FIRST INDUSTRIAL REALTY TR (FR) Stock Fundamental Analysis
NYSE:FR - New York Stock Exchange, Inc. - US32054K1034 - REIT - Currency: USD
Taking everything into account, FR scores 5 out of 10 in our fundamental rating. FR was compared to 129 industry peers in the Diversified REITs industry. FR scores excellent on profitability, but there are concerns on its financial health. While showing a medium growth rate, FR is valued expensive at the moment.
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.
Each year in the past 5 years FR had a positive operating cash flow.
1.2 Ratios
The Return On Assets of FR (4.90%) is better than 93.02% of its industry peers.
With an excellent Return On Equity value of 10.07%, FR belongs to the best of the industry, outperforming 88.37% of the companies in the same industry.
Looking at the Return On Invested Capital, with a value of 4.25%, FR is in the better half of the industry, outperforming 79.84% 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 3.15%.
The 3 year average ROIC (3.94%) for FR is below the current ROIC(4.25%), indicating increased profibility in the last year.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 4.9% | ||
| ROE | 10.07% | ||
| ROIC | 4.25% |
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
The Profit Margin of FR (39.01%) is better than 90.70% of its industry peers.
In the last couple of years the Profit Margin of FR has declined.
FR has a Operating Margin of 41.11%. This is amongst the best in the industry. FR outperforms 86.82% of its industry peers.
In the last couple of years the Operating Margin of FR has grown nicely.
FR has a Gross Margin of 73.10%. This is in the better half of the industry: FR outperforms 68.22% of its industry peers.
FR's Gross Margin has been stable in the last couple of years.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 41.11% | ||
| PM (TTM) | 39.01% | ||
| GM | 73.1% |
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
With a Return on Invested Capital (ROIC) below the Cost of Capital (WACC), FR is destroying value.
The number of shares outstanding for FR remains at a similar level compared to 1 year ago.
The number of shares outstanding for FR has been increased compared to 5 years ago.
Compared to 1 year ago, FR has an improved debt to assets ratio.
2.2 Solvency
Based on the Altman-Z score of 1.74, we must say that FR is in the distress zone and has some risk of bankruptcy.
The Altman-Z score of FR (1.74) is better than 94.57% of its industry peers.
A Debt/Equity ratio of 0.90 indicates that FR is somewhat dependend on debt financing.
FR has a better Debt to Equity ratio (0.90) than 65.12% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.9 | ||
| Debt/FCF | N/A | ||
| Altman-Z | 1.74 |
ROIC/WACC0.51
WACC8.3%
2.3 Liquidity
FR has a Current Ratio of 0.96. This is a bad value and indicates that FR is not financially healthy enough and could expect problems in meeting its short term obligations.
FR has a Current ratio (0.96) which is comparable to the rest of the industry.
A Quick Ratio of 0.96 indicates that FR may have some problems paying its short term obligations.
FR's Quick ratio of 0.96 is in line compared to the rest of the industry. FR outperforms 51.94% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 0.96 | ||
| Quick Ratio | 0.96 |
3. Growth
3.1 Past
FR shows a slight negative growth in Earnings Per Share. In the last year, the EPS has decreased by -6.91%.
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.
FR shows quite a strong growth in Revenue. In the last year, the Revenue has grown by 9.19%.
FR shows quite a strong growth in Revenue. Measured over the last years, the Revenue has been growing by 9.47% yearly.
EPS 1Y (TTM)-6.91%
EPS 3Y1.58%
EPS 5Y3.01%
EPS Q2Q%-30.77%
Revenue 1Y (TTM)9.19%
Revenue growth 3Y12.03%
Revenue growth 5Y9.47%
Sales Q2Q%9.12%
3.2 Future
Based on estimates for the next years, FR will show a small growth in Earnings Per Share. The EPS will grow by 0.31% on average per year.
FR is expected to show quite a strong growth in Revenue. In the coming years, the Revenue will grow by 9.08% yearly.
EPS Next Y-25.21%
EPS Next 2Y-9.03%
EPS Next 3Y-3.31%
EPS Next 5Y0.31%
Revenue Next Year7.65%
Revenue Next 2Y7.42%
Revenue Next 3Y7.83%
Revenue Next 5Y9.08%
3.3 Evolution
The EPS growth rate is decreasing: in the next years the growth will be less than in the last years.
When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is stable.
4. Valuation
4.1 Price/Earnings Ratio
A Price/Earnings ratio of 24.22 indicates a rather expensive valuation of FR.
Compared to the rest of the industry, the Price/Earnings ratio of FR indicates a somewhat cheap valuation: FR is cheaper than 75.97% of the companies listed in the same industry.
FR is valuated at similar levels of the S&P average when we compare the Price/Earnings ratio to 26.34, which is the current average of the S&P500 Index.
FR is valuated quite expensively with a Price/Forward Earnings ratio of 27.12.
Compared to the rest of the industry, the Price/Forward Earnings ratio of FR indicates a somewhat cheap valuation: FR is cheaper than 79.84% 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 (22.19), we can say FR is valued slightly more expensively.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 24.22 | ||
| Fwd PE | 27.12 |
4.2 Price Multiples
Based on the Enterprise Value to EBITDA ratio, FR is valued expensively inside the industry as 86.05% of the companies are valued cheaper.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | N/A | ||
| EV/EBITDA | 20.08 |
4.3 Compensation for Growth
FR has an outstanding profitability rating, which may justify a higher PE ratio.
