First Industrial Realty Trust, Inc. (FR) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-71.6%

$15.54

vs $54.66 price

Levered DCF

-$15.21

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.87

Grey zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	30.63×	23.1×	25.32×	17.74×	31.67×	27.54×	21.96×	22.03×
P/B	2.84×	2.49×	2.72×	2.59×	3.91×	2.83×	2.97×	2.17×
P/S	10.43×	9.91×	11.35×	11.8×	18.03×	12.02×	12.33×	8.85×
EV / EBITDA	17.42×	15.83×	18.3×	16.95×	21.84×	22.54×	23.53×	18.27×
Gross margin	22.6%	72.7%	73.0%	73.4%	72.4%	73.4%	72.6%	71.1%
Operating margin	42.3%	40.7%	39.8%	39.6%	37.7%	44.3%	54.3%	64.2%
Net margin	34.0%	42.9%	44.8%	66.5%	56.9%	45.0%	56.1%	40.4%
Current ratio	1.14×	0.44×	1.28×	1.42×	1.65×	3.13×	1.68×	1.18×
Debt / equity	0.96×	0.84×	0.88×	0.85×	0.75×	0.86×	0.86×	0.79×
Interest coverage	3.42×	3.28×	3.29×	4.37×	3.78×	3.63×	4.6×	5.1×
Dividend yield	3.0%	2.9%	2.4%	2.4%	1.6%	2.4%	2.2%	3.1%
Payout ratio	93.4%	67.3%	61.6%	43.3%	51.6%	63.2%	49.1%	67.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.3%	10.8%	10.7%	14.6%	12.3%	10.6%	13.5%	9.9%
Return on invested capital	5.3%	5.4%	4.7%	4.3%	4.4%	5.4%	6.7%	8.5%
Return on assets	4.4%	5.5%	5.3%	7.2%	6.5%	5.3%	6.8%	5.2%
Free cash flow yield	1.5%	2.0%	-0.9%	-1.7%	0.4%	1.5%	-0.2%	-4.1%
Earnings yield	3.3%	4.3%	3.9%	5.6%	3.2%	3.7%	4.6%	4.6%
Enterprise value	$10.1B	$8.8B	$9.2B	$8.3B	$10.2B	$6.8B	$6.7B	$4.8B
Net debt / EBITDA	4.31×	3.92×	4.4×	3.98×	3.39×	4.84×	5.2×	4.75×
Cash conversion cycle (days)	-19	-172	-196	-366	-339	-252	-275	-177