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 Net Margin % is 87.95% as of Dec. 2025, which is 12% above its 10-year median of 78.51. GuruFocus rates JSE:HET with a GF Score™ of 69/100 and a GF Value™ of R23.54 (Fairly Valued). The stock has 13 warning signs investors should review. Among 930 REITs companies, Heriot REIT ranks better than 88.71% on this metric.
Net margin is calculated as Net Income divided by its Revenue. Heriot REIT's Net Income for the
six
months ended in Dec. 2025 was R558 Mil. Heriot REIT's Revenue for the
six
months ended in Dec. 2025 was R634 Mil. Therefore, Heriot REIT's net margin for the quarter that ended in Dec. 2025 was 87.95%.
The historical rank and industry rank for Heriot REIT's Net Margin % or its related term are showing as below:
JSE:HET'
s Net Margin % Range Over the Past 10 Years
Min: 20.59 Med: 78.51 Max: 198.82
Current: 103.02
JSE:HET's Net Margin % is ranked better than 88.71% of 930
companies
in the REITs industry
Industry Median: 45.63
vs JSE:HET: 103.02
Heriot REIT (JSE:HET) Net Margin % Explanation
Although Net Income and Earnings-per-Share (EPS) are the most widely used parameter in measuring a company's profitability and valuation, it is the least reliable. The reason is that reported earnings can be manipulated easily by adjusting any numbers such as Depreciation, Depletion and Amotorization and non-recurring items.
But the long term trend of the net margin is a good indicator of the competitiveness and health of the business.
Heriot REIT Net Margin % Related Terms
Heriot REIT Net Margin % Historical Data
* Premium members only.
The historical data trend for Heriot REIT's Net Margin % 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 Net Margin %, along with its competitors' market caps and Net Margin % 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 Net Margin % vs REITs Industry
For the REITs industry and Real Estate sector, Heriot REIT's Net Margin % distribution charts can be found below:
* The bar in red indicates where Heriot REIT's Net Margin % 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.
Heriot REIT (JSE:HET) has a Net Margin % of 87.95% as of Dec. 2025. Net margin is the ratio of total net income to net sales. View historical data on Heriot REIT and its competitors. This is 12% above median its historical median of 78.51. Over the past decade, Heriot REIT's Net Margin % has ranged from 20.59 to 198.82. According to the industry distribution chart, Heriot REIT ranks #105 out of 930 companies in the REITs industry, placing it in the top 11.3%.
Is Heriot REIT's Net Margin % too high?
Heriot REIT's current Net Margin % of 87.95% is 12% above median its 10-year median of 78.51. Over the past 10 years, this metric has ranged from a low of 20.59 to a high of 198.82. The REITs industry median Net Margin % is 45.63. Heriot REIT's value of 87.95% is 92.7% above this industry median. Based on the distribution chart, Heriot REIT ranks #105 out of 930 companies in the REITs industry, which is in the top quartile — a strong position relative to peers. 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 Net Margin % compare to VICI and WPC?
According to the REITs industry distribution chart, Heriot REIT ranks #105 out of 930 companies for Net Margin %. This places Heriot REIT in the top 11% of its industry — outperforming the majority of peers. The industry median Net Margin % is 45.63. Heriot REIT's value of 87.95% is 92.7% above this benchmark. Historically, Heriot REIT's own Net Margin % has ranged from 20.59 to 198.82 over the past decade. While the company's 10-year median is 78.51 vs. the industry median of 45.63, Heriot 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 Net Margin % for a REITs company?
The median Net Margin % among REITs companies is 45.63, based on 930 companies in the industry. Companies in the top quartile (top 25%) have a Net Margin % significantly above this median, while those in the bottom quartile fall well below. However, Net Margin % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Heriot REIT's current Net Margin % of 87.95% is 92.7% 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 Net Margin % mean?
A high Net Margin % can signal that a stock is expensive relative to its fundamentals. Net margin is the ratio of total net income to net sales. View historical data on Heriot REIT and its competitors. For the REITs industry, the median Net Margin % is 45.63 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Heriot REIT's current Net Margin % is 87.95%, which is 12% above median its own 10-year median of 78.51. 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 R23.54, compared to a current price of R26.00 — trading 10.5% above its estimated fair value. The current Net Margin % is 87.95%, which is 12% above median its 10-year median of 78.51 and 92.7% above the REITs industry median of 45.63. 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 Net Margin % calculated?
Net Margin % is calculated from a company's financial statements. For Heriot REIT (JSE:HET), the current Net Margin % is 87.95% 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 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 10.5% above its estimated GF Value™ of R23.54.
GuruFocus considers Heriot REIT to be Fairly Valued.
Key valuation signals for JSE:HET:
Net Margin %: 87.95% (12% above median its 10-year median of 78.51)
GF Value™: R23.54 vs. price of R26.00 (10.5% above fair value)
Industry Position: 92.7% above the REITs median (#105 of 930)
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
Net Margin % 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 
