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Heiwa Real Estate REITTSE:8966 +0.15%71 Return-on-Tangible-Asset is 4.29% as of May. 2026, which is 30% above its 10-year median of 3.31. GuruFocus rates TSE:8966 with a GF Score™ of 71/100 and a GF Value™ of 円157,057.81 (Modestly Undervalued). The stock has 4 warning signs investors should review. Among 929 REITs companies, Heiwa Real Estate REIT ranks better than 59.31% on this metric.
Return-on-Tangible-Asset is calculated as Net Income divided by its average total tangible assets. Total tangible assets equals to Total Assets minus Intangible Assets. Heiwa Real Estate REIT's annualizedNet Income for the quarter that ended in May. 2026 was 円11,355 Mil. Heiwa Real Estate REIT's average total tangible assets for the quarter that ended in May. 2026 was 円264,666 Mil. Therefore, Heiwa Real Estate REIT's annualized Return-on-Tangible-Asset for the quarter that ended in May. 2026 was 4.29%.
The historical rank and industry rank for Heiwa Real Estate REIT's Return-on-Tangible-Asset or its related term are showing as below:
TSE:8966'
s Return-on-Tangible-Asset Range Over the Past 10 Years
Min: 1.72 Med: 3.31 Max: 4.19
Current: 4.19
During the past 13 years, Heiwa Real Estate REIT's highest Return-on-Tangible-Asset was 4.19%. The lowest was 1.72%. And the median was 3.31%.
TSE:8966's Return-on-Tangible-Asset is ranked better than 59.31% of 929
companies
in the REITs industry
Industry Median: 3.3
vs TSE:8966: 4.19
Heiwa Real Estate REIT (TSE:8966) Return-on-Tangible-Asset Explanation
Return-on-Tangible-Asset measures the rate of return on the average total tangible assets (total assets minus intangible assets). Tangible means physical in nature. Intangible Assets are assets that are not physical in nature, and typically "derive their value from legal or intellectual rights." Return-on-Tangible-Asset measures a firm's efficiency at generating profits from its tangible assets. It shows how well a company uses what it has to generate earnings. Return-on-Tangible-Assets can vary drastically across industries. Therefore, Return-on-Tangible-Asset should not be used to compare companies in different industries.
Be Aware
Like ROE and ROA, Return-on-Tangible-Asset is calculated with only 12 months data. Fluctuations in the companys earnings or business cycles can affect the ratio drastically. It is important to look at the ratio from a long term perspective. Return-on-Tangible-Asset can be affected by events such as stock buyback or issuance, and by a companys tax rate and its interest payment. Return-on-Tangible-Asset may not reflect the true earning power of the assets. A more accurate measurement is ROC % (ROC).
Many analysts argue the higher return the better. Buffett states that really high Return-on-Tangible-Asset may indicate vulnerability in the durability of the competitive advantage.
Heiwa Real Estate REIT Return-on-Tangible-Asset Related Terms
Heiwa Real Estate REIT Return-on-Tangible-Asset Historical Data
* Premium members only.
The historical data trend for Heiwa Real Estate REIT's Return-on-Tangible-Asset 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.
Heiwa Real Estate REIT Return-on-Tangible-Asset Chart
TSE:8966 vs VICI, WPC: Return-on-Tangible-Asset Comparison
For the REIT - Diversified subindustry, Heiwa Real Estate REIT's Return-on-Tangible-Asset, along with its competitors' market caps and Return-on-Tangible-Asset 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 Return-on-Tangible-Asset vs REITs Industry
For the REITs industry and Real Estate sector, Heiwa Real Estate REIT's Return-on-Tangible-Asset distribution charts can be found below:
* The bar in red indicates where Heiwa Real Estate REIT's Return-on-Tangible-Asset 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.
In the calculation of annual Return-on-Tangible-Asset, the net income of the last fiscal year and the average total tangible assets over the fiscal year are used. In calculating the quarterly data,
the Net Income data used here is two times the semi-annual (May. 2026) net income data.
