Latest Ratios: P/E Ratio 34.5x · EV/EBITDA 22.4x · ROE 9.0%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $8.5B | $7.6B | $6.6B | $7.0B | $6.4B | $8.6B | $5.4B | $5.3B | $3.6B | $3.7B | $3.2B |
| Enterprise Value | $11.0B | $10.1B | $8.8B | $9.2B | $8.3B | $10.2B | $6.9B | $6.7B | $4.8B | $5.0B | $4.6B |
| P/E Ratio → | 34.45 | 30.63 | 23.10 | 25.44 | 17.74 | 31.67 | 27.54 | 22.08 | 22.03 | 18.62 | 26.71 |
| P/S Ratio | 11.75 | 10.44 | 9.91 | 11.35 | 11.81 | 18.04 | 12.03 | 12.36 | 8.88 | 9.43 | 8.56 |
| P/B Ratio | 3.09 | 2.75 | 2.42 | 2.65 | 2.52 | 3.82 | 2.77 | 2.92 | 2.13 | 2.53 | 2.52 |
| P/FCF | 74.35 | 66.05 | 49.22 | — | — | 253.77 | 67.39 | — | — | 82.29 | — |
| P/OCF | 18.51 | 16.45 | 18.94 | 23.06 | 15.52 | 32.17 | 22.35 | 21.41 | 17.03 | 19.53 | 18.67 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 13.87 | 13.17 | 14.94 | 15.43 | 21.35 | 15.32 | 15.86 | 11.99 | 12.65 | 12.10 |
| EV / EBITDA | 22.39 | 20.45 | 19.66 | 22.42 | 22.74 | 31.93 | 20.40 | 18.84 | 12.71 | 13.26 | 12.62 |
| EV / EBIT | 35.87 | 26.29 | 23.17 | 27.25 | 24.57 | 31.16 | 41.29 | 42.40 | 33.93 | 36.21 | 37.73 |
| EV / FCF | — | 87.77 | 65.41 | — | — | 300.34 | 85.77 | — | — | 110.38 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 22.6% | 22.6% | 72.7% | 73.0% | 73.4% | 72.4% | 73.4% | 72.6% | 71.1% | 71.4% | 70.2% |
| Operating Margin | 42.3% | 42.3% | 40.7% | 39.8% | 39.6% | 37.7% | 44.3% | 54.3% | 64.2% | 64.3% | 63.1% |
| Net Profit Margin | 34.0% | 34.0% | 42.9% | 44.8% | 66.5% | 56.9% | 45.0% | 56.1% | 40.4% | 50.8% | 32.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 9.0% | 9.0% | 10.7% | 10.6% | 15.0% | 12.9% | 10.8% | 13.7% | 10.3% | 14.6% | 10.1% |
| ROA | 4.5% | 4.5% | 5.5% | 5.4% | 7.9% | 6.8% | 5.5% | 7.2% | 5.4% | 7.0% | 4.4% |
| ROIC | 4.5% | 4.5% | 4.2% | 3.9% | 3.9% | 3.7% | 4.4% | 5.6% | 6.8% | 7.1% | 6.9% |
| ROCE | 6.1% | 6.1% | 5.6% | 5.0% | 4.9% | 4.7% | 5.6% | 7.2% | 8.8% | 9.2% | 9.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.93 | 0.93 | 0.81 | 0.85 | 0.83 | 0.73 | 0.84 | 0.84 | 0.77 | 0.88 | 1.05 |
| Debt / EBITDA | 5.22 | 5.22 | 4.96 | 5.49 | 5.70 | 5.13 | 4.85 | 4.21 | 3.41 | 3.43 | 3.72 |
| Net Debt / Equity | — | 0.90 | 0.79 | 0.84 | 0.77 | 0.70 | 0.75 | 0.83 | 0.75 | 0.86 | 1.04 |
| Net Debt / EBITDA | 5.06 | 5.06 | 4.86 | 5.38 | 5.34 | 4.95 | 4.37 | 4.15 | 3.30 | 3.37 | 3.69 |
| Debt / FCF | — | 21.72 | 16.18 | — | — | 46.57 | 18.38 | — | — | 28.09 | — |
| Interest Coverage | 4.27 | 4.27 | 4.59 | 4.53 | 6.92 | 6.87 | 3.04 | 3.17 | 2.81 | 2.42 | 2.04 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.14 | 1.14 | 0.44 | 1.28 | 1.42 | 1.65 | 3.13 | 1.68 | 1.18 | 1.76 | 1.60 |
| Quick Ratio | 1.14 | 1.14 | 0.44 | 1.28 | 1.42 | 1.65 | 3.13 | 1.68 | 1.18 | 1.76 | 1.60 |
| Cash Ratio | 0.32 | 0.32 | 0.08 | 0.25 | 0.61 | 0.31 | 1.15 | 0.15 | 0.40 | 0.19 | 0.09 |
| Asset Turnover | — | 0.13 | 0.13 | 0.12 | 0.11 | 0.11 | 0.12 | 0.12 | 0.13 | 0.13 | 0.14 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.7% | 3.0% | 2.9% | 2.4% | 2.4% | 1.6% | 2.4% | 2.2% | 3.1% | 2.7% | 2.6% |
| Payout Ratio | 93.4% | 93.4% | 67.3% | 61.6% | 43.3% | 51.6% | 63.2% | 49.1% | 67.2% | 49.9% | 68.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.9% | 3.3% | 4.3% | 3.9% | 5.6% | 3.2% | 3.6% | 4.5% | 4.5% | 5.4% | 3.7% |
| FCF Yield | 1.3% | 1.5% | 2.0% | — | — | 0.4% | 1.5% | — | — | 1.2% | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.2% | 0.1% | 0.2% |
| Total Shareholder Yield | 2.7% | 3.1% | 2.9% | 2.4% | 2.4% | 1.6% | 2.4% | 2.3% | 3.2% | 2.8% | 2.7% |
| Shares Outstanding | — | $133M | $132M | $132M | $132M | $130M | $128M | $127M | $124M | $119M | $115M |
Development pipeline execution risk
Based on the provided quarterly data, First Industrial's P/FFO multiple has remained relatively stable near 21x, suggesting that investors are pricing in the potential for long-term value creation from the development pipeline rather than just the current cash-generating capacity of the existing industrial portfolio.
