First Industrial Realty Trust, Inc. (FR) Financial Ratios
30 years of historical data (1996–2025) · Real Estate · REIT - Industrial
EV/EBITDA
↓
21.66
-8% vs avg
5yr avg: 23.44
30Y Low3.3·High53.9
P/FCF
↓
71.23
↓-42% vs avg
5yr avg: 123.02
30Y Low1.8·High82.3
P/B Ratio
↓
2.96
+5% vs avg
5yr avg: 2.83
30Y Low0.2·High3.8
ROE
↓
9.0%
↑-23% vs avg
5yr avg: 11.7%
30Y Low-21%·High15%
Debt/EBITDA
↑
5.22
↓-2% vs avg
5yr avg: 5.30
30Y Low0.0·High27.2
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
FR Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
First Industrial Realty Trust, Inc. trades at 33.0x earnings, 28% above its 5-year average of 25.7x, sitting at the 88th percentile of its historical range. Compared to the Real Estate sector median P/E of 24.1x, the stock trades at a premium of 37%. On a free-cash-flow basis, the stock trades at 71.2x P/FCF, 42% below the 5-year average of 123.0x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $8.2B | $7.6B | $6.6B | $7.0B | $6.4B | $8.6B | $5.4B | $5.3B | $3.6B | $3.7B | $3.2B |
| Enterprise Value | $10.7B | $10.1B | $8.8B | $9.2B | $8.3B | $10.2B | $6.9B | $6.7B | $4.8B | $5.0B | $4.6B |
| P/E Ratio → | 33.01 | 30.63 | 23.10 | 25.44 | 17.74 | 31.67 | 27.54 | 22.08 | 22.03 | 18.62 | 26.71 |
| P/S Ratio | 11.26 | 10.44 | 9.91 | 11.35 | 11.81 | 18.04 | 12.03 | 12.36 | 8.88 | 9.43 | 8.56 |
| P/B Ratio | 2.96 | 2.75 | 2.42 | 2.65 | 2.52 | 3.82 | 2.77 | 2.92 | 2.13 | 2.53 | 2.52 |
| P/FCF | 71.23 | 66.05 | 49.22 | — | — | 253.77 | 67.39 | — | — | 82.29 | — |
| P/OCF | 17.74 | 16.45 | 18.94 | 23.06 | 15.52 | 32.17 | 22.35 | 21.41 | 17.03 | 19.53 | 18.67 |
P/E links to full P/E history page with 30-year chart
FR EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
First Industrial Realty Trust, Inc.'s enterprise value stands at 21.7x EBITDA, 8% below its 5-year average of 23.4x. The Real Estate sector median is 16.7x, placing the stock at a 30% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 13.87 | 13.17 | 14.94 | 15.43 | 21.35 | 15.32 | 15.86 | 11.99 | 12.65 | 12.10 |
| EV / EBITDA | 21.66 | 20.45 | 19.66 | 22.42 | 22.74 | 31.93 | 20.40 | 18.84 | 12.71 | 13.26 | 12.62 |
| EV / EBIT | 34.70 | 26.29 | 23.17 | 27.25 | 24.57 | 31.16 | 41.29 | 42.40 | 33.93 | 36.21 | 37.73 |
| EV / FCF | — | 87.77 | 65.41 | — | — | 300.34 | 85.77 | — | — | 110.38 | — |
FR Profitability
Margins and return-on-capital ratios measuring operating efficiency
First Industrial Realty Trust, Inc. earns an operating margin of 42.3%, significantly above the Real Estate sector average of 26.0%. Operating margins have expanded from 39.8% to 42.3% over the past 3 years, signaling improving operational efficiency. ROE of 9.0% is modest. ROIC of 4.5% represents below-average returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 22.6% | 22.6% | 72.7% | 73.0% | 73.4% | 72.4% | 73.4% | 72.6% | 71.1% | 71.4% | 70.2% |
