FIRST INDUSTRIAL REALTY TR (FR) Stock Fundamental Analysis
NYSE:FR - US32054K1034 - REIT
51.92 USD
+0.06 (+0.12%)
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 has a great profitability rating, there are quite some concerns on its financial health. FR is quite expensive at the moment. It does show a decent growth rate.
1. Profitability
1.1 Basic Checks
In the past year FR was profitable.
FR had a positive operating cash flow in the past year.
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.
1.2 Ratios
With an excellent Return On Assets value of 4.97%, FR belongs to the best of the industry, outperforming 93.80% of the companies in the same industry.
Looking at the Return On Equity, with a value of 10.24%, FR belongs to the top of the industry, outperforming 89.92% of the companies in the same industry.
The Return On Invested Capital of FR (4.41%) is better than 83.72% of its industry peers.
FR had an Average Return On Invested Capital over the past 3 years of 3.94%. This is in line with the industry average of 3.04%.
The last Return On Invested Capital (4.41%) for FR is above the 3 year average (3.94%), which is a sign of increasing profitability.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 4.97% | ||
| ROE | 10.24% | ||
| ROIC | 4.41% |
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 38.67%. This is amongst the best in the industry. FR outperforms 89.92% of its industry peers.
In the last couple of years the Profit Margin of FR has declined.
The Operating Margin of FR (41.69%) is better than 86.82% of its industry peers.
FR's Operating Margin has improved in the last couple of years.
With a decent Gross Margin value of 73.37%, FR is doing good in the industry, outperforming 68.22% of the companies in the same industry.
FR's Gross Margin has been stable in the last couple of years.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 41.69% | ||
| PM (TTM) | 38.67% | ||
| GM | 73.37% |
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
FR has a Return on Invested Capital (ROIC), which is below the Cost of Capital (WACC), which means it is destroying value.
FR has about the same amout of shares outstanding than it did 1 year ago.
Compared to 5 years ago, FR has more shares outstanding
Compared to 1 year ago, FR has an improved debt to assets ratio.
2.2 Solvency
FR has an Altman-Z score of 1.82. 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.
The Altman-Z score of FR (1.82) is better than 93.80% 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 65.89% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.9 | ||
| Debt/FCF | N/A | ||
| Altman-Z | 1.82 |
ROIC/WACC0.59
WACC7.43%
2.3 Liquidity
A Current Ratio of 0.96 indicates that FR may have some problems paying its short term obligations.
With a Current ratio value of 0.96, FR perfoms like the industry average, outperforming 49.61% of the companies in the same industry.
A Quick Ratio of 0.96 indicates that FR may have some problems paying its short term obligations.
FR has a Quick ratio of 0.96. This is comparable to the rest of the industry: FR outperforms 50.39% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 0.96 | ||
| Quick Ratio | 0.96 |
3. Growth
3.1 Past
The earnings per share for FR have decreased by -4.65% in the last year.
FR shows a small growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 3.01% yearly.
FR shows quite a strong growth in Revenue. In the last year, the Revenue has grown by 9.66%.
The Revenue has been growing by 9.47% on average over the past years. This is quite good.
EPS 1Y (TTM)-4.65%
EPS 3Y1.58%
EPS 5Y3.01%
EPS Q2Q%7.69%
Revenue 1Y (TTM)9.66%
Revenue growth 3Y12.03%
Revenue growth 5Y9.47%
Sales Q2Q%9.76%
3.2 Future
FR is expected to show a decrease in Earnings Per Share. In the coming years, the EPS will decrease by -0.35% yearly.
Based on estimates for the next years, FR will show a quite strong growth in Revenue. The Revenue will grow by 8.64% on average per year.
EPS Next Y-25.35%
EPS Next 2Y-10.25%
EPS Next 3Y-4.04%
EPS Next 5Y-0.35%
Revenue Next Year8.57%
Revenue Next 2Y7.93%
Revenue Next 3Y7.46%
Revenue Next 5Y8.64%
3.3 Evolution
The EPS growth rate is decreasing: in the next years the growth will be less than in the last years.
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 25.33, which means the current valuation is very expensive for FR.
Based on the Price/Earnings ratio, FR is valued a bit 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 (26.84), we can say FR is valued inline with the index average.
The Price/Forward Earnings ratio is 29.56, which means the current valuation is very expensive for FR.
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.
FR's Price/Forward Earnings ratio indicates a valuation a bit more expensive than the S&P500 average which is at 22.48.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 25.33 | ||
| Fwd PE | 29.56 |
4.2 Price Multiples
Based on the Enterprise Value to EBITDA ratio, FR is valued more expensive than 86.82% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | N/A | ||
| EV/EBITDA | 20.23 |
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 -4.04% in the coming years. This may justify a cheaper valuation.
