FIRST INDUSTRIAL REALTY TR (FR) Stock Fundamental Analysis
USA - NYSE:FR - US32054K1034 - REIT
54.72 USD
-1.12 (-2.01%)
Taking everything into account, FR scores 5 out of 10 in our fundamental rating. FR was compared to 128 industry peers in the Diversified REITs industry. While FR belongs to the best of the industry regarding profitability, there are concerns on its financial health. FR is quite expensive at the moment. It does show a decent growth rate.
1. Profitability
1.1 Basic Checks
In the past year FR was profitable.
FR had a positive operating cash flow in the past year.
Each year in the past 5 years FR has been profitable.
FR had a positive operating cash flow in each of the past 5 years.
1.2 Ratios
With an excellent Return On Assets value of 4.30%, FR belongs to the best of the industry, outperforming 89.84% of the companies in the same industry.
Looking at the Return On Equity, with a value of 8.93%, FR belongs to the top of the industry, outperforming 85.16% of the companies in the same industry.
With an excellent Return On Invested Capital value of 4.56%, FR belongs to the best of the industry, outperforming 88.28% of the companies in the same industry.
The Average Return On Invested Capital over the past 3 years for FR is in line with the industry average of 3.04%.
The 3 year average ROIC (3.94%) for FR is below the current ROIC(4.56%), indicating increased profibility in the last year.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 4.3% | ||
| ROE | 8.93% | ||
| ROIC | 4.56% |
ROA(3y)6%
ROA(5y)5.93%
ROE(3y)12.03%
ROE(5y)11.74%
ROIC(3y)3.94%
ROIC(5y)3.81%
1.3 Margins
With an excellent Profit Margin value of 33.16%, FR belongs to the best of the industry, outperforming 87.50% of the companies in the same industry.
In the last couple of years the Profit Margin of FR has declined.
FR has a better Operating Margin (42.39%) than 88.28% of its industry peers.
FR's Operating Margin has improved in the last couple of years.
The Gross Margin of FR (73.70%) is better than 67.97% of its industry peers.
FR's Gross Margin has been stable in the last couple of years.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 42.39% | ||
| PM (TTM) | 33.16% | ||
| GM | 73.7% |
OM growth 3Y2.79%
OM growth 5Y1.77%
PM growth 3Y-8.94%
PM growth 5Y-5.16%
GM growth 3Y0.12%
GM growth 5Y0.02%
2. Health
2.1 Basic Checks
The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so FR is destroying value.
Compared to 1 year ago, FR has about the same amount of shares outstanding.
FR has more shares outstanding than it did 5 years ago.
Compared to 1 year ago, FR has an improved debt to assets ratio.
2.2 Solvency
FR has an Altman-Z score of 1.91. This is not the best score and indicates that FR is in the grey zone with still only limited risk for bankruptcy at the moment.
FR's Altman-Z score of 1.91 is amongst the best of the industry. FR outperforms 93.75% of its industry peers.
FR has a Debt/Equity ratio of 0.91. This is a neutral value indicating FR is somewhat dependend on debt financing.
FR has a Debt to Equity ratio of 0.91. This is in the better half of the industry: FR outperforms 67.97% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.91 | ||
| Debt/FCF | N/A | ||
| Altman-Z | 1.91 |
ROIC/WACC0.62
WACC7.4%
2.3 Liquidity
A Current Ratio of 0.83 indicates that FR may have some problems paying its short term obligations.
FR has a Current ratio (0.83) which is in line with its industry peers.
A Quick Ratio of 0.83 indicates that FR may have some problems paying its short term obligations.
Looking at the Quick ratio, with a value of 0.83, FR is in line with its industry, outperforming 46.09% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 0.83 | ||
| Quick Ratio | 0.83 |
3. Growth
3.1 Past
The earnings per share for FR have decreased strongly by -23.18% in the last year.
Measured over the past 5 years, FR shows a small growth in Earnings Per Share. The EPS has been growing by 3.01% on average per year.
The Revenue has grown by 9.66% in the past year. This is quite good.
Measured over the past years, FR shows a quite strong growth in Revenue. The Revenue has been growing by 9.47% on average per year.
EPS 1Y (TTM)-23.18%
EPS 3Y1.58%
EPS 5Y3.01%
EPS Q2Q%-34.67%
Revenue 1Y (TTM)9.66%
Revenue growth 3Y12.03%
Revenue growth 5Y9.47%
Sales Q2Q%8.22%
3.2 Future
FR is expected to show a small growth in Earnings Per Share. In the coming years, the EPS will grow by 0.96% yearly.
Based on estimates for the next years, FR will show a quite strong growth in Revenue. The Revenue will grow by 8.69% on average per year.
