Btsp II Fundo DE Investimento Imobiliario FII (BSP:BTSI11) Pretax Margin %: 175.52% (As of Dec. 2025) — 30% Below Median

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
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.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
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.

BSP:BTSI11 Btsp II Fundo DE Investimento Imobiliario FII BSP:BTSI11
14 GF Score
Price R$109.17
GF Value R$185.25
! 6 Warning Signs
View Full Analysis

What is Btsp II Fundo DE Investimento Imobiliario FII Pretax Margin %?

Btsp II Fundo DE Investimento Imobiliario FII BSP:BTSI11 14 Pretax Margin % is 175.52% as of Dec. 2025, which is 30% below its 10-year median of 250.74. GuruFocus rates BSP:BTSI11 with a GF Score™ of 14/100 and a GF Value™ of R$185.25. The stock has 6 warning signs investors should review.

Pre-Tax margin is calculated as Pre-Tax Income divided by its Revenue. Btsp II Fundo DE Investimento Imobiliario FII's Pre-Tax Income for the six months ended in Dec. 2025 was R$86.27 Mil. Btsp II Fundo DE Investimento Imobiliario FII's Revenue for the six months ended in Dec. 2025 was R$49.15 Mil. Therefore, Btsp II Fundo DE Investimento Imobiliario FII's pretax margin for the quarter that ended in Dec. 2025 was 175.52%.

The historical rank and industry rank for Btsp II Fundo DE Investimento Imobiliario FII's Pretax Margin % or its related term are showing as below:

BSP:BTSI11' s Pretax Margin % Range Over the Past 10 Years
Min: -3470.93   Med: 250.74   Max: 468.64
Current: 175.52


BSP:BTSI11's Pretax Margin % is not ranked
in the REITs industry.
Industry Median: 46.675 vs BSP:BTSI11: 175.52

Btsp II Fundo DE Investimento Imobiliario FII  (BSP:BTSI11) Pretax Margin % Explanation

The pretax margin, as know as pretax profit margin, is widely used to measure the operating efficiency of a company before deducting taxes.

The pretax margin is sometimes preferred over the net margin as tax expenditures can make profitability comparisons between companies misleading.

It is a useful tool to compare companies operating in the same sector and less effective when comparing companies from other sectors as each industry generally has different operating expenses and sales patterns.

The long term trend of the pretax margin is a good indicator of the competitiveness and health of the business.


Btsp II Fundo DE Investimento Imobiliario FII Pretax Margin % Related Terms


Btsp II Fundo DE Investimento Imobiliario FII Pretax Margin % Historical Data

* Premium members only.

The historical data trend for Btsp II Fundo DE Investimento Imobiliario FII's Pretax 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.

Btsp II Fundo DE Investimento Imobiliario FII Pretax Margin % Chart

Btsp II Fundo DE Investimento Imobiliario FII Annual Data
Trend Dec21 Dec22 Dec23 Dec24 Dec25
Pretax Margin %
0.00 -3,470.93 468.64 325.96 175.52

Btsp II Fundo DE Investimento Imobiliario FII Semi-Annual Data
Dec21 Dec22 Dec23 Dec24 Dec25
Pretax Margin % 0.00 -3,470.93 468.64 325.96 175.52

BSP:BTSI11 vs PLD, PSA, EXR: Pretax Margin % Comparison

For the REIT - Industrial subindustry, Btsp II Fundo DE Investimento Imobiliario FII's Pretax Margin %, along with its competitors' market caps and Pretax 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.


Btsp II Fundo DE Investimento Imobiliario FII Pretax Margin % vs REITs Industry

For the REITs industry and Real Estate sector, Btsp II Fundo DE Investimento Imobiliario FII's Pretax Margin % distribution charts can be found below:

* The bar in red indicates where Btsp II Fundo DE Investimento Imobiliario FII's Pretax Margin % falls into.


BSP:BTSI11
14GF Score
Btsp II Fundo DE Investimento Imobiliario FII BSP:BTSI11
Pretax Margin % is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Btsp II Fundo DE Investimento Imobiliario FII Pretax Margin % Calculation

Pretax margin - also known as pretax profit margin is the ratio of Pretax Income divided by net sales or Revenue, usually presented in percent.

Btsp II Fundo DE Investimento Imobiliario FII's Pretax Margin for the fiscal year that ended in Dec. 2025 is calculated as

Pretax Margin=Pre-Tax Income (A: Dec. 2025 )/Revenue (A: Dec. 2025 )
=86.268/49.15
=175.52 %

Btsp II Fundo DE Investimento Imobiliario FII's Pretax Margin for the quarter that ended in Dec. 2025 is calculated as

Pretax Margin=Pre-Tax Income (Q: Dec. 2025 )/Revenue (Q: Dec. 2025 )
=86.268/49.15
=175.52 %

* 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.

