FR
FIRST INDUSTRIAL REALTY TRUST INC
Real Estate • CIK: 0000921825
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Market Cap
$7.59B
P/E (TTM)
30.6x
Rev Growth (TTM)
+8.6%
Net Margin (TTM)
34.0%
FCF Yield (TTM)
6.1%
FCF Margin (TTM)
63.4%
Cash Flow Health
Free Cash Flow8/8 positive
TTM$461M
Q4 '25
$122M-2%
Q3 '25
$125M-1%
FCF Margin
TTM63.4%
Q4 '2564.8%-6%
Sector: 13.8%Top 25%
OCF Margin63.4%
OCF/NI1.87x
CapEx Coverage–
FCF Yield6.1%
FCF Growth (2Y)+4%
Cash Conversion Cycle
4 days
DSO: 4+DIO: 0−DPO: 0
Capital Allocation & Returns
Balanced
Total Shareholder YieldEst.
Est.3.0%
Div Yield3.0%
+Est. Buyback1.8%
Balancing returns with reinvestment
Dividend & Payout Metrics
Dividend Yield (TTM)3.0%
FCF Payout Ratio50.1%
Free Cash Flow (TTM)$461.3M
Capital Return / FCF50.1%
Est. Dividends Paid (TTM)$231.2M
Estimated: Buyback data estimated from FCF. Actual repurchase data not available for this company.
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
–
P25MedianP75
(med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
–
Asset Turnover
0.13x
8Q: 0.13x
Leverage (1+D/E)
1.00x
D/E: 0.00x
Asset & CapEx Efficiency
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $727.1M | $188.4M↑3.8% | $181.4M↑0.7% | $180.2M↑1.7% | $177.1M↑0.8% | $175.6M↑4.7% | $167.6M↑2.1% | $164.1M↑1.1% | $162.3M |
Operating Income | $307.7M | $79.1M↓2.0% | $80.8M↑2.3% | $79.0M↑14.6% | $68.9M↓6.1% | $73.3M↑5.0% | $69.8M↑2.6% | $68.0M↑11.1% | $61.2M |
Net Income | $247.3M | $78.8M↑20.7% | $65.3M↑18.4% | $55.1M↑14.7% | $48.1M↓29.7% | $68.4M↓31.1% | $99.3M↑93.6% | $51.3M↓25.0% | $68.4M |
Operating Cash Flow | $461.3M | $122.0M↓2.1% | $124.6M↓1.1% | $126.1M↑42.3% | $88.6M↑15.4% | $76.8M↓27.2% | $105.5M↓2.1% | $107.7M↑72.4% | $62.5M |
Free Cash Flow | $461.3M | $122.0M↓2.1% | $124.6M↓1.1% | $126.1M↑42.3% | $88.6M↑15.4% | $76.8M↓27.2% | $105.5M↓2.1% | $107.7M↑72.4% | $62.5M |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
30.6x
Volatile
8Q: 103.0x+419%
High PEG ratio (3.6x) suggests expensive for growth
Valuation Lenses
Earnings
30.6x
vs – sector
Cash Flow
16.4x
EV/FCF vs –
Growth-Adj
3.6xPEG
Expensive for growth
Quality-Adj
–P/E per %ROIC
ROIC: –
Shareholder Returns
Dividend
3.0%
Buyback
–
Total Yield
3.0%
Market Cap$7.59B
EV$7.54B
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
69/100
High Quality
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Above Avg
9.3%
8Q:–
Return on Invested Capital (ROIC)
–
8Q:–
vs Sector:0.1%
Earnings Quality
Cash Conversion
1.87x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin–
Capital Efficiency
Invested Capital Turnover–
Working Capital
Cash Conversion Cycle4 days
Growth Quality & Momentum
Moderate Growth
Growth Quality Score
61/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
8.6%
OpInc Growth YoY
7.9%
EPS Growth YoY
-14.2%
FCF 3Y CAGR
3.9%
Margin Quality & Sustainability
Low Quality
Profitability Cascade
Gross
—
Operating
—
Net
34.0%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+29.4 pts
FCF: 63.4% | Net: 34.0%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Fortress
Net Debt / EBITDA
Net Cash
(0.0x)Net Cash: $78.03M
Interest Coverage
–
+Net cash position: $78.03M
Leverage Metrics
Debt-to-Equity
0.00x
Balance sheet risk & solvency analysis