First Industrial Realty Trust, Inc. (FR) P/E Ratio History
UndervaluedTrading at 19.9x vs 5Y avg 23.9x · 15th percentile · Below historical baseline · Data 1995–2026
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P/E Ratio Analysis
As of November 8, 2026, First Industrial Realty Trust, Inc. (FR) trades at a price-to-earnings ratio of 19.9x, with a stock price of $53.76 and trailing twelve-month earnings per share of $2.70.
The current P/E is 16% below its 5-year average of 23.9x. Over the past five years, FR's P/E has ranged from a low of 15.1x to a high of 33.1x, placing the current valuation at the 15th percentile of its historical range.
Compared to the Real Estate sector median P/E of 22.6x, FR is roughly in line with its sector peers. The sector includes 156 companies with P/E ratios ranging from 0.0x to 180.0x.
The PEG ratio of 4.87 (P/E divided by -14% EPS growth) suggests the stock may be expensive relative to its earnings growth. Peter Lynch popularized the rule that a PEG below 1.0 indicates an attractive entry point.
Relative to the broader market, FR trades roughly in line with the S&P 500 median P/E of 21.8x. Investors should consider the company's growth prospects, competitive position, and earnings quality when evaluating whether the current valuation is justified.
For a comprehensive intrinsic value estimate using discounted cash flow analysis, see our FR DCF Valuation Calculator →
Note: P/E ratio is just one valuation metric. It does not account for balance sheet strength, cash flow quality, or growth sustainability. Always conduct comprehensive due diligence before making investment decisions.
FR Cross-Benchmark Valuation
How does the current P/E compare to sector peers and the broader market?
FR P/E vs Peers
Logistics Warehouse REITs peers sorted by market cap
| Company | Market Cap | P/E Ratio | PEG Ratio | EPS Growth (1Y) |
|---|---|---|---|---|
| $118B | 28.9 | 2.28 | -12% | |
| $10B | 33.0 | 2.74 | +5% | |
| $7B | 26.2 | 12.88 | +40% | |
| $4B | 29.8 | - | +180%Best | |
| $7B | 20.6 | 0.58Best | +104% | |
| $2B | 17.5Lowest | - | +8% | |
| $2.8T | 21.0 | 0.75 | +30% | |
| $92B | 20.9 | 0.62 | -3% |
Lower P/E can signal a discount or weaker growth expectations; PEG adds growth context.
FR Historical P/E Data (1995–2026)
Quarterly P/E ratios calculated from closing price and TTM EPS
| Quarter | Period End | Price | TTM EPS | P/E Ratio | vs Avg |
|---|---|---|---|---|---|
| FY2026 Q3 | Sep 30 2026 | $59.54 | $2.69 | 22.1x | -26% |
| FY2026 Q2 | - | $61.31 | $2.74 | 22.4x | -25% |
| FY2026 Q1 | - | $57.85 | $2.58 | 22.4x | -25% |
| FY2025 Q4 | Dec 31 2025 | $57.27 | $1.86 | 30.8x | +3% |
