Federal Realty Investment Trust
FRT NYSE Retail REITs Financials FY2016–FY2025
Federal Realty Investment Trust's revenue rose 6.4% to $1.3 billion in fiscal 2025. Its operating margin was 47.1%, up from 39.3% a year earlier. The diluted share count rose 3.4%.
Revenue
Total sales reported in the income statement.
$1.3B
6.4%
vs prior year
Operating margin
Operating income as a share of revenue.
47.1%
7.8 pts
Net income
Profit after all expenses, interest and tax.
$411M
39.3%
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.
6.0%
1.1 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
$9.4B
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
18.9x
On $5.76 EPS (TTM)
About these figures. Federal Realty's filings from 2020 label its spending on developing and improving its properties in their own way, so capital spending and free cash flow are left blank.
What Federal Realty Investment Trust does
No business description yet.
- Legal name
- FEDERAL REALTY INVESTMENT TRUST
- Fiscal year ends
- December 31, 2025
- Latest annual report
- —
- Accession · CIK
- 0000034903-26-000017
0000034903
Revenue and margins
Federal Realty Investment Trust had $1.3B of revenue in fiscal 2025, up 6.4% on the year before.
FY16
Revenue $802M
FY17
Revenue $857M
FY18
Revenue $915M
FY19
Revenue $936M
FY20
Revenue $836M
FY21
Revenue $951M
FY22
Revenue $1.1B
FY23
Revenue $1.1B
FY24
Revenue $1.2B
FY25
Revenue $1.3B
Q2 '23
Revenue $281M
Q3 '23
Revenue $287M
Q4 '23
Revenue $292M
Q1 '24
Revenue $291M
Q2 '24
Revenue $296M
Q3 '24
Revenue $304M
Q4 '24
Revenue $311M
Q1 '25
Revenue $309M
Q2 '25
Revenue $312M
Q3 '25
Revenue $322M
Q4 '25
Revenue $336M
Q1 '26
Revenue $341M
FY16
Gross —
Operating 40.0%
Net 31.2%
FCF —
FY17
Gross —
Operating 47.9%
Net 33.8%
FCF —
FY18
Gross —
Operating 39.5%
Net 26.4%
FCF —
FY19
Gross —
Operating 50.3%
Net 37.8%
FCF —
FY20
Gross —
Operating 34.7%
Net 15.8%
FCF —
FY21
Gross —
Operating 41.5%
Net 27.5%
FCF —
FY22
Gross —
Operating 49.0%
Net 35.9%
FCF —
FY23
Gross —
Operating 35.9%
Net 20.9%
FCF —
FY24
Gross —
Operating 39.3%
Net 24.6%
FCF —
FY25
Gross —
Operating 47.1%
Net 32.1%
FCF —
Gross
Operating
Net
FCF
Q2 '23
Gross —
Operating 36.3%
Net 21.6%
FCF —
Q3 '23
Gross —
Operating 34.9%
Net 19.9%
FCF —
Q4 '23
Gross —
Operating 37.3%
Net 22.0%
FCF —
Q1 '24
Gross —
Operating 34.4%
Net 19.5%
FCF —
Q2 '24
Gross —
Operating 53.0%
Net 37.8%
FCF —
Q3 '24
Gross —
Operating 34.9%
Net 20.1%
FCF —
Q4 '24
Gross —
Operating 35.1%
Net 21.0%
FCF —
Q1 '25
Gross —
Operating 35.0%
Net 20.6%
FCF —
Q2 '25
Gross —
Operating 65.1%
Net 50.1%
FCF —
Q3 '25
Gross —
Operating 34.3%
Net 19.1%
FCF —
Q4 '25
Gross —
Operating 53.8%
Net 38.6%
FCF —
Q1 '26
Gross —
Operating 61.3%
Net 46.7%
FCF —
Gross
Operating
Net
FCF
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 3.3% a year. Loss periods are shown in red.
