First Industrial Realty Trust, Inc.FR
NYSE•Real Estate•REIT - Industrial
First Industrial Realty Trust, Inc. is a leading U.S.-only owner, operator, developer and acquirer of logistics properties. Through our fully integrated operating and investing platform, we provide high quality facilities and industry-leading customer service to multinational corporations and regional firms that are essential for their supply chains. In total, we own and have under development approximately 71.6 million square feet of industrial space concentrated in 15 target MSAs as of March 31, 2026. First Industrial Realty Trust, Inc. was established on August 10, 1993 and is based in Chicago, United States.
First Industrial Realty Trust, (FR) reported trailing twelve months revenue of $744.83M as of March 2026, a 8.8% increase year-over-year. Quarterly revenue reached $194.83M, reflecting continued top-line momentum.
First Industrial Realty Trust, generated $342.44M in TTM net income, with quarterly EBITDA of $118.21M. The operating margin contracted from 38.9% to 35.0%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (35.0%) and net margin (73.5%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 27.2% a year ago, signaling stronger bottom-line efficiency.
FR trades at a P/E of 24.5x (in line with broad market averages) and a P/S of 11.3x. The price-to-book ratio of 3.0x reflects a moderate premium to book value.
The company generated $17.58M in free cash flow over the trailing twelve months, a 38.0% decrease year-over-year, indicating cash generation ability. The balance sheet shows $5.77B in total assets with $992.79M in long-term debt against $2.76B in stockholders equity for a debt-to-equity ratio of 0.4, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are stable at ~41.1%, suggesting durable pricing power and cost discipline.
ROE is positive at ~10.5% on average, adequate but below the threshold typically associated with wide moats.
8 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
TTM revenue has grown consistently (7 of 7 quarters up), with ~16.6% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~41.3% — no sign of cost or pricing stress.
FCF consistently trails net income (avg 0.6x) — earnings may be inflated by non-cash items or aggressive accounting.
D/E ratio is 0.4 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Share count is stable — no significant dilution or buyback activity.