First Industrial Realty Trust Inc (FR) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of First Industrial Realty Trust Inc stock $18.60, price $53.76, that is 65.4% below the price, quality 53 out of 100. Rating: strongly overvalued. Calculated from audited financials with 16 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.
How to read this chart
60‑month range $37.00 – $68.30 · fair‑value band $14.89 – $25.40 · the $53.76 price screens above the $18.60 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 3 fiscal years are left out: there the valuation rested on only a fraction of the usual models. As of Nov 8, 2026.
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First Industrial Realty Trust, Inc. is a leading U.S.-only owner, operator, developer and acquirer of logistics properties.
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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.
Stock analysis
First Industrial Realty Trust Inc (FR) currently trades at $53.76, while our model-based Fair Value estimate is $18.60, 65% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of $32.24 per share, and 0 of the 16 models we run sit above the $53.76 price.
Bear case: the Growth DCF group reads lowest at $7.91, and 16 of the 16 models stay below the price. Data coverage for this calculation is high.
Scenario range: $14.89 (bear) to $25.40 (bull), the price of $53.76 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 53/100 (solid quality), in the Real Estate sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
First Industrial Realty Trust Inc reported revenue of $727M in FY2025 versus $476M in FY2021, a compound +11.2%/yr. Reported net income was $247M in FY2025, compounding −2.2%/yr from FY2021.
Key figures
Market cap $8.1B Mid · P/E ratio 21.5 · P/S ratio 10.7 · EPS (TTM) $2.76 · Dividend yield 3.5% · Net margin 47.9% · Return on equity 13.6% · Return on assets (EBIT) 4.8% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 71 out of 100 (low confidence).
What moves the price
The share trades about 21% below its 52-week high and 1% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −31% fair-value upside, at −65%, FR screens richer than that median.
Fair Value models
Bear$14.89Fair Value $18.60Bull$25.40
Price $53.76 · Downside -65.4%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then ($0.7461 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
In the last 6 months, no officer or director bought or sold shares on the open market.
SaleJohannson L YapChief Investment Officer680 shares at $58.37$39,688Dec 17, 2025
Plus one other filing such as a grant, option exercise or tax withholding. It is not a market purchase or sale.
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+8.6%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+10.4%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+10.2%
Start year 2020 (pandemic). Over 10 years: +7.1% a year
Revenue growth 31 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+9.3%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: adjusted.
+18.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year+14.8%
Dividend (yield on the price)3.5%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−0.2% vs 10.9%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.44% → 42%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+37.7%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+6.2%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +34.5% a year for the price and +3.8% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (95 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
AI conclusion: Moderate financial stability supports firm occupancy and expanding same-store NOI in logistics assets, yet no clear durable moat emerges across any category.
Main risk: Larger competitors such as Prologis and private landlords could capture tenants or force lower rental rates in key logistics markets, reducing occupancy or net operating income growth for First Industrial Realty Trust.
Bull case: The company could benefit from strong leasing momentum and modern facilities that attract tenants seeking efficient logistics space amid ongoing supply-chain needs.
Bear case: If competition intensifies or debt costs rise sharply, occupancy and rental growth could slow, pressuring cash flows and limiting the ability to fund developments or maintain distributions.
Strong cash rent growth on new leases has prompted First Industrial to raise its 2026 guidance while same-store NOI expands and occupancy holds firm in logistics markets. Yet the shares have declined lately and our models see the stock as overvalued. Can the leasing momentum prove durable enough to justify current levels or will it fade against rising supply and softer demand?
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.REIT - Industrial · 51 stocks
Beats the industry median on 4/15 measures
Overall it trails its industry peers.
Valuation
Quality Score53 · Below median
Fair Value upside−65.4% · Bottom 25%
Profitability
Return on equity (12 months)13.6% · Top 25%
Return on assets4.4% · Above median
Net margin (12 months)47.9% · Above median
Operating margin (12 months)45.1% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)8.4% · Above median
Dividend yield (12 months)3.5% · Bottom 25%
Balance sheet
Debt / equity0.89× · Highest 25%
Valuation Multiplesvs REIT - Industrial median · lower = cheaper
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Is First Industrial Realty Trust Inc (FR) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of $18.60 versus a price of $53.76, about 65% lower (overvalued).
