Federal Realty Investment Trust (FRT) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Federal Realty Investment Trust $46.49, price $109, upside -57.5%, quality 51 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.
How to read this chart
60‑month range $75.42 – $127.13 · fair‑value band $35.49 – $93.54 · the $109.39 price screens above the $46.49 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 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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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. 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 $109.39, while our model-based Fair Value estimate is $46.49, implying the stock looks roughly 135.3% overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of $75.21 per share, and 0 of the 16 models we run sit above the $109.39 price.
Bear case: the Asset-Based group reads lowest at $25.20, and 16 of the 16 models stay below the price. Evidence for this calculation is high.
Scenario range: $35.49 (bear) to $93.54 (bull), the price of $109.39 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 51/100 (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 $10.5B · P/E ratio 18.8 · P/S ratio 6.06 · EPS (TTM) $5.77 · Dividend yield 4.1% · Net margin 32.1% · Return on equity 14.8% · Return on assets (EBIT) 5.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 47 out of 100 (medium confidence).
What moves the price
The share trades about 14% below its 52-week high and 18% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −24% fair-value upside, at −58%, FRT screens richer than that median.
Fair Value models
Bear $35.49Fair Value $46.49Bull $93.54
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then ($0.9363 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.Evidence ⓘEvidence = 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.
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.
+11.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year+7.2%
Dividend (yield on the price)4.1%
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% vs 5%, 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%
Start year 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).
+22.2%
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.
+4.7%
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 +19.4% a year for the price and +2.3% for the forecasts.
Compare Federal Realty Investment Trust with another stock
Price, fair value, quality and upside side by side.
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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 · 93 stocks
Beats the industry median on 3/15 measures
Overall it trails its industry peers.
Valuation
Quality Score52 · Below median
Fair Value upside−58% · Bottom 25%
Profitability
Return on equity (TTM)15% · Top 25%
Return on assets3% · Above median
Net margin (TTM)39% · Below median
Operating margin (TTM)34% · Bottom 25%
Growth and dividend
Revenue growth10% · Above median
Dividend yield (TTM)4.1% · Bottom 25%
Balance sheet
Debt / equity1.52× · Highest 25%
Valuation Multiplesvs REIT - Retail median · lower = cheaper
P/E (TTM)18.8× · Pricier than median
P/B3.22× · Priciest 25%
P/S (TTM)7.97× · Pricier than median
P/FCF31.6× · Priciest 25%
EV/EBITDA18.3× · Priciest 25%
PEG3.65× · Pricier than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 9
FUTURE (revenue growth)52· sector 23
PAST (return on equity)59· sector 31
HEALTH (low debt)24· sector 68
DIVIDEND (yield)82· sector 100
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is Federal Realty Investment Trust (FRT) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of $46.49 versus a price of $109.39, about −58% upside (overvalued).
What is the fair value of FRT?
Our model-based fair value for Federal Realty Investment Trust is $46.49 (as of Sep 23, 2026), built from audited fundamentals. The current price: $109.39.
What is the quality score of FRT?
Federal Realty Investment Trust has a Quality Score of 51/100. 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 $46.49 (as of Sep 23, 2026) from 16 valuation models. Cautious scenario $35.49, optimistic scenario $93.54. 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 $46.49, about −58% upside versus a price of $109.39 (overvalued). Cautious scenario $35.49, optimistic scenario $93.54. 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 Sep 23, 2026).
Does Federal Realty Investment Trust pay a dividend?
Federal Realty Investment Trust currently shows a dividend yield of about 4.10% relative to its recent price (as of Sep 23, 2026).
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 +22.2 % per year for five years (discount rate 9.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +8.9 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of FRT use?
Our models discount Federal Realty Investment Trust at 9.1 %: a base by market capitalisation (large), 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 +22.2 % per year a year over ten years, using the same discount rate (9.1 %) 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 +22.2 % per year free-cash-flow growth a 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 +1.8 % a year. That is the yardstick for the growth priced into Federal Realty Investment Trust (+22.2 % per year a 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 3.52 %: that much free cash flow Federal Realty Investment Trust produces per unit of market value. When it exceeds the discount rate of our models (9.1 %), 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 $46.49 per share (as of Sep 23, 2026), against a price of $109.39. It is the blended result of 16 valuation models (cash flow, earnings, asset, dividend).
Is Federal Realty Investment Trust stock overvalued or undervalued in 2026?
As of Sep 23, 2026, FRT trades above its calculated fair value: price $109.39, fair value $46.49, a gap of about −58% (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 ($109.39); the fair value is what the company's own numbers justify ($46.49). For Federal Realty Investment Trust the two are $62.90 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 $10.5B (market capitalisation, as of Sep 23, 2026). Per share that is $109.39; our models calculate a fair value of $46.49 per share.
What do the bullish and bearish scenarios say about FRT?
Our models span a range for Federal Realty Investment Trust: cautious scenario $35.49, base $46.49, optimistic $93.54 per share (as of Sep 23, 2026, price $109.39). 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 18.8 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $46.49 is built from several models across several years. Other multiples: PEG 3.6, P/B 3.2, P/S 8.0, EV/EBITDA 18.3.
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 Sep 23, 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 Sep 23, 2026): return on equity 14.8%, debt of 1.52 per unit of equity. They feed the Quality Score of 51/100, which measures business quality independently of the share price.
How far is FRT from its 52-week high?
Federal Realty Investment Trust trades at $109.39, about 14% below its 52-week high of $127.13 and 18% above the low of $92.81 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of $46.49 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, Unibail-Rodamco-Westfield SE, Kimco Realty Corporation, 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 Sep 23, 2026: price $109.39, calculated fair value $46.49 (−58%), Quality Score 51/100, 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 four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $46.49, 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 14.1 % 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 Sep 23, 2026 was $109.39. Our model-based fair value is $46.49, about −58% upside (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 ($93.54). The favourable scenario is already priced in. The model range is unusually wide ($35.49 to $93.54). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid but not exceptional quality (51/100) 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.
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 $10.5B. 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 6.06 (P/E × margin). 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 $5.77 (price ÷ EPS = P/E 18.8). 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 4.1% (payout 77.8%). 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 32.1% (fiscal year 2025). 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 14.8% (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 34.1% (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 +10.3% 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 +153% 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
Sep 23, 2026