First Industrial Realty Trust (FR) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

First Industrial Realty Trust

NYSE•Real Estate•REIT - Industrial

$61.85+0.14(<0.01%)Market closed

Market Cap

$8.27B

P/E

22.7x

P/S

10.9x

P/B

3.0x

First Industrial Realty Trust, Inc. is a leading U.S.-only owner, operator, developer and acquirer of logistics properties. Through our fully integrated operating and investing platform, we provide high quality facilities and industry-leading customer service to multinational corporations and regional firms that are essential for their supply chains. In total, we own and have under development approximately 72.1 million square feet of industrial space concentrated in 15 target MSAs as of June 30, 2026. First Industrial Realty Trust, Inc. was established on August 10, 1993 and is based in Chicago, United States.

How this company scores

GoodMetricSide Score: 78/100

Strongest: Profitability (23/25); weakest: Balance Sheet & Red Flags (16/25).

Profitability23/25

Growth20/25

Balance Sheet & Red Flags16/25

Cash & Earnings Quality19/25

Strengths

Strong marginsRising earningsLow leverageConsistent free cash flow

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 22.7x5y range 18.9x – 31.1x

Currently near its 20-quarter median.

P/S · 10.9x5y range 9.1x – 15.6x

Currently near its 20-quarter median.

P/B · 3.0x5y range 2.4x – 3.6x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Earnings Quality

Red Flag

FCF consistently trails net income (avg 0.6x) — earnings may be inflated by non-cash items or aggressive accounting.

Price & Volume

Market Cap $8.27B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $759.61M
Q. Revenue: $194.94M
TTM EBITDA: $510.53M
TTM Op. Income: $315.88M
Q. Op. Income: $87.88M
TTM Net Income: $364.35M
Q. Net Income: $77.10M
EPS: $0.58
Shares Out.: $132.60M

$759.61M in TTM revenue grew 8.4% YoY, reaching $194.94M last quarter. TTM EBITDA of $510.53M and TTM operating income of $315.88M show growth is flowing through to the bottom line. TTM net income of $364.35M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: 70.8%
Op. Margin: 45.1%
Net Margin: 39.5%

Op. margin of 45.1% is up 1.3% YoY — cost efficiency is improving. Net margin at 39.5% Over the past year, operating margin is up 3% — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 22.7x
P/S Ratio: 10.9x
P/B Ratio: 3.0x

At 22.7x P/E, the stock trades within typical market levels. P/S of 10.9x and P/B of 3.0x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Over the past year, P/E is down 3% — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $5.78B
Cash: $46.05M
Long-Term Debt: $993.39M
Book Value: $2.78B
D/E Ratio: 0.4
Debt/EBITDA: 7.2

With $5.78B in assets and $993.39M in long-term debt, D/E is 0.4and book value is $2.78B — a conservative capital structure with a cushion to weather downturns. Over the past year, debt/equity is up 3% — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $113.96M
TTM Free Cash Flow: $170.33M
FCF Margin: 22.4%
FCF / Net Income: 0.5

TTM FCF of $170.33M on $113.96M in operating cash flow. The FCF / Net Income ratio of 0.5x means cash covers only part of net income — earnings quality needs attention. Over the past year, free cash flow is up 9% — an improving trend.