30 years of historical data (1995–2024) · Real Estate · REIT - Industrial
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
First Industrial Realty Trust, Inc. trades at 29.1x earnings, 16% above its 5-year average of 25.1x, sitting at the 81st percentile of its historical range. Compared to the Real Estate sector median P/E of 23.4x, the stock trades at a premium of 25%. On a free-cash-flow basis, the stock trades at 62.0x P/FCF, 50% below the 5-year average of 123.5x.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $8.4B | $6.6B | $7.0B | $6.4B | $8.6B | $5.4B | $5.3B | $3.6B | $3.7B | $3.2B | $2.5B |
| Enterprise Value | $10.5B | $8.8B | $9.2B | $8.3B | $10.2B | $6.9B | $6.7B | $4.8B | $5.0B | $4.6B | $3.9B |
| P/E Ratio → | 29.10 | 23.10 | 25.44 | 17.74 | 31.67 | 27.54 | 22.08 | 22.03 | 18.62 | 26.71 | 33.53 |
| P/S Ratio | 12.44 | 9.88 | 11.28 | 9.74 | 18.04 | 12.03 | 12.36 | 8.88 | 9.43 | 8.56 | 6.70 |
| P/B Ratio | 3.04 | 2.42 | 2.65 | 2.52 | 3.82 | 2.77 | 2.92 | 2.13 | 2.53 | 2.52 | 2.20 |
| P/FCF | 62.00 | 49.22 | — | — | 253.77 | 67.39 | — | — | 82.29 | — | — |
| P/OCF | 23.86 | 18.94 | 23.06 | 15.52 | 32.17 | 22.35 | 21.41 | 17.03 | 19.53 | 18.67 | 15.12 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
First Industrial Realty Trust, Inc.'s enterprise value stands at 22.2x EBITDA, 7% above its 5-year average of 20.7x. The Real Estate sector median is 13.6x, placing the stock at a 63% premium on an enterprise-value basis.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 13.12 | 14.84 | 12.72 | 21.36 | 15.32 | 15.86 | 11.99 | 12.65 | 12.10 | 10.61 |
| EV / EBITDA | 22.24 | 18.61 | 21.49 | 18.83 | 24.14 | 20.40 | 18.84 | 12.71 | 13.26 | 12.62 | 11.23 |
| EV / EBIT | 35.41 | 32.08 | 36.87 | 25.33 | 56.72 | 41.29 | 42.40 | 33.93 | 36.21 | 37.73 | 35.09 |
| EV / FCF | — | 65.41 | — | — | 300.34 | 85.77 | — | — | 110.38 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
First Industrial Realty Trust, Inc. earns an operating margin of 44.3%, significantly above the Real Estate sector average of 22.0%. ROE of 10.7% is modest. ROIC of 4.6% represents below-average returns on invested capital.
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 72.6% | 72.6% | 72.6% | 77.9% | 72.4% | 73.4% | 72.6% | 71.1% | 71.4% | 70.2% | 68.3% |
| Operating Margin | 44.3% | 44.3% | 42.4% | 44.3% | 59.3% | 44.3% | 54.3% | 64.2% | 64.3% | 63.1% | 61.3% |
| Net Profit Margin | 42.7% | 42.7% | 44.5% | 54.8% | 56.9% | 45.0% | 56.1% | 40.4% | 50.8% | 32.1% | 20.2% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 10.7% | 10.7% | 10.6% | 15.0% | 12.9% | 10.8% | 13.7% | 10.3% | 14.6% | 10.1% | 6.7% |
| ROA | 5.5% | 5.5% | 5.4% | 7.9% | 6.8% | 5.5% | 7.2% | 5.4% | 7.0% | 4.4% | 2.8% |
| ROIC | 4.6% | 4.6% | 4.2% | 5.2% | 5.8% | 4.4% | 5.6% | 6.8% | 7.1% | 6.9% | 6.8% |
| ROCE | 5.9% | 5.9% | 5.4% | 6.6% | 7.4% | 5.6% | 7.2% | 8.8% | 9.2% | 9.0% | 8.8% |
Solvency and debt-coverage ratios — lower is generally safer
First Industrial Realty Trust, Inc. carries a Debt/EBITDA ratio of 4.7x, which is highly leveraged (30% below the sector average of 6.7x). Net debt stands at $2.2B ($2.2B total debt minus $45M cash). Interest coverage of 3.6x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.81 | 0.81 | 0.85 | 0.83 | 0.73 | 0.84 | 0.84 | 0.77 | 0.88 | 1.05 | 1.29 |
| Debt / EBITDA | 4.70 | 4.70 | 5.26 | 4.72 | 3.88 | 4.85 | 4.21 | 3.41 | 3.43 | 3.72 | 4.15 |
| Net Debt / Equity | — | 0.79 | 0.84 | 0.77 | 0.70 | 0.75 | 0.83 | 0.75 | 0.86 | 1.04 | 1.28 |
| Net Debt / EBITDA | 4.60 | 4.60 | 5.16 | 4.42 | 3.74 | 4.37 | 4.15 | 3.30 | 3.37 | 3.69 | 4.14 |
| Debt / FCF | — | 16.18 | — | — | 46.57 | 18.38 | — | — | 28.09 | — | — |
