FR Real Estate

First Industrial Realty Trust, Inc.

$54.90+0.18%

Price as of close on Nov 3, 2026 · Financials updated Oct 8, 2026

Basics

Sector: Real Estate
Industry: REIT - Industrial
Country: United States
Market cap: 7.5B USD
Enterprise value: 9.9B USD
Full-time employees: 151

Overall health

Drawback: its share price swings more than most peers’ (beta 1.04 vs a peer median of 0.75)bigger price swings (beta 1.04 vs peers 0.75)
About average: valuation and risk (debt, liquidity and share-price swings)valuation and risk

Ranks #187 of 632 real estate companies (top 30%)

See how it ranks against its peers

Worth knowing

Operating margin at a 6-year high. 42% in 2025, the best of the last 6 years.
First Industrial Realty Trust kept 42% of revenue as operating profit in 2025, its highest in the 6 years of filings we have.
Annual revenue rose 5 years in a row. Fiscal-year revenue rose from $448M in 2020 to $727M in 2025.
First Industrial Realty Trust's fiscal-year revenue rose in each of the five years to 2025, from $448M to $727M.
Profit is backed by cash. Free cash flow is 119% of reported profit.
First Industrial Realty Trust's free cash flow is 119% of its reported profit, so its earnings are turning into cash it can reinvest, pay out or use to reduce debt.

StockQuotient Score

61/ 100

Oct 5 59 → Nov 4 61 (+2)

Valuation

Is the price right?

44/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Close to the peer norm on every measure.

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield5.0%

SEC filings · 12 months to Jun 2026Reported value30% base weight · Z-score -0.07Sector median: 0.0535 · MAD: 0.0484

EBITDA yield5.3%

Yahoo Finance fallback · SEC enterprise value unavailable (debt or EBITDA not reported in standard form) · trailing 12 monthsReported value50% base weight · Z-score -0.05Sector median: 0.0536 · MAD: 0.0204

Free cash flow yield6.0%

Yahoo Finance fallback · SEC cash flow or share count unavailable · trailing 12 months · operating cash flow − capital spendingReported value20% base weight · Z-score -0.12Sector median: 0.0650 · MAD: 0.0444

Other data (not scored)

Book yield38.1%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 1.1277 · MAD: 0.5490

Growth

Is it growing?

68/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ EPS growth
▲ 3-yr revenue
▲ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth34.2%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.74Sector median: 0.1117 · MAD: 0.3101

3-year revenue growth9.0%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 0.71Sector median: 0.0378 · MAD: 0.0744

Revenue growth8.4%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.59Sector median: 0.0297 · MAD: 0.0927

Profitability

Does it earn well?

92/100

Strong

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ ROA
▲ ROIC
▲ Operating margin

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin41.6%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.65Sector median: 0.2683 · MAD: 0.2257

Return on assets6.3%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 3.12Sector median: 0.0211 · MAD: 0.0134

Return on invested capital9.1%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 2.91Sector median: 0.0341 · MAD: 0.0197

Other data (not scored)

Gross margin73.7%

Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsReported valueInformational · 0% composite weightSector median: 0.5380 · MAD: 0.2259

Return on equity13.1%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0521 · MAD: 0.0465

Risk

Debt, liquidity, price swings

Moderate

Moderate relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Held back by:

▼ Beta

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta1.04

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -0.89Sector median: 0.7490 · MAD: 0.3270

Current ratio1.50×

Yahoo Finance fallback · SEC figure unavailable or out of dateReported value33% base weight · Z-score 0.42Sector median: 1.1950 · MAD: 0.7210

Debt / equity0.90×

Yahoo Finance fallback · no standard SEC debt tagReported value33% base weight · Z-score -0.25Sector median: 0.8040 · MAD: 0.3893

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about First Industrial Realty Trust

Is First Industrial Realty Trust getting weaker?: Its latest SEC filing (Jul 23, 2026) showed no major changes. Its overall score is unchanged at 61/100 since Oct 28, 2026.
How is First Industrial Realty Trust valued vs its peers?: Priced about in line with its peers. Valuation scores 44/100 against 762 real estate peers.
Is First Industrial Realty Trust growing?: Yes, faster than most of its peers. Growth scores 68/100 against 762 real estate peers. Earnings per share growth 34.2% vs a peer median of 11.2% (stronger than 70% of peers).Earnings per share growth 34.2% vs peers 11.2% (stronger than 70% of peers).
How profitable is First Industrial Realty Trust?: More profitable than most of its peers. Profitability scores 92/100 against 762 real estate peers. Return on assets 6.3% vs a peer median of 2.1% (stronger than 94% of peers).Return on assets 6.3% vs peers 2.1% (stronger than 94% of peers).
How risky is First Industrial Realty Trust?: Moderate risk relative to 762 real estate peers, judged on debt, liquidity and share-price swings. Beta 1.04 vs a peer median of 0.75 (weaker than 74% of peers).Beta 1.04 vs peers 0.75 (weaker than 74% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Jul 23, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

