FIRST INDUSTRIAL REALTY TR (FR) Stock Fundamental Analysis
NYSE:FR - New York Stock Exchange, Inc. - US32054K1034 - REIT - Currency: USD
FR gets a fundamental rating of 5 out of 10. The analysis compared the fundamentals against 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
FR had positive earnings in the past year.
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
FR has a Return On Assets of 4.90%. This is amongst the best in the industry. FR outperforms 93.02% of its industry peers.
FR has a Return On Equity of 10.07%. This is amongst the best in the industry. FR outperforms 87.60% of its industry peers.
With an excellent Return On Invested Capital value of 4.25%, FR belongs to the best of the industry, outperforming 81.40% 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 3.17%.
The last Return On Invested Capital (4.25%) for FR is above the 3 year average (3.94%), which is a sign of increasing profitability.
| 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
FR has a Profit Margin of 39.01%. This is amongst the best in the industry. FR outperforms 90.70% of its industry peers.
In the last couple of years the Profit Margin of FR has declined.
FR's Operating Margin of 41.11% is amongst the best of the industry. FR outperforms 87.60% of its industry peers.
FR's Operating Margin has improved in the last couple of years.
Looking at the Gross Margin, with a value of 73.10%, FR is in the better half of the industry, outperforming 67.44% of the companies in the same industry.
In the last couple of years the Gross Margin of FR has remained more or less at the same level.
| 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.
Compared to 5 years ago, FR has more shares outstanding
The debt/assets ratio for FR has been reduced compared to a year ago.
2.2 Solvency
FR has an Altman-Z score of 1.74. This is a bad value and indicates that FR is not financially healthy and even has some risk of bankruptcy.
The Altman-Z score of FR (1.74) is better than 93.80% of its industry peers.
FR has a Debt/Equity ratio of 0.90. This is a neutral value indicating FR is somewhat dependend on debt financing.
FR's Debt to Equity ratio of 0.90 is fine compared to the rest of the industry. FR outperforms 62.79% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.9 | ||
| Debt/FCF | N/A | ||
| Altman-Z | 1.74 |
ROIC/WACC0.57
WACC7.44%
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 of 0.96. This is comparable to the rest of the industry: FR outperforms 52.71% of its industry peers.
FR has a Quick 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.
With a Quick ratio value of 0.96, FR perfoms like the industry average, outperforming 53.49% of the companies in the same industry.
| 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.
The Revenue has grown by 9.19% 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)-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.
Based on estimates for the next years, FR will show a quite strong growth in Revenue. The Revenue will grow by 9.67% on average per year.
EPS Next Y-23.66%
EPS Next 2Y-7.52%
EPS Next 3Y-2.64%
EPS Next 5Y0.31%
Revenue Next Year7.55%
Revenue Next 2Y7.58%
Revenue Next 3Y8.44%
Revenue Next 5Y9.67%
3.3 Evolution
When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
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 24.25, which indicates a rather expensive current valuation of FR.
Based on the Price/Earnings ratio, FR is valued a bit cheaper than 66.67% of the companies in the same industry.
FR is valuated at similar levels of the S&P average when we compare the Price/Earnings ratio to 28.18, which is the current average of the S&P500 Index.
With a Price/Forward Earnings ratio of 26.27, FR can be considered very expensive at the moment.
FR's Price/Forward Earnings ratio is a bit cheaper when compared to the industry. FR is cheaper than 77.52% of the companies in the same industry.
Compared to an average S&P500 Price/Forward Earnings ratio of 20.81, FR is valued a bit more expensive.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 24.25 | ||
| Fwd PE | 26.27 |
4.2 Price Multiples
Based on the Enterprise Value to EBITDA ratio, FR is valued expensively inside the industry as 82.95% of the companies are valued cheaper.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | N/A | ||
| EV/EBITDA | 20.05 |
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 -2.64% in the coming years. This may justify a cheaper valuation.
PEG (NY)N/A
PEG (5Y)8.07
EPS Next 2Y-7.52%
EPS Next 3Y-2.64%
5. Dividend
5.1 Amount
FR has a Yearly Dividend Yield of 3.70%.
FR's Dividend Yield is slightly below the industry average, which is at 6.65.
Compared to an average S&P500 Dividend Yield of 2.45, FR pays a better dividend.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 3.7% |
5.2 History
On average, the dividend of FR grows each year by 9.58%, which is quite nice.
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
75.04% of the earnings are spent on dividend by FR. 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-7.52%
EPS Next 3Y-2.64%
NYSE:FR (5/5/2025, 11:34:28 AM)
48.975
-0.05 (-0.09%)
Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)
Earnings (Next)
Inst Owners95.72%
Inst Owner Change-0.95%
Ins Owners0.37%
Ins Owner Change0.15%
Market Cap6.48B
Analysts77.04
Price Target58.14 (18.71%)
Short Float %2.39%
Short Ratio2.13
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 3.7% |
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)-2.04%
PT rev (3m)-0.33%
EPS NQ rev (1m)5.02%
EPS NQ rev (3m)6.24%
EPS NY rev (1m)0%
EPS NY rev (3m)2.72%
Revenue NQ rev (1m)0.09%
Revenue NQ rev (3m)0.62%
Revenue NY rev (1m)-0.13%
Revenue NY rev (3m)0.66%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 24.25 | ||
| Fwd PE | 26.27 | ||
| P/S | 9.47 | ||
| P/FCF | N/A | ||
| P/OCF | 17.13 | ||
| P/B | 2.45 | ||
| P/tB | 2.45 | ||
| EV/EBITDA | 20.05 |
EPS(TTM)2.02
EY4.12%
EPS(NY)1.86
Fwd EY3.81%
FCF(TTM)-0.49
FCFYN/A
OCF(TTM)2.86
OCFY5.84%
SpS5.17
BVpS20.02
TBVpS20.02
PEG (NY)N/A
PEG (5Y)8.07
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
WACC7.44%
ROIC/WACC0.57
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-23.66%
EPS Next 2Y-7.52%
EPS Next 3Y-2.64%
EPS Next 5Y0.31%
Revenue 1Y (TTM)9.19%
Revenue growth 3Y12.03%
Revenue growth 5Y9.47%
Sales Q2Q%9.12%
Revenue Next Year7.55%
Revenue Next 2Y7.58%
Revenue Next 3Y8.44%
Revenue Next 5Y9.67%
EBIT growth 1Y11.74%
EBIT growth 3Y15.15%
EBIT growth 5Y11.41%
EBIT Next Year90.09%
EBIT Next 3Y31.25%
EBIT Next 5Y24.19%
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%