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.
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.
Spear REITJSE:SEA -0.08%65 3-Year ROIIC % is 4.33 as of Feb. 2026, which is at its 10-year median of 4.33. GuruFocus rates JSE:SEA with a GF Score™ of 65/100 and a GF Value™ of R6.90 (Significantly Overvalued). The stock has 12 warning signs investors should review. Among 693 REITs companies, Spear REIT ranks better than 54.83% on this metric.
3-Year Return on Invested Incremental Capital (3-Year ROIIC %) measures the change in earnings as a percentage of change in investment over 3-year.
Spear REIT's 3-Year ROIIC % for the quarter that ended in Feb. 2026 was 4.33%. High ROIIC is generally an indication that your business is capital efficient or has a higher operating leverage.
The industry rank for Spear REIT's 3-Year ROIIC % or its related term are showing as below:
JSE:SEA's 3-Year ROIIC % is ranked better than 54.83% of 693
companies
in the REITs industry
Industry Median: 3.52
vs JSE:SEA: 4.33
Spear REIT (JSE:SEA) 3-Year ROIIC % Explanation
Return on Incremental Invested Capital (ROIIC) is an extension of Return on Investment Capital (ROIC). ROIC % tells investors how efficiently that profitability is earned per dollar of company capital. ROIIC narrows the focus even further and shows how profitable each additional unit of capital investment could be. ROIIC % is a more powerful metric than ROIC because it measures how much money the company can generate going forward on future capital investments.
High ROIIC is generally an indication that your business is capital efficient or has a higher operating leverage.
Be Aware
It's important to keep in mind that when tracking ROIIC, the metric is better suited to forecasting the trend of future returns rather than measuring current return on investment.
Spear REIT 3-Year ROIIC % Related Terms
Spear REIT 3-Year ROIIC % Historical Data
* Premium members only.
The historical data trend for Spear REIT's 3-Year ROIIC % 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 3-Year ROIIC %, along with its competitors' market caps and 3-Year ROIIC % 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 3-Year ROIIC % vs REITs Industry
For the REITs industry and Real Estate sector, Spear REIT's 3-Year ROIIC % distribution charts can be found below:
* The bar in red indicates where Spear REIT's 3-Year ROIIC % 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.
** Annual data of NOPAT and Invested Capital was used to calculate 3-Year ROIIC %.
*** Please be aware that the ROIIC (Return on Invested Capital) calculations are based on company-level data using the primary share class. The calculated data provided is for demonstration purposes and may slightly differ from the results displayed in the title due to potential variations caused by currency exchange rate differences throughout the year.
Spear REIT (JSE:SEA) has a 3-Year ROIIC % of 4.33 as of Feb. 2026. 3-Year ROIIC % measures the change in earnings as a percentage of change in investment over 3-year. View historical data on Spear REIT and its competitors. This is near median its historical median of 4.33. According to the industry distribution chart, Spear REIT ranks #313 out of 693 companies in the REITs industry, placing it in the top 45.2%.
Is Spear REIT's 3-Year ROIIC % too high?
Spear REIT's current 3-Year ROIIC % of 4.33 is near median its 10-year median of 4.33. The REITs industry median 3-Year ROIIC % is 3.52. Spear REIT's value of 4.33 is 23% above this industry median. Based on the distribution chart, Spear REIT ranks #313 out of 693 companies in the REITs industry, which is above the industry midpoint. Overall, Spear REIT has a GF Score™ of 65/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Spear REIT's 3-Year ROIIC % compare to VICI and WPC?
According to the REITs industry distribution chart, Spear REIT ranks #313 out of 693 companies for 3-Year ROIIC %. This puts Spear REIT in the upper half of its industry. The industry median 3-Year ROIIC % is 3.52. Spear REIT's value of 4.33 is 23% above this benchmark. While the company's 10-year median is 4.33 vs. the industry median of 3.52, 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 3-Year ROIIC % for a REITs company?
The median 3-Year ROIIC % among REITs companies is 3.52, based on 693 companies in the industry. Companies in the top quartile (top 25%) have a 3-Year ROIIC % significantly above this median, while those in the bottom quartile fall well below. However, 3-Year ROIIC % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Spear REIT's current 3-Year ROIIC % of 4.33 is 23% 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 3-Year ROIIC % mean?
A high 3-Year ROIIC % can signal that a stock is expensive relative to its fundamentals. 3-Year ROIIC % measures the change in earnings as a percentage of change in investment over 3-year. View historical data on Spear REIT and its competitors. For the REITs industry, the median 3-Year ROIIC % is 3.52 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Spear REIT's current 3-Year ROIIC % is 4.33, which is near median its own 10-year median of 4.33. 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 R6.90, compared to a current price of R12.99 — trading 88.3% above its estimated fair value. The current 3-Year ROIIC % is 4.33, which is near median its 10-year median of 4.33 and 23% above the REITs industry median of 3.52. Spear REIT's overall GF Score™ is 65/100 with 12 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is 3-Year ROIIC % calculated?
3-Year ROIIC % is calculated from a company's financial statements. For Spear REIT (JSE:SEA), the current 3-Year ROIIC % is 4.33 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 R12.99 is trading 88.3% above its estimated GF Value™ of R6.90.
GuruFocus considers Spear REIT to be Significantly Overvalued.
Key valuation signals for JSE:SEA:
3-Year ROIIC %: 4.33 (near median its 10-year median of 4.33)
GF Value™: R6.90 vs. price of R12.99 (88.3% above fair value)
Industry Position: 23% above the REITs median (#313 of 693)
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.
65GF Score
Get the complete analysis for JSE:SEA
3-Year ROIIC % is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
JSE:SEA has been successfully added to your 
