Spear REIT Ltd (SEA) - Net Assets

Latest as of February 2026: ZAC5.39 Billion ZAC ≈ $2.86 Million USD

Based on the latest financial reports, Spear REIT Ltd (SEA) has net assets worth ZAC5.39 Billion ZAC (≈ $2.86 Million USD) as of February 2026. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (ZAC7.58 Billion ≈ $4.03 Million USD) and total liabilities (ZAC2.19 Billion ≈ $1.17 Million USD). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check Spear REIT Ltd (SEA) tangible equity ratio to evaluate the tangible quality of the company's equity base.

Key Net Assets Metrics

Metric	Value
Current Net Assets	ZAC5.39 Billion
% of Total Assets	71.06%
Annual Growth Rate	20.76%
5-Year Change	101.61%
10-Year Change	N/A
Growth Volatility	29.75

Spear REIT Ltd - Net Assets Trend (2017–2026)

This chart illustrates how Spear REIT Ltd's net assets have evolved over time, based on quarterly financial data. See defensive interval ratio of Spear REIT Ltd to measure how many days the company can operate on defensive assets alone.

Annual Net Assets for Spear REIT Ltd (2017–2026)

The table below shows the annual net assets of Spear REIT Ltd from 2017 to 2026. For live valuation and market cap data, see Spear REIT Ltd (SEA) total market value.

Year	Net Assets	Change
2026-02-28	ZAC5.39 Billion ≈ $2.86 Million	+37.43%
2025-02-28	ZAC3.92 Billion ≈ $2.08 Million	+27.28%
2024-02-29	ZAC3.08 Billion ≈ $1.64 Million	+18.16%
2023-02-28	ZAC2.61 Billion ≈ $1.39 Million	-2.46%
2022-02-28	ZAC2.67 Billion ≈ $1.42 Million	+11.79%
2021-02-28	ZAC2.39 Billion ≈ $1.27 Million	-5.12%
2020-02-29	ZAC2.52 Billion ≈ $1.34 Million	+7.27%
2019-02-28	ZAC2.35 Billion ≈ $1.25 Million	+19.18%
2018-02-28	ZAC1.97 Billion ≈ $1.05 Million	+99.78%
2017-02-28	ZAC986.81 Million ≈ $524.44K	--

Equity Component Analysis

This analysis shows how different components contribute to Spear REIT Ltd's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.

Equity Composition Insights

Retained earnings have grown by 2127.1% over the analyzed period, indicating profitable operations and earnings retention.

Current Equity Component Breakdown (February 2026)

Component	Amount	Percentage
Retained Earnings	ZAC1.45 Billion	27.06%
Common Stock	ZAC3.90 Billion	72.47%
Other Comprehensive Income	ZAC25.43 Million	0.47%
Total Equity	ZAC5.38 Billion	100.00%

Spear REIT Ltd Competitors by Market Cap

The table below lists competitors of Spear REIT Ltd ranked by their market capitalization.

Company	Market Cap
Shandong Meichen Science & Technology Co Ltd SHE:300237	$365.03 Million
Hanssem KO:009240	$365.06 Million
Zhejiang Zhe Kuang Heavy Industry SHE:300837	$365.12 Million
Blue Label Telecoms Ltd JSE:BLU	$365.25 Million
Malaysian Resources Corporation KLSE:1651	$364.53 Million
Hellenic Exchanges - Athens Stock Exchange SA AT:EXAE	$364.46 Million
Hengxin Mobile Business SHE:300081	$363.74 Million
Wabash National Corporation NYSE:WNC	$363.63 Million

Equity Growth Attribution

This analysis shows how different factors contributed to changes in Spear REIT Ltd's equity between the two most recent reporting periods.

Equity Growth Insights

From 2025 to 2026, total equity changed from 3,908,570,000 to 5,376,484,000, a change of 1,467,914,000 (37.6%).
Net income of 799,747,000 contributed positively to equity growth.
Dividend payments of 300,371,000 reduced retained earnings.
Share repurchases of 1,302,000 reduced equity.
New share issuances of 798,433,000 increased equity.
Other comprehensive income increased equity by 8,219,000.
Other factors increased equity by 163,188,000.

Equity Change Factors (2025 to 2026)

Factor	Impact	Contribution
Net Income	ZAC799.75 Million	+14.87%
Dividends Paid	ZAC300.37 Million	-5.59%
Share Repurchases	ZAC1.30 Million	-0.02%
Share Issuances	ZAC798.43 Million	+14.85%
Other Comprehensive Income	ZAC8.22 Million	+0.15%
Other Changes	ZAC163.19 Million	+3.04%
Total Change	ZAC-	37.56%

Book Value vs Market Value Analysis

This analysis compares Spear REIT Ltd's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.

