First Industrial Realty Trust, Inc.
$60.40
-0.033%First Industrial Realty Trust, Inc. (NYSE: FR) is a leading fully integrated owner, operator, and developer of industrial real estate with a track record of providing industry-leading customer service to multinational corporations and regional customers. Across major markets in the United States, our local market experts manage, lease, buy, (re)develop, and sell bulk and regional distribution centers, light industrial, and other industrial facility types. In total, we own and have under development approximately 64.1 million square feet of industrial space as of September 30, 2020.
At a Glance
Live SnapshotIntrinsic Alpha Methodology
Thesis Lenses
Signal
High confidenceValuation multiple is elevated (P/E 32.3).
Valuation inputs: P/E 32.3, earnings yield +3.1%, momentum -0.0%.
If multiples stay elevated while momentum fades, downside repricing risk rises.
Driver
High confidenceReturn profile is soft (ROE +9.3%, ROIC +5.3%).
Profitability stack: net margin +34.0%, ROE +9.3%, ROIC +5.3%.
Quality deterioration often appears in margins before it shows up in headline EPS.
Risk
High confidenceDownside profile looks controlled across current risk inputs.
Risk factors: liabilities/assets +51.5%, momentum -0.0%, net margin +34.0%.
Higher leverage with weak momentum and thin margins can amplify drawdown severity.
First Industrial Realty Trust, Inc. Market vs Earnings Trajectory
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First Industrial Realty Trust, Inc. Fair Value Envelope
First Industrial Realty Trust, Inc. Profit Bridge
Profitability Analysis
Gross Margin
Moderate margins typical of competitive industries. Monitor for pricing pressure or rising costs.
Operating Margin
Outstanding operational efficiency. The company generates substantial profit from core operations.
Net Profit Margin
Exceptional profitability. The company converts a significant portion of revenue to bottom-line earnings.
Effective Tax Rate
Below-average tax rate suggests effective tax planning, favorable jurisdictions, or tax credits.
Profitability Insight
Efficient profit conversion: Minimal margin compression from gross to net indicates lean operations and favorable tax/interest environment.
First Industrial Realty Trust, Inc. Cash Conversion Engine
Cash Flow Quality Analysis
FCF Conversion Rate
Weak cash conversion. Significant portion of earnings not converting to cash—review working capital trends and capital intensity.
CapEx Intensity
Very high capital intensity consumes most operating cash flow. Limited flexibility for dividends or debt reduction.
FCF Growth Trend
Declining FCF warrants attention. Investigate whether due to temporary factors or fundamental deterioration.
Working Capital Impact
Working capital inflow boosted cash flow. Efficient management of receivables, inventory, and payables contributing positively.
Cash Flow Quality Insight
Capital-intensive growth: Heavy reinvestment limits current cash available but may drive future returns. Assess whether CapEx supports compelling growth opportunities with adequate ROI.
First Industrial Realty Trust, Inc. Funding & Solvency Profile
Financial Health Analysis
Debt-to-Equity Ratio
Elevated leverage. Debt exceeds equity, which amplifies both gains and risks. Monitor debt servicing ability.
Working Capital
Negative working capital indicates short-term liabilities exceed short-term assets—potential liquidity stress.
Asset Composition
Capital-intensive business with significant long-term investments in property, equipment, or intangibles.
First Industrial Realty Trust, Inc. Street Expectations Map
Wall Street analysts project that FR stock may experience modest gains over the coming 12 months. The consensus 1-year price target stands at 65.13, with estimates ranging from a low of 62.00 to a high of 68.00.
The consensus 1-year price target stands at 65.13, with estimates ranging from a low of 62.00 to a high of 68.00.
Analyst Consensus Analysis
Upside Potential
Moderate upside. Analysts expect positive returns but with limited margin of safety. Consider entry timing.
Analyst Agreement
High analyst agreement. Narrow target range indicates strong consensus on valuation, suggesting clear investment thesis and predictable outlook.
Analyst Conviction
Positive outlook with reasonable agreement. Analysts generally optimistic about prospects with manageable uncertainty.
Market Sentiment Insight
Monitor and evaluate: Current analyst consensus suggests limited conviction or near-term catalysts. Stay informed on company developments and reassess positioning as new information emerges.
First Industrial Realty Trust, Inc. Insider Positioning
During the last 12 months, insiders have sold $20K worth of FR shares, with no buying activity reported.
3 Months
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3-6 Months
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340
19.85K
-20K
-$20K
6-9 Months
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9-12 Months
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Top Buyers
No buying activity
Top Sellers
Yap Johannson L
Officer: Chief Investment Officer
$20K
Insider Activity Analysis
Net Insider Sentiment
Strong bearish signal with $20K net selling. Heavy insider selling may indicate concerns about valuation or near-term prospects.
Buy/Sell Ratio
Very poor ratio. Heavy selling with minimal buying suggests insiders may be concerned about valuation or outlook.
Insider Participation
1 insider sellers vs. 0 buyers. Widespread selling across multiple insiders may signal concerns.
fr Dividend History
Learning Layer
Related Guides
Build conviction on FR by pairing this stock hub with focused valuation guides.
Research Paths
Snapshot
Start with context, operating signals, and key market metrics.
Value Model
Stress test fair value across bear, base, and bull assumptions.
Statements
Validate revenue quality, margins, and balance sheet durability.
Earnings Call
Read management commentary and compare it with reported outcomes.
Dividends
Check payout sustainability and long-term distribution behavior.
Analyst Expectations
Review consensus spread and where estimate risk is concentrated.