF of -31.01 as of Jul. 16, 2026. EV to FCF ratio is the company's enterprise value divided by free cash flow. View historical data on Heiwa Real Estate REIT and its competitors. According to the industry distribution chart, Heiwa Real Estate REIT ranks #999999 out of 737 companies in the REITs industry.
Is Heiwa Real Estate REIT's EV-to-FCF too high?
Heiwa Real Estate REIT's current EV-to-FCF is -31.01. Based on the distribution chart, Heiwa Real Estate REIT ranks #999999 out of 737 companies in the REITs industry, which is in the bottom quartile relative to peers. Overall, Heiwa Real Estate REIT has a GF Score™ of 70/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Heiwa Real Estate REIT's EV-to-FCF compare to VICI and WPC?
According to the REITs industry distribution chart, Heiwa Real Estate REIT ranks #999999 out of 737 companies for EV-to-FCF. This places Heiwa Real Estate REIT in the lower half of its industry. The industry median EV-to-FCF is 23.11. 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 23.11, based on 737 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. 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 Heiwa Real Estate REIT and its competitors. For the REITs industry, the median EV-to-FCF is 23.11 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Heiwa Real Estate REIT's current EV-to-FCF is -31.01. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Heiwa Real Estate REIT stock overvalued right now?
Based on GuruFocus' analysis, Heiwa Real Estate REIT (TSE:8966) is currently considered Modestly Undervalued. The stock's GF Value™ is 円163,138.94, compared to a current price of 円135,500.00 — trading 16.9% below its estimated fair value. The current EV-to-FCF is -31.01. Heiwa Real Estate REIT's overall GF Score™ is 70/100 with 4 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 Heiwa Real Estate REIT (TSE:8966), the current EV-to-FCF is -31.01 as of Jul. 16, 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 Heiwa Real Estate REIT (TSE:8966) Overvalued in 2026?
Based on GuruFocus' analysis, Heiwa Real Estate REIT stock appears to be undervalued.
The current stock price of 円135,500.00 is trading 16.9% below its estimated GF Value™ of 円163,138.94.
GuruFocus considers Heiwa Real Estate REIT to be Modestly Undervalued.
Key valuation signals for TSE:8966:
EV-to-FCF: -31.01
GF Value™: 円163,138.94 vs. price of 円135,500.00 (16.9% below fair value)
No single metric tells the full story. See the TSE:8966 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Heiwa Real Estate REIT Inc is a real estate company that invests in office buildings and residential buildings located in the Tokyo Metropolitan Area and other cities across Japan. The company leases its buildings for rental revenue and renovates its properties. The tenants include both individuals and businesses from various industries such as wholesale and retail, manufacturing, and information and technology services.
70GF Score
Get the complete analysis for TSE:8966
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
TSE:8966 has been successfully added to your 
