Spear REITJSE:SEA -0.90%63 Pretax Margin % is 118.64% as of Feb. 2026, which is 92% above its 10-year median of 61.85. 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 931 REITs companies, Spear REIT ranks better than 80.56% on this metric.
Pre-Tax margin is calculated as Pre-Tax Income divided by its Revenue. Spear REIT's Pre-Tax Income for the
six
months ended in Feb. 2026 was R542.2 Mil. Spear REIT's Revenue for the
six
months ended in Feb. 2026 was R457.0 Mil. Therefore, Spear REIT's pretax margin for the quarter that ended in Feb. 2026 was 118.64%.
The historical rank and industry rank for Spear REIT's Pretax Margin % or its related term are showing as below:
JSE:SEA'
s Pretax Margin % Range Over the Past 10 Years
Min: 12.31 Med: 61.85 Max: 127.25
Current: 94.35
JSE:SEA's Pretax Margin % is ranked better than 80.56% of 931
companies
in the REITs industry
Industry Median: 46.93
vs JSE:SEA: 94.35
Spear REIT (JSE:SEA) 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.
Spear REIT Pretax Margin % Related Terms
Spear REIT Pretax Margin % Historical Data
* Premium members only.
The historical data trend for Spear REIT'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.
For the REIT - Diversified subindustry, Spear REIT'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.
Spear REIT Pretax Margin % vs REITs Industry
For the REITs industry and Real Estate sector, Spear REIT's Pretax Margin % distribution charts can be found below:
* The bar in red indicates where Spear REIT's Pretax 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 Pretax Margin % of 118.64% as of Feb. 2026. Pre-Tax margin is the ratio of total pre-tax income to net sales. View historical data on Spear REIT and its competitors. This is 92% above median its historical median of 61.85. Over the past decade, Spear REIT's Pretax Margin % has ranged from 12.31 to 127.25. According to the industry distribution chart, Spear REIT ranks #181 out of 931 companies in the REITs industry, placing it in the top 19.4%.
Is Spear REIT's Pretax Margin % too high?
Spear REIT's current Pretax Margin % of 118.64% is 92% above median its 10-year median of 61.85. Over the past 10 years, this metric has ranged from a low of 12.31 to a high of 127.25. The REITs industry median Pretax Margin % is 46.93. Spear REIT's value of 118.64% is 152.8% above this industry median. Based on the distribution chart, Spear REIT ranks #181 out of 931 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 63/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Spear REIT's Pretax Margin % compare to VICI and WPC?
According to the REITs industry distribution chart, Spear REIT ranks #181 out of 931 companies for Pretax Margin %. This places Spear REIT in the top 19% of its industry — outperforming the majority of peers. The industry median Pretax Margin % is 46.93. Spear REIT's value of 118.64% is 152.8% above this benchmark. Historically, Spear REIT's own Pretax Margin % has ranged from 12.31 to 127.25 over the past decade. While the company's 10-year median is 61.85 vs. the industry median of 46.93, 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 Pretax Margin % for a REITs company?
The median Pretax Margin % among REITs companies is 46.93, based on 931 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. Spear REIT's current Pretax Margin % of 118.64% is 152.8% 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 Spear REIT and its competitors. For the REITs industry, the median Pretax Margin % is 46.93 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Spear REIT's current Pretax Margin % is 118.64%, which is 92% above median its own 10-year median of 61.85. 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 R13.28 — trading 88.9% above its estimated fair value. The current Pretax Margin % is 118.64%, which is 92% above median its 10-year median of 61.85 and 152.8% above the REITs industry median of 46.93. 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 Pretax Margin % calculated?
Pretax Margin % is calculated from a company's financial statements. For Spear REIT (JSE:SEA), the current Pretax Margin % is 118.64% 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 R13.28 is trading 88.9% above its estimated GF Value™ of R7.03.
GuruFocus considers Spear REIT to be Significantly Overvalued.
Key valuation signals for JSE:SEA:
Pretax Margin %: 118.64% (92% above median its 10-year median of 61.85)
GF Value™: R7.03 vs. price of R13.28 (88.9% above fair value)
Industry Position: 152.8% above the REITs median (#181 of 931)
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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