Last 47 quarters of trend data · Real Estate · REIT - Industrial
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
First Industrial Realty Trust, Inc.'s quarterly P/E stands at 26.3x, up 40.7% year-over-year — indicating the stock has re-rated higher or earnings have softened. EV/EBITDA has expanded 17.6% YoY to 19.4x, reflecting rising market expectations or slowing EBITDA growth.
| Metric | TTM | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 29.10 | 26.26 | 28.65 | 37.47 | 24.10 | 18.66 | 30.46 | 25.26 | 19.65 | 20.87 | 32.10 | 31.67 | 19.46 |
| — | +40.7% | -5.9% | +48.3% | +22.6% | -10.6% | -5.1% | -20.2% | +1.0% | +75.1% | +138.0% | -44.8% | +2.3% | |
| P/S Ratio | 12.44 | 9.40 | 8.86 | 10.08 | 9.47 | 11.02 | 9.52 | 10.63 | 10.99 | 10.06 | 11.34 | 11.78 | 11.03 |
| — | -14.7% | -6.9% | -5.2% | -13.8% | +9.5% | -16.0% | -9.7% | -0.4% | -5.0% | -6.0% | -27.6% | -38.1% | |
| P/B Ratio | 3.04 | 2.49 | 2.33 | 2.61 | 2.42 | 2.73 | 2.35 | 2.60 | 2.65 | 2.42 | 2.72 | 2.78 | 2.52 |
| — | -9.0% | -0.7% | +0.1% | -8.6% | +13.1% | -13.7% | -6.5% | +4.9% | +1.4% | +2.8% | -22.5% | -34.6% | |
| P/FCF | 62.00 | 11.69 | 12.64 | 20.18 | 21.61 | 17.57 | 24.34 | 27.83 | — | — | 208.34 | — | — |
| — | -33.5% | -48.0% | -27.5% | — | — | -88.3% | — | — | — | +757.1% | — | — | |
| EV / EBITDA | 22.24 | 19.35 | 20.98 | 21.78 | 19.13 | 16.46 | 22.02 | 19.56 | 17.20 | 18.02 | 23.57 | 28.56 | 16.61 |
| — | +17.6% | -4.7% | +11.3% | +11.2% | -8.7% | -6.6% | -31.5% | +3.5% | +54.0% | -9.8% | -15.2% | +0.2% | |
| EV / EBIT | 35.41 | 27.42 | 27.83 | 34.43 | 30.19 | 33.99 | 30.74 | 36.64 | 35.13 | 33.19 | 36.46 | 39.59 | 35.37 |
| — | -19.3% | -9.5% | -6.0% | -14.1% | +2.4% | -15.7% | -7.4% | -0.7% | -2.6% | -8.8% | -24.2% | -36.1% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
First Industrial Realty Trust, Inc.'s operating margin was 44.5% in Q3 2025, up 12.8 pp QoQ and down 17.9 pp YoY. This marks the 3rd consecutive quarter of margin expansion, signaling a sustained improvement in operating efficiency. The trailing four-quarter average of 36.9% lags the current quarter, suggesting the recent improvement is above-trend.