The current P/FFO multiple appears to sit in a middle-ground position relative to pure-play infill specialists and larger bulk logistics peers. This valuation suggests that the market is awaiting further evidence of stabilized yields from recent project completions before assigning a higher premium to the company's shares.
As reported in financial statements, NOI margins exhibited significant fluctuations, dropping to 21.1% in 2026Q1 from historical levels near 74%, which may indicate either a shift in accounting treatment or an unexpected surge in property-level operating expenses that warrants further investigation by institutional stakeholders.
The sharp contraction in reported NOI margins suggests that the underlying profitability of the portfolio may be more sensitive to operating cost inflation than previously anticipated. Investors should monitor whether this margin compression is a temporary accounting anomaly or a structural shift in the cost-to-rent relationship within the light industrial segment.
According to recent financial disclosures, the FFO payout ratio has shown significant volatility, ranging from 32.8% to 99.5% over the last ten quarters, which implies that while the dividend is generally covered, the margin of safety is subject to periodic compression from recurring capital requirements.
The wide range in payout ratios suggests that the dividend policy is sensitive to the timing of development completions and non-recurring cash flows. A more consistent payout ratio would likely be required to signal long-term dividend stability to income-focused investors.
Based on the reported figures, the company’s debt profile shifted dramatically in 2026Q1, with total debt dropping to zero from 2025Q4 levels, a development that warrants immediate investigation as it deviates significantly from standard industrial REIT capital structures and historical leverage patterns.
The reported debt-to-equity ratio of 0.93% in 2025Q4 was already conservative, but the subsequent shift to a zero-debt position appears highly unusual for a capital-intensive REIT. This warrants further investigation to determine if this reflects a permanent change in capital strategy or a temporary reporting discrepancy.
The market's reliance on the P/E ratio for First Industrial is fundamentally flawed, as it fails to account for the significant non-cash depreciation charges inherent in real estate ownership, which artificially depress net income and distort the company's true valuation relative to its cash-generating potential.
Investors should prioritize P/FFO or P/AFFO over the standard P/E ratio to better capture the recurring cash flow generated by the industrial portfolio. Using P/E obscures the impact of capital expenditures and depreciation, leading to a potentially misleading assessment of the company's valuation and dividend sustainability.
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Quick answers to the most common questions about buying FR stock.
First Industrial Realty Trust, Inc.'s current P/E ratio is 34.5x. The historical average is 24.3x. This places it at the 92th percentile of its historical range.
First Industrial Realty Trust, Inc.'s current EV/EBITDA is 22.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 18.9x.
First Industrial Realty Trust, Inc.'s return on equity (ROE) is 9.0%. The historical average is 7.6%.
Based on historical data, First Industrial Realty Trust, Inc. is trading at a P/E of 34.5x. This is at the 92th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
First Industrial Realty Trust, Inc.'s current dividend yield is 2.71% with a payout ratio of 93.4%.
First Industrial Realty Trust, Inc. has 22.6% gross margin and 42.3% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
First Industrial Realty Trust, Inc.'s Debt/EBITDA ratio is 5.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.