| FY2025 Q3 | - | $51.47 | $1.79 | 28.8x | -4% |
| FY2025 Q2 | Jun 30 2025 | $48.13 | $2.05 | 23.5x | -22% |
| FY2025 Q1 | Mar 31 2025 | $53.96 | $2.02 | 26.7x | -11% |
| FY2024 Q4 | - | $50.13 | $2.18 | 23.0x | -23% |
| FY2024 Q3 | Sep 30 2024 | $55.98 | $2.33 | 24.0x | -20% |
| FY2024 Q2 | Jun 30 2024 | $47.51 | $2.15 | 22.1x | -26% |
| FY2024 Q1 | Mar 31 2024 | $52.54 | $2.17 | 24.2x | -19% |
| FY2023 Q4 | Dec 31 2023 | $52.67 | $2.07 | 25.4x | -15% |
| FY2023 Q3 | Sep 30 2023 | $47.59 | $2.02 | 23.6x | -22% |
| FY2023 Q2 | Jun 30 2023 | $52.64 | $2.39 | 22.0x | -27% |
| FY2023 Q1 | Mar 31 2023 | $53.20 | $2.86 | 18.6x | -38% |
| FY2022 Q4 | Dec 31 2022 | $48.26 | $2.71 | 17.8x | -41% |
| FY2022 Q3 | Sep 30 2022 | $44.81 | $2.96 | 15.1x | -50% |
| FY2022 Q2 | - | $47.48 | $2.35 | 20.2x | -33% |
| FY2022 Q1 | - | $61.91 | $1.87 | 33.1x | +10% |
| FY2021 Q4 | Dec 31 2021 | $66.20 | $2.08 | 31.8x | +6% |
| FY2021 Q3 | - | $52.08 | $1.86 | 28.0x | -7% |
| FY2021 Q2 | Jun 30 2021 | $52.23 | $1.81 | 28.9x | -4% |
| FY2021 Q1 | Mar 31 2021 | $45.79 | $1.69 | 27.1x | -10% |
| FY2020 Q4 | - | $42.13 | $1.53 | 27.5x | -8% |
| FY2020 Q3 | Sep 30 2020 | $39.80 | $1.64 | 24.3x | -19% |
| FY2020 Q2 | - | $38.44 | $1.98 | 19.4x | -35% |
| FY2020 Q1 | - | $33.23 | $2.01 | 16.5x | -45% |
| FY2019 Q4 | - | $41.51 | $1.88 | 22.1x | -26% |
| FY2019 Q3 | Sep 30 2019 | $39.56 | $1.52 | 26.0x | -13% |
| FY2019 Q2 | Jun 30 2019 | $36.74 | $1.15 | 31.9x | +6% |
| FY2019 Q1 | Mar 31 2019 | $35.36 | $1.20 | 29.5x | -2% |
| FY2018 Q4 | Dec 31 2018 | $28.86 | $1.31 | 22.0x | -27% |
| FY2018 Q3 | Sep 30 2018 | $31.40 | $1.72 | 18.3x | -39% |
| FY2018 Q2 | Jun 30 2018 | $33.34 | $1.83 | 18.2x | -39% |
| FY2018 Q1 | Mar 31 2018 | $29.23 | $1.79 | 16.3x | -46% |
| FY2017 Q4 | Dec 31 2017 | $31.47 | $1.68 | 18.7x | -38% |
| FY2017 Q3 | Sep 30 2017 | $30.09 | $1.07 | 28.1x | -6% |
| FY2017 Q2 | Jun 30 2017 | $28.62 | $0.98 | 29.2x | -3% |
| FY2017 Q1 | Mar 31 2017 | $26.63 | $1.09 | 24.4x | -19% |
| FY2016 Q4 | Dec 31 2016 | $28.05 | $1.04 | 27.0x | -10% |
| FY2016 Q3 | Sep 30 2016 | $28.22 | $1.23 | 22.9x | -24% |
| FY2016 Q2 | - | $27.82 | $1.09 | 25.5x | -15% |
| FY2016 Q1 | - | $22.74 | $0.79 | 28.8x | -4% |
| FY2015 Q4 | - | $22.13 | $0.67 | 33.0x | +10% |
| FY2015 Q3 | Sep 30 2015 | $20.95 | $0.45 | 46.6x | +55% |
| FY2015 Q2 | - | $18.73 | $0.51 | 36.7x | +22% |
| FY2015 Q1 | - | $21.43 | $0.41 | 52.7x | +75% |
| FY2014 Q4 | Dec 31 2014 | $20.56 | $0.40 | 51.8x | +73% |
| FY2014 Q3 | - | $16.91 | $0.24 | 71.4x | +138% |
| FY2014 Q2 | Jun 30 2014 | $18.84 | $0.04 | 526.3x | +1653% |
| FY2014 Q1 | Mar 31 2014 | $19.32 | $0.06 | 327.5x | +991% |
| FY2008 Q4 | Dec 31 2008 | $7.55 | $0.50 | 15.1x | -50% |
