(FR) First Industrial Realty - Overview
Exchange: NYSE •
Country: United States •
Currency: USD •
Type: Common Stock •
ISIN: US32054K1034
Stock: Industrial, Warehouse, Logistics, Distribution
Total Rating 55
Risk 92
Buy Signal 0.25
EPS (Earnings per Share)
Revenue
Dividends
| Dividend Yield | 3.38% |
| Yield on Cost 5y | 4.74% |
| Yield CAGR 5y | 13.30% |
| Payout Consistency | 83.6% |
| Payout Ratio | 95.7% |
| Risk 5d forecast | |
|---|---|
| Volatility | 21.1% |
| Relative Tail Risk | -5.25% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 0.43 |
| Alpha | 2.12 |
| Character TTM | |
|---|---|
| Beta | 0.757 |
| Beta Downside | 0.902 |
| Drawdowns 3y | |
|---|---|
| Max DD | 25.42% |
| CAGR/Max DD | 0.28 |
Description: FR First Industrial Realty January 08, 2026
First Industrial Realty Trust, Inc. (NYSE: FR) is a U.S.-focused industrial REIT that owns, operates, develops, and acquires logistics properties, concentrating on 15 supply-constrained, coastally oriented metropolitan areas. As of September 30 2025, the company’s portfolio-including properties under development-covers roughly 70.4 million sq ft of warehouse and distribution space, which it markets to multinational and regional firms that rely on robust supply-chain infrastructure.
Key industry metrics that currently shape FR’s outlook include: (1) an occupancy rate of about 96 % in its core markets, reflecting strong demand from e-commerce and reshoring trends; (2) a 2024 adjusted funds-from-operations (AFFO) growth of 7 % year-over-year, driven by rent escalations tied to inflation-linked leases; and (3) a leverage ratio of 5.2×, which is modest for the sector but could be pressured by rising interest rates, a macro factor that tends to compress cap rates for industrial assets.
For a deeper, data-driven analysis of how these drivers may affect FR’s valuation, you may find it useful to explore the detailed metrics and scenario models available on ValueRay.
Piotroski VR‑10 (Strict, 0-10) 6.0
| Net Income: 242.8m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.08 > 0.02 and ΔFCF/TA 5.24 > 1.0 |
| NWC/Revenue: -3.42% < 20% (prev 10.57%; Δ -13.99% < -1%) |
| CFO/TA 0.08 > 3% & CFO 437.3m > Net Income 242.8m |
| Net Debt (3.01b) to EBITDA (378.7m): 7.94 < 3 |
| Current Ratio: 0.90 > 1.5 & < 3 |
| Outstanding Shares: last quarter (132.5m) vs 12m ago 0.07% < -2% |
| Gross Margin: 73.61% > 18% (prev 0.73%; Δ 7289 % > 0.5%) |
| Asset Turnover: 13.28% > 50% (prev 12.78%; Δ 0.50% > 0%) |
| Interest Coverage Ratio: 6.48 > 6 (EBITDA TTM 378.7m / Interest Expense TTM 43.2m) |
Altman Z'' 1.43
| A: -0.00 (Total Current Assets 218.0m - Total Current Liabilities 242.9m) / Total Assets 5.69b |
| B: 0.04 (Retained Earnings 211.0m / Total Assets 5.69b) |
| C: 0.05 (EBIT TTM 280.2m / Avg Total Assets 5.47b) |
| D: 0.94 (Book Value of Equity 2.76b / Total Liabilities 2.93b) |
| Altman-Z'' Score: 1.43 = BB |
What is the price of FR shares?
As of February 07, 2026, the stock is trading at USD 59.79 with a total of 1,063,429 shares traded.
Over the past week, the price has changed by +3.03%, over one month by +3.50%, over three months by +9.29% and over the past year by +12.14%.
Over the past week, the price has changed by +3.03%, over one month by +3.50%, over three months by +9.29% and over the past year by +12.14%.
Is FR a buy, sell or hold?
