📊 FR Key Takeaways
Is First Industrial Realty Trust Inc. (FR) a Good Investment?
First Industrial Realty Trust demonstrates solid revenue growth (8.6% YoY) and strong free cash flow generation (45.6% FCF margin), but faces critical debt servicing concerns with interest coverage of only 1.0x, indicating operating income barely covers interest expenses. Declining EPS (-13.8% YoY) and flat net income growth despite revenue expansion signal operational stress, while minimal cash reserves relative to $2.6B debt load limit financial flexibility.
First Industrial Realty Trust shows solid top-line growth and very strong operating cash generation, which are important markers of underlying asset quality for a REIT. However, weak operating margin, flat net income growth, declining diluted EPS, and very thin interest coverage limit the strength of the fundamental story. The business appears fundamentally stable, but leverage and earnings quality need closer monitoring before a more positive view is warranted.
Why Buy First Industrial Realty Trust Inc. Stock? FR Key Strengths
- Strong free cash flow generation at $88.9M with 45.6% FCF margin, providing operational cash returns to stakeholders
- Positive revenue growth of 8.6% YoY indicating continued market demand and business expansion
- Moderate debt-to-equity ratio of 0.94x shows reasonable leverage levels on balance sheet
- Revenue grew 8.6% year over year, indicating continued portfolio and rental income expansion
- Operating cash flow of $461.26M and a 63.4% FCF margin show strong cash-generating ability
- Balance sheet equity base is solid, with debt/equity at 0.96x and positive returns on equity and assets
FR Stock Risks: First Industrial Realty Trust Inc. Investment Risks
- Critical interest coverage ratio of 1.0x signals operating income barely covers interest obligations, leaving zero margin for error and potential covenant violation risk
- Declining diluted EPS (-13.8% YoY) and minimal net income growth (0.1% YoY) despite revenue gains indicate deteriorating profitability per share
- Extremely low liquidity position with only $37.1M cash against $2.6B long-term debt, constraining operational flexibility and refinancing options
- Interest coverage of 1.0x suggests limited cushion against financing costs and refinancing pressure
- Diluted EPS fell 13.8% year over year despite flat net income, pointing to weaker per-share earnings quality
- Cash on hand is modest at $78.03M relative to $2.57B of long-term debt
Key Metrics to Watch
- Interest coverage ratio trend - critical threshold is maintaining above 1.25x minimum; current 1.0x is unsustainable
- Debt refinancing activity and terms - monitor if cost of debt increases materially given tight coverage
- Operating cash flow sustainability and working capital changes to assess cash generation quality going forward
- Interest coverage and debt service capacity
- Diluted EPS trend relative to revenue and operating cash flow
First Industrial Realty Trust Inc. (FR) Financial Metrics & Key Ratios
💡 AI Analyst Insight
The 45.6% 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 Profit Margin, ROE & Profitability Analysis
FR vs Real Estate Sector: How First Industrial Realty Trust Inc. Compares
How First Industrial Realty Trust Inc. compares to Real Estate sector averages
Sector benchmarks are approximate industry averages. Actual sector performance may vary.
Is First Industrial Realty Trust Inc. Stock Overvalued? FR Valuation Analysis 2026
Based on fundamental analysis, First Industrial Realty Trust Inc. appears fundamentally strong relative to the Real Estate 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.
First Industrial Realty Trust Inc. Balance Sheet: FR Debt, Cash & Liquidity
FR Revenue & Earnings Growth: 5-Year Financial Trend
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 Revenue Growth, EPS Growth & YoY Performance
FR Quarterly Earnings & Performance
| Quarter | Revenue | Net Income | EPS |
|---|---|---|---|
| Q1 2026 | $177.1M | $48.1M | $0.36 |
| 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 |
Data sourced from SEC EDGAR 10-Q quarterly filings. Figures may represent quarterly or cumulative values.
First Industrial Realty Trust Inc. Dividends, Buybacks & Capital Allocation
FR SEC Filings: Latest 10-K & 10-Q Analysis
Access official SEC EDGAR filings for First Industrial Realty Trust Inc. (CIK: 0000921825)
📋 Recent SEC Filings
| Date | Form | Document | Action |
|---|---|---|---|
| May 1, 2026 | 4 | xslF345X06/wk-form4_1777666838.xml | View → |
| May 1, 2026 | 4 | xslF345X06/wk-form4_1777666788.xml | View → |
| May 1, 2026 | 4 | xslF345X06/wk-form4_1777666723.xml | View → |
| May 1, 2026 | 4 | xslF345X06/wk-form4_1777666653.xml | View → |
| May 1, 2026 | 4 | xslF345X06/wk-form4_1777666578.xml | View → |
❓ Frequently Asked Questions about FR
What is the AI rating for FR?
First Industrial Realty Trust Inc. (FR) has a Combined AI Rating of HOLD from Claude (HOLD) and ChatGPT (HOLD) with 78% combined confidence, based on fundamental analysis of SEC EDGAR filings.
What are FR's key strengths?
Claude: Strong free cash flow generation at $88.9M with 45.6% FCF margin, providing operational cash returns to stakeholders. Positive revenue growth of 8.6% YoY indicating continued market demand and business expansion. ChatGPT: Revenue grew 8.6% year over year, indicating continued portfolio and rental income expansion. Operating cash flow of $461.26M and a 63.4% FCF margin show strong cash-generating ability.
What are the risks of investing in FR?
Claude: Critical interest coverage ratio of 1.0x signals operating income barely covers interest obligations, leaving zero margin for error and potential covenant violation risk. Declining diluted EPS (-13.8% YoY) and minimal net income growth (0.1% YoY) despite revenue gains indicate deteriorating profitability per share. ChatGPT: Interest coverage of 1.0x suggests limited cushion against financing costs and refinancing pressure. Diluted EPS fell 13.8% year over year despite flat net income, pointing to weaker per-share earnings quality.
What is FR's revenue and growth?
First Industrial Realty Trust Inc. reported revenue of $194.8M.
Does FR pay dividends?
First Industrial Realty Trust Inc. pays dividends, with $60.4M 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 $1.08.
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 May 2026, First Industrial Realty Trust Inc. has a HOLD rating with 78% 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 5.2% (sector avg: 8%), net margin of 73.5% (sector avg: 20%). 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 $88.9M, with capital expenditures of N/A. FCF margin is 45.6%.
How does FR compare to other Real Estate stocks?
Vs Real Estate sector averages: Net margin 73.5% (avg: 20%), ROE 5.2% (avg: 8%), current ratio N/A (avg: 1.5).