FR Stock Analysis: First Industrial Realty | NYSE
REIT - Industrial | NYSE, USA | Market Cap: 8.622m USD | 12M Return: 28% | US32054K1034 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 50.8M
EPS Trend: 68.2%
Qual. Beats: 0
Rev. Trend: 100.0%
Qual. Beats: 0
Warnings
Tailwinds
No distinct edge detected
Seasonality 11.6 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
First Industrial Realty Trust (FR) is a Chicago-based company that exclusively owns, operates, develops, and acquires logistics properties across the United States. As of March 31, 2026, its portfolio encompasses approximately 71.6 million square feet of industrial space concentrated in 15 target metropolitan statistical areas (MSAs), serving both multinational corporations and regional firms with supply chain requirements. The company was established on August 10, 1993.
As an industrial REIT, First Industrial generates revenue primarily through long-term leases on warehouses, distribution centers, and light industrial facilities. Industrial REITs are generally required to distribute a large share of taxable income as dividends, and their performance is closely tied to e-commerce growth, logistics demand, and tenant concentration in major U.S. distribution hubs.
- E-commerce demand sustains logistics leasing across target MSAs
- Interest rate volatility pressures borrowing costs and valuations
- Development pipeline expands in high-growth Sun Belt markets
| Net Income: 364.3m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.07 > 0.02 and ΔFCF/TA -0.19 > 1.0 |
| NWC/Revenue: -13.54% < 20% (prev -40.28%; Δ 26.75% < -1%) |
| CFO/TA 0.08 > 3% & CFO 470.9m > Net Income 364.3m |
| Net Debt (2.56b) to EBITDA (686.3m): 3.72 < 3 |
| Current Ratio: 0.69 > 1.5 & < 3 |
| Outstanding Shares: last quarter (132.5m) vs 12m ago 0.02% < -2% |
| Gross Margin: 47.74% > 18% (prev 73.22%; Δ -25.48% > 0.5%) |
| Asset Turnover: 13.52% > 50% (prev 12.85%; Δ 0.68% > 0%) |
| Interest Coverage Ratio: 5.10 > 6 (EBIT TTM 491.8m / Interest Expense TTM 96.4m) |
| A: -0.02 (Total Current Assets 233.9m - Total Current Liabilities 336.7m) / Total Assets 5.78b |
| B: 0.06 (Retained Earnings 325.1m / Total Assets 5.78b) |
| C: 0.09 (EBIT TTM 491.8m / Avg Total Assets 5.62b) |
| D: 0.95 (Book Value of Equity 2.78b / Total Liabilities 2.91b) |
| Altman-Z'' = 1.66 = BB |
| DSRI: 1.01 (Receivables 196.7m/180.4m, Revenue 759.6m/700.5m) |
| GMI: 1.53 (GM 73.22% / 47.74%) |
| AQI: 20.39 (AQ_t 0.96 / AQ_t-1 0.05) |
| SGI: 1.08 (Revenue 759.6m / 700.5m) |
| TATA: -0.02 (NI 364.3m - CFO 470.9m) / TA 5.78b) |
| Beneish M = 9.02 (Cap -4..+1) = D |
As of August 26, 2026, the stock is trading at USD 63.49 with a total of 999,804 shares traded. Over the past week, the price has changed by +1.80%, over one month by -4.47%, over three months by -0.07% and over the past year by +27.97%.
Current recommended Stop Loss: 61.90 (which is 2.5% or 1.4 ATR below the current price).
First Industrial Realty has received a consensus analysts rating of 3.94. Therefore, it is recommended to buy FR.
- StrongBuy: 6
- Buy: 3
- Hold: 7
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 71.9 | 13.3% |
P/E Trailing = 22.8836
P/E Forward = 36.7647
P/S = 11.34
P/B = 3.0059
P/EG = 3.74
Revenue TTM = 759.6m USD
EBIT TTM = 491.8m USD
EBITDA TTM = 686.3m 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 quarter) + Leases 19.0m
Net Debt = 2.56b USD (calculated: Debt 2.59b - CCE 37.1m)
Enterprise Value = 11.2b USD (8.62b + Debt 2.59b - CCE 37.1m)
Interest Coverage Ratio = 5.10 (Ebit TTM 491.8m / Interest Expense TTM 96.4m)
EV/FCF = 27.28x (Enterprise Value 11.2b / FCF TTM 409.8m)
FCF Yield = 3.67% (FCF TTM 409.8m / Enterprise Value 11.2b)
FCF Margin = 53.95% (FCF TTM 409.8m / Revenue TTM 759.6m)
Net Margin = 47.96% (Net Income TTM 364.3m / Revenue TTM 759.6m)
Gross Margin = 47.74% ((Revenue TTM 759.6m - Cost of Revenue TTM 396.9m) / Revenue TTM)
Gross Margin QoQ = 75.30% (prev 21.08%)
Tobins Q-Ratio = 1.93 (Enterprise Value 11.2b / Total Assets 5.78b)
Interest Expense / Debt = 3.72% (Interest Expense 96.4m / Debt 2.59b)
Taxrate = 3.03% (11.9m / 393.9m)
NOPAT = 476.9m (EBIT 491.8m * (1 - 3.03%))
Current Ratio = 0.69 (Total Current Assets 233.9m / Total Current Liabilities 336.7m)
Debt / Equity = 0.93 (Debt 2.59b / totalStockholderEquity, last quarter 2.78b)
Debt / EBITDA = 3.72 (Net Debt 2.56b / EBITDA 686.3m)
Debt / FCF = 6.24 (Net Debt 2.56b / FCF TTM 409.8m)
Total Stockholder Equity = 2.71b (last 4 quarters mean from totalStockholderEquity)
RoA = 6.49% (Net Income 364.3m / Total Assets 5.78b)
RoE = 13.42% (Net Income TTM 364.3m / Total Stockholder Equity 2.71b)
RoCE = 9.32% (EBIT 491.8m / Capital Employed (Equity 2.71b + L.T.Debt 2.57b))
RoIC = 8.82% (NOPAT 476.9m / Invested Capital 5.41b)
WACC = 6.44% (E(8.62b)/V(11.2b) * Re(7.29%) + D(2.59b)/V(11.2b) * Rd(3.72%) * (1-Tc(0.03)))
Discount Rate = 7.29% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 90.66 | Cagr: 0.03%
[DCF] Terminal Value 75.86% ; FCFF base≈404.7m ; Y1≈417.4m ; Y5≈466.4m
[DCF] Fair Price = 35.13 (EV 7.21b - Net Debt 2.56b = Equity 4.66b / Shares 132.6m; r=8.35% [WACC [floored]]; 5y FCF grow 3.26% → 2.50% )
EPS Correlation: 68.23 | EPS CAGR: 14.11% | SUE: 0.08 | # QB: 0
Revenue Correlation: 99.97 | Revenue CAGR: 8.61% | SUE: -0.08 | # QB: 0
EPS current Quarter (2026-09-30): EPS=0.43 | Chg30d=-2.82% | Revisions=+25% | Analysts=1
EPS current Year (2026-12-31): EPS=2.51 | Chg30d=+20.84% | Revisions=+25% | GrowthEPS=+34.2% | GrowthRev=+8.2%
EPS next Year (2027-12-31): EPS=1.86 | Chg30d=-1.46% | Revisions=-25% | GrowthEPS=-25.8% | GrowthRev=+6.7%
[Analyst] Revisions Ratio: +17% (up=2, down=1)