Federal Realty Investment Trust (FRT) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Federal Realty Investment Trust stock $40.47, price $113, that is 64.1% below the price, quality 54 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 $73.93 – $125.77 · fair‑value band $35.01 – $89.23 · the $112.58 price screens above the $40.47 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
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Federal Realty Investment Trust is a recognized leader in the ownership, operation and redevelopment of high-quality retail-based properties located primarily in major coastal markets and select underserved regions with strong economic and demographic fundamentals.
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Founded in 1962, Federal Realty's mission is to deliver long-term, sustainable growth through investing in communities where retail demand exceeds supply.
This includes a portfolio of open-air shopping centers and mixed-use destinations"such as Santana Row, Pike & Rose and Assembly Row"which together reflect the company's ability to create distinctive, high-performing environments that serve as vibrant destinations for their communities.
As of December 31, 2025, Federal Realty's 104 properties include approximately 3,700 tenants in 28.8 million commercial square feet, and approximately 2,700 residential units.
Federal Realty has increased its quarterly dividends to its shareholders for 58 consecutive years, the longest record in the REIT industry.
The company is an S&P 500 index member, and its shares are traded on the NYSE under the symbol FRT. Federal Realty Investment Trust was incorporated in 1962 and is based in North Bethesda, United States.
Stock analysis
Federal Realty Investment Trust (FRT) currently trades at $112.58, while our model-based Fair Value estimate is $40.47, 64% 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 $74.83 per share, and 0 of the 16 models we run sit above the $112.58 price.
Bear case: the Asset-Based group reads lowest at $25.07, and 16 of the 16 models stay below the price. Data coverage for this calculation is high.
Scenario range: $35.01 (bear) to $89.23 (bull), the price of $112.58 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 54/100 (solid quality), in the Real Estate sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Federal Realty Investment Trust reported revenue of $1.3B in FY2025 versus $951M in FY2021, a compound +7.7%/yr. Reported net income was $411M in FY2025, compounding +12.0%/yr from FY2021.
Key figures
Market cap $9.7B Mid · P/E ratio 22.9 · P/S ratio 7.27 · EPS (TTM) $4.89 · Dividend yield 4.0% · Net margin 32.7% · Return on equity 12.6% · Return on assets (EBIT) 5.4% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 68 out of 100 (medium confidence).
What moves the price
The share trades about 10% below its 52-week high and 23% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −24% fair-value upside, at −64%, FRT screens richer than that median.
Fair Value models
Bear$35.01Fair Value $40.47Bull$89.23
Price $112.58 · Downside -64.1%
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 ($0.3163 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, one officer or director sold shares worth $163,342 and none bought.
SaleNicole Lamb-HaleDirector1,500 shares at $108.89$163,342Sep 30, 2026
Plus 3 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.
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
+6.3%
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.
+6.0%
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.
+8.9%
Start year 2020 (pandemic). Over 10 years: +5.6% a year
Revenue growth 40 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.
+9.5%
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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.
−1.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year−5.6%
Dividend (yield on the price)4.0%
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.7.2% vs 4.6%, steady
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.35% → 36%
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).
+24.1%
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.
+5.1%
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 +21.2% a year for the price and +2.7% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (96 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 location stability and decent cash metrics support average durability for this retail REIT while limited innovation and differentiation leave it exposed in a pressured sector.
Main risk: Higher interest rates could raise costs when refinancing maturing debt such as the term loans and notes due in 2027-2031, squeezing cash flow available for operations or acquisitions.
Bull case: Strong leasing momentum and digital systems for tenant selection could help maintain high occupancy and rent growth, offsetting higher refinancing costs through operational efficiency.
Bear case: Persistent high interest rates combined with aggressive bidding by competitors could raise debt service burdens and limit accretive acquisitions, constraining cash flow growth over time.
Federal Realty just expanded into a new market by acquiring a large retail center in Alabama. The deal is structured to contribute to earnings immediately while drawing on tenant ties built at its established coastal sites. Our models see the stock as overvalued. Will the added cash flow from such moves strengthen the business enough to close the gap with how the market prices its stability?