| Metric | TTM | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 72.6% | 74.5% | 74.7% | 72.6% | 72.4% | 73.2% | 73.7% | 71.0% | 73.4% | 72.4% | 73.2% | 71.2% | 73.6% |
| — | +1.9% | +1.3% | +2.3% | -1.4% | +1.0% | +0.6% | -0.4% | -0.2% | -2.3% | +0.1% | -0.7% | +0.9% | |
| Operating Margin | 44.3% | 44.5% | 31.7% | 31.2% | 40.2% | 62.4% | 31.6% | 43.0% | 57.2% | 48.5% | 36.0% | 27.0% | 59.6% |
| — | -28.6% | +0.4% | -27.4% | -29.8% | +28.5% | -12.2% | +59.3% | -4.0% | -46.6% | +17.9% | -8.6% | -39.5% | |
| Net Margin | 42.7% | 36.0% | 30.7% | 27.1% | 39.0% | 59.1% | 31.1% | 41.9% | 56.2% | 47.9% | 35.6% | 37.5% | 56.7% |
| — | -39.1% | -1.3% | -35.2% | -30.6% | +23.3% | -12.6% | +11.8% | -0.9% | -45.9% | -60.5% | +29.7% | -39.7% |
| Metric | TTM | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 10.7% | 2.4% | 2.0% | 1.8% | 2.5% | 3.7% | 1.9% | 2.6% | 3.4% | 2.9% | 2.1% | 2.2% | 3.3% |
| — | -35.3% | +5.0% | -32.1% | -26.3% | +27.0% | -10.7% | +16.5% | +4.1% | -43.0% | -57.4% | +38.1% | -38.2% | |
| ROA | 5.5% | 1.2% | 1.0% | 0.9% | 1.3% | 1.9% | 1.0% | 1.3% | 1.7% | 1.5% | 1.1% | 1.1% | 1.7% |
| — | -37.6% | +2.6% | -32.0% | -24.3% | +30.4% | -9.4% | +16.8% | +3.4% | -43.6% | -57.9% | +33.5% | -40.4% | |
| ROIC | 4.6% | 1.1% | 0.8% | 0.8% | 1.1% | 1.6% | 0.8% | 1.1% | 1.4% | 1.2% | 0.9% | 0.7% | 1.5% |
| — | -30.7% | +4.5% | -23.8% | -23.8% | +34.3% | -10.4% | +62.5% | -3.3% | -46.3% | +23.0% | -5.8% | -39.0% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
First Industrial Realty Trust, Inc.'s Debt/EBITDA ratio is 23.8x — elevated, raising questions about debt serviceability. The current ratio has weakened 25.6% YoY to 0.90x, tightening the short-term liquidity position. Debt/Equity has risen for 5 consecutive quarters, indicating increasing financial leverage that investors should watch closely.
| Metric | TTM | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.81 | 1.10 | 0.88 | 0.87 | 0.81 | 0.81 | 0.84 | 0.84 | 0.85 | 0.85 | 0.86 | 0.83 | 0.83 |
| — | +35.5% | +5.3% | +3.7% | -4.9% | -5.0% | -2.7% | +1.2% | +3.3% | +5.9% | +5.8% | +5.8% | +13.5% | |
| Debt / EBITDA | 4.70 | 23.77 | 23.12 | 21.96 | 19.32 | 15.11 | 23.26 | 19.24 | 16.85 | 18.92 | 22.83 | 26.51 | 16.65 |
| — | +57.2% | -0.6% | +14.1% | +14.7% | -20.1% | +1.9% | -27.4% | +1.2% | +57.0% | -8.6% | +9.0% | +57.4% | |
| Current Ratio | 1.40 | 0.90 | 0.44 | 1.12 | 1.40 | 1.21 | 1.48 | 1.46 | 1.28 | 1.94 | 1.14 | 1.99 | 1.42 |
| — | -25.6% | -69.9% | -23.2% | +9.5% | -37.7% | +29.1% | -26.5% | -9.9% | +4.3% | -33.3% | +28.5% | -14.1% | |
| Quick Ratio | 1.40 | 0.90 | 0.44 | 1.12 | 1.40 | 1.21 | 1.48 | 1.46 | 1.28 | 1.94 | 1.14 | 1.99 | 1.42 |
| — | -25.6% | -69.9% | -23.2% | +9.5% | -37.7% | +29.1% | -26.5% | -9.9% | +4.3% | -33.3% | +28.5% | -14.1% | |
| Interest Coverage | 3.59 | 3.72 | 2.47 | 2.71 | 3.50 | 5.03 | 2.37 | 3.22 | 4.26 | 3.65 | 2.94 | 2.37 | 5.13 |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 47 years · Updated daily
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Start ComparisonFirst Industrial Realty Trust, Inc.'s current P/E is 29.1x. The average P/E over the last 4 quarters is 29.1x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
First Industrial Realty Trust, Inc.'s current operating margin is 44.3%. Margins have been expanding over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking First Industrial Realty Trust, Inc.'s business trajectory between earnings reports.