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FIRST INDUSTRIAL REALTY TR (FR) Stock Fundamental Analysis

NYSE:FR - New York Stock Exchange, Inc. - US32054K1034 - REIT - Currency: USD

49.31  -0.42 (-0.84%)

Fundamental Rating

5

Overall FR gets a fundamental rating of 5 out of 10. We evaluated FR against 129 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. While showing a medium growth rate, FR is valued expensive at the moment.


Dividend Valuation Growth Profitability Health

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8

1. Profitability

1.1 Basic Checks

In the past year FR was profitable.
In the past year FR had a positive cash flow from operations.
FR had positive earnings in each of the past 5 years.
FR had a positive operating cash flow in each of the past 5 years.
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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 200M -200M 400M -400M

1.2 Ratios

FR has a better Return On Assets (4.90%) than 93.02% of its industry peers.
FR has a better Return On Equity (10.07%) than 88.37% of its industry peers.
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.
Measured over the past 3 years, the Average Return On Invested Capital for FR is in line with the industry average of 3.15%.
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 RankSector 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%
FR Yearly ROA, ROE, ROICFR Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 5 10

1.3 Margins

FR has a better Profit Margin (39.01%) 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.
FR's Operating Margin has improved in the last couple of years.
The Gross Margin of FR (73.10%) is better than 68.22% of its industry peers.
FR's Gross Margin has been stable in the last couple of years.
Industry RankSector 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%
FR Yearly Profit, Operating, Gross MarginsFR Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 20 40 60

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3

2. Health

2.1 Basic Checks

With a Return on Invested Capital (ROIC) below the Cost of Capital (WACC), FR is destroying value.
Compared to 1 year ago, FR has about the same amount of shares outstanding.
Compared to 5 years ago, FR has more shares outstanding
The debt/assets ratio for FR has been reduced compared to a year ago.
FR Yearly Shares OutstandingFR Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 20M 40M 60M 80M 100M
FR Yearly Total Debt VS Total AssetsFR Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1B 2B 3B 4B 5B

2.2 Solvency

Based on the Altman-Z score of 1.76, we must say that FR is in the distress zone and has some risk of bankruptcy.
FR's Altman-Z score of 1.76 is amongst the best of the industry. FR outperforms 94.57% 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 has a Debt to Equity ratio of 0.90. This is in the better half of the industry: FR outperforms 64.34% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.9
Debt/FCF N/A
Altman-Z 1.76
ROIC/WACC0.56
WACC7.56%
FR Yearly LT Debt VS Equity VS FCFFR Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 1B 2B

2.3 Liquidity

A Current Ratio of 0.96 indicates that FR may have some problems paying its short term obligations.
FR's Current ratio of 0.96 is in line compared to the rest of the industry. FR outperforms 50.39% of its industry peers.
A Quick Ratio of 0.96 indicates that FR may have some problems paying its short term obligations.
FR has a Quick ratio (0.96) which is comparable to the rest of the industry.
Industry RankSector Rank
Current Ratio 0.96
Quick Ratio 0.96
FR Yearly Current Assets VS Current LiabilitesFR Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 100M 200M 300M 400M

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5

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%.
The Earnings Per Share has been growing slightly by 3.01% on average over the past years.
The Revenue has grown by 9.19% in the past year. This is quite good.
The Revenue has been growing by 9.47% on average over the past years. This is quite good.
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

The Earnings Per Share is expected to grow by 0.31% on average over the next years.
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-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 5Y9.67%

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.
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 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 200M 400M 600M 800M 1B
FR Yearly EPS VS EstimatesFR Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 0.5 1 1.5 2 2.5