What does a Return-on-Tangible-Asset of 4.29% mean?
Heiwa Real Estate REIT (TSE:8966) has a Return-on-Tangible-Asset of 4.29% as of May. 2026. Return on tangible assets is the ratio of current-period net income to average two-period tangible assets. View historical data on Heiwa Real Estate REIT and its competitors. This is 30% above median its historical median of 3.31. Over the past decade, Heiwa Real Estate REIT's Return-on-Tangible-Asset has ranged from 1.72 to 4.19. According to the industry distribution chart, Heiwa Real Estate REIT ranks #378 out of 929 companies in the REITs industry, placing it in the top 40.7%.
Is Heiwa Real Estate REIT's Return-on-Tangible-Asset too high?
Heiwa Real Estate REIT's current Return-on-Tangible-Asset of 4.29% is 30% above median its 10-year median of 3.31. Over the past 10 years, this metric has ranged from a low of 1.72 to a high of 4.19. The REITs industry median Return-on-Tangible-Asset is 3.30. Heiwa Real Estate REIT's value of 4.29% is 30% above this industry median. Based on the distribution chart, Heiwa Real Estate REIT ranks #378 out of 929 companies in the REITs industry, which is above the industry midpoint. Overall, Heiwa Real Estate REIT has a GF Score™ of 71/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Heiwa Real Estate REIT's Return-on-Tangible-Asset compare to VICI and WPC?
According to the REITs industry distribution chart, Heiwa Real Estate REIT ranks #378 out of 929 companies for Return-on-Tangible-Asset. This puts Heiwa Real Estate REIT in the upper half of its industry. The industry median Return-on-Tangible-Asset is 3.30. Heiwa Real Estate REIT's value of 4.29% is 30% above this benchmark. Historically, Heiwa Real Estate REIT's own Return-on-Tangible-Asset has ranged from 1.72 to 4.19 over the past decade. While the company's 10-year median is 3.31 vs. the industry median of 3.30, 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 Return-on-Tangible-Asset for a REITs company?
The median Return-on-Tangible-Asset among REITs companies is 3.30, based on 929 companies in the industry. Companies in the top quartile (top 25%) have a Return-on-Tangible-Asset significantly above this median, while those in the bottom quartile fall well below. However, Return-on-Tangible-Asset should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Heiwa Real Estate REIT's current Return-on-Tangible-Asset of 4.29% is 30% 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 Return-on-Tangible-Asset mean?
A high Return-on-Tangible-Asset can signal that a stock is expensive relative to its fundamentals. Return on tangible assets is the ratio of current-period net income to average two-period tangible assets. View historical data on Heiwa Real Estate REIT and its competitors. For the REITs industry, the median Return-on-Tangible-Asset is 3.30 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Heiwa Real Estate REIT's current Return-on-Tangible-Asset is 4.29%, which is 30% above median its own 10-year median of 3.31. 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157,057.81, compared to a current price of 円132,200.00 — trading 15.8% below its estimated fair value. The current Return-on-Tangible-Asset is 4.29%, which is 30% above median its 10-year median of 3.31 and 30% above the REITs industry median of 3.30. Heiwa Real Estate REIT's overall GF Score™ is 71/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Return-on-Tangible-Asset calculated?
Return-on-Tangible-Asset is calculated from a company's financial statements. For Heiwa Real Estate REIT (TSE:8966), the current Return-on-Tangible-Asset is 4.29% as of May. 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132,200.00 is trading 15.8% below its estimated GF Value™ of 円157,057.81.
GuruFocus considers Heiwa Real Estate REIT to be Modestly Undervalued.
Key valuation signals for TSE:8966:
Return-on-Tangible-Asset: 4.29% (30% above median its 10-year median of 3.31)
GF Value™: 円157,057.81 vs. price of 円132,200.00 (15.8% below fair value)
Industry Position: 30% above the REITs median (#378 of 929)
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.
71GF Score
Get the complete analysis for TSE:8966
Return-on-Tangible-Asset is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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