FIRST INDUSTRIAL REALTY TR (FR) Stock Fundamental Analysis
NYSE:FR - New York Stock Exchange, Inc. - US32054K1034 - REIT - Currency: USD
Overall FR gets a fundamental rating of 6 out of 10. We evaluated FR against 130 industry peers in the Diversified REITs industry. FR has an excellent profitability rating, but there are some minor concerns on its financial health. FR has a correct valuation and a medium growth rate.
1. Profitability
1.1 Basic Checks
In the past year FR was profitable.
In the past year FR had a positive cash flow from operations.
In the past 5 years FR has always been profitable.
In the past 5 years FR always reported a positive cash flow from operatings.
1.2 Ratios
The Return On Assets of FR (5.46%) is better than 95.38% of its industry peers.
FR has a better Return On Equity (10.78%) than 90.00% of its industry peers.
FR has a better Return On Invested Capital (4.28%) than 81.54% of its industry peers.
Measured over the past 3 years, the Average Return On Invested Capital for FR is in line with the industry average of 3.19%.
The last Return On Invested Capital (4.28%) for FR is above the 3 year average (3.94%), which is a sign of increasing profitability.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 5.46% | ||
| ROE | 10.78% | ||
| ROIC | 4.28% |
ROA(3y)6%
ROA(5y)5.93%
ROE(3y)12.03%
ROE(5y)11.74%
ROIC(3y)3.94%
ROIC(5y)3.81%
1.3 Margins
The Profit Margin of FR (42.91%) is better than 92.31% of its industry peers.
In the last couple of years the Profit Margin of FR has declined.
The Operating Margin of FR (40.91%) is better than 87.69% of its industry peers.
FR's Operating Margin has improved in the last couple of years.
FR's Gross Margin of 72.70% is fine compared to the rest of the industry. FR outperforms 67.69% of its industry peers.
In the last couple of years the Gross Margin of FR has remained more or less at the same level.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 40.91% | ||
| PM (TTM) | 42.91% | ||
| GM | 72.7% |
OM growth 3Y2.79%
OM growth 5Y1.77%
PM growth 3Y-8.94%
PM growth 5Y-5.16%
GM growth 3Y0.12%
GM growth 5Y0.02%
2. Health
2.1 Basic Checks
FR has a Return on Invested Capital (ROIC), which is below the Cost of Capital (WACC), which means it is destroying value.
FR has about the same amout of shares outstanding than it did 1 year ago.
Compared to 5 years ago, FR has more shares outstanding
FR has a better debt/assets ratio than last year.
2.2 Solvency
FR has an Altman-Z score of 1.82. This is not the best score and indicates that FR is in the grey zone with still only limited risk for bankruptcy at the moment.
FR's Altman-Z score of 1.82 is amongst the best of the industry. FR outperforms 93.08% of its industry peers.
FR has a debt to FCF ratio of 35.03. This is a negative value and a sign of low solvency as FR would need 35.03 years to pay back of all of its debts.
FR has a better Debt to FCF ratio (35.03) than 60.77% of its industry peers.
FR has a Debt/Equity ratio of 0.83. This is a neutral value indicating FR is somewhat dependend on debt financing.
The Debt to Equity ratio of FR (0.83) is better than 69.23% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.83 | ||
| Debt/FCF | 35.03 | ||
| Altman-Z | 1.82 |
ROIC/WACC0.58
WACC7.41%
2.3 Liquidity
FR has a Current Ratio of 1.09. This is a normal value and indicates that FR is financially healthy and should not expect problems in meeting its short term obligations.
With a Current ratio value of 1.09, FR perfoms like the industry average, outperforming 57.69% of the companies in the same industry.
FR has a Quick Ratio of 1.07. This is a normal value and indicates that FR is financially healthy and should not expect problems in meeting its short term obligations.
FR has a Quick ratio (1.07) which is in line with its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 1.09 | ||
| Quick Ratio | 1.07 |
3. Growth
3.1 Past
The earnings per share for FR have decreased by -6.91% in the last year.
FR shows a small growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 3.01% yearly.
The Revenue has grown by 9.06% in the past year. This is quite good.
The Revenue has been growing by 9.47% on average over the past years. This is quite good.
