(FR) First Industrial Realty - Overview
Sector: Real Estate | Industry: REIT - Industrial | Exchange: NYSE (USA) | Market Cap: 8.555m USD | Total Return: 40.7% in 12m
Avg Turnover: 52.1M
EPS Trend: -17.9%
Qual. Beats: 2
Rev. Trend: 99.9%
Qual. Beats: 2
Warnings
Beneish M-Score 1.00 > -1.5 - likely earnings manipulation
Altman Z'' 0.73 < 1.0 - financial distress zone
Tailwinds
No distinct edge detected
First Industrial Realty Trust (FR) is a domestic real estate investment trust focused exclusively on the ownership, management, and development of logistics and industrial properties within the United States. Established in 1993, the firm operates an integrated platform that serves multinational and regional tenants across 15 major metropolitan statistical areas. As of late 2025, the companys portfolio includes approximately 71.6 million square feet of industrial space currently owned or under development.
The industrial REIT sector benefits from the structural shift toward e-commerce, which requires significantly more warehouse space per dollar of sales compared to traditional retail. These business models typically utilize triple-net leases, where tenants are responsible for property taxes, insurance, and maintenance costs, providing the landlord with more predictable cash flows. Investors may find it useful to examine ValueRay for deeper insights into the companys valuation metrics.
- E-commerce demand and supply chain regionalization drive industrial occupancy rates
- Development pipeline delivery timing impacts net asset value and earnings growth
- Interest rate fluctuations influence cost of capital and property acquisition yields
- Rental rate spreads on lease renewals determine same-store net operating income
- Logistics property demand correlates with consumer spending levels in major MSAs
| Net Income: 342.4m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.08 > 0.02 and ΔFCF/TA 2.21 > 1.0 |
| NWC/Revenue: -13.81% < 20% (prev 3.70%; Δ -17.51% < -1%) |
| CFO/TA 0.08 > 3% & CFO 482.9m > Net Income 342.4m |
| Net Debt (2.55b) to EBITDA (656.2m): 3.89 < 3 |
| Current Ratio: 0.69 > 1.5 & < 3 |
| Outstanding Shares: last quarter (132.5m) vs 12m ago 0.01% < -2% |
| Gross Margin: 47.03% > 18% (prev 0.73%; Δ 4.63k% > 0.5%) |
| Asset Turnover: 13.27% > 50% (prev 12.59%; Δ 0.68% > 0%) |
| Interest Coverage Ratio: 4.97 > 6 (EBITDA TTM 656.2m / Interest Expense TTM 93.4m) |
| A: -0.02 (Total Current Assets 233.9m - Total Current Liabilities 336.7m) / Total Assets 5.77b |
| B: 0.05 (Retained Earnings 306.7m / Total Assets 5.77b) |
| C: 0.08 (EBIT TTM 464.6m / Avg Total Assets 5.61b) |
| D: 0.11 (Book Value of Equity 315.1m / Total Liabilities 2.92b) |
| Altman-Z'' = 0.73 = B |
| DSRI: 1.02 (Receivables 196.7m/177.8m, Revenue 744.5m/685.9m) |
| GMI: 1.55 (GM 47.03% / 72.96%) |
| AQI: 18.24 (AQ_t 0.96 / AQ_t-1 0.05) |
| SGI: 1.09 (Revenue 744.5m / 685.9m) |
| TATA: -0.02 (NI 342.4m - CFO 482.9m) / TA 5.77b) |
| Beneish M = 7.75 (Cap -4..+1) = D |
As of May 26, 2026, the stock is trading at USD 63.28 with a total of 970,000 shares traded.
Over the past week, the price has changed by +0.36%,
over one month by +17.80%,
over three months by -2.96% and
over the past year by +40.69%.
First Industrial Realty has received a consensus analysts rating of 3.83. Therefore, it is recommended to buy FR.
