# First Industrial Realty Trust (FR.US)

Canonical: https://gigainvestors.com/s/FR

Analysis as of: 2026-10-16T07:28:37.865Z. Financial observations: FY1996–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $58.78 per share; close as of 2026-10-15.

Estimated value: low $29.21 per share, central $36.03 per share, high $42.00 per share. Buy at or below the central value $36.03 per share. Valuation as of 2026-10-16T07:28:37.865Z; scenarios are not confidence intervals.

Expected annual return: 7.3% at the stated quote. About 7.3% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 0 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.22×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.63×

- FY2017: 0.64×

- FY2018: 0.64×

- FY2019: 0.54×

- FY2020: 0.44×

- FY2021: 0.38×

- FY2022: 0.40×

- FY2023: 0.40×

- FY2024: 0.41×

- FY2025: 0.42×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 49.9pp below the typical margin (limit 4pp)

- ROIC, median of available years: 5.6%

- ROIC, second-lowest year: 4.7%

- Typical minus recent gross margin: 49.9 pp

- Typical gross margin (annual median): 72.5%

- Recent gross margin (lower of latest and 3-year median): 22.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 48.3%

- ROIC including acquisitions, ten-year median: 5.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 9.2%

- FY2017: 9.4%

- FY2018: 8.9%

- FY2019: 7.0%

- FY2020: 5.4%

- FY2021: 4.7%

- FY2022: 4.6%

- FY2023: 5.0%

- FY2024: 5.5%

- FY2025: 5.6%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.80×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $1.2B

- Net income, five-year total: $1.4B

- Return on incremental invested capital: 4.0%

- Working capital / revenue, annual change: 0.7 pp

- Working capital / revenue, change between three-year averages: 1.2 pp

- Working capital / revenue, final three-year average: 4.1%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 0.20×

- FY2023: 1.00×

- FY2024: 1.00×

- FY2025: 1.00×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 9.2% vs 5.5%

- Per-share earnings: 1.05 to 2.08 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.8%

- Ordinary dilution, 5-year annual growth: 0.7%

- Market cap gain: $4.3B

- Cumulative retained earnings: $873M

- Diluted shares, 10-year annual growth: 1.8%

- Diluted shares, 5-year annual growth: 0.7%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 8.9%

- Per-share value change: $1.03

- Per-share value, starting three-year median: $1.05

- Per-share value, ending three-year median: $2.08

- Buybacks concentrated in cheaper years (correlation): 0.39

- Average buyback yield: 0.1%

- Buyback history: 7 years

- Debt-funded buybacks: No

- Acquisition spending: $17M

- Cumulative net income, 10 years: $2.4B

- ROIC, first three-year median: 9.2%

- ROIC, last three-year median: 5.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: $1.05

- FY2017: $1.70

- FY2018: $1.31

- FY2019: $1.88

- FY2020: $1.58

- FY2021: $2.09

- FY2022: $2.72

- FY2023: $2.08

- FY2024: $2.17

- FY2025: $1.87

### accounting: pass

- Sloan accruals: -3.8%

- Receivables to sales index (DSRI): 1.04×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 4.4%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.86×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.01×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -1.9%

- FY2017: 0.3%

- FY2018: -1.5%

- FY2019: -0.2%

- FY2020: -1.0%

- FY2021: 0.1%

- FY2022: -1.0%

- FY2023: -0.5%

- FY2024: -1.2%

- FY2025: -3.8%

## Holders

- [Martin Whitman](https://gigainvestors.com/TA): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to grow 9.1% a year for ten years · sales +8.6%

Story as of 2026-10-16T09:58:47.042Z; price observation 2026-10-15.

Price needs cash profits to grow 9.1% a year for ten years

### Sales · FY2024–2025

sales +8.6%; source https://www.sec.gov/Archives/edgar/data/921825/000092182526000012/fr-20251231.htm; observed 2026-02-11.

- FY2016: $378M 

- FY2017: $396M 

- FY2018: $404M 

- FY2019: $426M 

- FY2020: $448M 

- FY2021: $476M 

- FY2022: $540M 

- FY2023: $614M 

- FY2024: $670M 

- FY2025: $727M 

### Gross margin · FY2025

gross margin 22.6%; source https://www.sec.gov/Archives/edgar/data/921825/000092182526000012/fr-20251231.htm; observed 2026-02-11.

- FY2016: 70.2% 

- FY2017: 71.4% 

- FY2018: 71.1% 

- FY2019: 72.6% 

- FY2020: 73.4% 

- FY2021: 72.4% 

- FY2022: 73.4% 

- FY2023: 73.0% 

- FY2024: 72.7% 

- FY2025: 22.6% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in property rentals; annual sales are USD 727.1 million.

