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

$54.80+0.39(0.01%)Pre-market

Market Cap

$7.27B

P/E

20.3x

P/S

9.4x

P/B

2.6x

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: 77/100

Strongest: Cash & Earnings Quality (21/25); weakest: Balance Sheet & Red Flags (16/25).

Profitability20/25

Growth20/25

Balance Sheet & Red Flags16/25

Cash & Earnings Quality21/25

Strengths

Rising free cash flowStrong marginsRising earningsLow leverage

Valuation vs. 5-year range

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

P/E · 20.3x5y range 17.7x – 31.1x

Currently near its 20-quarter median.

P/S · 9.4x5y range 9.1x – 14.5x

Currently near its 20-quarter median.

P/B · 2.6x5y range 2.4x – 3.1x

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 $7.27B

Metrics at a Glance

as of September 2026

Revenue & Profit

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

TTM Revenue: $775.29M
Q. Revenue: $197.12M
TTM EBITDA: $522.16M
TTM Op. Income: $322.26M
Q. Op. Income: $87.14M
TTM Net Income: $357.60M
Q. Net Income: $58.55M
EPS: $0.44
Shares Out.: $132.61M

$775.29M in TTM revenue grew 8.5% YoY, reaching $197.12M last quarter. TTM EBITDA of $522.16M and TTM operating income of $322.26M show growth is flowing through to the bottom line. TTM net income of $357.60M 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: 70.1%
Op. Margin: 44.2%
Net Margin: 29.7%

Op. margin of 44.2% is down 0.3% YoY — costs are rising relative to revenue. Net margin at 29.7% Over the past year, operating margin is down 1% — a weakening trend.

Price Ratios

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

P/E Ratio: 20.3x
P/S Ratio: 9.4x
P/B Ratio: 2.6x

At 20.3x P/E, the stock trades within typical market levels. P/S of 9.4x and P/B of 2.6x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Over the past year, P/E is down 29% — an improving trend.

Assets & Liabilities

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

Total Assets: $5.87B
Cash: $42.43M
Long-Term Debt: $994.00M
Book Value: $2.78B
D/E Ratio: 0.4
Debt/EBITDA: 7.2

With $5.87B in assets and $994.00M 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% — a weakening trend.

Cash Flow

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

Op. Cash Flow: $116.04M
TTM Free Cash Flow: $180.58M
FCF Margin: 23.3%
FCF / Net Income: 0.5

TTM FCF of $180.58M on $116.04M in operating cash flow. The FCF / Net Income ratio of 0.5x means cash covers only part of net income — earnings quality needs attention. Across the last 8 quarters, free cash flow has risen for 2 consecutive quarters — an improving trend.