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
What are the forecasts/targets for the FR price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 62.7 | 4.9% |
| Analysts Target Price | 62.7 | 4.9% |
| ValueRay Target Price | 63.9 | 6.9% |
FR Fundamental Data Overview February 07, 2026
P/E Trailing = 32.6503
P/E Forward = 36.7647
P/S = 11.4227
P/B = 2.9188
P/EG = 3.74
Revenue TTM = 726.9m USD
EBIT TTM = 280.2m USD
EBITDA TTM = 378.7m USD
Long Term Debt = 2.40b USD (from longTermDebt, two quarters ago)
Short Term Debt = 88.0k USD (from shortTermDebt, two quarters ago)
Debt = 3.01b USD (from shortLongTermDebtTotal, two quarters ago)
Net Debt = 3.01b USD (using Total Debt 3.01b, CCE unavailable)
Enterprise Value = 11.16b USD (8.16b + Debt 3.01b - (null CCE))
Interest Coverage Ratio = 6.48 (Ebit TTM 280.2m / Interest Expense TTM 43.2m)
EV/FCF = 25.53x (Enterprise Value 11.16b / FCF TTM 437.3m)
FCF Yield = 3.92% (FCF TTM 437.3m / Enterprise Value 11.16b)
FCF Margin = 60.16% (FCF TTM 437.3m / Revenue TTM 726.9m)
Net Margin = 33.40% (Net Income TTM 242.8m / Revenue TTM 726.9m)
Gross Margin = 73.61% ((Revenue TTM 726.9m - Cost of Revenue TTM 191.8m) / Revenue TTM)
Gross Margin QoQ = 72.65% (prev 74.54%)
Tobins Q-Ratio = 1.96 (Enterprise Value 11.16b / Total Assets 5.69b)
Interest Expense / Debt = -0.73% (Interest Expense -22.0m / Debt 3.01b)
Taxrate = 21.0% (US default 21%)
NOPAT = 221.4m (EBIT 280.2m * (1 - 21.00%))
Current Ratio = 0.90 (Total Current Assets 218.0m / Total Current Liabilities 242.9m)
Debt / Equity = 1.09 (Debt 3.01b / totalStockholderEquity, last quarter 2.76b)
Debt / EBITDA = 7.94 (Net Debt 3.01b / EBITDA 378.7m)
Debt / FCF = 6.88 (Net Debt 3.01b / FCF TTM 437.3m)
Total Stockholder Equity = 2.68b (last 4 quarters mean from totalStockholderEquity)
RoA = 4.43% (Net Income 242.8m / Total Assets 5.69b)
RoE = 9.07% (Net Income TTM 242.8m / Total Stockholder Equity 2.68b)
RoCE = 5.52% (EBIT 280.2m / Capital Employed (Equity 2.68b + L.T.Debt 2.40b))
RoIC = 4.39% (NOPAT 221.4m / Invested Capital 5.04b)
WACC = 6.20% (E(8.16b)/V(11.16b) * Re(8.70%) + D(3.01b)/V(11.16b) * Rd(-0.73%) * (1-Tc(0.21)))
Discount Rate = 8.70% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 100.0 | Cagr: 0.05%
[DCF Debug] Terminal Value 81.85% ; FCFF base≈314.0m ; Y1≈242.9m ; Y5≈154.0m
Fair Price DCF = 10.08 (EV 4.34b - Net Debt 3.01b = Equity 1.33b / Shares 132.4m; r=6.20% [WACC]; 5y FCF grow -26.91% → 2.90% )
EPS Correlation: -13.64 | EPS CAGR: 23.18% | SUE: 1.15 | # QB: 1
Revenue Correlation: 97.89 | Revenue CAGR: 11.45% | SUE: 0.90 | # QB: 1
EPS next Quarter (2026-03-31): EPS=0.38 | Chg30d=-0.020 | Revisions Net=-1 | Analysts=3
EPS current Year (2026-12-31): EPS=1.73 | Chg30d=-0.004 | Revisions Net=+0 | Growth EPS=-7.3% | Growth Revenue=+6.3%