FR's earnings are expected to decrease with -3.31% in the coming years. This may justify a cheaper valuation.
PEG (NY)N/A
PEG (5Y)8.06
EPS Next 2Y-9.03%
EPS Next 3Y-3.31%
5. Dividend
5.1 Amount
FR has a Yearly Dividend Yield of 3.58%.
Compared to an average industry Dividend Yield of 6.77, FR is paying slightly less dividend.
FR's Dividend Yield is a higher than the S&P500 average which is at 2.40.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 3.58% |
5.2 History
The dividend of FR is nicely growing with an annual growth rate of 9.58%!
FR has been paying a dividend for at least 10 years, so it has 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 75.04% of its income as dividend. This is not a sustainable payout ratio.
The dividend of FR is growing, but the earnings are growing slower. This means the dividend growth is not sustainable.
DP75.04%
EPS Next 2Y-9.03%
EPS Next 3Y-3.31%
NYSE:FR (6/20/2025, 1:23:04 PM)
48.93
-0.2 (-0.41%)
Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)
Earnings (Next)
Inst Owners96.04%
Inst Owner Change-0.85%
Ins Owners0.36%
Ins Owner Change0.15%
Market Cap6.48B
Analysts77.04
Price Target55.9 (14.24%)
Short Float %2.18%
Short Ratio2.07
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 3.58% |
Yearly Dividend1.46
Dividend Growth(5Y)9.58%
DP75.04%
Div Incr Years11
Div Non Decr Years11
Ex-Date
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)18.52%
Min EPS beat(2)-6.04%
Max EPS beat(2)43.08%
EPS beat(4)3
Avg EPS beat(4)33.35%
Min EPS beat(4)-6.04%
Max EPS beat(4)90.62%
EPS beat(8)7
Avg EPS beat(8)54.26%
EPS beat(12)11
Avg EPS beat(12)88.12%
EPS beat(16)15
Avg EPS beat(16)85.89%
Revenue beat(2)0
Avg Revenue beat(2)-1.33%
Min Revenue beat(2)-2.46%
Max Revenue beat(2)-0.19%
Revenue beat(4)0
Avg Revenue beat(4)-2.45%
Min Revenue beat(4)-3.97%
Max Revenue beat(4)-0.19%
Revenue beat(8)0
Avg Revenue beat(8)-2.19%
Revenue beat(12)4
Avg Revenue beat(12)-1.12%
Revenue beat(16)4
Avg Revenue beat(16)-1.25%
PT rev (1m)-0.96%
PT rev (3m)-5.82%
EPS NQ rev (1m)0%
EPS NQ rev (3m)5.13%
EPS NY rev (1m)0%
EPS NY rev (3m)0.27%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)0.75%
Revenue NY rev (1m)0%
Revenue NY rev (3m)-0.08%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 24.22 | ||
| Fwd PE | 27.12 | ||
| P/S | 9.47 | ||
| P/FCF | N/A | ||
| P/OCF | 17.11 | ||
| P/B | 2.44 | ||
| P/tB | 2.44 | ||
| EV/EBITDA | 20.08 |
EPS(TTM)2.02
EY4.13%
EPS(NY)1.8
Fwd EY3.69%
FCF(TTM)-0.49
FCFYN/A
OCF(TTM)2.86
OCFY5.84%
SpS5.17
BVpS20.02
TBVpS20.02
PEG (NY)N/A
PEG (5Y)8.06
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 4.9% | ||
| ROE | 10.07% | ||
| ROCE | 5.38% | ||
| ROIC | 4.25% | ||
| ROICexc | 4.28% | ||
| ROICexgc | 4.28% | ||
| OM | 41.11% | ||
| PM (TTM) | 39.01% | ||
| GM | 73.1% | ||
| 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%
ROICexcg growth 3Y5.91%
ROICexcg 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 | 0.9 | ||
| Debt/FCF | N/A | ||
| Debt/EBITDA | 5.4 | ||
| Cap/Depr | 278.03% | ||
| Cap/Sales | 64.73% | ||
| Interest Coverage | 3.39 | ||
| Cash Conversion | 85.89% | ||
| Profit Quality | N/A | ||
| Current Ratio | 0.96 | ||
| Quick Ratio | 0.96 | ||
| Altman-Z | 1.74 |
F-Score6
WACC8.3%
ROIC/WACC0.51
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)-6.91%
EPS 3Y1.58%
EPS 5Y3.01%
EPS Q2Q%-30.77%
EPS Next Y-25.21%
EPS Next 2Y-9.03%
EPS Next 3Y-3.31%
EPS Next 5Y0.31%
Revenue 1Y (TTM)9.19%
Revenue growth 3Y12.03%
Revenue growth 5Y9.47%
Sales Q2Q%9.12%
Revenue Next Year7.65%
Revenue Next 2Y7.42%
Revenue Next 3Y7.83%
Revenue Next 5Y9.08%
EBIT growth 1Y11.74%
EBIT growth 3Y15.15%
EBIT growth 5Y11.41%
EBIT Next Year90.06%
EBIT Next 3Y30.88%
EBIT Next 5Y23.18%
FCF growth 1Y79.01%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y-10.15%
OCF growth 3Y9.71%
OCF growth 5Y7.5%