What is the fair value of FR?
Our model-based fair value for First Industrial Realty Trust Inc is $18.60 (as of Nov 8, 2026), built from audited fundamentals. The current price: $53.76.
What is the quality score of FR?
First Industrial Realty Trust Inc has a Quality Score of 53/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for First Industrial Realty Trust Inc (FR)?
Our model-based price target is the fair value of $18.60 (as of Nov 8, 2026) from 16 valuation models. Cautious scenario $14.89, optimistic scenario $25.40. It is a calculation from audited fundamentals, not an analyst target.
What is the First Industrial Realty Trust Inc stock forecast for 2026?
Our models put fair value at $18.60, about 65% lower versus a price of $53.76 (overvalued). Cautious scenario $14.89, optimistic scenario $25.40. The calculation is refreshed regularly with new filings.
What is the revenue of First Industrial Realty Trust Inc (FR)?
First Industrial Realty Trust Inc reported trailing-twelve-month revenue of about $760M (latest available figure, as of Nov 8, 2026).
Does First Industrial Realty Trust Inc pay a dividend?
First Industrial Realty Trust Inc currently shows a dividend yield of 3.52% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of First Industrial Realty Trust Inc (FR) and when is the ex-dividend date?
First Industrial Realty Trust Inc pays a dividend of $1.89 per share a year, a dividend yield of 3.5%. The last ex-dividend date was Sep 30, 2026. A dividend has been paid every year since 2013. The payout ratio is 68.5% of earnings. Free cash flow covers the dividend 0.46 times. Our assessment: Watch coverage. The dividend isn’t fully covered by free cash flow or earnings, part of it is funded from reserves or debt. Fine for now, but worth watching: if it stays uncovered, the dividend could be cut.
What growth is priced into First Industrial Realty Trust Inc (FR)?
For today's price to be fair in a discounted-cash-flow model, First Industrial Realty Trust Inc would have to grow free cash flow by +37.7 % per year for five years (discount rate 9.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +10.2 % per year. As of Nov 8, 2026.
What discount rate (WACC) does the fair value of FR use?
Our models discount First Industrial Realty Trust Inc at 9.8 %: a base by market capitalisation (mid), damped by beta 1.04, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For First Industrial Realty Trust Inc that is +37.7 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (9.8 %) and the same formula as our fair value.
How much growth has First Industrial Realty Trust Inc (FR) delivered so far?
Over the past 5 years revenue at First Industrial Realty Trust Inc grew +10.2 % a year. The price currently implies free-cash-flow growth of +37.7 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of First Industrial Realty Trust Inc (FR) growing?
The median revenue growth in the sector is +2.7 % a year. That is the yardstick for the growth priced into First Industrial Realty Trust Inc (+37.7 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of First Industrial Realty Trust Inc (FR)?
The free-cash-flow yield on the price is 1.61 %: that much free cash flow First Industrial Realty Trust Inc produces per unit of market value. When it exceeds the discount rate of our models (9.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of First Industrial Realty Trust Inc (FR)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For First Industrial Realty Trust Inc it is $18.60 per share (as of Nov 8, 2026), against a price of $53.76. It is the blended result of 16 valuation models in 6 families (DCF Models, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is First Industrial Realty Trust Inc stock overvalued or undervalued in 2026?
As of Nov 8, 2026, FR trades above its calculated fair value: price $53.76, fair value $18.60, a gap of about −65% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of FR?
No. The price is what the market pays today ($53.76); the fair value is what the company's own numbers justify ($18.60). For First Industrial Realty Trust Inc the two are $35.16 per share apart. That gap is exactly why we show both numbers side by side.
How much is First Industrial Realty Trust Inc worth?
The market values First Industrial Realty Trust Inc at about $8.1B (market capitalisation, as of Nov 8, 2026). Per share that is $53.76; our models calculate a fair value of $18.60 per share.
