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FR stock logo

FR

First Industrial Realty Trust, Inc.

$57.18
-0.99
 (-1.7%)
Exchange:   NYSE
Market Cap:   7.578B
Shares Outstanding:   18.627M
Overview
Earnings
Financials
Valuation
Chart

About The Company

Sector:  Real Estate
Industry:  REIT – Industrial
   
CEO:  Peter E. Baccile
Full Time Employees:  151
Address: 
One North Wacker Drive
Chicago
IL
60606
US
Website:  https://www.firstindustrial.com
First Industrial Realty Trust, Inc. (NYSE: FR) is a leading fully integrated owner, operator, and developer of industrial real estate with a track record of providing industry-leading customer service to multinational corporations and regional customers. Across major markets in the United States, our local market experts manage, lease, buy, (re)develop, and sell bulk and regional distribution centers, light industrial, and other industrial facility types. In total, we own and have under development approximately 64.1 million square feet of industrial space as of September 30, 2020.

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Revenue Segmentation

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EPS

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Earnings Call

Latest materials on file: 4 2025 (2026/02/05)

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Income Statement
Balance Sheet
Cash Flow Statement
Analyst Estimates

Income Statement

Year202320242025
Revenue614,027669,641727,076
Gross Profit448,372486,820164,335
EBITDA501,172557,034568,829
Operating Income244,633272,417307,706
Net Income274,816287,343247,443

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(* All numbers are in thousands)

Balance Sheet

Year202320242025
Total Assets5,175,7655,261,4265,688,081
Total Liabilities2,540,6602,515,3982,929,151
Total Stockholders Equity2,562,9752,665,6072,758,930
Total Debt2,246,2962,226,9112,572,846
Cash and Cash Equivalents43,84444,51278,032

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(* All numbers are in thousands)

Cash Flow Statement

Year202320242025
Operating Cash Flow304,815352,4880
Capital Expenditure000
Free Cash Flow304,813352,4880
Net Income285,837295,988247,443
Net Change in Cash-101,2747,838-51,682

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(* All numbers are in thousands)

Analyst Estimates

Fiscal Year2030Full AccessFull AccessFull AccessFull Access
Estimated Revenue (Low)1,071,968.992Full AccessFull AccessFull AccessFull Access
Estimated Revenue (High)1,114,171.759Full AccessFull AccessFull AccessFull Access
Estimated Revenue (Avg)1,093,500Full AccessFull AccessFull AccessFull Access
Estimated Ebitda (Low)925,652.018Full AccessFull AccessFull AccessFull Access
Estimated Ebitda (High)962,094.374Full AccessFull AccessFull AccessFull Access
Estimated Ebitda (Avg)944,244.179Full AccessFull AccessFull AccessFull Access
Estimated Net Income (Low)302,122.370Full AccessFull AccessFull AccessFull Access
Estimated Net Income (High)317,679.665Full AccessFull AccessFull AccessFull Access
Estimated Net Income (Avg)310,059.360Full AccessFull AccessFull AccessFull Access
Estimated SGA Expense (Low)67,504.019Full AccessFull AccessFull AccessFull Access
Estimated SGA Expense (High)70,161.611Full AccessFull AccessFull AccessFull Access
Estimated SGA Expense (Avg)68,859.869Full AccessFull AccessFull AccessFull Access
Estimated EPS (Avg)2.340Full AccessFull AccessFull AccessFull Access
Estimated EPS (High)2.400Full AccessFull AccessFull AccessFull Access
Estimated EPS (Low)2.280Full AccessFull AccessFull AccessFull Access
Number of Analysts (Estimated Revenue)2Full AccessFull AccessFull AccessFull Access
Number of Analysts (Estimated EPS)1Full AccessFull AccessFull AccessFull Access

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(* All numbers are in thousands)

Current Key Metrics

?Revenue
 (TTM)
: 
669.641M  ?P/S
 (TTM)
: 
10.42
?Net Income
 (TTM)
: 
287.343M  ?P/E
 (TTM)
: 
30.62
?Enterprise Value
 (TTM)
: 
10.073B  ?EV/FCF
 (TTM)
: 
20.87
?Dividend Yield
 (TTM)
: 
0.03  ?Payout Ratio
 (TTM)
: 
1.14
?ROE
 (TTM)
: 
0.09  ?ROIC
 (TTM)
: 
0.05
?Net Debt
 (TTM)
: 
2.184B  ?Debt/Equity
 (TTM)
: 
0.96
?P/B
 (TTM)
: 
2.84  ?Current Ratio
 (TTM)
: 
1.12

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Forward P/E Ratios

?

