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First Industrial Realty Trust

FR NYSE Industrial REITs Financials FY2016–FY2025

First Industrial Realty Trust's revenue rose 8.6% to $727 million in fiscal 2025. Its net margin was 34.0%, down from 42.9% a year earlier. It paid out $231 million in dividends and buybacks.

Last close · Oct 23, 2026

$54.44

1.5%
Value it Compare
Revenue Total sales reported in the income statement.
$727M
8.6% vs prior year
Operating margin Operating income as a share of revenue.
—
Net income Profit after all expenses, interest and tax.
$247M
14.0%
Free cash flow Cash from operations minus capital spending.
—
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap Last close times the latest diluted share count, so it is approximate.
$7.2B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
19.8x
On $2.75 EPS (TTM)

About these figures. First Industrial's notes, credit line and term loans are tagged under different labels from year to year with no total, so debt is left blank.

What First Industrial Realty Trust does

No business description yet.

Legal name
FIRST INDUSTRIAL REALTY TRUST, INC.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0000921825-26-000012
0000921825

Revenue and margins

First Industrial Realty Trust had $727M of revenue in fiscal 2025, up 8.6% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 6.6% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.

Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

First Industrial Realty Trust returned $231M to shareholders in fiscal 2025. The diluted share count rose 0.1%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value First Industrial Realty Trust yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of — and divides by 132.5M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 19.8x · peers 28.2x · sector 28.2x.

Balance sheet

Cash, debt and the ratios that show how comfortably First Industrial Realty Trust can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $58.6M$133M$43.8M$44.5M$78.0M
Interest coverage 7.4x7.2x4.6x4.6x4.5x
Total assets $4.2B$5.0B$5.2B$5.3B$5.7B
Total liabilities $1.9B$2.4B$2.5B$2.5B$2.9B
Shareholders' equity $2.2B$2.5B$2.6B$2.7B$2.7B
Net debt (− = net cash) —————

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$0.0M

1 insider

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Dec 17, 2025 Johannson L YapChief Investment Officer Sold 680 $58.37 $0.0M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets — — —
Current ratio rose — — —
Share count didn't rise ✕ ✕ ✕
Gross margin rose — — —
Revenue rose relative to assets ✕ ✓ ✓
F-score — / 9— / 9— / 9
Accruals ratio −0.6%−1.2%−3.9%
Altman Z'' ———

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
First Industrial Realty Trust FR $7.2B 8.6% — — — 19.8x —
EastGroup Properties EGP $10.7B 12.7% — 56.1% — 33.7x — Compare →
STAG Industrial STAG $7.0B 10.1% — 30.6% — 28.2x — Compare →
Rexford Industrial Realty REXR $8.7B 7.1% — 20.8% — — — Compare →
CubeSmart CUBE $9.2B 5.3% — — — 28.1x — Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $378M $396M $404M $426M $448M $476M $540M $614M $670M $727M
Interest expense $59.4M $57.2M $50.8M $50.3M $48.8M $44.2M $46.4M $72.9M $82.9M $69.0M
Pretax income $127M $210M $168M $231M $198M $282M $290M $262M $298M $245M
Income tax $1.1M $1.2M −$0.1M $3.4M $2.4M $4.9M $23.4M $8.7M $6.1M $15.3M
Net income $121M $202M $163M $239M $196M $271M $359M $275M $288M $247M
Diluted EPS $1.05 $1.69 $1.31 $1.88 $1.53 $2.09 $2.72 $2.07 $2.17 $1.87
Diluted shares 0.12B 0.12B 0.12B 0.13B 0.13B 0.13B 0.13B 0.13B 0.13B 0.13B
Cash flow
Cash from operations $174M $193M $211M $246M $240M $267M $411M $305M $353M $461M
Depreciation and amortization $117M $116M $117M $121M $130M $131M $147M $163M $172M $185M
Stock-based compensation $7.4M $8.6M $7.6M $8.4M $12.9M $13.7M $15.7M $16.7M $20.1M $20.3M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends paid $82.7M $101M $110M $117M $127M $140M $155M $169M $194M $231M
Dividends and buybacks $82.7M $101M $110M $117M $127M $140M $155M $169M $193M $231M
Balance sheet
Cash and short-term investments $9.9M $21.1M $43.1M $21.1M $162M $58.6M $133M $43.8M $44.5M $78.0M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Total assets $2.8B $2.9B $3.1B $3.5B $3.8B $4.2B $5.0B $5.2B $5.3B $5.7B
Total liabilities $1.5B $1.5B $1.5B $1.7B $1.8B $1.9B $2.4B $2.5B $2.5B $2.9B
Shareholders' equity $1.2B $1.4B $1.6B $1.8B $1.9B $2.2B $2.5B $2.6B $2.7B $2.7B
Margins
EBITDA margin 80.3% 96.6% 82.9% 94.5% 84.1% 96.0% 89.6% 81.1% 82.5% 68.6%
Net margin 32.1% 50.8% 40.4% 56.1% 43.7% 56.9% 66.5% 44.8% 42.9% 34.0%
Returns
Return on equity 10.5% 15.1% 10.6% 14.0% 10.7% 13.2% 15.4% 10.9% 11.0% 9.3%
Return on assets 4.4% 7.0% 5.4% 7.2% 5.4% 6.8% 7.9% 5.4% 5.5% 4.5%
Growth
Revenue growth — 4.9% 1.9% 5.5% 5.2% 6.3% 13.4% 13.7% 9.1% 8.6%
Net income growth 64.3% 66.2% −19.0% 46.3% −17.9% 38.3% 32.5% −23.5% 4.6% −14.0%
EPS growth 59.1% 61.0% −22.5% 43.5% −18.6% 36.6% 30.1% −23.9% 4.8% −13.8%
Share count change 4.1% 3.0% 4.6% 2.0% 1.0% 1.5% 1.8% 0.2% 0.1% 0.1%
Financial health
Interest coverage 3.1x 4.7x 4.3x 5.6x 5.1x 7.4x 7.2x 4.6x 4.6x 4.5x
Capital allocation
Stock comp / revenue 2.0% 2.2% 1.9% 2.0% 2.9% 2.9% 2.9% 2.7% 3.0% 2.8%
Quality scores
Accruals ratio −1.9% 0.3% −1.6% −0.2% −1.2% 0.1% −1.1% −0.6% −1.2% −3.9%

Source: SEC EDGAR XBRL filings (CIK 0000921825). Data updated October 22, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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