FIRST INDUSTRIAL REALTY TR (FR) Stock Fundamental Analysis
USA - NYSE:FR - US32054K1034 - REIT
51.53 USD
+0.16 (+0.31%)
51.53 USD
0 (0%)
We assign a fundamental rating of 5 out of 10 to FR. FR was compared to 129 industry peers in the Diversified REITs industry. FR has an excellent profitability rating, but there are 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
FR had positive earnings in the past year.
In the past year FR had a positive cash flow from operations.
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 4.97%. This is amongst the best in the industry. FR outperforms 93.80% of its industry peers.
FR's Return On Equity of 10.24% is amongst the best of the industry. FR outperforms 89.92% of its industry peers.
FR's Return On Invested Capital of 4.41% is amongst the best of the industry. FR outperforms 83.72% of its industry peers.
The Average Return On Invested Capital over the past 3 years for FR 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
Looking at the Profit Margin, with a value of 38.67%, FR belongs to the top of the industry, outperforming 89.92% of the companies in the same industry.
FR's Profit Margin has declined in the last couple of years.
Looking at the Operating Margin, with a value of 41.69%, FR belongs to the top of the industry, outperforming 86.82% of the companies in the same industry.
In the last couple of years the Operating Margin of FR has grown nicely.
The Gross Margin of FR (73.37%) is better than 68.22% of its industry peers.
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
The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so FR 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
An Altman-Z score of 1.81 indicates that FR is not a great score, but indicates only limited risk for bankruptcy at the moment.
FR has a better Altman-Z score (1.81) than 93.80% of its industry peers.
A Debt/Equity ratio of 0.90 indicates that FR is somewhat dependend on debt financing.
The Debt to Equity ratio of FR (0.90) is better than 65.89% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.9 | ||
| Debt/FCF | N/A | ||
| Altman-Z | 1.81 |
ROIC/WACC0.6
WACC7.4%
2.3 Liquidity
A Current Ratio of 0.96 indicates that FR may have some problems paying its short term obligations.
The Current ratio of FR (0.96) is comparable to the rest of the 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
FR shows a slight negative growth in Earnings Per Share. In the last year, the EPS has decreased by -4.65%.
The Earnings Per Share has been growing slightly by 3.01% on average over the past years.
Looking at the last year, FR shows a quite strong growth in Revenue. The Revenue has grown by 9.66% in the last year.
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
The Earnings Per Share is expected to decrease by -0.35% on average over the next years.
The Revenue is expected to grow by 8.64% on average over the next years. This is quite good.
EPS Next Y-26.21%
EPS Next 2Y-10.64%
EPS Next 3Y-4.52%
EPS Next 5Y-0.35%
Revenue Next Year8.74%
Revenue Next 2Y7.93%
Revenue Next 3Y7.62%
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.
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.
4. Valuation
4.1 Price/Earnings Ratio
Based on the Price/Earnings ratio of 25.14, the valuation of FR can be described as expensive.
Based on the Price/Earnings ratio, FR is valued a bit cheaper than the industry average as 73.64% of the companies are valued more expensively.
FR is valuated at similar levels of the S&P average when we compare the Price/Earnings ratio to 27.67, which is the current average of the S&P500 Index.
A Price/Forward Earnings ratio of 29.60 indicates a quite expensive valuation of FR.
77.52% of the companies in the same industry are more expensive than FR, based on the Price/Forward Earnings ratio.
The average S&P500 Price/Forward Earnings ratio is at 23.13. FR is valued slightly more expensive when compared to this.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 25.14 | ||
| Fwd PE | 29.6 |
4.2 Price Multiples
Based on the Enterprise Value to EBITDA ratio, FR is valued expensively inside the industry as 85.27% of the companies are valued cheaper.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | N/A | ||
| EV/EBITDA | 20.14 |
4.3 Compensation for Growth
The excellent profitability rating of FR may justify a higher PE ratio.
FR's earnings are expected to decrease with -4.52% in the coming years. This may justify a cheaper valuation.
PEG (NY)N/A
PEG (5Y)8.36
EPS Next 2Y-10.64%
EPS Next 3Y-4.52%
5. Dividend
5.1 Amount
FR has a Yearly Dividend Yield of 3.48%. Purely for dividend investing, there may be better candidates out there.
Compared to an average industry Dividend Yield of 6.41, FR is paying slightly less dividend.
Compared to an average S&P500 Dividend Yield of 2.41, FR pays a bit more dividend than the S&P500 average.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 3.48% |
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 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
77.76% of the earnings are spent on dividend by FR. 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-10.64%
EPS Next 3Y-4.52%
51.53
+0.16 (+0.31%)
Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)
Earnings (Next)
Inst Owners101.24%
Inst Owner Change0.09%
Ins Owners0.36%
Ins Owner Change0.18%
Market Cap6.82B
Analysts76.15
Price Target57.27 (11.14%)
Short Float %2.44%
Short Ratio3.67
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 3.48% |
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)0.77%
PT rev (3m)2.45%
EPS NQ rev (1m)-0.85%
EPS NQ rev (3m)-8.95%
EPS NY rev (1m)-1.16%
EPS NY rev (3m)-1.34%
Revenue NQ rev (1m)0.36%
Revenue NQ rev (3m)1.49%
Revenue NY rev (1m)0.16%
Revenue NY rev (3m)1.01%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 25.14 | ||
| Fwd PE | 29.6 | ||
| P/S | 9.74 | ||
| P/FCF | N/A | ||
| P/OCF | 17.19 | ||
| P/B | 2.58 | ||
| P/tB | 2.58 | ||
| EV/EBITDA | 20.14 |
EPS(TTM)2.05
EY3.98%
EPS(NY)1.74
Fwd EY3.38%
FCF(TTM)-0.48
FCFYN/A
OCF(TTM)3
OCFY5.82%
SpS5.29
BVpS19.97
TBVpS19.97
PEG (NY)N/A
PEG (5Y)8.36
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 | 1.81 |
F-Score6
WACC7.4%
ROIC/WACC0.6
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-26.21%
EPS Next 2Y-10.64%
EPS Next 3Y-4.52%
EPS Next 5Y-0.35%
Revenue 1Y (TTM)9.66%
Revenue growth 3Y12.03%
Revenue growth 5Y9.47%
Sales Q2Q%9.76%
Revenue Next Year8.74%
Revenue Next 2Y7.93%
Revenue Next 3Y7.62%
Revenue Next 5Y8.64%
EBIT growth 1Y13.22%
EBIT growth 3Y15.15%
EBIT growth 5Y11.41%
EBIT Next Year93.41%
EBIT Next 3Y31.11%
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%