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2

4. Valuation

4.1 Price/Earnings Ratio

With a Price/Earnings ratio of 24.41, FR is valued on the expensive side.
FR's Price/Earnings ratio is a bit cheaper when compared to the industry. FR is cheaper than 75.19% of the companies in the same industry.
When comparing the Price/Earnings ratio of FR to the average of the S&P500 Index (26.19), we can say FR is valued inline with the index average.
A Price/Forward Earnings ratio of 27.33 indicates a quite expensive valuation of FR.
FR's Price/Forward Earnings ratio is a bit cheaper when compared to the industry. FR is cheaper than 78.29% of the companies in the same industry.
Compared to an average S&P500 Price/Forward Earnings ratio of 22.13, FR is valued a bit more expensive.
Industry RankSector Rank
PE 24.41
Fwd PE 27.33
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 more expensive than 86.05% of the companies in the same industry.
Industry RankSector Rank
P/FCF N/A
EV/EBITDA 20.26
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.
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)8.12
EPS Next 2Y-9.03%
EPS Next 3Y-3.31%

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5

5. Dividend

5.1 Amount

FR has a Yearly Dividend Yield of 3.65%.
Compared to an average industry Dividend Yield of 6.93, FR is paying slightly less dividend.
Compared to an average S&P500 Dividend Yield of 2.40, FR pays a better dividend.
Industry RankSector Rank
Dividend Yield 3.65%

5.2 History

On average, the dividend of FR grows each year by 9.58%, 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 its dividend for at least 10 years, so it has a reliable track record of non decreasing dividend.
Dividend Growth(5Y)9.58%
Div Incr Years11
Div Non Decr Years11
FR Yearly Dividends per shareFR Yearly Dividends per shareYearly Dividends per share 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0.5 1

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-9.03%
EPS Next 3Y-3.31%
FR Yearly Income VS Free CF VS DividendFR Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 200M -200M -400M
FR Dividend Payout.FR Dividend Payout, showing the Payout Ratio.FR Dividend Payout.PayoutRetained Earnings

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FIRST INDUSTRIAL REALTY TR

NYSE:FR (5/30/2025, 12:14:23 PM)

49.31

-0.42 (-0.84%)

Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)04-16 2025-04-16/amc
Earnings (Next)07-15 2025-07-15/amc
Inst Owners95.72%
Inst Owner Change-0.77%
Ins Owners0.37%
Ins Owner Change0.15%
Market Cap6.53B
Analysts77.04
Price Target56.44 (14.46%)
Short Float %2.71%
Short Ratio2.33
Dividend
Industry RankSector Rank
Dividend Yield 3.65%
Yearly Dividend1.46
Dividend Growth(5Y)9.58%
DP75.04%
Div Incr Years11
Div Non Decr Years11
Ex-Date06-30 2025-06-30 (0.445)
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)-2.92%
PT rev (3m)-3.24%
EPS NQ rev (1m)4.59%
EPS NQ rev (3m)5.81%
EPS NY rev (1m)-2.03%
EPS NY rev (3m)0.27%
Revenue NQ rev (1m)0.33%
Revenue NQ rev (3m)1.07%
Revenue NY rev (1m)0.1%
Revenue NY rev (3m)0.77%
Valuation
Industry RankSector Rank
PE 24.41
Fwd PE 27.33
P/S 9.54
P/FCF N/A
P/OCF 17.25
P/B 2.46
P/tB 2.46
EV/EBITDA 20.26
EPS(TTM)2.02
EY4.1%
EPS(NY)1.8
Fwd EY3.66%
FCF(TTM)-0.49
FCFYN/A
OCF(TTM)2.86
OCFY5.8%
SpS5.17
BVpS20.02
TBVpS20.02
PEG (NY)N/A
PEG (5Y)8.12
Profitability
Industry RankSector 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 RankSector 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 1.76
F-Score6
WACC7.56%
ROIC/WACC0.56
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 5Y9.67%
EBIT growth 1Y11.74%
EBIT growth 3Y15.15%
EBIT growth 5Y11.41%
EBIT Next Year90.06%
EBIT Next 3Y30.88%
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%