	Previous quarter	Latest quarter	Change
Revenue (12 months)	744.8M USD	759.6M USD	+2.0%
Net income (12 months)	342.4M USD	364.4M USD	+6.4%
Operating margin	41.2%	41.6%	+0.4 pts
Cash	37.1M USD	46.1M USD	+24.0%
Shares outstanding	132.6M	132.6M	+0.0%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Sector: Real Estate · 124 companies

Valuations in Real Estate are within their usual range since 2016.

30% of months since 2016 were valued lower than now.
15% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +4% and earnings +25% (medians): earnings grew faster than prices.
Median price-to-sales is +112% vs the whole market, against a usual +154%.

2016Shaded: most expensive fifth of its range2026

Shown for Real Estate: too few REIT - Industrial companies have a long enough history of their own.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Operating margin	37.7%	39.6%	39.8%	40.7%	42.3%	▲ 1.6 pts
Net margin	56.9%	66.5%	44.8%	42.9%	34.0%	▼ 8.9 pts
Return on assets (ROA)	6.5%	7.2%	5.3%	5.5%	4.4%	▼ 1.1 pts
Return on equity (ROE)	12.3%	14.6%	10.7%	10.8%	9.3%	▼ 1.5 pts

FR price history

Price history is added with the daily price update and will appear after the next one.

Similar companies

Sector leaderboards

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Sakura Development Co.,Ltd2539.TW94/ 100

Millrose Properties, Inc.MRP94/ 100

Bringing the fundamentals into focus…

Overall health

Drawback: its share price swings more than most peers’ (beta 1.04 vs a peer median of 0.75)bigger price swings (beta 1.04 vs peers 0.75)

About average: valuation and risk (debt, liquidity and share-price swings)valuation and risk

Ranks #187 of 632 real estate companies (top 30%)

See how it ranks against its peers

Worth knowing

Operating margin at a 6-year high. 42% in 2025, the best of the last 6 years.

First Industrial Realty Trust kept 42% of revenue as operating profit in 2025, its highest in the 6 years of filings we have.

Annual revenue rose 5 years in a row. Fiscal-year revenue rose from $448M in 2020 to $727M in 2025.

First Industrial Realty Trust's fiscal-year revenue rose in each of the five years to 2025, from $448M to $727M.

Profit is backed by cash. Free cash flow is 119% of reported profit.

First Industrial Realty Trust's free cash flow is 119% of its reported profit, so its earnings are turning into cash it can reinvest, pay out or use to reduce debt.

Questions investors ask about First Industrial Realty Trust

Is First Industrial Realty Trust getting weaker?

Its latest SEC filing (Jul 23, 2026) showed no major changes. Its overall score is unchanged at 61/100 since Oct 28, 2026.

How is First Industrial Realty Trust valued vs its peers?

Priced about in line with its peers. Valuation scores 44/100 against 762 real estate peers.

Is First Industrial Realty Trust growing?

Yes, faster than most of its peers. Growth scores 68/100 against 762 real estate peers. Earnings per share growth 34.2% vs a peer median of 11.2% (stronger than 70% of peers).Earnings per share growth 34.2% vs peers 11.2% (stronger than 70% of peers).

How profitable is First Industrial Realty Trust?

More profitable than most of its peers. Profitability scores 92/100 against 762 real estate peers. Return on assets 6.3% vs a peer median of 2.1% (stronger than 94% of peers).Return on assets 6.3% vs peers 2.1% (stronger than 94% of peers).

How risky is First Industrial Realty Trust?

Moderate risk relative to 762 real estate peers, judged on debt, liquidity and share-price swings. Beta 1.04 vs a peer median of 0.75 (weaker than 74% of peers).Beta 1.04 vs peers 0.75 (weaker than 74% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

744.8M USD

759.6M USD

+2.0%

Net income (12 months)

342.4M USD

364.4M USD

+6.4%

Operating margin

41.2%

41.6%

+0.4 pts

Cash

37.1M USD

46.1M USD

+24.0%

Shares outstanding

132.6M

132.6M

+0.0%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Operating margin

37.7%

39.6%

39.8%

40.7%

42.3%

▲ 1.6 pts

Net margin

56.9%

66.5%

44.8%

42.9%

34.0%

▼ 8.9 pts

Return on assets (ROA)

6.5%

7.2%

5.3%

5.5%

4.4%

▼ 1.1 pts

Return on equity (ROE)

12.3%

14.6%

10.7%

10.8%

9.3%

▼ 1.5 pts