Compare Federal Realty Investment Trust with another stock
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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 - Retail · 86 stocks
Beats the industry median on 3/15 measures
Overall it trails its industry peers.
Valuation
Quality Score54 · Below median
Fair Value upside−64.1% · Bottom 25%
Profitability
Return on equity (12 months)12.6% · Top 25%
Return on assets4.5% · Above median
Net margin (12 months)32.7% · Below median
Operating margin (12 months)35.0% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)7.2% · Above median
Dividend yield (12 months)4.0% · Bottom 25%
Balance sheet
Debt / equity1.52× · Highest 25%
Valuation Multiplesvs REIT - Retail median · lower = cheaper
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Is Federal Realty Investment Trust (FRT) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of $40.47 versus a price of $112.58, about 64% lower (overvalued).
What is the fair value of FRT?
Our model-based fair value for Federal Realty Investment Trust is $40.47 (as of Nov 8, 2026), built from audited fundamentals. The current price: $112.58.
What is the quality score of FRT?
Federal Realty Investment Trust has a Quality Score of 54/100. 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 Federal Realty Investment Trust (FRT)?
Our model-based price target is the fair value of $40.47 (as of Nov 8, 2026) from 16 valuation models. Cautious scenario $35.01, optimistic scenario $89.23. It is a calculation from audited fundamentals, not an analyst target.
What is the Federal Realty Investment Trust stock forecast for 2026?
Our models put fair value at $40.47, about 64% lower versus a price of $112.58 (overvalued). Cautious scenario $35.01, optimistic scenario $89.23. The calculation is refreshed regularly with new filings.
What is the revenue of Federal Realty Investment Trust (FRT)?
Federal Realty Investment Trust reported trailing-twelve-month revenue of about $1.3B (latest available figure, as of Nov 8, 2026).
Does Federal Realty Investment Trust pay a dividend?
Federal Realty Investment Trust currently shows a dividend yield of 4.01% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of Federal Realty Investment Trust (FRT) and when is the ex-dividend date?
Federal Realty Investment Trust pays a dividend of $4.52 per share a year, a dividend yield of 4.0%. The last ex-dividend date was Oct 1, 2026. A dividend has been paid every year since at least 1984. The payout ratio is 92.4% of earnings. Free cash flow covers the dividend 0.85 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 Federal Realty Investment Trust (FRT)?
For today's price to be fair in a discounted-cash-flow model, Federal Realty Investment Trust would have to grow free cash flow by +24.1 % per year for five years (discount rate 9.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +8.9 % per year. As of Nov 8, 2026.
What discount rate (WACC) does the fair value of FRT use?
Our models discount Federal Realty Investment Trust at 9.6 %: a base by market capitalisation (mid), damped by beta 0.94, 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 Federal Realty Investment Trust that is +24.1 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (9.6 %) and the same formula as our fair value.
How much growth has Federal Realty Investment Trust (FRT) delivered so far?
Over the past 5 years revenue at Federal Realty Investment Trust grew +8.9 % a year. The price currently implies free-cash-flow growth of +24.1 % 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 Federal Realty Investment Trust (FRT) growing?
The median revenue growth in the sector is +2.7 % a year. That is the yardstick for the growth priced into Federal Realty Investment Trust (+24.1 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Federal Realty Investment Trust (FRT)?
The free-cash-flow yield on the price is 3.41 %: that much free cash flow Federal Realty Investment Trust produces per unit of market value. When it exceeds the discount rate of our models (9.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Federal Realty Investment Trust (FRT)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Federal Realty Investment Trust it is $40.47 per share (as of Nov 8, 2026), against a price of $112.58. It is the blended result of 16 valuation models in 6 families (DCF Models, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is Federal Realty Investment Trust stock overvalued or undervalued in 2026?
As of Nov 8, 2026, FRT trades above its calculated fair value: price $112.58, fair value $40.47, a gap of about −64% (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 FRT?