EPS next Year (2027-12-31): EPS=1.94 | Chg30d=+0.059 | Revisions Net=+1 | Growth EPS=+12.1% | Growth Revenue=+7.1%
P/E Forward = 36.7647
P/S = 11.4227
P/B = 2.9188
P/EG = 3.74
Revenue TTM = 726.9m USD
EBIT TTM = 280.2m USD
EBITDA TTM = 378.7m USD
Long Term Debt = 2.40b USD (from longTermDebt, two quarters ago)
Short Term Debt = 88.0k USD (from shortTermDebt, two quarters ago)
Debt = 3.01b USD (from shortLongTermDebtTotal, two quarters ago)
Net Debt = 3.01b USD (using Total Debt 3.01b, CCE unavailable)
Enterprise Value = 11.16b USD (8.16b + Debt 3.01b - (null CCE))
Interest Coverage Ratio = 6.48 (Ebit TTM 280.2m / Interest Expense TTM 43.2m)
EV/FCF = 25.53x (Enterprise Value 11.16b / FCF TTM 437.3m)
FCF Yield = 3.92% (FCF TTM 437.3m / Enterprise Value 11.16b)
FCF Margin = 60.16% (FCF TTM 437.3m / Revenue TTM 726.9m)
Net Margin = 33.40% (Net Income TTM 242.8m / Revenue TTM 726.9m)
Gross Margin = 73.61% ((Revenue TTM 726.9m - Cost of Revenue TTM 191.8m) / Revenue TTM)
Gross Margin QoQ = 72.65% (prev 74.54%)
Tobins Q-Ratio = 1.96 (Enterprise Value 11.16b / Total Assets 5.69b)
Interest Expense / Debt = -0.73% (Interest Expense -22.0m / Debt 3.01b)
Taxrate = 21.0% (US default 21%)
NOPAT = 221.4m (EBIT 280.2m * (1 - 21.00%))
Current Ratio = 0.90 (Total Current Assets 218.0m / Total Current Liabilities 242.9m)
Debt / Equity = 1.09 (Debt 3.01b / totalStockholderEquity, last quarter 2.76b)
Debt / EBITDA = 7.94 (Net Debt 3.01b / EBITDA 378.7m)
Debt / FCF = 6.88 (Net Debt 3.01b / FCF TTM 437.3m)
Total Stockholder Equity = 2.68b (last 4 quarters mean from totalStockholderEquity)
RoA = 4.43% (Net Income 242.8m / Total Assets 5.69b)
RoE = 9.07% (Net Income TTM 242.8m / Total Stockholder Equity 2.68b)
RoCE = 5.52% (EBIT 280.2m / Capital Employed (Equity 2.68b + L.T.Debt 2.40b))
RoIC = 4.39% (NOPAT 221.4m / Invested Capital 5.04b)
WACC = 6.20% (E(8.16b)/V(11.16b) * Re(8.70%) + D(3.01b)/V(11.16b) * Rd(-0.73%) * (1-Tc(0.21)))
Discount Rate = 8.70% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 100.0 | Cagr: 0.05%
[DCF Debug] Terminal Value 81.85% ; FCFF base≈314.0m ; Y1≈242.9m ; Y5≈154.0m
Fair Price DCF = 10.08 (EV 4.34b - Net Debt 3.01b = Equity 1.33b / Shares 132.4m; r=6.20% [WACC]; 5y FCF grow -26.91% → 2.90% )
EPS Correlation: -13.64 | EPS CAGR: 23.18% | SUE: 1.15 | # QB: 1
Revenue Correlation: 97.89 | Revenue CAGR: 11.45% | SUE: 0.90 | # QB: 1
EPS next Quarter (2026-03-31): EPS=0.38 | Chg30d=-0.020 | Revisions Net=-1 | Analysts=3
EPS current Year (2026-12-31): EPS=1.73 | Chg30d=-0.004 | Revisions Net=+0 | Growth EPS=-7.3% | Growth Revenue=+6.3%
EPS next Year (2027-12-31): EPS=1.94 | Chg30d=+0.059 | Revisions Net=+1 | Growth EPS=+12.1% | Growth Revenue=+7.1%