FY16
Net income $250M
FY17
Net income $290M
FY18
Net income $242M
FY19
Net income $354M
FY20
Net income $132M
FY21
Net income $262M
FY22
Net income $386M
FY23
Net income $237M
FY24
Net income $295M
FY25
Net income $411M
Q2 '23
Net income $60.5M
Q3 '23
Net income $57.0M
Q4 '23
Net income $64.1M
Q1 '24
Net income $56.7M
Q2 '24
Net income $112M
Q3 '24
Net income $61.0M
Q4 '24
Net income $65.5M
Q1 '25
Net income $63.8M
Q2 '25
Net income $156M
Q3 '25
Net income $61.6M
Q4 '25
Net income $130M
Q1 '26
Net income $159M
FY16
Diluted EPS $3.50
FY17
Diluted EPS $3.97
FY18
Diluted EPS $3.18
FY19
Diluted EPS $4.61
FY20
Diluted EPS $1.62
FY21
Diluted EPS $3.26
FY22
Diluted EPS $4.71
FY23
Diluted EPS $2.80
FY24
Diluted EPS $3.42
FY25
Diluted EPS $4.68
Q2 '23
Diluted EPS $0.72
Q3 '23
Diluted EPS $0.67
Q4 '23
Diluted EPS $0.76
Q1 '24
Diluted EPS $0.66
Q2 '24
Diluted EPS $1.32
Q3 '24
Diluted EPS $0.70
Q4 '24
Diluted EPS $0.74
Q1 '25
Diluted EPS $0.72
Q2 '25
Diluted EPS $1.78
Q3 '25
Diluted EPS $0.69
Q4 '25
Diluted EPS $1.48
Q1 '26
Diluted EPS $1.81
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY16
Return on capital 5.6%
Return on equity 13.7%
Return on assets 4.8%
FY17
Return on capital 6.2%
Return on equity 13.7%
Return on assets 5.0%
FY18
Return on capital 5.1%
Return on equity 10.5%
Return on assets 3.9%
FY19
Return on capital 6.5%
Return on equity 14.5%
Return on assets 5.4%
FY20
Return on capital 3.8%
Return on equity 5.3%
Return on assets 1.8%
FY21
Return on capital 4.9%
Return on equity 10.4%
Return on assets 3.4%
FY22
Return on capital 5.9%
Return on equity 13.9%
Return on assets 4.9%
FY23
Return on capital 4.4%
Return on equity 8.0%
Return on assets 2.8%
FY24
Return on capital 5.0%
Return on equity 9.6%
Return on assets 3.5%
FY25
Return on capital 6.0%
Return on equity 12.8%
Return on assets 4.7%
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.
FY16
Free cash flow —
FY17
Free cash flow —
FY18
Free cash flow —
FY19
Free cash flow —
FY20
Free cash flow —
FY21
Free cash flow —
FY22
Free cash flow —
FY23
Free cash flow —
FY24
Free cash flow —
FY25
Free cash flow —
FY16
Cash from operations $428M
Capital spending —
FY17
Cash from operations $459M
Capital spending —
FY18
Cash from operations $517M
Capital spending —
FY19
Cash from operations $462M
Capital spending —
FY20
Cash from operations $370M
Capital spending —
FY21
Cash from operations $471M
Capital spending —
FY22
Cash from operations $517M
Capital spending —
FY23
Cash from operations $556M
Capital spending —
FY24
Cash from operations $575M
Capital spending —
FY25
Cash from operations $622M
Capital spending —
Cash from operations
Capital spending
Q2 '23
Cash from operations $149M
Capital spending —
Q3 '23
Cash from operations $151M
Capital spending —
Q4 '23
Cash from operations $113M
Capital spending —
Q1 '24
Cash from operations $141M
Capital spending —
Q2 '24
Cash from operations $170M
Capital spending —
Q3 '24
Cash from operations $144M
Capital spending —
Q4 '24
Cash from operations $120M
Capital spending —
Q1 '25
Cash from operations $179M
Capital spending —
Q2 '25
Cash from operations $151M
Capital spending —
Q3 '25
Cash from operations $148M
Capital spending —
Q4 '25
Cash from operations $145M
Capital spending —
Q1 '26
Cash from operations $185M
Capital spending —
Cash from operations
Capital spending
Dividends, buybacks and share count
Federal Realty Investment Trust returned $0.0M to shareholders in fiscal 2025. The diluted share count rose 3.4%.