EPS Next Y-20.98%
EPS Next 2Y-9.92%
EPS Next 3Y-3.53%
EPS Next 5Y0.96%
Revenue Next Year9.11%
Revenue Next 2Y8.28%
Revenue Next 3Y7.53%
Revenue Next 5Y8.69%
3.3 Evolution
The EPS growth rate is decreasing: in the next years the growth will be less than in the last years.
The Revenue growth rate is stable: in the next years the growth will be about the same than in the last years.
4. Valuation
4.1 Price/Earnings Ratio
The Price/Earnings ratio is 30.57, which means the current valuation is very expensive for FR.
Based on the Price/Earnings ratio, FR is valued a bit cheaper than the industry average as 67.97% of the companies are valued more expensively.
Compared to an average S&P500 Price/Earnings ratio of 25.46, FR is valued a bit more expensive.
FR is valuated quite expensively with a Price/Forward Earnings ratio of 30.93.
Compared to the rest of the industry, the Price/Forward Earnings ratio of FR indicates a somewhat cheap valuation: FR is cheaper than 75.78% of the companies listed in the same industry.
When comparing the Price/Forward Earnings ratio of FR to the average of the S&P500 Index (35.39), we can say FR is valued inline with the index average.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 30.57 | ||
| Fwd PE | 30.93 |
4.2 Price Multiples
83.59% of the companies in the same industry are cheaper than FR, based on the Enterprise Value to EBITDA ratio.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | N/A | ||
| EV/EBITDA | 19.89 |
4.3 Compensation for Growth
The excellent profitability rating of FR may justify a higher PE ratio.
FR's earnings are expected to decrease with -3.53% in the coming years. This may justify a cheaper valuation.
PEG (NY)N/A
PEG (5Y)10.17
EPS Next 2Y-9.92%
EPS Next 3Y-3.53%
5. Dividend
5.1 Amount
FR has a Yearly Dividend Yield of 3.18%. Purely for dividend investing, there may be better candidates out there.
FR's Dividend Yield is slightly below the industry average, which is at 6.49.
FR's Dividend Yield is a higher than the S&P500 average which is at 2.44.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 3.18% |
5.2 History
The dividend of FR is nicely growing with an annual growth rate of 9.58%!
FR has paid a dividend for at least 10 years, which is a reliable track record.
FR has not decreased their dividend for at least 10 years, which is a reliable track record.
Dividend Growth(5Y)9.58%
Div Incr Years11
Div Non Decr Years11
5.3 Sustainability
FR pays out 93.28% of its income as dividend. This is not a sustainable payout ratio.
FR's earnings are growing slower than its dividend. This means the dividend growth is not sustainable.
DP93.28%
EPS Next 2Y-9.92%
EPS Next 3Y-3.53%
NYSE:FR (11/19/2025, 2:57:41 PM)
54.72
-1.12 (-2.01%)
Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)
Earnings (Next)
Inst Owners101.24%
Inst Owner Change3.2%
Ins Owners0.36%
Ins Owner Change0%
Market Cap7.25B
Revenue(TTM)714.25M
Net Income(TTM)236.85M
Analysts75.56
Price Target59.93 (9.52%)
Short Float %2.31%
Short Ratio3.12
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 3.18% |
Yearly Dividend1.46
Dividend Growth(5Y)9.58%
DP93.28%
Div Incr Years11
Div Non Decr Years11
Ex-Date
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)13.95%
Min EPS beat(2)5.91%
Max EPS beat(2)21.98%
EPS beat(4)3
Avg EPS beat(4)16.23%
Min EPS beat(4)-6.04%
Max EPS beat(4)43.08%
EPS beat(8)7
Avg EPS beat(8)42.3%
EPS beat(12)11
Avg EPS beat(12)53.16%
EPS beat(16)15
Avg EPS beat(16)82.15%
