FIRST INDUSTRIAL REALTY TR (FR) Fundamental Analysis & Valuation

NYSE:FR • US32054K1034

Current stock price

58.83 USD
-1.16 (-1.93%)
At close:
58.83 USD
0 (0%)
After Hours:

This FR fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

8

1. FR Profitability Analysis

1.1 Basic Checks

  • In the past year FR was profitable.
  • FR had a positive operating cash flow in the past year.
  • In the past 5 years FR has always been profitable.
  • In the past 5 years FR always reported a positive cash flow from operatings.
FR Yearly Net Income VS EBIT VS OCF VS FCFFR Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 200M -200M 400M -400M

1.2 Ratios

  • FR's Return On Assets of 4.35% is amongst the best of the industry. FR outperforms 86.18% of its industry peers.
  • The Return On Equity of FR (9.26%) is better than 82.11% of its industry peers.
  • With an excellent Return On Invested Capital value of 4.48%, FR belongs to the best of the industry, outperforming 86.18% of the companies in the same industry.
  • Measured over the past 3 years, the Average Return On Invested Capital for FR is in line with the industry average of 3.11%.
  • The last Return On Invested Capital (4.48%) for FR is above the 3 year average (4.24%), which is a sign of increasing profitability.
Industry RankSector Rank
ROA 4.35%
ROE 9.26%
ROIC 4.48%
ROA(3y)5.04%
ROA(5y)5.77%
ROE(3y)10.25%
ROE(5y)11.53%
ROIC(3y)4.24%
ROIC(5y)3.98%
FR Yearly ROA, ROE, ROICFR Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 5 10

1.3 Margins

  • With an excellent Profit Margin value of 34.01%, FR belongs to the best of the industry, outperforming 86.99% of the companies in the same industry.
  • In the last couple of years the Profit Margin of FR has declined.
  • Looking at the Operating Margin, with a value of 42.37%, FR belongs to the top of the industry, outperforming 87.80% of the companies in the same industry.
  • FR's Operating Margin has improved in the last couple of years.
  • FR's Gross Margin of 73.66% is fine compared to the rest of the industry. FR outperforms 65.85% of its industry peers.
  • FR's Gross Margin has been stable in the last couple of years.
Industry RankSector Rank
OM 42.37%
PM (TTM) 34.01%
GM 73.66%
OM growth 3Y2.07%
OM growth 5Y2.55%
PM growth 3Y-20.01%
PM growth 5Y-4.88%
GM growth 3Y0.12%
GM growth 5Y0.07%
FR Yearly Profit, Operating, Gross MarginsFR Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 20 40 60

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3

2. FR Health Analysis

2.1 Basic Checks

  • With a Return on Invested Capital (ROIC) below the Cost of Capital (WACC), FR is destroying value.
  • FR has about the same amout of shares outstanding than it did 1 year ago.
  • FR has more shares outstanding than it did 5 years ago.
  • Compared to 1 year ago, FR has a worse debt to assets ratio.
FR Yearly Shares OutstandingFR Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 20M 40M 60M 80M 100M
FR Yearly Total Debt VS Total AssetsFR Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1B 2B 3B 4B 5B

2.2 Solvency

  • FR has an Altman-Z score of 1.95. 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 has a Altman-Z score of 1.95. This is amongst the best in the industry. FR outperforms 94.31% of its industry peers.
  • FR has a Debt/Equity ratio of 0.96. This is a neutral value indicating FR is somewhat dependend on debt financing.
  • FR's Debt to Equity ratio of 0.96 is in line compared to the rest of the industry. FR outperforms 59.35% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.96
Debt/FCF N/A
Altman-Z 1.95
ROIC/WACC0.61
WACC7.33%
FR Yearly LT Debt VS Equity VS FCFFR Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 1B 2B

2.3 Liquidity

  • A Current Ratio of 1.04 indicates that FR should not have too much problems paying its short term obligations.
  • FR has a Current ratio of 1.04. This is comparable to the rest of the industry: FR outperforms 55.28% of its industry peers.
  • A Quick Ratio of 1.04 indicates that FR should not have too much problems paying its short term obligations.
  • FR has a Quick ratio (1.04) which is in line with its industry peers.
Industry RankSector Rank
Current Ratio 1.04
Quick Ratio 1.04
FR Yearly Current Assets VS Current LiabilitesFR Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 100M 200M 300M 400M

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

5

3. FR Growth Analysis

3.1 Past

  • The earnings per share for FR have decreased strongly by -14.68% 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 3.98% on average per year.
  • FR shows quite a strong growth in Revenue. In the last year, the Revenue has grown by 8.58%.
  • Measured over the past years, FR shows a quite strong growth in Revenue. The Revenue has been growing by 10.17% on average per year.
EPS 1Y (TTM)-14.68%
EPS 3Y-11.79%
EPS 5Y3.98%
EPS Q2Q%13.46%
Revenue 1Y (TTM)8.58%
Revenue growth 3Y10.43%
Revenue growth 5Y10.17%
Sales Q2Q%7.3%

