FRT
Federal Realty Investment Trust
FRT's fundamentals are strong: its operating margin rose 5 points to 48% and earnings per share grew 27%. At 22x earnings, it's trading below its usual 28x. Analysts expect earnings growth.
FRT Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| N/A | |
| N/A |
FRT'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 FRT.
FRT PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 21x | $106 | -5.4% |
| Current | 22x | $113 | — |
| Fair | 28x | $139 | +24% |
| Forward | 37x | $113 | — |
| Expensive | 38x | $191 | +70% |
Historical ranges are pointers, not guarantees.
FRT's PE is in its cheap range at 22x. On analysts' estimates for next year's earnings, today's price would be 37x, in its expensive range.
FRT Forward outlook
| Metric | Outlook |
|---|---|
| Strongly deteriorating | |
| Growth | |
| Growth | |
| Weakening | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for FRT, but weaker profitability.
FRT Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $3.07 | -39% |
| Q3 2026 | $5.01 | +27% |
| Q2 2026 | $4.96 | +26% |
| Q1 2026 | $5.77 | +66% |
| Q4 2025 | $4.68 | +37% |
| Q3 2025 | $3.93 | +14% |
| Q2 2025 | $3.94 | +16% |
| Q1 2025 | $3.48 | +24% |
| Q4 2024 | $3.42 | +22% |
FRT's earnings per share have climbed steadily: $5.01 over the past year, up 27% from the year before, and higher year over year for eight quarters in a row.
FRT Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $339M | +5.2% |
| Q2 2026 | $335.7M | +7.8% |
| Q1 2026 | $341.1M | +10% |
| Q4 2025 | $336M | +7.9% |
| Q3 2025 | $322.3M | +6.1% |
| Q2 2025 | $311.5M | +5.2% |
| Q1 2025 | $309.2M | +6.1% |
| Q4 2024 | $311.4M | +6.7% |
FRT's revenue has grown year over year for 22 quarters in a row: $339M last quarter, up 5.2% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 34% | +0.1 points |
| Q2 2026 | 41% | -24 points |
| Q1 2026 | 61% | +26 points |
| Q4 2025 | 54% | +19 points |
| Q3 2025 | 34% | -0.5 points |
| Q2 2025 | 65% | +12 points |
| Q1 2025 | 35% | +0.6 points |
| Q4 2024 | 35% | -2.2 points |
FRT's operating margin was 34% last quarter, about level with the same quarter a year ago.
FRT Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $168.7M | +14% |
| Q2 2026 | $153.7M | +2% |
| Q1 2026 | $184.6M | +3.1% |
| Q4 2025 | $144.8M | +21% |
| Q3 2025 | $147.8M | +2.6% |
| Q2 2025 | $150.7M | -11% |
| Q1 2025 | $179M | +27% |
| Q4 2024 | $119.6M | +6.2% |
FRT's free cash flow was $652M over the past year, up 9.2% from the year before. Free cash flow isn't a meaningful measure for real estate companies like FRT.
FRT Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.4% | +375K shares |
| 1 year | +0.7% | +580K shares |
| 3 years | +6.5% | +5.3M shares |
| 5 years | +12% | +9M shares |
| Available history | +16% | +11.8M shares |
FRT has 87M diluted shares, up 0.7% from a year ago.
FRT Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 3.6x | Elevated |
| Q2 2026 | 3.3x | Elevated |
| Q1 2026 | 3.1x | Elevated |
| Q4 2025 | 5.0x | High |
| Q3 2025 | 4.2x | High |
| Q2 2025 | 4.2x | High |
| Q1 2025 | 4.6x | High |
| Q4 2024 | 5.4x | High |
FRT's net debt is about 3.6 years of its operating earnings (EBITDA), down from 4.2 years a year ago. Net leverage isn't a meaningful measure for real estate companies like FRT.
FRT Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 49.1 | Neutral |
| Stochastic | 38.9 | Neutral |
FRT's weekly RSI is 49 (neutral) and its Stochastic is 39 (neutral).
FRT PE vs Real Estate Sector
| Metric | FRT | Sector median | Relative |
|---|---|---|---|
| PE | 22x | 24x | 6.1% below |
| PE % | 25 | 23 | 2 pts above |
FRT is trading at 22x earnings, in line with the Real Estate sector's median of 24x.
FRT Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $109.2 | 3% above |
| 20 week MA | $115.3 | 2.4% below |
| 50 week MA | $111.5 | 0.9% above |
| 100 week MA | $105.1 | 7% above |
| 200 week MA | $103.6 | 8.6% above |
FRT's trend is mixed: it's above four of its five weekly moving averages, and 8.6% above its 200-week average.
FRT Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $128.2 | $86.6 | -32% |
| 2021 | $86.6 | $132.4 | +53% |
| 2022 | $132.4 | $102.3 | -23% |
| 2023 | $102.3 | $103.1 | +0.7% |
| 2024 | $103.1 | $111.4 | +8.1% |
| 2025 | $111.4 | $102.4 | -8.1% |
| 2026 YTD | $102.4 | $112.5 | +9.9% |
FRT has finished lower in three of the last six years. It's up 9.9% so far in 2026.