- StrongBuy: 6
- Buy: 3
- Hold: 9
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 67 | 5.9% |
P/E Trailing = 24.1081
P/E Forward = 36.7647
P/S = 11.4805
P/B = 2.9934
P/EG = 3.74
Revenue TTM = 744.5m USD
EBIT TTM = 464.6m USD
EBITDA TTM = 656.2m USD
Long Term Debt = 2.57b USD (from longTermDebt, last quarter)
Short Term Debt = 364k USD (from shortTermDebt, last fiscal year)
Debt = 2.59b USD (from shortLongTermDebtTotal, last fiscal year) + Leases 19.2m
Net Debt = 2.55b USD (calculated: Debt 2.59b - CCE 37.1m)
Enterprise Value = 11.1b USD (8.56b + Debt 2.59b - CCE 37.1m)
Interest Coverage Ratio = 4.97 (Ebit TTM 464.6m / Interest Expense TTM 93.4m)
EV/FCF = 23.00x (Enterprise Value 11.1b / FCF TTM 483.0m)
FCF Yield = 4.35% (FCF TTM 483.0m / Enterprise Value 11.1b)
FCF Margin = 64.87% (FCF TTM 483.0m / Revenue TTM 744.5m)
Net Margin = 45.99% (Net Income TTM 342.4m / Revenue TTM 744.5m)
Gross Margin = 47.03% ((Revenue TTM 744.5m - Cost of Revenue TTM 394.4m) / Revenue TTM)
Gross Margin QoQ = 21.08% (prev 21.00%)
Tobins Q-Ratio = 1.92 (Enterprise Value 11.1b / Total Assets 5.77b)
Interest Expense / Debt = 3.60% (Interest Expense 93.4m / Debt 2.59b)
Taxrate = 2.64% (4.01m / 151.9m)
NOPAT = 452.3m (EBIT 464.6m * (1 - 2.64%))
Current Ratio = 0.69 (Total Current Assets 233.9m / Total Current Liabilities 336.7m)
Debt / Equity = 0.94 (Debt 2.59b / totalStockholderEquity, last quarter 2.76b)
Debt / EBITDA = 3.89 (Net Debt 2.55b / EBITDA 656.2m)
Debt / FCF = 5.29 (Net Debt 2.55b / FCF TTM 483.0m)
Total Stockholder Equity = 2.68b (last 4 quarters mean from totalStockholderEquity)
RoA = 6.10% (Net Income 342.4m / Total Assets 5.77b)
RoE = 12.77% (Net Income TTM 342.4m / Total Stockholder Equity 2.68b)
RoCE = 8.85% (EBIT 464.6m / Capital Employed (Equity 2.68b + L.T.Debt 2.57b))
RoIC = 8.38% (NOPAT 452.3m / Invested Capital 5.40b)
WACC = 6.88% (E(8.56b)/V(11.1b) * Re(7.90%) + D(2.59b)/V(11.1b) * Rd(3.60%) * (1-Tc(0.03)))
Discount Rate = 7.90% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 82.81 | Cagr: 0.05%
[DCF] Terminal Value 77.97% ; FCFF base≈424.0m ; Y1≈486.0m ; Y5≈715.2m
[DCF] Fair Price = 61.92 (EV 10.8b - Net Debt 2.55b = Equity 8.21b / Shares 132.6m; r=8.35% [WACC [floored]]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: -17.93 | EPS CAGR: -2.02% | SUE: 4.0 | # QB: 2
Revenue Correlation: 99.93 | Revenue CAGR: 8.76% | SUE: 1.60 | # QB: 2
EPS current Quarter (2026-06-30): EPS=0.42 | Chg30d=+0.87% | Revisions=+20% | Analysts=4
EPS next Quarter (2026-09-30): EPS=0.44 | Chg30d=+1.02% | Revisions=+20% | Analysts=4
EPS current Year (2026-12-31): EPS=2.15 | Chg30d=+30.81% | Revisions=+20% | GrowthEPS=+15.0% | GrowthRev=+8.8%
EPS next Year (2027-12-31): EPS=1.86 | Chg30d=-1.07% | Revisions=+0% | GrowthEPS=-13.5% | GrowthRev=+7.2%
[Analyst] Revisions Ratio: +20%