EPS 1Y (TTM)-6.91%
EPS 3Y1.58%
EPS 5Y3.01%
EPS Q2Q%-30.77%
Revenue 1Y (TTM)9.06%
Revenue growth 3Y12.03%
Revenue growth 5Y9.47%
Sales Q2Q%9.12%
3.2 Future
The Earnings Per Share is expected to grow by 0.31% on average over the next years.
FR is expected to show quite a strong growth in Revenue. In the coming years, the Revenue will grow by 9.67% yearly.
EPS Next Y-23.66%
EPS Next 2Y-7.52%
EPS Next 3Y-2.64%
EPS Next 5Y0.31%
Revenue Next Year7.69%
Revenue Next 2Y7.82%
Revenue Next 3Y8.58%
Revenue Next 5Y9.67%
3.3 Evolution
When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is stable.
4. Valuation
4.1 Price/Earnings Ratio
FR is valuated rather expensively with a Price/Earnings ratio of 22.53.
Based on the Price/Earnings ratio, FR is valued a bit cheaper than the industry average as 73.08% of the companies are valued more expensively.
When comparing the Price/Earnings ratio of FR to the average of the S&P500 Index (28.29), we can say FR is valued slightly cheaper.
The Price/Forward Earnings ratio is 24.41, which indicates a rather expensive current valuation of FR.
Based on the Price/Forward Earnings ratio, FR is valued cheaply inside the industry as 80.77% of the companies are valued more expensively.
The average S&P500 Price/Forward Earnings ratio is at 21.32. FR is around the same levels.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 22.53 | ||
| Fwd PE | 24.41 |
4.2 Price Multiples
Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of FR indicates a rather expensive valuation: FR more expensive than 81.54% of the companies listed in the same industry.
The rest of the industry has a similar Price/Free Cash Flow ratio as FR.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 95.54 | ||
| EV/EBITDA | 19.6 |
4.3 Compensation for Growth
The excellent profitability rating of FR may justify a higher PE ratio.
FR's earnings are expected to decrease with -2.64% in the coming years. This may justify a cheaper valuation.
PEG (NY)N/A
PEG (5Y)7.5
EPS Next 2Y-7.52%
EPS Next 3Y-2.64%
5. Dividend
5.1 Amount
FR has a Yearly Dividend Yield of 3.74%. Purely for dividend investing, there may be better candidates out there.
FR's Dividend Yield is slightly below the industry average, which is at 16.87.
FR's Dividend Yield is a higher than the S&P500 average which is at 2.51.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 3.74% |
5.2 History
The dividend of FR is nicely growing with an annual growth rate of 9.58%!
FR has paid a dividend for at least 10 years, which is a reliable track record.
FR has not decreased their dividend for at least 10 years, which is a reliable track record.
Dividend Growth(5Y)9.58%
Div Incr Years11
Div Non Decr Years11
5.3 Sustainability
FR pays out 67.33% of its income as dividend. This is not a sustainable payout ratio.
FR's earnings are growing slower than its dividend. This means the dividend growth is not sustainable.