Forward P/E (Avg EPS estimate) — log in with Full Access for high/low estimates and the interactive table.

Forward P/E 1YFull AccessFull AccessFull AccessFull Access
34.65Full AccessFull AccessFull AccessFull Access

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SWOT Analysis

Strengths (preview)
  • Strong Financial Performance: FR reported solid results in the Q2 2025 earnings call, with key financial metrics indicating robust revenue and net income growth. This performance aligns with positive operating cash flow trends from the cash flow statements, reflecting efficient operational management.
  • High Leasing Activity: The earnings call highlighted significant leasing momentum, with a high volume of new and renewal leases. This demonstrates strong demand for FR’s industrial properties and supports sustained revenue streams.
  • Strategic Portfolio Positioning: As per the company profile and earnings call summary, FR benefits from a well-diversified portfolio within the industrial real estate sector, focusing on high-demand logistics and distribution centers, which positions it favorably against industry trends.
  • Healthy Profit Margins: Key metrics such as gross profit margin TTM and net profit margin TTM indicate strong profitability compared to operational costs, providing a solid foundation for reinvestment and shareholder returns.

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At what price to buy it? -
Intrinsic Value Calculator

Based on current fundamentals and analyst forecasts, MARKETSnap estimates FR intrinsic value between $39.17 – $40.71 per share. This depends on revenue growth, margins, and discount rate.

This is an automatic estimate. The most reliable way to know fair value for your own assumptions is to run the calculator below.


Calculate FR Intrinsic Value

Common questions about FR valuation

Is First Industrial Realty Trust, Inc. (FR) overvalued or undervalued right now?

MARKETSnap estimates intrinsic value for First Industrial Realty Trust, Inc. (FR) using its proprietary valuation methodology, which incorporates discounted cash flow (DCF) analysis together with long-term earnings and fundamentals assumptions. By comparing intrinsic value to the current market price, long-term investors can see whether the stock screens as potentially overvalued, fairly valued, or undervalued today.

Is FR a buy, hold, or sell for long-term investors?

MARKETSnap does not give one-word “buy” or “sell” calls. Instead, it shows whether FR trades at a premium or discount to its estimated intrinsic value, how sensitive that value is to growth and margin assumptions, and how the stock fits into a diversified, long-term portfolio so investors can make their own buy, hold, or sell decision.

What is FR’s P/E ratio?

You can see FR’s trailing P/E (TTM) and forward P/E estimates in the Current Key Metrics and Forward P/E Ratios sections above. The P/E ratio compares the current share price to earnings per share and helps investors gauge valuation relative to earnings.

How is intrinsic value calculated for FR?

MARKETSnap uses its own valuation framework—not a generic spreadsheet DCF alone. Future cash flows and earnings are projected, discounted, and combined with MARKETSnap’s methodology so intrinsic value reflects fundamentals and long-term assumptions. You can run your own inputs and see the result using the Intrinsic Value Calculator above.

Is FR a good long-term investment?

Whether FR fits a long-term portfolio depends on your assumptions about growth, margins, and risk. MARKETSnap provides the metrics, intrinsic value calculator, and SWOT context so you can form your own view rather than rely on a single buy/sell rating.

FR

1-day price chart preview. Log in for 1W through 5Y ranges and period tabs.

-1.7
MARKETSnap

Trading Metrics:

Open: 57.86   Previous Close: 58.17
Day Low: 57   Day High: 58.28
Year Low: 40.31   Year High: 64.01
Price Avg 50: 59.82   Price Avg 200: 54.49
Volume: 589723   Average Volume: 1.083M

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See in Nexus

Relevant news

First Industrial Realty Trust Comments on Land & Buildings' Withdrawal of Jonathan Litt as a Director Nominee
20-03-2026 14:56
First Industrial Realty Trust Comments on Land & Buildings' Withdrawal of Jonathan Litt as a Director Nominee
First Industrial Realty Trust Appoints Frank E. Schmitz to Board of Directors
16-03-2026 17:14
First Industrial Realty Trust Appoints Frank E. Schmitz to Board of Directors
Land & Buildings Issues Letter Detailing First Industrial's Governance Discount
Land & Buildings Issues Letter Detailing Why Change Is Needed at First Industrial Realty Trust
First Industrial: Leasing Trends Support Further Upside
First Industrial Realty Trust, Inc. (FR) Q4 2025 Earnings Call Transcript

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