What do the bullish and bearish scenarios say about FR?
Our models span a range for First Industrial Realty Trust Inc: cautious scenario $14.89, base $18.60, optimistic $25.40 per share (as of Nov 8, 2026, price $53.76). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of FR?
First Industrial Realty Trust Inc trades at a price-to-earnings ratio of 21.5 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $18.60 is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), earnings ex one-offs: 45.4. Other multiples: PEG 3.7, P/B 3.1, P/S 10.7, EV/EBITDA 20.0.
What is the PEG ratio of FR?
The PEG ratio of First Industrial Realty Trust Inc is 3.74 (P/E divided by earnings growth, as of Nov 8, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of First Industrial Realty Trust Inc (FR)?
Balance-sheet figures for First Industrial Realty Trust Inc (as of Nov 8, 2026): return on equity 13.6%, debt of 0.89 per unit of equity. They feed the Quality Score of 53/100, which measures business quality independently of the share price.
How far is FR from its 52-week high?
First Industrial Realty Trust Inc trades at $53.76, about 21% below its 52-week high of $68.30 and 1% above the low of $53.23 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $18.60 is for.
Which stocks are comparable to First Industrial Realty Trust Inc?
From the same area (Real Estate) we also value Prologis, Inc, Public Storage, Extra Space Storage Inc, EastGroup Properties, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is First Industrial Realty Trust Inc stock attractive at the current price?
The data as of Nov 8, 2026: price $53.76, calculated fair value $18.60 (−65%), Quality Score 53/100, from 16 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of FR calculated?
We run First Industrial Realty Trust Inc through 16 models from 6 families: DCF Models, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of $18.60 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. First Industrial Realty Trust Inc itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of First Industrial Realty Trust Inc (FR)?
The closing price on Nov 6, 2026 was $53.76. Our model-based fair value is $18.60, about 65% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with First Industrial Realty Trust Inc right now?
The price sits above even our optimistic bull case ($25.40). The favourable scenario is already priced in. Solid but not exceptional quality (53/100) and above fair value, neither a clear bargain nor a standout compounder. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Where does the earnings growth of First Industrial Realty Trust Inc (FR) come from?
Earnings per share at First Industrial Realty Trust Inc grew +12.2 % a year from 2014 to 2025. Broken into its drivers: revenue per share +5.1 %, EBIT margin −4.4 %, tax rate −0.3 %, residual (interest, one-offs) +12.0 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of First Industrial Realty Trust Inc
How large is the market capitalisation of First Industrial Realty Trust Inc (FR)?
The market capitalisation of First Industrial Realty Trust Inc is $8.1B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of First Industrial Realty Trust Inc (FR)?
The price-to-sales ratio of First Industrial Realty Trust Inc is 10.7 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of First Industrial Realty Trust Inc (FR)?
Earnings per share at First Industrial Realty Trust Inc are $2.76 (price ÷ EPS = P/E 21.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of First Industrial Realty Trust Inc (FR)?
The dividend yield of First Industrial Realty Trust Inc is 3.5% (payout 68.5%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of First Industrial Realty Trust Inc (FR)?
The net margin of First Industrial Realty Trust Inc is 47.9% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of First Industrial Realty Trust Inc (FR)?
The return on equity (ROE) of First Industrial Realty Trust Inc is 13.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of First Industrial Realty Trust Inc (FR)?
On an EBIT basis the return on assets of First Industrial Realty Trust Inc is 4.8% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of First Industrial Realty Trust Inc (FR)?
The operating margin of First Industrial Realty Trust Inc is 45.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at First Industrial Realty Trust Inc (FR)?
Revenue at First Industrial Realty Trust Inc is growing +8.4% versus a year earlier (3y avg +10.4%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at First Industrial Realty Trust Inc (FR)?
Earnings per share at First Industrial Realty Trust Inc are growing +39.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does First Industrial Realty Trust Inc (FR) carry?
The net debt of First Industrial Realty Trust Inc is $2.5B (fiscal year 2025, ≈ 21.7 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 8, 2026