📊 FR Key Takeaways
Is FR a Good Investment? Thesis Analysis
First Industrial demonstrates solid operational performance with 8.6% revenue growth and exceptional 63.4% free cash flow margin, indicating strong cash generation for a REIT. However, the 1.0x interest coverage ratio and 0.96x debt/equity leverage present meaningful financial stress, particularly concerning given the high debt load of $2.6B relative to $2.7B equity, limiting financial flexibility.
Why Buy FR? Key Strengths
- Strong revenue growth of 8.6% YoY demonstrates operational momentum
- Exceptional FCF margin of 63.4% with $461.3M operating cash flow provides substantial cash distribution capacity
- High net margin of 34.0% reflects efficient operational leverage for a REIT
- Moderate debt/equity ratio of 0.96x remains within acceptable range for REITs
FR Investment Risks to Consider
- Critical interest coverage of 1.0x indicates minimal cushion for debt service obligations and vulnerability to rate increases
- Net income growth of only 0.1% YoY despite 8.6% revenue growth suggests margin compression or operational challenges
- Diluted EPS declined 13.8% YoY, signaling shareholder dilution or reduced per-share earnings power
- Minimal cash balance of $78M relative to $2.6B debt creates limited liquidity buffer for capital needs
Key Metrics to Watch
- Interest coverage ratio trend - must improve above 1.25x to reduce refinancing risk
- Operating cash flow consistency and same-store growth rates
- Debt refinancing schedule and interest rate environment impact on debt service costs
- Revenue growth sustainability and tenant retention/occupancy rates
FR Financial Metrics
💡 AI Analyst Insight
The 63.4% free cash flow margin provides substantial flexibility for dividends, buybacks, and strategic investments. The current ratio below 1.0x warrants monitoring of short-term liquidity.
FR Profitability Ratios
FR vs Default Sector
How FIRST INDUSTRIAL REALTY TRUST INC compares to Default sector averages
Sector benchmarks are approximate industry averages. Actual sector performance may vary.
Is FR Overvalued or Undervalued?
Based on fundamental analysis, FIRST INDUSTRIAL REALTY TRUST INC has mixed fundamental signals relative to the Default sector in 2026.
Note: This is a fundamental analysis based on SEC filings. For P/E ratio, price targets, and market-based valuation, consult financial data providers. This is not investment advice.
FR Balance Sheet & Liquidity
FR 5-Year Financial Trend & Growth Analysis
5-Year Trend Summary: FIRST INDUSTRIAL REALTY TRUST INC's revenue has grown significantly by 53% over the 5-year period, indicating strong business expansion. The most recent EPS of $2.07 reflects profitable operations.
FR Growth Metrics (YoY)
FR Quarterly Performance
| Quarter | Revenue | Net Income | EPS |
|---|---|---|---|
| Q3 2025 | $167.6M | $65.3M | $0.49 |
| Q2 2025 | $164.1M | $51.3M | $0.39 |
| Q1 2025 | $162.3M | $48.1M | $0.36 |
| Q3 2024 | $155.1M | $75.0M | $0.57 |
| Q2 2024 | $152.2M | $51.3M | $0.39 |
| Q1 2024 | $149.4M | $56.0M | $0.42 |
| Q3 2023 | $139.8M | $75.0M | $0.57 |
| Q2 2023 | $130.0M | $54.6M | $0.41 |
Data sourced from SEC EDGAR 10-Q quarterly filings. Figures may represent quarterly or cumulative values.
FR Capital Allocation
FR SEC 10-K & 10-Q Filing Analysis
Access official SEC EDGAR filings for FIRST INDUSTRIAL REALTY TRUST INC (CIK: 0000921825)
📋 Recent SEC Filings
❓ Frequently Asked Questions about FR
What is the AI rating for FR?
FIRST INDUSTRIAL REALTY TRUST INC (FR) has an AI rating of HOLD with 62% confidence, based on fundamental analysis of SEC EDGAR filings.
What are FR's key strengths?
Claude: Strong revenue growth of 8.6% YoY demonstrates operational momentum. Exceptional FCF margin of 63.4% with $461.3M operating cash flow provides substantial cash distribution capacity.
What are the risks of investing in FR?
Claude: Critical interest coverage of 1.0x indicates minimal cushion for debt service obligations and vulnerability to rate increases. Net income growth of only 0.1% YoY despite 8.6% revenue growth suggests margin compression or operational challenges.
What is FR's revenue and growth?
FIRST INDUSTRIAL REALTY TRUST INC reported revenue of $727.1M.
Does FR pay dividends?
FIRST INDUSTRIAL REALTY TRUST INC pays dividends, with $231.2M distributed to shareholders in the trailing twelve months.
Where can I find FR SEC filings?
Official SEC filings for FIRST INDUSTRIAL REALTY TRUST INC (CIK: 0000921825) including 10-K, 10-Q, and 8-K reports are available on SEC EDGAR.
What is FR's EPS?
FIRST INDUSTRIAL REALTY TRUST INC has a diluted EPS of $1.87.
How is the AI analysis conducted?
Two independent AI systems — Claude (Anthropic) and ChatGPT (OpenAI) — analyze SEC EDGAR filings including 10-K annual reports and 10-Q quarterly reports. Each AI evaluates financial health, profitability ratios, balance sheet strength, and growth metrics. The combined rating reflects both perspectives for balanced insights.
Is FR a good stock to buy right now?
Based on our AI fundamental analysis in March 2026, FIRST INDUSTRIAL REALTY TRUST INC has a HOLD rating with 62% confidence. Review the strengths and risks sections above before making a decision. This is not investment advice.
Is FR stock overvalued or undervalued?
Valuation metrics for FR: ROE of 9.3% (sector avg: 15%), net margin of 34.0% (sector avg: 12%). Compare these metrics with sector averages to assess valuation.
Should I buy FR stock in 2026?
Our dual AI analysis gives FIRST INDUSTRIAL REALTY TRUST INC a combined HOLD rating for 2026. Revenue is data pending, with profitability above sector average. Always conduct your own research.
What is FR's free cash flow?
FIRST INDUSTRIAL REALTY TRUST INC's operating cash flow is $461.3M, with capital expenditures of N/A. FCF margin is 63.4%.
How does FR compare to other Default stocks?
Vs Default sector averages: Net margin 34.0% (avg: 12%), ROE 9.3% (avg: 15%), current ratio N/A (avg: 1.8).