FY16
Dividends $0.0M
Buybacks $0.0M
FY17
Dividends $0.0M
Buybacks $0.0M
FY18
Dividends $0.0M
Buybacks $0.0M
FY19
Dividends $0.0M
Buybacks $0.0M
FY20
Dividends $0.0M
Buybacks $0.0M
FY21
Dividends $0.0M
Buybacks $0.0M
FY22
Dividends $0.0M
Buybacks $0.0M
FY23
Dividends $0.0M
Buybacks $0.0M
FY24
Dividends $0.0M
Buybacks $0.0M
FY25
Dividends $0.0M
Buybacks $0.0M
Dividends
Buybacks
Q2 '23
Dividends $0.0M
Buybacks $0.0M
Q3 '23
Dividends $0.0M
Buybacks $0.0M
Q4 '23
Dividends $0.0M
Buybacks $0.0M
Q1 '24
Dividends $0.0M
Buybacks $0.0M
Q2 '24
Dividends $0.0M
Buybacks $0.0M
Q3 '24
Dividends $0.0M
Buybacks $0.0M
Q4 '24
Dividends $0.0M
Buybacks $0.0M
Q1 '25
Dividends $0.0M
Buybacks $0.0M
Q2 '25
Dividends $0.0M
Buybacks $0.0M
Q3 '25
Dividends $0.0M
Buybacks $0.0M
Q4 '25
Dividends $0.0M
Buybacks $0.0M
Q1 '26
Dividends $0.0M
Buybacks $0.0M
Dividends
Buybacks
FY16
Diluted shares 0.07B
FY17
Diluted shares 0.07B
FY18
Diluted shares 0.07B
FY19
Diluted shares 0.07B
FY20
Diluted shares 0.08B
FY21
Diluted shares 0.08B
FY22
Diluted shares 0.08B
FY23
Diluted shares 0.08B
FY24
Diluted shares 0.08B
FY25
Diluted shares 0.09B
Value Federal Realty Investment 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 −$4.9B and divides by 86.4M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 18.9x · peers 20.1x · sector 28.2x.
Balance sheet
Cash, debt and the ratios that show how comfortably Federal Realty Investment Trust can carry it.
FY16
Cash $23.4M
Debt $2.7B
FY17
Cash $15.2M
Debt $3.2B
FY18
Cash $64.1M
Debt $3.2B
FY19
Cash $127M
Debt $3.4B
FY20
Cash $798M
Debt $4.4B
FY21
Cash $162M
Debt $4.1B
FY22
Cash $85.6M
Debt $4.4B
FY23
Cash $251M
Debt $4.6B
FY24
Cash $123M
Debt $4.5B
FY25
Cash $107M
Debt $5.0B
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $162M | $85.6M | $251M | $123M | $107M |
| Debt incl. finance leases | $4.1B | $4.4B | $4.6B | $4.5B | $5.0B |
| Net debt / EBITDA | 5.9x | 5.2x | 6.0x | 5.4x | 5.0x |
| Debt / equity | 1.6x | 1.5x | 1.6x | 1.4x | 1.5x |
| Interest coverage | 3.1x | 3.8x | 2.4x | 2.7x | 3.3x |
| Total assets | $7.6B | $8.2B | $8.4B | $8.5B | $9.1B |
| Total liabilities | $4.7B | $5.0B | $5.2B | $5.1B | $5.6B |
| Shareholders' equity | $2.6B | $3.0B | $3.0B | $3.2B | $3.2B |
| Net debt (− = net cash) | $4.0B | $4.3B | $4.4B | $4.4B | $4.9B |
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
$0.2M
1 insider
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 30, 2026 | Nicole Lamb-HaleDirector | Sold | 1,500 | $108.89 | $0.2M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| 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 | −3.8% | −3.3% | −2.4% |
| Altman Z'' | — | — | — |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Federal Realty Investment Trust FRT | $9.4B | 6.4% | 47.1% | — | 6.0% | 18.9x | — | |
| Brixmor Property Group BRX | $8.7B | 6.7% | — | — | — | 20.1x | — | Compare → |
| Regency Centers REG | — | 6.9% | 72.3% | 25.3% | 7.7% | 25.4x | — | Compare → |
| NNN Reit NNN | $7.8B | 6.6% | 63.6% | — | — | 20.2x | — | Compare → |
| Kite Realty Group Trust KRG | $5.0B | 0.8% | — | 32.9% | 7.1% | 15.3x | — | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $802M | $857M | $915M | $936M | $836M | $951M | $1.1B | $1.1B | $1.2B | $1.3B |
| Operating income | $321M | $410M | $362M | $471M | $290M | $395M | $526M | $407M | $472M | $602M |
