FIRST INDUSTRIAL REALTY TR (FR) Fundamental Analysis & Valuation

NYSE:FR • US32054K1034

Current stock price

60.58 USD
+0.15 (+0.25%)
Last:

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.
  • In the past year FR had a positive cash flow from operations.
  • 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

  • The Return On Assets of FR (4.35%) is better than 88.62% of its industry peers.
  • FR has a Return On Equity of 9.26%. This is amongst the best in the industry. FR outperforms 84.55% of its industry peers.
  • FR has a Return On Invested Capital of 4.48%. This is amongst the best in the industry. FR outperforms 85.37% of its industry peers.
  • Measured over the past 3 years, the Average Return On Invested Capital for FR is in line with the industry average of 3.13%.
  • 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

  • Looking at the Profit Margin, with a value of 34.01%, FR belongs to the top of the industry, outperforming 86.99% of the companies in the same industry.
  • FR's Profit Margin has declined in the last couple of years.
  • FR's Operating Margin of 42.37% is amongst the best of the industry. FR outperforms 88.62% of its industry peers.
  • FR's Operating Margin has improved in the last couple of years.
  • The Gross Margin of FR (73.66%) is better than 66.67% 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.
  • 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
  • FR has a worse debt/assets ratio than last year.
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 1.96. 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 better Altman-Z score (1.96) than 95.12% of its industry peers.
  • A Debt/Equity ratio of 0.96 indicates that FR is somewhat dependend on debt financing.
  • FR's Debt to Equity ratio of 0.96 is fine compared to the rest of the industry. FR outperforms 60.98% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.96
Debt/FCF N/A
Altman-Z 1.96
ROIC/WACC0.6
WACC7.42%
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 56.10% of its industry peers.
  • A Quick Ratio of 1.04 indicates that FR should not have too much problems paying its short term obligations.
  • The Quick ratio of FR (1.04) is comparable to the rest of the industry.
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.
  • Looking at the last year, FR shows a quite strong growth in Revenue. The Revenue has grown by 8.58% in the last year.
  • The Revenue has been growing by 10.17% on average over the past years. This is quite good.
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

  • Based on estimates for the next years, FR will show a small growth in Earnings Per Share. The EPS will grow by 5.32% on average per year.
  • FR is expected to show quite a strong growth in Revenue. In the coming years, the Revenue will grow by 8.51% yearly.
EPS Next Y-3.38%
EPS Next 2Y7.17%
EPS Next 3Y11%
EPS Next 5Y5.32%
Revenue Next Year8.45%
Revenue Next 2Y8.04%
Revenue Next 3Y5.57%
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.
  • The Revenue growth rate is stable: in the next years the growth will be about the same than in the last years.
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 32.57, the valuation of FR can be described as expensive.
  • Compared to the rest of the industry, the Price/Earnings ratio of FR indicates a somewhat cheap valuation: FR is cheaper than 66.67% 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 27.18, which is the current average of the S&P500 Index.
  • The Price/Forward Earnings ratio is 33.71, which means the current valuation is very expensive for FR.
  • Based on the Price/Forward Earnings ratio, FR is valued a bit cheaper than the industry average as 74.80% of the companies are valued more expensively.
  • When comparing the Price/Forward Earnings ratio of FR to the average of the S&P500 Index (37.96), we can say FR is valued inline with the index average.
Industry RankSector Rank
PE 32.57
Fwd PE 33.71
FR Price Earnings VS Forward Price EarningsFR Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30 40 50

4.2 Price Multiples

  • Based on the Enterprise Value to EBITDA ratio, FR is valued expensively inside the industry as 82.93% of the companies are valued cheaper.
Industry RankSector Rank
P/FCF N/A
EV/EBITDA 21.67
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)8.18
EPS Next 2Y7.17%
EPS Next 3Y11%

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

5

5. FR Dividend Analysis

5.1 Amount

  • FR has a Yearly Dividend Yield of 3.31%. Purely for dividend investing, there may be better candidates out there.
  • Compared to an average industry Dividend Yield of 7.71, FR is paying slightly less dividend.
  • FR's Dividend Yield is rather good when compared to the S&P500 average which is at 1.82.
Industry RankSector Rank
Dividend Yield 3.31%

5.2 History

  • The dividend of FR is nicely growing with an annual growth rate of 11.93%!
  • 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 Years12
Div Non Decr Years12
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.
  • FR's earnings are growing slower than its dividend. This means the dividend growth is not sustainable.
DP93.5%
EPS Next 2Y7.17%
EPS Next 3Y11%
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 (4/14/2026, 9:40:54 AM)

60.58

+0.15 (+0.25%)

Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)02-04
Earnings (Next)04-22
Inst Owners101.85%
Inst Owner Change0.03%
Ins Owners0.34%
Ins Owner Change-5.01%
Market Cap8.03B
Revenue(TTM)727.08M
Net Income(TTM)247.29M
Analysts76
Price Target66.45 (9.69%)
Short Float %3.37%
Short Ratio4.05
Dividend
Industry RankSector Rank
Dividend Yield 3.31%
Yearly Dividend1.75
Dividend Growth(5Y)11.93%
DP93.5%
Div Incr Years12
Div Non Decr Years12
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)1.68%
PT rev (3m)8.57%
EPS NQ rev (1m)0%
EPS NQ rev (3m)-16.1%
EPS NY rev (1m)2.04%
EPS NY rev (3m)-2.53%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)0.91%
Revenue NY rev (1m)0%
Revenue NY rev (3m)1.37%
Valuation
Industry RankSector Rank
PE 32.57
Fwd PE 33.71
P/S 11.05
P/FCF N/A
P/OCF 17.41
P/B 3.01
P/tB 3.01
EV/EBITDA 21.67
EPS(TTM)1.86
EY3.07%
EPS(NY)1.8
Fwd EY2.97%
FCF(TTM)-1.28
FCFYN/A
OCF(TTM)3.48
OCFY5.74%
SpS5.48
BVpS20.15
TBVpS20.15
PEG (NY)N/A
PEG (5Y)8.18
Graham Number29.04
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 1.96
F-Score6
WACC7.42%
ROIC/WACC0.6
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-3.38%
EPS Next 2Y7.17%
EPS Next 3Y11%
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 3Y5.57%
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.


Can you provide the profitability details for FIRST INDUSTRIAL REALTY TR?

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


How financially healthy is FIRST INDUSTRIAL REALTY TR?

The financial health rating of FIRST INDUSTRIAL REALTY TR (FR) is 3 / 10.


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%.