First Industrial Realty Trust FR
United StatesReal Estate · REIT - IndustrialUSD
72.25 USD (+24.2%)
16 analysts
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First Industrial Realty Trust is a REIT that owns, manages, and develops industrial and logistics properties (warehouses, distribution facilities) in major US markets, generating income from long-term leases.
Key points
from its scores- ✓Good share-price trend7.5
- ✓Strong growth7.3
- ✕Demanding valuation4.2
- !Modest dividend5.4
- !Risks to watch5.5
AI analysis
bottom line, main risk, context and newsStructural logistics growth and solid cash generation offset a demanding valuation and leverage that makes the rate hike more expensive, but the margin of safety is limited.
First Industrial Realty Trust shows solid financial health (7.07) with elevated leverage (Net Debt/EBITDA of 4.88) and strong growth (revenue +8.40%, earnings +39.30%), but its valuation is demanding (EV/EBITDA of 19.87) and the rise in long-term US rates pressures both its financing costs and the value of its assets.
The main risk is exposure to the interest rate cycle: with Net Debt/EBITDA of 4.88, a sustained rise in long-term US rates would make refinancing more expensive and compress the margin on asset values, penalizing the REIT's valuation.
Context and risks
First Industrial Realty Trust operates as an industrial REIT in the US, a sector with direct exposure to interest rates. The sharp rise in the 10-year Treasury (5.28%) increases the cost of its debt (Net Debt/EBITDA of 4.88) and pressures the value of its real estate assets, although its logistics warehouse portfolio benefits from the structural strength of e-commerce and supply chain reconfiguration.
Is First Industrial Realty Trust stock cheap or expensive?
at the analysis dateOn P/E and Price / book, it trades 46% above the Real Estate median on average.
| Multiple | Company | Sector | Difference |
|---|---|---|---|
| P/E | 21.2 | 21.6 | −2% |
| EV / EBITDA | 19.9 | 18.5 | +7% |
| Price / book | 2.8 | 1.4 | +94% |
| Price / sales | 10.5 | 6.3 | +66% |
Sector: median of the 100 Real Estate companies analysed. In bold, the multiples used for the comparison.
Valuation score: 4.2 out of 10 (median for Real Estate: 4.9).
Average analyst target: 72.25 USD, +24.2% versus the price.
A premium can be justified if the company is of higher quality or grows faster than its sector: Quality / Moat 6.0 (sector 5.2), Growth 7.3 (sector 5.7).
Classic formulas with standard assumptions (0.0% growth, 8-9% discount rate). Indicative only: they change a lot with the assumptions and are not a recommendation.
Work out its fair value yourself →How much would you have made investing every month? →
Comparing it with its sector does not say whether it is a good buy: this is not investment advice.
Score by category
0 to 10 · hover overtap each one to see what it measuresKey metrics
at the analysis date · compared with the Real Estate medianValuation
- P/E
- 21.2
- Forward P/E
- 30.9
- EV / EBITDA
- 19.9
- Price / book
- 2.8
- Price / sales
- 10.5
- PEG
- 0.88
- Market cap
- 8.0B USD
- Enterprise value
- 10.3B USD
Profitability
- ROE
- 13.6%
- ROA
- 3.5%
- ROIC (approx.)
- 6.3%
- Gross margin
- 73.7%
- Operating margin
- 45.1%
- Net margin
- 47.9%
- Free cash flow
- 290.6M USD
- FCF yield
- 3.6%
- Cash conversion
- 56%
Solvency
- Total debt
- 2.6B USD
- Net debt
- 2.5B USD
- Cash
- 46.1M USD
- EBITDA
- 520.6M USD
- Net debt / EBITDA
- 4.88
- Debt / equity
- 90.05
- Current ratio
- 1.50
- Quick ratio
- 1.12
Growth
- Revenue growth
- +8.4%
- Earnings growth
- +39.3%
- EPS (TTM)
- 2.75 USD
- EPS (forward)
- 1.89 USD
Dividend
- Dividend yield
- 3.4%
- Payout
- 68.7%
Risk and market
- Beta
- 1.04
- Analyst consensus
- Buy (16)
- Target price
- 72.25 USD
- 52-week range
- 50.24 – 69.88
Recent news
All FR news →Compare it with its sector
All 100 in Real Estate →Frequently asked questions about First Industrial Realty Trust
Is First Industrial Realty Trust stock cheap or expensive?
On P/E and Price / book, it trades 46% above the Real Estate median on average. Valuation score: 4.2 out of 10 (median for Real Estate: 4.9). Average analyst target: 72.25 USD, +24.2% versus the price. This is not investment advice.
What score does First Industrial Realty Trust get on MeridIAn Screener?
It scores 5.8 out of 10, rank 1,156 of 2,130 (better than 43% of the companies analysed). Its strongest category is Momentum (7.5) and its weakest, Valuation (4.2). Analysis of 08/10/2026.
What is First Industrial Realty Trust's P/E ratio?
Its P/E is 21.2: the share price equals 21.2 times earnings per share over the last 12 months. The Real Estate median is 21.6. Based on the earnings analysts expect, the forward P/E is 30.9.
How much is First Industrial Realty Trust worth on the stock market?
Its market capitalisation is 8.0B USD.
Does First Industrial Realty Trust pay a dividend?
Yes: its dividend yield is 3.44% and it pays out 69% of its earnings.
How has First Industrial Realty Trust stock performed over the last year?
It has risen 19.6% over the last year, excluding dividends. Over the last 52 weeks it has traded between 50.24 and 69.88 USD. Past performance does not guarantee future results.
What do analysts think of First Industrial Realty Trust?
16 analysts cover it; their average recommendation is “Buy” and their average target is 72.25 USD (+24.2% versus the price). It is an estimate, not market data.