| Interest expense | $95.0M | $100M | $110M | $110M | $136M | $128M | $137M | $168M | $176M | $184M |
| Net income | $250M | $290M | $242M | $354M | $132M | $262M | $386M | $237M | $295M | $411M |
| Diluted EPS | $3.50 | $3.97 | $3.18 | $4.61 | $1.62 | $3.26 | $4.71 | $2.80 | $3.42 | $4.68 |
| Diluted shares | 0.07B | 0.07B | 0.07B | 0.07B | 0.08B | 0.08B | 0.08B | 0.08B | 0.08B | 0.09B |
| Cash flow | ||||||||||
| Cash from operations | $428M | $459M | $517M | $462M | $370M | $471M | $517M | $556M | $575M | $622M |
| Depreciation and amortization | $194M | $216M | $244M | $240M | $255M | $280M | $302M | $322M | $343M | $368M |
| Stock-based compensation | $9.9M | $11.0M | $11.7M | $12.3M | $11.9M | $13.0M | $13.7M | $14.3M | $16.4M | $14.6M |
| 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 | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends and buybacks | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $23.4M | $15.2M | $64.1M | $127M | $798M | $162M | $85.6M | $251M | $123M | $107M |
| Total debt | $2.7B | $3.2B | $3.2B | $3.4B | $4.3B | $4.1B | $4.3B | $4.6B | $4.5B | $5.0B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $72.1M | $72.0M | $72.0M | $67.7M | $12.7M | $12.8M | $12.9M |
| Inventory | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Total assets | $5.4B | $6.3B | $6.3B | $6.8B | $7.6B | $7.6B | $8.2B | $8.4B | $8.5B | $9.1B |
| Total liabilities | $3.2B | $3.7B | $3.7B | $4.0B | $4.9B | $4.7B | $5.0B | $5.2B | $5.1B | $5.6B |
| Shareholders' equity | $2.0B | $2.3B | $2.3B | $2.5B | $2.5B | $2.6B | $3.0B | $3.0B | $3.2B | $3.2B |
| Margins | ||||||||||
| Operating margin | 40.0% | 47.9% | 39.5% | 50.3% | 34.7% | 41.5% | 49.0% | 35.9% | 39.3% | 47.1% |
| EBITDA margin | 64.2% | 73.1% | 66.2% | 75.9% | 65.2% | 70.9% | 77.1% | 64.3% | 67.8% | 75.9% |
| Net margin | 31.2% | 33.8% | 26.4% | 37.8% | 15.8% | 27.5% | 35.9% | 20.9% | 24.6% | 32.1% |
| Returns | ||||||||||
| Return on capital | 5.6% | 6.2% | 5.1% | 6.5% | 3.8% | 4.9% | 5.9% | 4.4% | 5.0% | 6.0% |
| Return on equity | 13.7% | 13.7% | 10.5% | 14.5% | 5.3% | 10.4% | 13.9% | 8.0% | 9.6% | 12.8% |
| Return on assets | 4.8% | 5.0% | 3.9% | 5.4% | 1.8% | 3.4% | 4.9% | 2.8% | 3.5% | 4.7% |
| Growth | ||||||||||
| Revenue growth | 7.7% | 7.0% | 6.8% | 2.2% | −10.7% | 13.9% | 13.0% | 5.4% | 6.2% | 6.4% |
| Net income growth | 18.9% | 16.0% | −16.6% | 46.3% | −62.8% | 98.6% | 47.4% | −38.5% | 24.6% | 39.3% |
| EPS growth | 15.5% | 13.4% | −19.9% | 45.0% | −64.9% | 101.2% | 44.5% | −40.6% | 22.1% | 36.8% |
| Share count change | 3.0% | 1.7% | 1.5% | 2.0% | 1.0% | 2.5% | 4.1% | 1.0% | 2.8% | 3.4% |
| Financial health | ||||||||||
| Net debt / EBITDA | 5.3x | 5.1x | 5.1x | 4.7x | 6.6x | 5.9x | 5.2x | 6.0x | 5.4x | 5.0x |
| Debt / equity | 1.4x | 1.4x | 1.4x | 1.4x | 1.8x | 1.6x | 1.5x | 1.6x | 1.4x | 1.5x |
| Interest coverage | 3.4x | 4.1x | 3.3x | 4.3x | 2.1x | 3.1x | 3.8x | 2.4x | 2.7x | 3.3x |
| Capital allocation | ||||||||||
| Stock comp / revenue | 1.2% | 1.3% | 1.3% | 1.3% | 1.4% | 1.4% | 1.3% | 1.3% | 1.4% | 1.1% |
| Quality scores | ||||||||||
| Accruals ratio | −3.5% | −2.9% | −4.4% | −1.7% | −3.3% | −2.8% | −1.7% | −3.8% | −3.3% | −2.4% |
Source: SEC EDGAR XBRL filings (CIK 0000034903). Data updated October 9, 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.