Valuation Insights

Current price-to-book ratio: 96.68x
The company is trading at a significant premium to its book value, suggesting the market values its earnings potential, brand, or other intangibles highly.
The price-to-book ratio has increased from 34.81x to 96.68x over the analyzed period, suggesting growing market confidence.

Historical Price-to-Book Ratios

Date	Book Value per Share	Market Price	P/B Ratio
2017-02-28	ZAC38.49	ZAC1340.00	x
2018-02-28	ZAC13.59	ZAC1340.00	x
2019-02-28	ZAC12.72	ZAC1340.00	x
2020-02-29	ZAC12.20	ZAC1340.00	x
2021-02-28	ZAC11.40	ZAC1340.00	x
2022-02-28	ZAC12.23	ZAC1340.00	x
2023-02-28	ZAC11.00	ZAC1340.00	x
2024-02-29	ZAC13.39	ZAC1340.00	x
2025-02-28	ZAC13.35	ZAC1340.00	x
2026-02-28	ZAC13.86	ZAC1340.00	x

Capital Efficiency Dashboard

This dashboard shows how efficiently Spear REIT Ltd utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.

Capital Efficiency Insights

Current Return on Equity (ROE): 14.87%
The company shows good efficiency in utilizing shareholder equity.
DuPont Analysis Breakdown:
• Net Profit Margin: 93.74%
• Asset Turnover: 0.11x
• Equity Multiplier: 1.41x
Recent ROE (14.87%) is above the historical average (10.25%), indicating improving capital efficiency.

Historical Capital Efficiency Metrics

Year	Return on Equity	Net Profit Margin	Asset Turnover	Equity Multiplier	Economic Value Added
2017	6.62%	110.40%	0.04x	1.51x	ZAC-33.35 Million
2018	19.99%	126.03%	0.09x	1.68x	ZAC191.45 Million
2019	11.78%	63.45%	0.11x	1.71x	ZAC40.84 Million
2020	8.47%	39.89%	0.12x	1.76x	ZAC-37.42 Million
2021	2.23%	9.99%	0.12x	1.93x	ZAC-184.22 Million
2022	6.22%	28.71%	0.13x	1.71x	ZAC-100.08 Million
2023	7.02%	31.41%	0.14x	1.64x	ZAC-77.24 Million
2024	11.82%	58.90%	0.13x	1.52x	ZAC55.94 Million
2025	13.44%	76.10%	0.12x	1.44x	ZAC134.26 Million
2026	14.87%	93.74%	0.11x	1.41x	ZAC262.10 Million

Industry Comparison

This section compares Spear REIT Ltd's net assets metrics with peer companies in the REIT - Diversified industry.

Industry Context

Industry: REIT - Diversified
Average net assets among peers: $14,796,770,910
Average return on equity (ROE) among peers: 6.34%

Peer Company Comparison

Company	Net Assets	Return on Equity	Debt-to-Equity	Market Cap
Spear REIT Ltd (SEA)	ZAC5.39 Billion	6.62%	0.41x	$364.72 Million
aReit Prop Ltd (APO)	$913.92 Million	-1.01%	0.00x	$158.90K
Attacq (ATT)	$4.02 Billion	5.13%	0.50x	$650.81 Million
Burstone Group Limited (BTN)	$14.65 Billion	11.65%	1.13x	$413.23 Million
Emira Property Fund (EMI)	$8.84 Billion	8.06%	0.67x	$342.30 Million
Growthpoint Properties Ltd (GRT)	$74.17 Billion	6.96%	0.60x	$3.14 Billion
Oasis Crescent Property Fund (OAS)	$1.40 Billion	3.44%	0.03x	$1.03 Million
Octodec (OCT)	$6.56 Billion	9.31%	0.75x	$250.12 Million
Redefine Properties Ltd (RDF)	$15.11 Billion	7.40%	1.31x	$2.35 Billion
Rebosis Property Fund Ltd (REA)	$11.85 Billion	21.28%	0.91x	$3.23 Million
Rebosis (REB)	$10.46 Billion	-8.83%	1.08x	$5.93 Million

About Spear REIT Ltd

JSE:SEA South Africa REIT - Diversified

Market Cap

$364.72 Million

ZAC686.28 Billion ZAC

Market Cap Rank

#13867 Global

#110 in South Africa

Share Price

ZAC1340.00

Change (1 day)

+1.52%

52-Week Range

ZAC995.00 - ZAC1405.00

All Time High

ZAC1405.00