FR
First Industrial Realty Trust, Inc.
FR's fundamentals are mixed: earnings per share grew 52%, while its operating margin held steady at 42%. At 20x earnings, it's trading below its usual 25x. Analysts expect earnings growth.
FR Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| N/A | |
| N/A |
FR's profitability is currently strong, and its revenue is stable. Free cash flow and net leverage aren't meaningful measures for real estate companies like FR.
FR PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 20x | $53.32 | -3.4% |
| Current | 20x | $55.22 | — |
| Fair | 25x | $66.17 | +20% |
| Expensive | 30x | $82.23 | +49% |
| Forward | 31x | $55.22 | — |
Historical ranges are pointers, not guarantees.
FR's PE is in its cheap range at 20x. On analysts' estimates for next year's earnings, today's price would be 31x, in its expensive range.
FR Forward outlook
| Metric | Outlook |
|---|---|
| Strongly deteriorating | |
| Growth | |
| Growth | |
| Weakening | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for FR, but weaker profitability.
FR Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.77 | -34% |
| Q3 2026 | $2.70 | +52% |
| Q2 2026 | $2.75 | +35% |
| Q1 2026 | $2.59 | +29% |
| Q4 2025 | $1.87 | -14% |
| Q3 2025 | $1.78 | -24% |
| Q2 2025 | $2.04 | -5.1% |
| Q1 2025 | $2.01 | -7.4% |
| Q4 2024 | $2.17 | +4.8% |
FR earned $2.70 per share over the past year, up 52% from the year before.
FR Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $197.1M | +8.6% |
| Q2 2026 | $194.9M | +8.2% |
| Q1 2026 | $194.8M | +10% |
| Q4 2025 | $188.4M | +7.3% |
| Q3 2025 | $181.4M | +8.2% |
| Q2 2025 | $180.2M | +9.8% |
| Q1 2025 | $177.1M | +9.1% |
| Q4 2024 | $175.6M | +12% |
FR's revenue has grown year over year every quarter since late 2020: $197M last quarter, up 8.6% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 44% | -0.3 points |
| Q2 2026 | 45% | +1.3 points |
| Q1 2026 | 35% | -3.9 points |
| Q4 2025 | 42% | +0.2 points |
| Q3 2025 | 45% | +2.9 points |
| Q2 2025 | 44% | +2.4 points |
| Q1 2025 | 39% | +1.2 points |
| Q4 2024 | 42% | +1.1 points |
FR's operating margin was 44% last quarter, about level with the same quarter a year ago.
FR Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $116M | -6.9% |
| Q2 2026 | $114M | -9.6% |
| Q1 2026 | $88.9M | +0.4% |
| Q4 2025 | $122M | +59% |
| Q3 2025 | $124.6M | +18% |
| Q2 2025 | $126.1M | +17% |
| Q1 2025 | $88.6M | +42% |
| Q4 2024 | $76.8M | +19% |
FR's free cash flow was $441M over the past year, up 6% from the year before. Free cash flow isn't a meaningful measure for real estate companies like FR.
FR Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | +18K shares |
| 1 year | +0.1% | +182K shares |
| 3 years | +0.3% | +347K shares |
| 5 years | +2.3% | +3M shares |
| Available history | +4.5% | +5.7M shares |
FR has 133M diluted shares, about the same as a year ago.
FR Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 3.1x | Elevated |
| Q2 2026 | 3.0x | Moderate |
| Q1 2026 | 3.1x | Elevated |
| Q4 2025 | 3.2x | Elevated |
| Q3 2025 | 3.0x | Elevated |
| Q2 2025 | 3.1x | Elevated |
| Q1 2025 | 3.1x | Elevated |
| Q4 2024 | 2.8x | Moderate |
FR's net debt is about 3.1 years of its operating earnings (EBITDA), about the same as a year ago. Net leverage isn't a meaningful measure for real estate companies like FR.
FR Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 36.1 | Neutral |
| Stochastic | 7.7 | Oversold |
FR's weekly RSI is 36 (neutral) and its Stochastic is 8 (oversold).
FR PE vs Real Estate Sector
| Metric | FR | Sector median | Relative |
|---|---|---|---|
| PE | 20x | 24x | 14% below |
| PE % | 20 | 23 | 3 pts below |
FR is trading at 20x earnings, a 14% discount to the Real Estate sector's median of 24x.
FR Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $57.1 | 3.3% below |
| 20 week MA | $61.1 | 9.6% below |
| 50 week MA | $60.6 | 8.9% below |
| 100 week MA | $56.1 | 1.6% below |
| 200 week MA | $53.8 | 2.7% above |
FR has fallen below most of its moving averages, though it's still 2.7% above its 200-week average.
FR Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $41.3 | $41.6 | +0.6% |
| 2021 | $41.6 | $64.0 | +54% |
| 2022 | $64.0 | $48.7 | -24% |
| 2023 | $48.7 | $52.7 | +8.2% |
| 2024 | $52.7 | $50.4 | -4.4% |
| 2025 | $50.4 | $58.3 | +16% |
| 2026 YTD | $58.3 | $55.2 | -5.3% |
FR has finished higher in four of the last six years. It's down 5.3% so far in 2026.