DP67.33%
EPS Next 2Y-7.52%
EPS Next 3Y-2.64%
NYSE:FR (4/21/2025, 11:45:47 AM)
45.51
-2.04 (-4.29%)
Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)
Earnings (Next)
Inst Owners95.72%
Inst Owner Change0.1%
Ins Owners0.37%
Ins Owner Change-0.04%
Market Cap6.03B
Analysts77.04
Price Target60.59 (33.14%)
Short Float %1.22%
Short Ratio1.35
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 3.74% |
Yearly Dividend1.46
Dividend Growth(5Y)9.58%
DP67.33%
Div Incr Years11
Div Non Decr Years11
Ex-Date
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)66.85%
Min EPS beat(2)43.08%
Max EPS beat(2)90.62%
EPS beat(4)4
Avg EPS beat(4)51.11%
Min EPS beat(4)5.77%
Max EPS beat(4)90.62%
EPS beat(8)8
Avg EPS beat(8)60.56%
EPS beat(12)12
Avg EPS beat(12)88.76%
EPS beat(16)16
Avg EPS beat(16)92.77%
Revenue beat(2)0
Avg Revenue beat(2)-2.08%
Min Revenue beat(2)-3.97%
Max Revenue beat(2)-0.19%
Revenue beat(4)0
Avg Revenue beat(4)-2.45%
Min Revenue beat(4)-3.97%
Max Revenue beat(4)-0.19%
Revenue beat(8)1
Avg Revenue beat(8)-1.77%
Revenue beat(12)4
Avg Revenue beat(12)-1.05%
Revenue beat(16)4
Avg Revenue beat(16)-1.11%
PT rev (1m)2.08%
PT rev (3m)2.53%
EPS NQ rev (1m)1.09%
EPS NQ rev (3m)3.33%
EPS NY rev (1m)2.35%
EPS NY rev (3m)1.74%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)0.38%
Revenue NY rev (1m)-0.04%
Revenue NY rev (3m)0.39%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 22.53 | ||
| Fwd PE | 24.41 | ||
| P/S | 9 | ||
| P/FCF | 95.54 | ||
| P/OCF | 17.09 | ||
| P/B | 2.26 | ||
| P/tB | 2.28 | ||
| EV/EBITDA | 19.6 |
EPS(TTM)2.02
EY4.44%
EPS(NY)1.86
Fwd EY4.1%
FCF(TTM)0.48
FCFY1.05%
OCF(TTM)2.66
OCFY5.85%
SpS5.06
BVpS20.13
TBVpS19.99
PEG (NY)N/A
PEG (5Y)7.5
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 5.46% | ||
| ROE | 10.78% | ||
| ROCE | 5.41% | ||
| ROIC | 4.28% | ||
| ROICexc | 4.32% | ||
| ROICexgc | 4.33% | ||
| OM | 40.91% | ||
| PM (TTM) | 42.91% | ||
| GM | 72.7% | ||
| FCFM | 9.42% |
ROA(3y)6%
ROA(5y)5.93%
ROE(3y)12.03%
ROE(5y)11.74%
ROIC(3y)3.94%
ROIC(5y)3.81%
ROICexc(3y)4%
ROICexc(5y)3.89%
ROICexgc(3y)4.02%
ROICexgc(5y)3.91%
ROCE(3y)4.99%
ROCE(5y)4.82%
ROICexcg growth 3Y5.91%
ROICexcg growth 5Y2.55%
ROICexc growth 3Y5.96%
ROICexc growth 5Y2.65%
OM growth 3Y2.79%
OM growth 5Y1.77%
PM growth 3Y-8.94%
PM growth 5Y-5.16%
GM growth 3Y0.12%
GM growth 5Y0.02%
F-Score7
Asset Turnover0.13
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.83 | ||
| Debt/FCF | 35.03 | ||
| Debt/EBITDA | 5.12 | ||
| Cap/Depr | 183.55% | ||
| Cap/Sales | 43.22% | ||
| Interest Coverage | 3.31 | ||
| Cash Conversion | 81.66% | ||
| Profit Quality | 21.95% | ||
| Current Ratio | 1.09 | ||
| Quick Ratio | 1.07 | ||
| Altman-Z | 1.82 |
F-Score7
WACC7.41%
ROIC/WACC0.58
Cap/Depr(3y)369.66%
Cap/Depr(5y)388.68%
Cap/Sales(3y)92.27%
Cap/Sales(5y)102.06%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-6.91%
EPS 3Y1.58%
EPS 5Y3.01%
EPS Q2Q%-30.77%
EPS Next Y-23.66%
EPS Next 2Y-7.52%
EPS Next 3Y-2.64%
EPS Next 5Y0.31%
Revenue 1Y (TTM)9.06%
Revenue growth 3Y12.03%
Revenue growth 5Y9.47%
Sales Q2Q%9.12%
Revenue Next Year7.69%
Revenue Next 2Y7.82%
Revenue Next 3Y8.58%
Revenue Next 5Y9.67%
EBIT growth 1Y10.34%
EBIT growth 3Y15.15%
EBIT growth 5Y11.41%
EBIT Next Year90.09%
EBIT Next 3Y31.25%
EBIT Next 5Y24.19%
FCF growth 1Y133.51%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y15.64%
OCF growth 3Y9.71%
OCF growth 5Y7.5%