- Source: https://www.sec.gov/Archives/edgar/data/921825/000092182526000012/fr-20251231.htm (filed 2026-02-11); FY2025: revenue 727076000; grossProfit 164335000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); FR.US: First Industrial Realty Trust, Inc. is a leading U.S.-only owner, operator, developer and acquirer of logistics properties. Through our fully integrated operating and investing platform, we provide high quality facilities and industry-leading customer service to multinational corporations and regional firms that are essential for their supply chains. In total, we own and have under development approximately 72.1 million square feet of industrial space concentrated in 15 target MSAs as of June 30, 2026. First Industrial Realty Trust, Inc. was established on August 10, 1993 and is based in Chicago, United States.

### Why customers stay

Margins ranged from 22.6% to 73% during 2023–25; it earns 5.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2023: grossProfit / revenue = 73%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2024: grossProfit / revenue = 72.7%.

- Source: https://www.sec.gov/Archives/edgar/data/921825/000092182526000012/fr-20251231.htm (filed 2026-02-11); FY2025: grossProfit / revenue = 22.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); 10-year return on capital observations [[2016,0.09169566619319434],[2017,0.09371691537176009],[2018,0.08933020021067549],[2019,0.07006194568828442],[2020,0.05449244760889737],[2021,0.04675146810546289],[2022,0.0456696907349379],[2023,0.04981187479014748],[2024,0.055061448235687156],[2025,0.056303125423358656]]; median 0.055682286829522906. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 73% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/921825/000092182526000012/fr-20251231.htm (filed 2026-02-11); Gross margin observations: [[2021,0.7243276155283546],[2022,0.7339224231334119],[2023,0.7302154465520246]]; range within 2 percentage points.

### Where the cash goes

Spends 61.2% of cash earnings on expansion; earns 4% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2016: growth capex 56077000; upkeep 123917000; owner earnings 121232000. Growth capex / owner earnings = 0.46255939025999737.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2017: growth capex 22673000; upkeep 123330000; owner earnings 201456000. Growth capex / owner earnings = 0.11254566754030657.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2019: growth capex 127093000; upkeep 127113000; owner earnings 238775000. Growth capex / owner earnings = 0.5322709663909538.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2020: growth capex 23356000; upkeep 137764000; owner earnings 201582000. Growth capex / owner earnings = 0.1158635195602782.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2021: growth capex 94119000; upkeep 139057000; owner earnings 270997000. Growth capex / owner earnings = 0.3473064277464326.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2022: growth capex 388629184.21165115; upkeep 439064815.78834885; owner earnings 72391184.21165115. Growth capex / owner earnings = 5.368460102481683.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2023: growth capex 197412000; upkeep 164515000; owner earnings 274816000. Growth capex / owner earnings = 0.7183424545877969.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2024: growth capex 39272000; upkeep 176293000; owner earnings 287343000. Growth capex / owner earnings = 0.13667289615546577.

- Source: https://www.sec.gov/Archives/edgar/data/921825/000092182526000012/fr-20251231.htm (filed 2026-02-11); FY2025: growth capex 151367000; upkeep 195084000; owner earnings 247443000. Growth capex / owner earnings = 0.6117247204406672.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); Incremental return on capital 0.0402932941993862, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); Dividend observations: [[2016,82696000],[2017,100524000],[2018,109649000],[2019,117214000],[2020,127338000],[2021,139710000],[2022,155333000],[2023,169368000],[2024,193482000],[2025,231220000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/921825/000092182526000012/fr-20251231.htm (filed 2026-02-11); FY2025: cash repurchases 1615000 USD.

### Are managers owners

Insiders own 0.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); FR.US SharesStats.PercentInsiders = 0.35300000000000004 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 9.1% yearly over ten years; actual growth was 29.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); Ten-year compound average after fade. Initial solved rate 0.11742357977424456. Price 58.78; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.14338249108719492 → FY2025 1.8672970403127216. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $26.41 per share