No. The price is what the market pays today ($112.58); the fair value is what the company's own numbers justify ($40.47). For Federal Realty Investment Trust the two are $72.11 per share apart. That gap is exactly why we show both numbers side by side.
How much is Federal Realty Investment Trust worth?
The market values Federal Realty Investment Trust at about $9.7B (market capitalisation, as of Nov 8, 2026). Per share that is $112.58; our models calculate a fair value of $40.47 per share.
What do the bullish and bearish scenarios say about FRT?
Our models span a range for Federal Realty Investment Trust: cautious scenario $35.01, base $40.47, optimistic $89.23 per share (as of Nov 8, 2026, price $112.58). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of FRT?
Federal Realty Investment Trust trades at a price-to-earnings ratio of 22.9 (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 $40.47 is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings, 8 of the years ex one-offs: 26.0. Other multiples: PEG 3.6, P/B 3.0, P/S 7.3, EV/EBITDA 17.4.
What is the PEG ratio of FRT?
The PEG ratio of Federal Realty Investment Trust is 3.65 (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 Federal Realty Investment Trust (FRT)?
Balance-sheet figures for Federal Realty Investment Trust (as of Nov 8, 2026): return on equity 12.6%, debt of 1.52 per unit of equity. They feed the Quality Score of 54/100, which measures business quality independently of the share price.
How far is FRT from its 52-week high?
Federal Realty Investment Trust trades at $112.58, about 10% below its 52-week high of $125.77 and 23% above the low of $91.60 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $40.47 is for.
Which stocks are comparable to Federal Realty Investment Trust?
From the same area (Real Estate) we also value Simon Property Group, Realty Income Corporation, Kimco Realty Corporation, Unibail-Rodamco-Westfield SE, 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 Federal Realty Investment Trust stock attractive at the current price?
The data as of Nov 8, 2026: price $112.58, calculated fair value $40.47 (−64%), Quality Score 54/100, 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 FRT calculated?
We run Federal Realty Investment Trust 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 $40.47 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. Federal Realty Investment Trust 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 Federal Realty Investment Trust (FRT)?
The closing price on Nov 6, 2026 was $112.58. Our model-based fair value is $40.47, about 64% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Federal Realty Investment Trust right now?
The price sits above even our optimistic bull case ($89.23). The favourable scenario is already priced in. Solid but not exceptional quality (54/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range ($35.01 to $89.23) leaves room in how you read the outcome. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Key figures of Federal Realty Investment Trust
How large is the market capitalisation of Federal Realty Investment Trust (FRT)?
The market capitalisation of Federal Realty Investment Trust is $9.7B. 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 Federal Realty Investment Trust (FRT)?
The price-to-sales ratio of Federal Realty Investment Trust is 7.27 (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 Federal Realty Investment Trust (FRT)?
Earnings per share at Federal Realty Investment Trust are $4.89 (price ÷ EPS = P/E 22.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Federal Realty Investment Trust (FRT)?
The dividend yield of Federal Realty Investment Trust is 4.0% (payout 92.4%). 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 Federal Realty Investment Trust (FRT)?
The net margin of Federal Realty Investment Trust is 32.7% (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 Federal Realty Investment Trust (FRT)?
The return on equity (ROE) of Federal Realty Investment Trust is 12.6% (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 Federal Realty Investment Trust (FRT)?
On an EBIT basis the return on assets of Federal Realty Investment Trust is 5.4% (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 Federal Realty Investment Trust (FRT)?
The operating margin of Federal Realty Investment Trust is 35.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Federal Realty Investment Trust (FRT)?
Revenue at Federal Realty Investment Trust is growing +7.2% versus a year earlier (3y avg +6.0%). 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 Federal Realty Investment Trust (FRT)?
Earnings per share at Federal Realty Investment Trust are growing −45.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Federal Realty Investment Trust (FRT) carry?
The net debt of Federal Realty Investment Trust is $4.9B (fiscal year 2025, ≈ 14.9 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