PEG (NY)N/A
PEG (5Y)8.43
EPS Next 2Y-10.25%
EPS Next 3Y-4.04%
5. Dividend
5.1 Amount
With a Yearly Dividend Yield of 3.41%, FR has a reasonable but not impressive dividend return.
FR's Dividend Yield is slightly below the industry average, which is at 6.14.
FR's Dividend Yield is a higher than the S&P500 average which is at 2.32.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 3.41% |
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 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
5.3 Sustainability
FR pays out 77.76% of its income as dividend. This is not a sustainable payout ratio.
FR's earnings are declining while the Dividend Rate has been growing. This means the dividend growth is most likely not sustainable.
DP77.76%
EPS Next 2Y-10.25%
EPS Next 3Y-4.04%
NYSE:FR (9/4/2025, 3:20:29 PM)
51.92
+0.06 (+0.12%)
Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)
Earnings (Next)
Inst Owners96.86%
Inst Owner Change0.08%
Ins Owners0.36%
Ins Owner Change0.18%
Market Cap6.88B
Analysts77.69
Price Target56.83 (9.46%)
Short Float %3.13%
Short Ratio3.32
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 3.41% |
Yearly Dividend1.46
Dividend Growth(5Y)9.58%
DP77.76%
Div Incr Years11
Div Non Decr Years11
Ex-Date
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)-0.07%
Min EPS beat(2)-6.04%
Max EPS beat(2)5.91%
EPS beat(4)3
Avg EPS beat(4)33.39%
Min EPS beat(4)-6.04%
Max EPS beat(4)90.62%
EPS beat(8)7
Avg EPS beat(8)49.98%
EPS beat(12)11
Avg EPS beat(12)71.37%
EPS beat(16)15
Avg EPS beat(16)81.57%
Revenue beat(2)0
Avg Revenue beat(2)-1.9%
Min Revenue beat(2)-2.46%
Max Revenue beat(2)-1.33%
Revenue beat(4)0
Avg Revenue beat(4)-1.99%
Min Revenue beat(4)-3.97%
Max Revenue beat(4)-0.19%
Revenue beat(8)0
Avg Revenue beat(8)-2.23%
Revenue beat(12)3
Avg Revenue beat(12)-1.35%
Revenue beat(16)4
Avg Revenue beat(16)-1.25%
PT rev (1m)1.04%
PT rev (3m)0.69%
EPS NQ rev (1m)-1.26%
EPS NQ rev (3m)-1.67%
EPS NY rev (1m)1.15%
EPS NY rev (3m)-0.18%
Revenue NQ rev (1m)-0.07%
Revenue NQ rev (3m)1.45%
Revenue NY rev (1m)0.15%
Revenue NY rev (3m)0.85%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 25.33 | ||
| Fwd PE | 29.56 | ||
| P/S | 9.82 | ||
| P/FCF | N/A | ||
| P/OCF | 17.32 | ||
| P/B | 2.6 | ||
| P/tB | 2.6 | ||
| EV/EBITDA | 20.23 |
EPS(TTM)2.05
EY3.95%
EPS(NY)1.76
Fwd EY3.38%
FCF(TTM)-0.48
FCFYN/A
OCF(TTM)3
OCFY5.77%
SpS5.29
BVpS19.97
TBVpS19.97
PEG (NY)N/A
PEG (5Y)8.43
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 4.97% | ||
| ROE | 10.24% | ||
| ROCE | 5.59% | ||
| ROIC | 4.41% | ||
| ROICexc | 4.44% | ||
| ROICexgc | 4.44% | ||
| OM | 41.69% | ||
| PM (TTM) | 38.67% | ||
| GM | 73.37% | ||
| 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 | 5.25 | ||
| Cap/Depr | 281.24% | ||
| Cap/Sales | 65.8% | ||
| Interest Coverage | 3.48 | ||
| Cash Conversion | 87.05% | ||
| Profit Quality | N/A | ||
| Current Ratio | 0.96 | ||
| Quick Ratio | 0.96 | ||
| Altman-Z | 1.82 |
F-Score6
WACC7.43%
ROIC/WACC0.59
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)-4.65%
EPS 3Y1.58%
EPS 5Y3.01%
EPS Q2Q%7.69%
EPS Next Y-25.35%
EPS Next 2Y-10.25%
EPS Next 3Y-4.04%
EPS Next 5Y-0.35%
Revenue 1Y (TTM)9.66%
Revenue growth 3Y12.03%
Revenue growth 5Y9.47%
Sales Q2Q%9.76%
Revenue Next Year8.57%
Revenue Next 2Y7.93%
Revenue Next 3Y7.46%
Revenue Next 5Y8.64%
EBIT growth 1Y13.22%
EBIT growth 3Y15.15%
EBIT growth 5Y11.41%
EBIT Next Year93.57%
EBIT Next 3Y31.03%
EBIT Next 5Y25%
FCF growth 1Y81.59%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y28.81%
OCF growth 3Y9.71%
OCF growth 5Y7.5%