Spear REITJSE:SEA -0.60%63 PB Ratio is 1.02 as of Jun. 29, 2026, which is 32% above its 10-year median of 0.77. GuruFocus rates JSE:SEA with a GF Score™ of 63/100 and a GF Value™ of R7.03 (Significantly Overvalued). The stock has 11 warning signs investors should review. Among 933 REITs companies, Spear REIT ranks worse than 67.95% on this metric.
The PB Ratio, or Price-to-Book ratio, or Price/Book, is a financial ratio used to compare a company's market price to its Book Value per Share. As of today (2026-06-29), Spear REIT's share price is R13.20. Spear REIT's Book Value per Share for the quarter that ended in Feb. 2026 was R12.91. Hence, Spear REIT's PB Ratio of today is 1.02.
Warning Sign:
Spear REIT Ltd stock PB Ratio (=1.03) is close to 10-year high of 1.07.
The historical rank and industry rank for Spear REIT's PB Ratio or its related term are showing as below:
JSE:SEA'
s PB Ratio Range Over the Past 10 Years
Min: 0.4 Med: 0.77 Max: 1.07
Current: 1.02
During the past 10 years, Spear REIT's highest PB Ratio was 1.07. The lowest was 0.40. And the median was 0.77.
JSE:SEA's PB Ratio is ranked worse than 67.95% of 933
companies
in the REITs industry
Industry Median: 0.87
vs JSE:SEA: 1.02
During the past 12 months, Spear REIT's average Book Value Per Share Growth Rate was 5.80% per year.
During the past 3 years, the average Book Value Per Share Growth Rate was 4.00% per year.
During the past 5 years, the average Book Value Per Share Growth Rate was 2.40% per year.
During the past 10 years, the highest 3-Year average Book Value Per Share Growth Rate of Spear REIT was 6.50% per year. The lowest was -2.40% per year. And the median was 0.70% per year.
The PB Ratio works the best for the businesses that earn most of their profit from their assets, e.g. banks and insurance companies.
Be Aware
Some businesses have very light assets, such as software companies or insurance agencies. The PB Ratio does not work well for these companies. Some companies even have negative equity, so the PB Ratio cannot be applied to them.
Spear REIT PB Ratio Related Terms
Spear REIT PB Ratio Historical Data
* Premium members only.
The historical data trend for Spear REIT's PB Ratio 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 PB Ratio, along with its competitors' market caps and PB Ratio 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 PB Ratio vs REITs Industry
For the REITs industry and Real Estate sector, Spear REIT's PB Ratio distribution charts can be found below:
* The bar in red indicates where Spear REIT's PB Ratio falls into.
The PB Ratio, or Price-to-Book ratio, or Price/Book, is a financial ratio used to compare a company's market price to its Book Value per Share. It is a ratio widely used to value stocks.
Spear REIT's PB Ratio for today is calculated as follows:
* 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.
It can also be calculated from the numbers for the whole company:
A closely related ratio is called Price-to-Tangible-Book. The difference between Price-to-Tangible-Book and PB Ratio is that book value other than intangibles are used in the calculation.
Spear REIT (JSE:SEA) has a PB Ratio of 1.02 as of Jun. 29, 2026. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on Spear REIT and its competitors. This is 32% above median its historical median of 0.77. Over the past decade, Spear REIT's PB Ratio has ranged from 0.40 to 1.07. According to the industry distribution chart, Spear REIT ranks #634 out of 933 companies in the REITs industry, placing it in the top 68%.
Is Spear REIT's PB Ratio too high?
Spear REIT's current PB Ratio of 1.02 is 32% above median its 10-year median of 0.77. Over the past 10 years, this metric has ranged from a low of 0.40 to a high of 1.07. The REITs industry median PB Ratio is 0.87. Spear REIT's value of 1.02 is 17.2% above this industry median. Based on the distribution chart, Spear REIT ranks #634 out of 933 companies in the REITs industry, which is below the industry midpoint. Overall, Spear REIT has a GF Score™ of 63/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Spear REIT's PB Ratio compare to VICI and WPC?
According to the REITs industry distribution chart, Spear REIT ranks #634 out of 933 companies for PB Ratio. This places Spear REIT in the lower half of its industry. The industry median PB Ratio is 0.87. Spear REIT's value of 1.02 is 17.2% above this benchmark. Historically, Spear REIT's own PB Ratio has ranged from 0.40 to 1.07 over the past decade. While the company's 10-year median is 0.77 vs. the industry median of 0.87, 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 PB Ratio for a REITs company?
The median PB Ratio among REITs companies is 0.87, based on 933 companies in the industry. Companies in the top quartile (top 25%) have a PB Ratio significantly above this median, while those in the bottom quartile fall well below. However, PB Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Spear REIT's current PB Ratio of 1.02 is 17.2% 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 PB Ratio mean?
A high PB Ratio can signal that a stock is expensive relative to its fundamentals. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on Spear REIT and its competitors. For the REITs industry, the median PB Ratio is 0.87 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Spear REIT's current PB Ratio is 1.02, which is 32% above median its own 10-year median of 0.77. 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 R13.20 — trading 87.8% above its estimated fair value. The current PB Ratio is 1.02, which is 32% above median its 10-year median of 0.77 and 17.2% above the REITs industry median of 0.87. Spear REIT's overall GF Score™ is 63/100 with 11 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is PB Ratio calculated?
PB Ratio is calculated from a company's financial statements. For Spear REIT (JSE:SEA), the current PB Ratio is 1.02 as of Jun. 29, 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 R13.20 is trading 87.8% above its estimated GF Value™ of R7.03.
GuruFocus considers Spear REIT to be Significantly Overvalued.
Key valuation signals for JSE:SEA:
PB Ratio: 1.02 (32% above median its 10-year median of 0.77)
GF Value™: R7.03 vs. price of R13.20 (87.8% above fair value)
Industry Position: 17.2% above the REITs median (#634 of 933)
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.
63GF Score
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