- 2016-11: $26.45 per share

- 2016-12: $28.05 per share

- 2017-01: $25.85 per share

- 2017-02: $26.90 per share

- 2017-03: $26.63 per share

- 2017-04: $28.14 per share

- 2017-05: $28.88 per share

- 2017-06: $28.62 per share

- 2017-07: $30.52 per share

- 2017-08: $30.98 per share

- 2017-09: $30.09 per share

- 2017-10: $30.88 per share

- 2017-11: $32.55 per share

- 2017-12: $31.47 per share

- 2018-01: $30.86 per share

- 2018-02: $28.03 per share

- 2018-03: $29.23 per share

- 2018-04: $31.11 per share

- 2018-05: $32.93 per share

- 2018-06: $33.34 per share

- 2018-07: $32.55 per share

- 2018-08: $32.46 per share

- 2018-09: $31.40 per share

- 2018-10: $30.70 per share

- 2018-11: $32.06 per share

- 2018-12: $28.86 per share

- 2019-01: $32.72 per share

- 2019-02: $33.52 per share

- 2019-03: $35.36 per share

- 2019-04: $35.27 per share

- 2019-05: $34.71 per share

- 2019-06: $36.74 per share

- 2019-07: $38.19 per share

- 2019-08: $38.95 per share

- 2019-09: $39.56 per share

- 2019-10: $42.11 per share

- 2019-11: $42.58 per share

- 2019-12: $41.51 per share

- 2020-01: $42.70 per share

- 2020-02: $38.50 per share

- 2020-03: $33.23 per share

- 2020-04: $37.77 per share

- 2020-05: $37.88 per share

- 2020-06: $38.44 per share

- 2020-07: $43.92 per share

- 2020-08: $42.65 per share

- 2020-09: $39.80 per share

- 2020-10: $39.81 per share

- 2020-11: $41.88 per share

- 2020-12: $42.13 per share

- 2021-01: $40.64 per share

- 2021-02: $42.71 per share

- 2021-03: $45.79 per share

- 2021-04: $49.77 per share

- 2021-05: $50.64 per share

- 2021-06: $52.23 per share

- 2021-07: $54.78 per share

- 2021-08: $55.99 per share

- 2021-09: $52.08 per share

- 2021-10: $58.23 per share

- 2021-11: $60.41 per share

- 2021-12: $66.20 per share

- 2022-01: $60.78 per share

- 2022-02: $57.58 per share

- 2022-03: $61.91 per share

- 2022-04: $58.00 per share

- 2022-05: $53.15 per share

- 2022-06: $47.48 per share

- 2022-07: $51.95 per share

- 2022-08: $50.68 per share

- 2022-09: $44.81 per share

- 2022-10: $47.63 per share

- 2022-11: $50.55 per share

- 2022-12: $48.26 per share

- 2023-01: $53.35 per share

- 2023-02: $52.75 per share

- 2023-03: $53.20 per share

- 2023-04: $52.47 per share

- 2023-05: $51.98 per share

- 2023-06: $52.64 per share

- 2023-07: $51.70 per share

- 2023-08: $51.94 per share

- 2023-09: $47.59 per share

- 2023-10: $42.30 per share

- 2023-11: $47.05 per share

- 2023-12: $52.67 per share

- 2024-01: $51.52 per share

- 2024-02: $53.00 per share

- 2024-03: $52.54 per share

- 2024-04: $45.42 per share

- 2024-05: $47.12 per share

- 2024-06: $47.51 per share

- 2024-07: $54.72 per share

- 2024-08: $56.73 per share

- 2024-09: $55.98 per share

- 2024-10: $52.49 per share

- 2024-11: $53.45 per share

- 2024-12: $50.13 per share

- 2025-01: $53.39 per share

- 2025-02: $57.08 per share

- 2025-03: $53.96 per share

- 2025-04: $47.58 per share

- 2025-05: $49.43 per share

- 2025-06: $48.13 per share

- 2025-07: $48.72 per share

- 2025-08: $52.60 per share

- 2025-09: $51.47 per share

- 2025-10: $55.28 per share

- 2025-11: $57.24 per share

- 2025-12: $57.27 per share

- 2026-01: $58.03 per share

- 2026-02: $63.14 per share

- 2026-03: $57.85 per share

- 2026-04: $62.01 per share

- 2026-05: $61.87 per share

- 2026-06: $61.31 per share

- 2026-07: $65.84 per share

- 2026-08: $61.88 per share

- 2026-09: $59.54 per share

- 2026-10: $58.78 per share

## Annual estimated value (USD per share)

- FY2016: low $4.55 per share, central $5.18 per share, high $6.01 per share

- FY2017: low $5.28 per share, central $5.99 per share, high $6.94 per share

- FY2018: low $5.31 per share, central $6.01 per share, high $6.93 per share

- FY2019: low $11.87 per share, central $13.50 per share, high $15.66 per share

- FY2020: low $18.42 per share, central $20.80 per share, high $23.96 per share

- FY2021: low $20.77 per share, central $23.58 per share, high $27.32 per share

- FY2022: low $22.18 per share, central $26.55 per share, high $30.77 per share

- FY2023: low $24.39 per share, central $29.40 per share, high $34.21 per share

- FY2024: low $26.85 per share, central $32.95 per share, high $38.38 per share

- FY2025: low $28.29 per share, central $34.83 per share, high $40.54 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/921825/000092182526000012/fr-20251231.htm); period 2025-12-31, filed 2026-02-11.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.