Frequently Asked Questions Learn more about Pretax Margin % →
What does a Pretax Margin % of 175.52% mean?
Btsp II Fundo DE Investimento Imobiliario FII (BSP:BTSI11) has a Pretax Margin % of 175.52% as of Dec. 2025. Pre-Tax margin is the ratio of total pre-tax income to net sales. View historical data on Btsp II Fundo DE Investimento Imobiliario FII and its competitors. This is 30% below median its historical median of 250.74.
Is Btsp II Fundo DE Investimento Imobiliario FII's Pretax Margin % too high?
Btsp II Fundo DE Investimento Imobiliario FII's current Pretax Margin % of 175.52% is 30% below median its 10-year median of 250.74. The REITs industry median Pretax Margin % is 46.68. Btsp II Fundo DE Investimento Imobiliario FII's value of 175.52% is 276% above this industry median. Overall, Btsp II Fundo DE Investimento Imobiliario FII has a GF Score™ of 14/100, reflecting its overall financial health beyond just this single metric.
How does Btsp II Fundo DE Investimento Imobiliario FII's Pretax Margin % compare to PLD and PSA?
Btsp II Fundo DE Investimento Imobiliario FII's Pretax Margin % of 175.52% can be compared against companies in the REITs industry. The industry median Pretax Margin % is 46.68. Btsp II Fundo DE Investimento Imobiliario FII's value of 175.52% is 276% above this benchmark. While the company's 10-year median is 250.74 vs. the industry median of 46.68, Btsp II Fundo DE Investimento Imobiliario FII 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 Pretax Margin % for a REITs company?
The median Pretax Margin % among REITs companies is 46.68, based on 924 companies in the industry. Companies in the top quartile (top 25%) have a Pretax Margin % significantly above this median, while those in the bottom quartile fall well below. However, Pretax Margin % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Btsp II Fundo DE Investimento Imobiliario FII's current Pretax Margin % of 175.52% is 276% 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 Pretax Margin % mean?
A high Pretax Margin % can signal that a stock is expensive relative to its fundamentals. Pre-Tax margin is the ratio of total pre-tax income to net sales. View historical data on Btsp II Fundo DE Investimento Imobiliario FII and its competitors. For the REITs industry, the median Pretax Margin % is 46.68 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Btsp II Fundo DE Investimento Imobiliario FII's current Pretax Margin % is 175.52%, which is 30% below median its own 10-year median of 250.74. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Btsp II Fundo DE Investimento Imobiliario FII stock overvalued right now?
Btsp II Fundo DE Investimento Imobiliario FII (BSP:BTSI11) has a current Pretax Margin % of 175.52%. The stock's GF Value™ is R$185.25, compared to a current price of R$109.17 — trading 41.1% below its estimated fair value. The current Pretax Margin % is 175.52%, which is 30% below median its 10-year median of 250.74 and 276% above the REITs industry median of 46.68. Btsp II Fundo DE Investimento Imobiliario FII's overall GF Score™ is 14/100 with 6 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Pretax Margin % calculated?
Pretax Margin % is calculated from a company's financial statements. For Btsp II Fundo DE Investimento Imobiliario FII (BSP:BTSI11), the current Pretax Margin % is 175.52% 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 Btsp II Fundo DE Investimento Imobiliario FII (BSP:BTSI11) Overvalued in 2026?

Based on GuruFocus' analysis, Btsp II Fundo DE Investimento Imobiliario FII stock appears to be undervalued. The current stock price of R$109.17 is trading 41.1% below its estimated GF Value™ of R$185.25.

Key valuation signals for BSP:BTSI11:

  • Pretax Margin %: 175.52% (30% below median its 10-year median of 250.74)
  • GF Value™: R$185.25 vs. price of R$109.17 (41.1% below fair value)
  • GF Score™: 14/100 with 6 warning signs
  • Industry Position: 276% above the REITs median

No single metric tells the full story. See the BSP:BTSI11 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Btsp II Fundo DE Investimento Imobiliario FII Business Description

Industry Real EstateREITs
Address Avenida Barbacena, 1219, 21st Floor, PARTE, Santo Agostinho, Belo Horizonte, MG, BRA, 30190131
Btsp II Fundo DE Investimento Imobiliario FII is a closed end fund. The fund aims to develop real estate ventures focused on logistics and industrial operations, located in the Southeast and Midwest Regions, through the acquisition of land for construction or the acquisition of properties under construction or completed, for subsequent lease, rental or sale, including assets and rights related thereto, as well as other properties with potential income generation, and assets and rights related thereto.
14GF Score

Get the complete analysis for BSP:BTSI11

Pretax Margin % is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

R$109.17
Price
R$185.25
GF Value