| Operating Margin | 42.3% | 42.3% | 40.7% | 39.8% | 39.6% | 37.7% | 44.3% | 54.3% | 64.2% | 64.3% | 63.1% |
| Net Profit Margin | 34.0% | 34.0% | 42.9% | 44.8% | 66.5% | 56.9% | 45.0% | 56.1% | 40.4% | 50.8% | 32.1% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 9.0% | 9.0% | 10.7% | 10.6% | 15.0% | 12.9% | 10.8% | 13.7% | 10.3% | 14.6% | 10.1% |
| ROA | 4.5% | 4.5% | 5.5% | 5.4% | 7.9% | 6.8% | 5.5% | 7.2% | 5.4% | 7.0% | 4.4% |
| ROIC | 4.5% | 4.5% | 4.2% | 3.9% | 3.9% | 3.7% | 4.4% | 5.6% | 6.8% | 7.1% | 6.9% |
| ROCE | 6.1% | 6.1% | 5.6% | 5.0% | 4.9% | 4.7% | 5.6% | 7.2% | 8.8% | 9.2% | 9.0% |
FR Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
First Industrial Realty Trust, Inc. carries a Debt/EBITDA ratio of 5.2x, which is highly leveraged (34% below the sector average of 7.9x). Net debt stands at $2.5B ($2.6B total debt minus $78M cash). Interest coverage of 4.3x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.93 | 0.93 | 0.81 | 0.85 | 0.83 | 0.73 | 0.84 | 0.84 | 0.77 | 0.88 | 1.05 |
| Debt / EBITDA | 5.22 | 5.22 | 4.96 | 5.49 | 5.70 | 5.13 | 4.85 | 4.21 | 3.41 | 3.43 | 3.72 |
| Net Debt / Equity | — | 0.90 | 0.79 | 0.84 | 0.77 | 0.70 | 0.75 | 0.83 | 0.75 | 0.86 | 1.04 |
| Net Debt / EBITDA | 5.06 | 5.06 | 4.86 | 5.38 | 5.34 | 4.95 | 4.37 | 4.15 | 3.30 | 3.37 | 3.69 |
| Debt / FCF | — | 21.72 | 16.18 | — | — | 46.57 | 18.38 | — | — | 28.09 | — |
| Interest Coverage | 4.27 | 4.27 | 4.59 | 4.53 | 6.92 | 6.87 | 3.04 | 3.17 | 2.81 | 2.42 | 2.04 |
FR Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.14x means First Industrial Realty Trust, Inc. can comfortably meet its short-term obligations, though there is limited excess liquidity. The current ratio has declined from 1.28x to 1.14x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.14 | 1.14 | 0.44 | 1.28 | 1.42 | 1.65 | 3.13 | 1.68 | 1.18 | 1.76 | 1.60 |
| Quick Ratio | 1.14 | 1.14 | 0.44 | 1.28 | 1.42 | 1.65 | 3.13 | 1.68 | 1.18 | 1.76 | 1.60 |
| Cash Ratio | 0.32 | 0.32 | 0.08 | 0.25 | 0.61 | 0.31 | 1.15 | 0.15 | 0.40 | 0.19 | 0.09 |
| Asset Turnover | — | 0.13 | 0.13 | 0.12 | 0.11 | 0.11 | 0.12 | 0.12 | 0.13 | 0.13 | 0.14 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
FR Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
First Industrial Realty Trust, Inc. returns 2.8% to shareholders annually — split between a 2.8% dividend yield and 0.0% buyback yield. The payout ratio of 93.4% is elevated — while still covered by earnings, there is limited headroom for dividend increases. The earnings yield of 3.0% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.8% | 3.0% | 2.9% | 2.4% | 2.4% | 1.6% | 2.4% | 2.2% | 3.1% | 2.7% | 2.6% |