| Interest Coverage | 3.59 | 3.59 | 3.53 | 5.56 | 5.94 | 3.63 | 4.60 | 5.10 | 4.46 | 4.01 | 3.33 |
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.40x means First Industrial Realty Trust, Inc. can comfortably meet its short-term obligations, though there is limited excess liquidity.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.40 | 1.40 | 1.28 | 1.42 | 1.65 | 3.13 | 1.68 | 1.18 | 1.76 | 1.60 | 1.60 |
| Quick Ratio | 1.40 | 1.40 | 1.28 | 1.42 | 1.65 | 3.13 | 1.68 | 1.18 | 1.76 | 1.60 | 1.60 |
| Cash Ratio | 0.25 | 0.25 | 0.25 | 0.61 | 0.31 | 1.15 | 0.15 | 0.40 | 0.19 | 0.09 | 0.04 |
| Asset Turnover | — | 0.13 | 0.12 | 0.13 | 0.11 | 0.12 | 0.12 | 0.13 | 0.13 | 0.14 | 0.13 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
First Industrial Realty Trust, Inc. returns 2.3% to shareholders annually primarily through dividends. A payout ratio of 67.3% is moderate and appears sustainable, balancing shareholder returns with reinvestment capacity. The earnings yield of 3.4% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.3% | 2.9% | 2.4% | 2.4% | 1.6% | 2.4% | 2.2% | 3.1% | 2.7% | 2.6% | 2.3% |
| Payout Ratio | 67.3% | 67.3% | 61.6% | 43.3% | 51.6% | 63.2% | 49.1% | 67.2% | 49.9% | 68.2% | 75.6% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.4% | 4.3% | 3.9% | 5.6% | 3.2% | 3.6% | 4.5% | 4.5% | 5.4% | 3.7% | 3.0% |
| FCF Yield | 1.6% | 2.0% | — | — | 0.4% | 1.5% | — | — | 1.2% | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.2% | 0.1% | 0.2% | 0.1% |
| Total Shareholder Yield | 2.3% | 2.9% | 2.4% | 2.4% | 1.6% | 2.4% | 2.3% | 3.2% | 2.8% | 2.7% | 2.4% |
| Shares Outstanding | — | $132M | $132M | $132M | $130M | $128M | $127M | $124M | $119M | $115M | $111M |
Compare FR with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| FRYou | $8B | 29.1 | 22.2 | 62.0 | 72.6% | 44.3% | 10.7% | 4.6% | 4.7 |
| PLD | $132B | 35.6 | 23.2 | 27.0 | 74.9% | 53.8% | 6.4% | 3.8% | 4.5 |
| EGP | $10B | 42.1 | 19.9 | 29.3 | 72.7% | 69.4% | 7.7% | 7.3% | 2.6 |
| REXR | $9B | 31.2 | 13.5 | 82.7 | 77.5% | 68.8% | 3.2% | 4.3% | 3.8 |
| STAG | $7B | 26.9 | 23.8 | 15.8 | — | 0.7% | 7.6% | 0.1% | — |
| TRNO | $7B | 16.9 | 25.5 | 32.8 | 50.3% | 40.3% | 10.3% | 2.9% | 3.8 |
| GRP-UN | $4B | 15.6 | 19.2 | 15.9 | 82.9% | 76.5% | 6.5% | 3.8% | 7.1 |
| LXP | $3B | 27.2 | — | 17.9 | 81.6% | 0.8% | 5.1% | 0.1% | — |
| PLYM | $979M | 7.1 | 13.3 | 10.2 | 68.9% | 18.2% | 25.9% | 2.1% | 5.4 |
| ILPT | $391M | -5.9 | 0.4 | 6.4 | 86.3% | 78.0% | -6.9% | 8.9% | — |
| LPA | $80M | -2.7 | 15.0 | 30.1 | 84.1% | 48.5% | -11.0% | 3.1% | 12.5 |
| Real Estate Median | — | 23.4 | 13.6 | 13.7 | 60.4% | 22.0% | 3.3% | 2.6% | 6.7 |
Peers based on L4 peer group classification. Compare multiple stocks →
Includes 30+ ratios · 30 years · Updated daily
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Start ComparisonFirst Industrial Realty Trust, Inc.'s current P/E ratio is 29.1x. The historical average is 24.5x. This places it at the 81th percentile of its historical range.
First Industrial Realty Trust, Inc.'s current EV/EBITDA is 22.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 17.7x.
First Industrial Realty Trust, Inc.'s return on equity (ROE) is 10.7%. The historical average is 7.4%.
Based on historical data, First Industrial Realty Trust, Inc. is trading at a P/E of 29.1x. This is at the 81th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
First Industrial Realty Trust, Inc.'s current dividend yield is 2.31% with a payout ratio of 67.3%.
First Industrial Realty Trust, Inc. has 72.6% gross margin and 44.3% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
First Industrial Realty Trust, Inc.'s Debt/EBITDA ratio is 4.7x, indicating high leverage. A ratio above 4x may signal elevated financial risk.