3.2 Future

  • The Earnings Per Share is expected to grow by 5.32% on average over the next years.
  • The Revenue is expected to grow by 8.51% on average over the next years. This is quite good.
EPS Next Y-5.31%
EPS Next 2Y4.18%
EPS Next 3Y3.03%
EPS Next 5Y5.32%
Revenue Next Year8.45%
Revenue Next 2Y8.04%
Revenue Next 3Y5.58%
Revenue Next 5Y8.51%

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 accelerating.
  • 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.
FR Yearly Revenue VS EstimatesFR Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 200M 400M 600M 800M 1B
FR Yearly EPS VS EstimatesFR Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 0.5 1 1.5 2 2.5

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2

4. FR Valuation Analysis

4.1 Price/Earnings Ratio

  • Based on the Price/Earnings ratio of 31.63, the valuation of FR can be described as expensive.
  • FR's Price/Earnings ratio is a bit cheaper when compared to the industry. FR is cheaper than 62.60% of the companies in the same industry.
  • Compared to an average S&P500 Price/Earnings ratio of 25.79, FR is valued a bit more expensive.
  • A Price/Forward Earnings ratio of 33.40 indicates a quite expensive valuation of FR.
  • Based on the Price/Forward Earnings ratio, FR is valued a bit cheaper than 72.36% of the companies in the same industry.
  • The average S&P500 Price/Forward Earnings ratio is at 23.80. FR is valued slightly more expensive when compared to this.
Industry RankSector Rank
PE 31.63
Fwd PE 33.4
FR Price Earnings VS Forward Price EarningsFR Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 20 40 60

4.2 Price Multiples

  • Based on the Enterprise Value to EBITDA ratio, FR is valued expensively inside the industry as 82.11% of the companies are valued cheaper.
Industry RankSector Rank
P/FCF N/A
EV/EBITDA 21.54
FR Per share dataFR EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 5 10 15 20

4.3 Compensation for Growth

  • FR has an outstanding profitability rating, which may justify a higher PE ratio.
PEG (NY)N/A
PEG (5Y)7.94
EPS Next 2Y4.18%
EPS Next 3Y3.03%

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Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

5

5. FR Dividend Analysis

5.1 Amount

  • With a Yearly Dividend Yield of 3.32%, FR has a reasonable but not impressive dividend return.
  • FR's Dividend Yield is slightly below the industry average, which is at 7.30.
  • FR's Dividend Yield is rather good when compared to the S&P500 average which is at 1.91.
Industry RankSector Rank
Dividend Yield 3.32%

5.2 History

  • On average, the dividend of FR grows each year by 11.93%, which is quite nice.
  • 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)11.93%
Div Incr Years11
Div Non Decr Years11
FR Yearly Dividends per shareFR Yearly Dividends per shareYearly Dividends per share 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 0.5 1 1.5

5.3 Sustainability

  • 93.50% 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.
DP93.5%
EPS Next 2Y4.18%
EPS Next 3Y3.03%
FR Yearly Income VS Free CF VS DividendFR Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 200M -200M -400M
FR Dividend Payout.FR Dividend Payout, showing the Payout Ratio.FR Dividend Payout.PayoutRetained Earnings

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FR Fundamentals: All Metrics, Ratios and Statistics

FIRST INDUSTRIAL REALTY TR

NYSE:FR (3/19/2026, 4:15:00 PM)

After market: 58.83 0 (0%)

58.83

-1.16 (-1.93%)

Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)02-04
Earnings (Next)04-14
Inst Owners101.85%
Inst Owner Change10.56%
Ins Owners0.36%
Ins Owner Change-5.01%
Market Cap7.80B
Revenue(TTM)727.08M
Net Income(TTM)247.29M
Analysts76
Price Target65.35 (11.08%)
Short Float %3.12%
Short Ratio3.73
Dividend
Industry RankSector Rank
Dividend Yield 3.32%
Yearly Dividend1.75
Dividend Growth(5Y)11.93%
DP93.5%
Div Incr Years11
Div Non Decr Years11
Ex-Date03-31
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)29.51%
Min EPS beat(2)21.98%
Max EPS beat(2)37.04%
EPS beat(4)3
Avg EPS beat(4)14.72%
Min EPS beat(4)-6.04%
Max EPS beat(4)37.04%
EPS beat(8)7
Avg EPS beat(8)32.76%
EPS beat(12)11
Avg EPS beat(12)45.18%
EPS beat(16)15
Avg EPS beat(16)70.17%
Revenue beat(2)0
Avg Revenue beat(2)-2.76%
Min Revenue beat(2)-3.23%
Max Revenue beat(2)-2.3%
Revenue beat(4)0
Avg Revenue beat(4)-2.33%
Min Revenue beat(4)-3.23%
Max Revenue beat(4)-1.33%
Revenue beat(8)0
Avg Revenue beat(8)-2.34%
Revenue beat(12)1
Avg Revenue beat(12)-1.92%
Revenue beat(16)4
Avg Revenue beat(16)-1.34%
PT rev (1m)2.23%
PT rev (3m)7.34%
EPS NQ rev (1m)-5.71%
EPS NQ rev (3m)-16.1%
EPS NY rev (1m)-6.17%
EPS NY rev (3m)-4.47%
Revenue NQ rev (1m)0.5%
Revenue NQ rev (3m)1%
Revenue NY rev (1m)0.96%
Revenue NY rev (3m)1.37%
Valuation
Industry RankSector Rank
PE 31.63
Fwd PE 33.4
P/S 10.72
P/FCF N/A
P/OCF 16.9
P/B 2.92
P/tB 2.92
EV/EBITDA 21.54
EPS(TTM)1.86
EY3.16%
EPS(NY)1.76
Fwd EY2.99%
FCF(TTM)-1.28
FCFYN/A
OCF(TTM)3.48
OCFY5.92%
SpS5.49
BVpS20.16
TBVpS20.16
PEG (NY)N/A
PEG (5Y)7.94
Graham Number29.05
Profitability
Industry RankSector Rank
ROA 4.35%
ROE 9.26%
ROCE 5.68%
ROIC 4.48%
ROICexc 4.55%
ROICexgc 4.55%
OM 42.37%
PM (TTM) 34.01%
GM 73.66%
FCFM N/A
ROA(3y)5.04%
ROA(5y)5.77%
ROE(3y)10.25%
ROE(5y)11.53%
ROIC(3y)4.24%
ROIC(5y)3.98%
ROICexc(3y)4.28%
ROICexc(5y)4.04%
ROICexgc(3y)4.3%
ROICexgc(5y)4.06%
ROCE(3y)5.36%
ROCE(5y)5.03%
ROICexgc growth 3Y7.04%
ROICexgc growth 5Y3.48%
ROICexc growth 3Y7.02%
ROICexc growth 5Y3.51%
OM growth 3Y2.07%
OM growth 5Y2.55%
PM growth 3Y-20.01%
PM growth 5Y-4.88%
GM growth 3Y0.12%
GM growth 5Y0.07%
F-Score6
Asset Turnover0.13
Health
Industry RankSector Rank
Debt/Equity 0.96
Debt/FCF N/A
Debt/EBITDA 5.28
Cap/Depr 358.22%
Cap/Sales 86.69%
Interest Coverage 4.46
Cash Conversion 95.3%
Profit Quality N/A
Current Ratio 1.04
Quick Ratio 1.04
Altman-Z 1.95
F-Score6
WACC7.33%
ROIC/WACC0.61
Cap/Depr(3y)290.58%
Cap/Depr(5y)396.05%
Cap/Sales(3y)70.07%
Cap/Sales(5y)100.71%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-14.68%
EPS 3Y-11.79%
EPS 5Y3.98%
EPS Q2Q%13.46%
EPS Next Y-5.31%
EPS Next 2Y4.18%
EPS Next 3Y3.03%
EPS Next 5Y5.32%
Revenue 1Y (TTM)8.58%
Revenue growth 3Y10.43%
Revenue growth 5Y10.17%
Sales Q2Q%7.3%
Revenue Next Year8.45%
Revenue Next 2Y8.04%
Revenue Next 3Y5.58%
Revenue Next 5Y8.51%
EBIT growth 1Y12.45%
EBIT growth 3Y12.71%
EBIT growth 5Y12.97%
EBIT Next Year83.77%
EBIT Next 3Y28.1%
EBIT Next 5Y19.42%
FCF growth 1Y-368.04%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y30.86%
OCF growth 3Y3.93%
OCF growth 5Y13.92%

FIRST INDUSTRIAL REALTY TR / FR Fundamental Analysis FAQ

Can you provide the ChartMill fundamental rating for FIRST INDUSTRIAL REALTY TR?

ChartMill assigns a fundamental rating of 5 / 10 to FR.


What is the valuation status for FR stock?

ChartMill assigns a valuation rating of 2 / 10 to FIRST INDUSTRIAL REALTY TR (FR). This can be considered as Overvalued.


What is the profitability of FR stock?

FIRST INDUSTRIAL REALTY TR (FR) has a profitability rating of 8 / 10.


What are the PE and PB ratios of FIRST INDUSTRIAL REALTY TR (FR) stock?

The Price/Earnings (PE) ratio for FIRST INDUSTRIAL REALTY TR (FR) is 31.63 and the Price/Book (PB) ratio is 2.92.


Can you provide the dividend sustainability for FR stock?

The dividend rating of FIRST INDUSTRIAL REALTY TR (FR) is 5 / 10 and the dividend payout ratio is 93.5%.