| Payout Ratio | 93.4% | 93.4% | 67.3% | 61.6% | 43.3% | 51.6% | 63.2% | 49.1% | 67.2% | 49.9% | 68.2% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.0% | 3.3% | 4.3% | 3.9% | 5.6% | 3.2% | 3.6% | 4.5% | 4.5% | 5.4% | 3.7% |
| FCF Yield | 1.4% | 1.5% | 2.0% | — | — | 0.4% | 1.5% | — | — | 1.2% | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.2% | 0.1% | 0.2% |
| Total Shareholder Yield | 2.8% | 3.1% | 2.9% | 2.4% | 2.4% | 1.6% | 2.4% | 2.3% | 3.2% | 2.8% | 2.7% |
| Shares Outstanding | — | $133M | $132M | $132M | $132M | $130M | $128M | $127M | $124M | $119M | $115M |
Peer Comparison
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 | 33.0 | 21.7 | 71.2 | 22.6% | 42.3% | 9.0% | 4.5% | 5.2 |
 PLD | $130B | 35.0 | 22.9 | 26.5 | 74.9% | 53.8% | 6.4% | 3.8% | 4.5 |
 EGP | $11B | 41.1 | 24.8 | 26.6 | 43.3% | 39.9% | 7.6% | 4.3% | 3.5 |
 REXR | $8B | 41.3 | 16.9 | 40.5 | 77.3% | 37.9% | 2.4% | 2.4% | 5.0 |
 STAG | $7B | 26.1 | 17.0 | 18.1 | 61.3% | 37.7% | 7.6% | 3.5% | 5.3 |
 LXP | $3B | 28.4 | 17.3 | 18.6 | -30.7% | 14.0% | 5.4% | 1.1% | 5.6 |
 TRNO | $7B | 16.6 | 25.2 | 32.3 | 50.3% | 40.3% | 10.3% | 2.9% | 3.8 |
 ILPT | $497M | -7.5 | 14.5 | 8.2 | 12.6% | 33.0% | -6.9% | 2.2% | 13.5 |
 GTY | $2B | 24.4 | 16.5 | 15.7 | 40.2% | 54.9% | 7.8% | 4.6% | 5.7 |
 AMZN | $2.9T | 38.1 | 20.6 | 382.3 | 50.3% | 11.2% | 22.3% | 14.7% | 1.0 |
 UPS | $83B | 14.9 | 9.0 | 17.5 | 18.5% | 9.6% | 33.8% | 16.1% | 2.6 |
| Real Estate Median | — | 24.1 | 16.7 | 15.4 | 52.1% | 26.0% | 3.5% | 3.0% | 7.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Start ComparisonFR — Frequently Asked Questions
Quick answers to the most common questions about buying FR stock.
What is First Industrial Realty Trust, Inc.'s P/E ratio?
First Industrial Realty Trust, Inc.'s current P/E ratio is 33.0x. The historical average is 24.3x. This places it at the 88th percentile of its historical range.
What is First Industrial Realty Trust, Inc.'s EV/EBITDA?
First Industrial Realty Trust, Inc.'s current EV/EBITDA is 21.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 18.9x.
What is First Industrial Realty Trust, Inc.'s ROE?
First Industrial Realty Trust, Inc.'s return on equity (ROE) is 9.0%. The historical average is 7.6%.
Is FR stock overvalued?
Based on historical data, First Industrial Realty Trust, Inc. is trading at a P/E of 33.0x. This is at the 88th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is First Industrial Realty Trust, Inc.'s dividend yield?
First Industrial Realty Trust, Inc.'s current dividend yield is 2.83% with a payout ratio of 93.4%.
What are First Industrial Realty Trust, Inc.'s profit margins?
First Industrial Realty Trust, Inc. has 22.6% gross margin and 42.3% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does First Industrial Realty Trust, Inc. have?
First Industrial Realty Trust, Inc.'s Debt/EBITDA ratio is 5.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.