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Heiwa Real Estate REITTSE:8966 +0.30%70 PE Ratio without NRI is 16.45 as of Jul. 16, 2026, which is 32% below its 10-year median of 24.12. GuruFocus rates TSE:8966 with a GF Score™ of 70/100 and a GF Value™ of 円163,138.94 (Modestly Undervalued). The stock has 4 warning signs investors should review. Among 750 REITs companies, Heiwa Real Estate REIT ranks worse than 58.13% on this metric.
The PE Ratio without NRI, or P/E Ratio without non-recurring items, is a financial ratio used to compare a company's market price to its EPS without NRI. As of today (2026-07-16), Heiwa Real Estate REIT's share price is 円135500.00.
Heiwa Real Estate REIT's EPS without NRI for the trailing twelve months (TTM) ended in Nov. 2025 was 円8,237.96. Therefore, Heiwa Real Estate REIT's PE Ratio without NRI for today is 16.45.
During the past 13 years, Heiwa Real Estate REIT's highest PE Ratio without NRI was 31.36. The lowest was 13.44. And the median was 24.12.
Heiwa Real Estate REIT's EPS (Basic) for the
six
months ended in Nov. 2025 was 円4,160.11.
Its EPS (Basic) for the trailing twelve months (TTM) ended in Nov. 2025 was 円8,245.40.
Heiwa Real Estate REIT (TSE:8966) PE Ratio without NRI Explanation
The PE Ratio can be viewed as the number of years it takes for the company to earn back the price you pay for the stock. For example, if a company earns $2 a share per year, and the stock is traded at $30, the PE Ratio is 15. Therefore it takes 15 years for the company to earn back the $30 you paid for its stock, assuming the earnings stays constant over the next 15 years.
In real business, earnings never stay constant. If a company can grow its earnings, it takes fewer years for the company to earn back the price you pay for the stock. If a company's earnings decline it takes more years. As a shareholder, you want the company to earn back the price you pay as soon as possible. Therefore, lower P/E stocks are more attractive than higher P/E stocks so long as the PE Ratio is positive. Also for stocks with the same PE Ratio, the one with faster growth business is more attractive.
If a company loses money, the PE Ratio becomes meaningless.
To compare stocks with different growth rates, Peter Lynch invented a ratio called PEG Ratio. PEG Ratio is defined as the PE Ratio divided by the growth ratio. He thinks a company with a PE Ratio equal to its growth rate is fairly valued. Still he said he would rather buy a company growing 20% a year with a PE Ratio of 20, instead of a company growing 10% a year with a PE Ratio of 10.
Because the PE Ratio measures how long it takes to earn back the price you pay, the PE Ratio can be applied to the stocks across different industries. That is why it is the one of the most important and widely used indicators for the valuation of stocks.
Investors need to be aware that the PE Ratio can be misleading a lot of times, especially when the underlying business is cyclical and unpredictable. As Peter Lynch pointed out, cyclical businesses have higher profit margins at the peaks of the business cycles. Their earnings are high and PE Ratio s are artificially low. It is usually a bad idea to buy a cyclical business when the PE Ratio is low. A better ratio to identify the time to buy a cyclical businesses is the PS Ratio.
Heiwa Real Estate REIT PE Ratio without NRI Related Terms
Heiwa Real Estate REIT PE Ratio without NRI Historical Data
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The historical data trend for Heiwa Real Estate REIT's PE Ratio without NRI 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.
TSE:8966 vs VICI, WPC: PE Ratio without NRI Comparison
For the REIT - Diversified subindustry, Heiwa Real Estate REIT's PE Ratio without NRI, along with its competitors' market caps and PE Ratio without NRI 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 PE Ratio without NRI vs REITs Industry
For the REITs industry and Real Estate sector, Heiwa Real Estate REIT's PE Ratio without NRI distribution charts can be found below:
* The bar in red indicates where Heiwa Real Estate REIT's PE Ratio without NRI falls into.
Heiwa Real Estate REIT PE Ratio without NRI Calculation
The PE Ratio without NRI, or P/E Ratio without non-recurring items, is a financial ratio used to compare a company's market price to its EPS without NRI. Regular PE Ratio can be affected by Non Operating Income such as the sale of part of businesses. This may increase for the current year or quarter dramatically. But it cannot be repeated over and over. Therefore PE Ratio without NRI is a more accurate indication of valuation than regular PE Ratio.
