Spear REITJSE:SEA +1.52%65 Net Margin % is 118.16% as of Feb. 2026, which is 93% above its 10-year median of 61.18. GuruFocus rates JSE:SEA with a GF Score™ of 65/100 and a GF Value™ of R7.03 (Significantly Overvalued). The stock has 11 warning signs investors should review. Among 928 REITs companies, Spear REIT ranks better than 81.47% on this metric.
Net margin is calculated as Net Income divided by its Revenue. Spear REIT's Net Income for the
six
months ended in Feb. 2026 was R540.0 Mil. Spear REIT's Revenue for the
six
months ended in Feb. 2026 was R457.0 Mil. Therefore, Spear REIT's net margin for the quarter that ended in Feb. 2026 was 118.16%.
The historical rank and industry rank for Spear REIT's Net Margin % or its related term are showing as below:
JSE:SEA'
s Net Margin % Range Over the Past 10 Years
Min: 9.99 Med: 61.18 Max: 126.03
Current: 93.88
JSE:SEA's Net Margin % is ranked better than 81.47% of 928
companies
in the REITs industry
Industry Median: 44.95
vs JSE:SEA: 93.88
Spear REIT (JSE:SEA) 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.
Spear REIT Net Margin % Related Terms
Spear REIT Net Margin % Historical Data
* Premium members only.
The historical data trend for Spear 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, Spear 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.
Spear REIT Net Margin % vs REITs Industry
For the REITs industry and Real Estate sector, Spear REIT's Net Margin % distribution charts can be found below:
* The bar in red indicates where Spear 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.
Spear REIT (JSE:SEA) has a Net Margin % of 118.16% as of Feb. 2026. Net margin is the ratio of total net income to net sales. View historical data on Spear REIT and its competitors. This is 93% above median its historical median of 61.18. Over the past decade, Spear REIT's Net Margin % has ranged from 9.99 to 126.03. According to the industry distribution chart, Spear REIT ranks #172 out of 928 companies in the REITs industry, placing it in the top 18.5%.
Is Spear REIT's Net Margin % too high?
Spear REIT's current Net Margin % of 118.16% is 93% above median its 10-year median of 61.18. Over the past 10 years, this metric has ranged from a low of 9.99 to a high of 126.03. The REITs industry median Net Margin % is 44.95. Spear REIT's value of 118.16% is 162.9% above this industry median. Based on the distribution chart, Spear REIT ranks #172 out of 928 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 65/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Spear REIT's Net Margin % compare to VICI and WPC?
According to the REITs industry distribution chart, Spear REIT ranks #172 out of 928 companies for Net Margin %. This places Spear REIT in the top 19% of its industry — outperforming the majority of peers. The industry median Net Margin % is 44.95. Spear REIT's value of 118.16% is 162.9% above this benchmark. Historically, Spear REIT's own Net Margin % has ranged from 9.99 to 126.03 over the past decade. While the company's 10-year median is 61.18 vs. the industry median of 44.95, 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 Net Margin % for a REITs company?
The median Net Margin % among REITs companies is 44.95, based on 928 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. Spear REIT's current Net Margin % of 118.16% is 162.9% 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 Spear REIT and its competitors. For the REITs industry, the median Net Margin % is 44.95 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Spear REIT's current Net Margin % is 118.16%, which is 93% above median its own 10-year median of 61.18. 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 R7.03, compared to a current price of R13.40 — trading 90.6% above its estimated fair value. The current Net Margin % is 118.16%, which is 93% above median its 10-year median of 61.18 and 162.9% above the REITs industry median of 44.95. Spear REIT's overall GF Score™ is 65/100 with 11 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 Spear REIT (JSE:SEA), the current Net Margin % is 118.16% 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 R13.40 is trading 90.6% above its estimated GF Value™ of R7.03.
GuruFocus considers Spear REIT to be Significantly Overvalued.
Key valuation signals for JSE:SEA:
Net Margin %: 118.16% (93% above median its 10-year median of 61.18)
GF Value™: R7.03 vs. price of R13.40 (90.6% above fair value)
Industry Position: 162.9% above the REITs median (#172 of 928)
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.
65GF Score
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