Latest Ratios: P/E Ratio 32.7x · EV/EBITDA 21.5x · ROE 9.0%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $8.1B | $7.6B | $6.6B | $7.0B | $6.4B | $8.6B | $5.4B | $5.3B | $3.6B | $3.7B | $3.2B |
| Enterprise Value | $10.6B | $10.1B | $8.8B | $9.2B | $8.3B | $10.2B | $6.9B | $6.7B | $4.8B | $5.0B | $4.6B |
| P/E Ratio → | 32.66 | 30.63 | 23.10 | 25.44 | 17.74 | 31.67 | 27.54 | 22.08 | 22.03 | 18.62 | 26.71 |
| P/S Ratio | 11.14 | 10.44 | 9.91 | 11.35 | 11.81 | 18.04 | 12.03 | 12.36 | 8.88 | 9.43 | 8.56 |
| P/B Ratio | 2.93 | 2.75 | 2.42 | 2.65 | 2.52 | 3.82 | 2.77 | 2.92 | 2.13 | 2.53 | 2.52 |
| P/FCF | 70.47 | 66.05 | 49.22 | — | — | 253.77 | 67.39 | — | — | 82.29 | — |
| P/OCF | 17.55 | 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
Enterprise-value multiples — capital-structure-neutral measures of total business value
| 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 | 21.48 | 20.45 | 19.66 | 22.42 | 22.74 | 31.93 | 20.40 | 18.84 | 12.71 | 13.26 | 12.62 |
| EV / EBIT | 34.42 | 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 | — |
Margins and return-on-capital ratios measuring operating efficiency
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% |
| 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% |
Solvency and debt-coverage ratios — lower is generally safer
| 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 |
Short-term solvency ratios and asset-utilisation metrics
| 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 | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
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 | 2.9% | 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% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.1% | 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 | 2.9% | 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 |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying FR stock.
First Industrial Realty Trust, Inc.'s current P/E ratio is 32.7x. The historical average is 24.3x. This places it at the 88th percentile of its historical range.
First Industrial Realty Trust, Inc.'s current EV/EBITDA is 21.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 18.9x.
First Industrial Realty Trust, Inc.'s return on equity (ROE) is 9.0%. The historical average is 7.6%.
Based on historical data, First Industrial Realty Trust, Inc. is trading at a P/E of 32.7x. This is at the 88th 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 2.86% with a payout ratio of 93.4%.
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.
First Industrial Realty Trust, Inc.'s Debt/EBITDA ratio is 5.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Southern California regulatory exposure
Metrics are mathematically derived from official filings.
Premium Multiple for Infill Strategy
FR trades at 21.7x forward P/FFO, a premium to STAG's 20.6x but a discount to REXR's 43.1x, reflecting its infill focus and development pipeline, per reported figures.
The P/FFO multiple of 21.7x in Q2 2026 sits above the peer median, suggesting the market already prices in superior organic growth from FR's infill portfolio. However, the implied cap rate, derived from NOI and enterprise value, appears compressed relative to private market transactions, indicating limited valuation upside unless rent growth accelerates. Investors should monitor whether the development pipeline's yields justify the premium.
NOI Margin Volatility Masks Core Strength
NOI margin swung from 75.3% in Q2 2026 to 21.1% in Q1 2026, a dramatic fluctuation that suggests data anomalies or one-time items, per reported figures.
The extreme quarterly swings in NOI margin—from 75.3% to 21.1%—are inconsistent with a stable industrial portfolio and likely reflect accounting distortions or non-recurring items. Excluding these anomalies, the underlying NOI margin appears to be in the low-70s, consistent with peers. FFO growth of 24.2% YoY in Q2 2026, however, indicates strong organic rent growth, likely driven by cash rent spreads and development lease-ups.
Payout Ratio Signals Ample Coverage
FFO payout ratio of 53.5% in Q2 2026 provides a comfortable cushion, though AFFO coverage at 0.97x in the same quarter warrants monitoring, as per financial statements.
The FFO payout ratio of 53.5% in Q2 2026 is well below the 100% threshold, indicating that dividends are amply covered by FFO. However, the AFFO payout ratio of 0.97x in Q2 2026 suggests that after accounting for maintenance capex, the dividend consumes nearly all AFFO. This tightens the safety margin and implies that any significant increase in maintenance capex or decline in NOI could pressure the dividend.
Conservative Leverage with Refinancing Flexibility
Debt-to-equity of 0.90 in Q2 2026 remains conservative versus peers, and interest coverage of 4.06x, though down from 6.99x in Q1, still provides a solid cushion, per reported figures.
FR's debt-to-equity ratio of 0.90 is higher than PLD's 0.61 and EGP's 0.50, but still within a manageable range for a REIT. The interest coverage of 4.06x in Q2 2026, while lower than the prior quarter's 6.99x, remains adequate. The recent $50M debt issuance suggests a willingness to fund growth with leverage, but the conservative overall structure provides flexibility for future refinancing.
Infill Focus Drives Occupancy and Growth
With a strategic concentration in infill submarkets, FR's portfolio occupancy remains high, and the recent 708,000 square-foot lease in Central Pennsylvania underscores demand for its development product, per company disclosures.
FR's focus on infill light industrial assets, particularly in Southern California, provides a structural barrier to new supply, supporting occupancy and rent growth. The recent leasing of a 708,000 square-foot facility in Central Pennsylvania and full-building deals at two completed developments indicate strong demand for its development pipeline. However, the concentration in Southern California exposes FR to regulatory risks that could increase compliance costs or restrict development.
P/E Misleads on Earnings Quality
The standard P/E of 33.49 is distorted by depreciation, understating earnings power; P/FFO of 21.7x provides a clearer picture, as reported in financial statements.
For REITs, P/E is misleading because depreciation is a non-cash charge that reduces GAAP earnings but does not reflect the actual cash-generating ability of the properties. FR's P/E of 33.49 appears expensive, but its P/FFO of 21.7x is more reasonable and comparable to peers. Investors should focus on FFO and AFFO multiples, and also consider the implied cap rate, to assess valuation accurately.