Heiwa Real Estate REIT's Share Price of today is 円135500.00.
For company reported semi-annually, Heiwa Real Estate REIT's EPS without NRI for the trailing twelve months (TTM) ended in Nov. 2025 adds up the semi-annually data reported by the company within the most recent 12 months, which was 円8,237.96.
* 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.
There are at least three kinds of PE Ratios used by different investors. They are Trailing Twelve Month PE Ratio, Forward PE Ratio, or PE Ratio without NRI. A new PE Ratio based on inflation-adjusted normalized PE Ratio is called Shiller PE Ratio, after Yale professor Robert Shiller.
In the case of PE Ratio without NRI, the reported earnings less the non-recurring items are used.
In the calculation of PE Ratio (TTM), the earnings per share used are the earnings per share over the past 12 months.
For Forward PE Ratio, the earnings are the expected earnings for the next twelve months.
For Shiller PE Ratio, the earnings of the past 10 years are inflation-adjusted and averaged. Since it looks at the average over the last 10 years, Shiller PE Ratio is also called PE10.
Heiwa Real Estate REIT (TSE:8966) has a PE Ratio without NRI of 16.45 as of Jul. 16, 2026. P/E without nonrecurring items is the ratio of share price to a company's earnings less one-time charges. View historical data on Heiwa Real Estate REIT and its competitors. This is 32% below median its historical median of 24.12. Over the past decade, Heiwa Real Estate REIT's PE Ratio without NRI has ranged from 13.44 to 31.36. According to the industry distribution chart, Heiwa Real Estate REIT ranks #436 out of 750 companies in the REITs industry, placing it in the top 58.1%.
Is Heiwa Real Estate REIT's PE Ratio without NRI too high?
Heiwa Real Estate REIT's current PE Ratio without NRI of 16.45 is 32% below median its 10-year median of 24.12. Over the past 10 years, this metric has ranged from a low of 13.44 to a high of 31.36. The REITs industry median PE Ratio without NRI is 14.12. Heiwa Real Estate REIT's value of 16.45 is 16.5% above this industry median. Based on the distribution chart, Heiwa Real Estate REIT ranks #436 out of 750 companies in the REITs industry, which is below the industry midpoint. 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 PE Ratio without NRI compare to VICI and WPC?
According to the REITs industry distribution chart, Heiwa Real Estate REIT ranks #436 out of 750 companies for PE Ratio without NRI. This places Heiwa Real Estate REIT in the lower half of its industry. The industry median PE Ratio without NRI is 14.12. Heiwa Real Estate REIT's value of 16.45 is 16.5% above this benchmark. Historically, Heiwa Real Estate REIT's own PE Ratio without NRI has ranged from 13.44 to 31.36 over the past decade. While the company's 10-year median is 24.12 vs. the industry median of 14.12, Heiwa Real Estate 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 PE Ratio without NRI for a REITs company?
The median PE Ratio without NRI among REITs companies is 14.12, based on 750 companies in the industry. Companies in the top quartile (top 25%) have a PE Ratio without NRI significantly above this median, while those in the bottom quartile fall well below. However, PE Ratio without NRI should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Heiwa Real Estate REIT's current PE Ratio without NRI of 16.45 is 16.5% 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 PE Ratio without NRI mean?
A high PE Ratio without NRI can signal that a stock is expensive relative to its fundamentals. P/E without nonrecurring items is the ratio of share price to a company's earnings less one-time charges. View historical data on Heiwa Real Estate REIT and its competitors. For the REITs industry, the median PE Ratio without NRI is 14.12 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Heiwa Real Estate REIT's current PE Ratio without NRI is 16.45, which is 32% below median its own 10-year median of 24.12. 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 PE Ratio without NRI is 16.45, which is 32% below median its 10-year median of 24.12 and 16.5% above the REITs industry median of 14.12. 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 PE Ratio without NRI calculated?
PE Ratio without NRI is calculated from a company's financial statements. For Heiwa Real Estate REIT (TSE:8966), the current PE Ratio without NRI is 16.45 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:
PE Ratio without NRI: 16.45 (32% below median its 10-year median of 24.12)
GF Value™: 円163,138.94 vs. price of 円135,500.00 (16.9% below fair value)
Industry Position: 16.5% above the REITs median (#436 of 750)
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
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