Revenue beat(2)0
Avg Revenue beat(2)-2.28%
Min Revenue beat(2)-3.23%
Max Revenue beat(2)-1.33%
Revenue beat(4)0
Avg Revenue beat(4)-1.8%
Min Revenue beat(4)-3.23%
Max Revenue beat(4)-0.19%
Revenue beat(8)0
Avg Revenue beat(8)-2.42%
Revenue beat(12)2
Avg Revenue beat(12)-1.74%
Revenue beat(16)4
Avg Revenue beat(16)-1.41%
PT rev (1m)4.64%
PT rev (3m)5.45%
EPS NQ rev (1m)4.81%
EPS NQ rev (3m)1.42%
EPS NY rev (1m)7.1%
EPS NY rev (3m)7.07%
Revenue NQ rev (1m)0.52%
Revenue NQ rev (3m)0.54%
Revenue NY rev (1m)0.36%
Revenue NY rev (3m)0.65%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 30.57 | ||
| Fwd PE | 30.93 | ||
| P/S | 10.14 | ||
| P/FCF | N/A | ||
| P/OCF | 17.42 | ||
| P/B | 2.73 | ||
| P/tB | 2.73 | ||
| EV/EBITDA | 19.89 |
EPS(TTM)1.79
EY3.27%
EPS(NY)1.77
Fwd EY3.23%
FCF(TTM)-0.4
FCFYN/A
OCF(TTM)3.14
OCFY5.74%
SpS5.39
BVpS20.02
TBVpS20.02
PEG (NY)N/A
PEG (5Y)10.17
Graham Number28.4
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 4.3% | ||
| ROE | 8.93% | ||
| ROCE | 5.77% | ||
| ROIC | 4.56% | ||
| ROICexc | 4.59% | ||
| ROICexgc | 4.59% | ||
| OM | 42.39% | ||
| PM (TTM) | 33.16% | ||
| GM | 73.7% | ||
| FCFM | N/A |
ROA(3y)6%
ROA(5y)5.93%
ROE(3y)12.03%
ROE(5y)11.74%
ROIC(3y)3.94%
ROIC(5y)3.81%
ROICexc(3y)4%
ROICexc(5y)3.89%
ROICexgc(3y)4.02%
ROICexgc(5y)3.91%
ROCE(3y)4.99%
ROCE(5y)4.82%
ROICexgc growth 3Y5.91%
ROICexgc growth 5Y2.55%
ROICexc growth 3Y5.96%
ROICexc growth 5Y2.65%
OM growth 3Y2.79%
OM growth 5Y1.77%
PM growth 3Y-8.94%
PM growth 5Y-5.16%
GM growth 3Y0.12%
GM growth 5Y0.02%
F-Score6
Asset Turnover0.13
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.91 | ||
| Debt/FCF | N/A | ||
| Debt/EBITDA | 4.89 | ||
| Cap/Depr | 249.22% | ||
| Cap/Sales | 65.66% | ||
| Interest Coverage | 3.52 | ||
| Cash Conversion | 84.73% | ||
| Profit Quality | N/A | ||
| Current Ratio | 0.83 | ||
| Quick Ratio | 0.83 | ||
| Altman-Z | 1.91 |
F-Score6
WACC7.4%
ROIC/WACC0.62
Cap/Depr(3y)369.66%
Cap/Depr(5y)388.68%
Cap/Sales(3y)92.27%
Cap/Sales(5y)102.06%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-23.18%
EPS 3Y1.58%
EPS 5Y3.01%
EPS Q2Q%-34.67%
EPS Next Y-20.98%
EPS Next 2Y-9.92%
EPS Next 3Y-3.53%
EPS Next 5Y0.96%
Revenue 1Y (TTM)9.66%
Revenue growth 3Y12.03%
Revenue growth 5Y9.47%
Sales Q2Q%8.22%
Revenue Next Year9.11%
Revenue Next 2Y8.28%
Revenue Next 3Y7.53%
Revenue Next 5Y8.69%
EBIT growth 1Y14.27%
EBIT growth 3Y15.15%
EBIT growth 5Y11.41%
EBIT Next Year93.41%
EBIT Next 3Y31.11%
EBIT Next 5Y24.97%
FCF growth 1Y77.93%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y36.26%
OCF growth 3Y9.71%
OCF growth 5Y7.5%
FIRST INDUSTRIAL REALTY TR / FR FAQ
Can you provide the ChartMill fundamental rating for FIRST INDUSTRIAL REALTY TR?
ChartMill assigns a fundamental rating of 5 / 10 to FR.
Can you provide the valuation status for FIRST INDUSTRIAL REALTY TR?
ChartMill assigns a valuation rating of 2 / 10 to FIRST INDUSTRIAL REALTY TR (FR). This can be considered as Overvalued.
How profitable is FIRST INDUSTRIAL REALTY TR (FR) stock?
FIRST INDUSTRIAL REALTY TR (FR) has a profitability rating of 8 / 10.
What is the valuation of FIRST INDUSTRIAL REALTY TR based on its PE and PB ratios?
The Price/Earnings (PE) ratio for FIRST INDUSTRIAL REALTY TR (FR) is 30.57 and the Price/Book (PB) ratio is 2.73.
How sustainable is the dividend of FIRST INDUSTRIAL REALTY TR (FR) stock?
The dividend rating of FIRST INDUSTRIAL REALTY TR (FR) is 5 / 10 and the dividend payout ratio is 93.28%.