| FY2008 Q3 | - | $28.68 | $3.23 | 8.9x | -70% |
| FY2008 Q2 | Jun 30 2008 | $27.47 | $3.80 | 7.2x | -76% |
| FY2008 Q1 | Mar 31 2008 | $30.89 | $3.55 | 8.7x | -71% |
| FY2007 Q4 | Dec 31 2007 | $34.60 | $3.11 | 11.1x | -63% |
| FY2007 Q3 | Sep 30 2007 | $38.87 | $2.48 | 15.7x | -48% |
| FY2007 Q2 | Jun 30 2007 | $38.76 | $2.36 | 16.4x | -45% |
| FY2007 Q1 | Mar 31 2007 | $45.30 | $2.31 | 19.6x | -35% |
| FY2006 Q4 | Dec 31 2006 | $46.89 | $2.04 | 23.0x | -23% |
| FY2006 Q3 | Sep 30 2006 | $44.00 | $2.06 | 21.4x | -29% |
| FY2006 Q2 | Jun 30 2006 | $37.94 | $2.02 | 18.8x | -37% |
| FY2006 Q1 | Mar 31 2006 | $42.69 | $1.86 | 23.0x | -24% |
| FY2005 Q4 | Dec 31 2005 | $38.50 | $1.80 | 21.4x | -29% |
| FY2005 Q3 | Sep 30 2005 | $40.05 | $1.76 | 22.8x | -24% |
| FY2005 Q2 | - | $39.90 | $2.08 | 19.2x | -36% |
| FY2005 Q1 | - | $37.83 | $1.97 | 19.2x | -36% |
| FY2004 Q4 | Dec 31 2004 | $40.73 | $2.21 | 18.4x | -39% |
| FY2004 Q3 | - | $36.90 | $2.37 | 15.6x | -48% |
| FY2004 Q2 | Jun 30 2004 | $36.88 | $2.21 | 16.7x | -44% |
| FY2004 Q1 | Mar 31 2004 | $39.50 | $2.34 | 16.9x | -44% |
| FY2003 Q4 | Dec 31 2003 | $33.75 | $2.43 | 13.9x | -54% |
| FY2003 Q3 | - | $32.07 | $2.39 | 13.4x | -55% |
| FY2003 Q2 | Jun 30 2003 | $31.60 | $2.31 | 13.7x | -54% |
| FY2003 Q1 | Mar 31 2003 | $28.32 | $2.45 | 11.6x | -62% |
| FY2002 Q4 | - | $28.00 | $2.39 | 11.7x | -61% |
| FY2002 Q3 | Sep 30 2002 | $30.99 | $1.82 | 17.0x | -43% |
| FY2002 Q2 | Jun 30 2002 | $32.85 | $2.05 | 16.0x | -47% |
| FY2002 Q1 | Mar 31 2002 | $34.25 | $1.96 | 17.5x | -42% |
| FY2001 Q4 | Dec 31 2001 | $31.10 | $2.05 | 15.2x | -49% |
| FY2001 Q3 | Sep 30 2001 | $30.00 | $2.75 | 10.9x | -64% |
| FY2001 Q2 | Jun 30 2001 | $32.14 | $2.52 | 12.8x | -58% |
| FY2001 Q1 | Mar 31 2001 | $31.64 | $2.57 | 12.3x | -59% |
| FY2000 Q4 | Dec 31 2000 | $34.00 | $2.40 | 14.2x | -53% |
| FY2000 Q3 | Sep 30 2000 | $30.75 | $2.41 | 12.8x | -58% |
| FY2000 Q2 | Jun 30 2000 | $29.50 | $2.68 | 11.0x | -63% |
| FY2000 Q1 | Mar 31 2000 | $27.25 | $2.68 | 10.2x | -66% |
| FY1999 Q4 | Dec 31 1999 | $27.44 | $2.62 | 10.5x | -65% |
| FY1999 Q3 | - | $24.75 | $2.13 | 11.6x | -61% |
| FY1999 Q2 | Jun 30 1999 | $27.44 | $1.69 | 16.2x | -46% |
| FY1999 Q1 | Mar 31 1999 | $23.94 | $1.43 | 16.7x | -44% |
| FY1998 Q4 | - | $26.81 | $1.42 | 18.9x | -37% |
| FY1998 Q3 | Sep 30 1998 | $25.50 | $1.64 | 15.5x | -48% |
| FY1998 Q2 | - | $31.81 | $1.61 | 19.8x | -34% |
| FY1998 Q1 | - | $36.00 | $1.45 | 24.8x | -17% |
| FY1997 Q4 | Dec 31 1997 | $36.13 | $1.36 | 26.6x | -12% |
| FY1997 Q3 | - | $34.00 | $1.15 | 29.6x | -2% |
| FY1997 Q2 | Jun 30 1997 | $29.25 | $1.09 | 26.8x | -11% |
| FY1997 Q1 | Mar 31 1997 | $31.63 | $1.38 | 22.9x | -24% |
| FY1996 Q4 | - | $30.38 | $1.24 | 24.5x | -18% |
| FY1996 Q3 | Sep 30 1996 | $25.88 | $1.24 | 20.9x | -30% |
| FY1996 Q2 | Jun 30 1996 | $23.50 | $0.87 | 26.9x | -10% |
| FY1996 Q1 | Mar 31 1996 | $22.88 | $0.63 | 36.2x | +20% |
| FY1995 Q4 | Dec 31 1995 | $22.50 | $0.63 | 35.6x | +18% |
| FY1995 Q3 | Sep 30 1995 | $20.00 | $0.63 | 31.6x | +5% |
Average P/E for displayed period: 30.0x
FR Chart Terminal
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Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Historical Returns
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Peer Comparison
Compare growth, multiples, and margins vs sector.
FR — Frequently Asked Questions
Quick answers to the most common questions about buying FR stock.
What is FR's P/E ratio?
First Industrial Realty Trust, Inc. (FR) trailing twelve-month P/E ratio is 19.9x, based on TTM diluted EPS of $2.70. The 5-year average P/E is 23.9x and the historical range spans 15.1x to 33.1x.
Is FR stock overvalued or undervalued?
FR trades at 19.9x P/E, near its 5-year average of 23.9x. The 15th percentile ranking within the 15.1x–33.1x historical range places valuation within normal bounds.
Is FR stock expensive?
FR is fairly valued relative to its own history. The current P/E of 19.9x is near the 5-year average of 23.9x (15th percentile of historical range).
What is FR's historical P/E range?
Over the past 5 years, FR's P/E ratio has ranged from 15.1x to 33.1x, with a median of 23.5x and an average of 23.9x. The current P/E of 19.9x places the stock at the 15th percentile of this range. Full historical data spans 1995–2026.
How does FR's P/E compare to the S&P 500?
FR trades at 19.9x P/E versus the S&P 500 median of 21.8x. The 9% discount to the market suggests lower growth expectations or perceived higher risk.
How does FR's valuation compare to Real Estate peers?
First Industrial Realty Trust, Inc. P/E of 19.9x compares to the Real Estate sector median of 22.6x. The discount suggests lower growth expectations, weaker margins, or higher perceived risk relative to peers. See the peer comparison table on this page for ticker-by-ticker P/E and PEG.
What is FR's PEG ratio?
FR PEG ratio is 4.87, based on a P/E of 19.9x and EPS growth of -13.8%. A PEG above 2.0 indicates a premium valuation relative to earnings growth — typically considered expensive.
What is FR's earnings yield?
FR earnings yield is 5.01%, the inverse of its 19.9x P/E ratio. Earnings yield represents the percentage of each dollar invested that the company earns. It can be compared directly to bond yields to assess relative attractiveness of stocks versus fixed income.