# Rexford Industrial Realty (REXR.US)

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

Analysis as of: 2026-10-16T07:31:31.895Z. Financial observations: FY2011–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: $36.91 per share; close as of 2026-10-15.

Estimated value: low $14.21 per share, central $20.27 per share, high $23.80 per share. Buy at or below the central value $20.27 per share. Valuation as of 2026-10-16T07:31:31.895Z; scenarios are not confidence intervals.

Expected annual return: 6.9% at the stated quote. About 6.9% 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: 0.14×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.58×

- FY2017: 0.60×

- FY2018: 0.64×

- FY2019: 0.65×

- FY2020: 0.65×

- FY2021: 0.65×

- FY2022: 0.66×

- FY2023: 0.67×

- FY2024: 0.69×

- FY2025: 0.38×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 3.3%

- ROIC, second-lowest year: 2.9%

- Typical minus recent gross margin: -1.1 pp

- Typical gross margin (annual median): 76.2%

- Recent gross margin (lower of latest and 3-year median): 77.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 25.8%

- ROIC including acquisitions, ten-year median: 2.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 3.3%

- FY2017: 3.1%

- FY2018: 3.5%

- FY2019: 3.3%

- FY2020: 3.2%

- FY2021: 3.1%

- FY2022: 2.9%

- FY2023: 3.5%

- FY2024: 5.5%

- FY2025: 2.5%

### economics: fail

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 0.89×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $909M

- Net income, five-year total: $1.0B

- Return on incremental invested capital: 132.3%

- Working capital / revenue, annual change: 2.3 pp

- Working capital / revenue, change between three-year averages: 16.9 pp

- Working capital / revenue, final three-year average: 17.0%

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

- FY2021: 1.26×

- FY2022: 1.18×

- FY2023: 0.79×

- FY2024: 0.55×

- FY2025: 1.00×

### management: fail

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

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 3.3% vs 3.5%

- Per-share earnings: 0.40 to 1.17 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 15.7%

- Ordinary dilution, 5-year annual growth: 13.9%

- Market cap gain: $7.4B

- Cumulative retained earnings: -$642M

- Diluted shares, 10-year annual growth: 15.7%

- Diluted shares, 5-year annual growth: 13.9%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 14.4%

- Per-share value change: $0.77

- Per-share value, starting three-year median: $0.40

- Per-share value, ending three-year median: $1.17

- Buybacks concentrated in cheaper years (correlation): 0.19

- Average buyback yield: 0.4%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: $187M

- Cumulative net income, 10 years: $1.3B

- ROIC, first three-year median: 3.3%

- ROIC, last three-year median: 3.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.40

- FY2017: $0.57

- FY2018: $0.53

- FY2019: $0.58

- FY2020: $0.63

- FY2021: $0.92

- FY2022: $0.98

- FY2023: $1.17

- FY2024: $1.25

- FY2025: $0.91

### accounting: pass

- Sloan accruals: -2.6%

- Receivables to sales index (DSRI): 0.97×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 7.2%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.56×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.02×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.1%

- FY2017: -1.7%

- FY2018: -2.0%

- FY2019: -2.1%

- FY2020: -2.2%

- FY2021: -1.5%

- FY2022: -1.7%

- FY2023: -1.7%

- FY2024: -1.6%

- FY2025: -2.6%

## Holders

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

## Price story

Down 54% since Dec 2021 · "Market Rent Decline: 2.8% sequentially and 9.4% year-over-year." (finance.yahoo.com, Apr 2025) · sales +7.1%

Story as of 2026-10-16T09:59:29.436Z; price observation 2026-10-15.

Price needs cash profits to grow 14.1% a year for ten years

- 2025-07-16: Rexford Industrial beats Q2 estimates as rental rates rise 21% ([investing.com](https://www.investing.com/news/earnings/rexford-industrial-beats-q2-estimates-as-rental-rates-rise-21-93CH-4138502))

### Sales · FY2024–2025

sales +7.1%; source https://www.sec.gov/Archives/edgar/data/1571283/000157128326000006/rexr-20251231.htm; observed 2026-02-11.

- FY2016: $126M 

- FY2017: $161M 

- FY2018: $212M 

- FY2019: $267M 

- FY2020: $330M 

- FY2021: $452M 

- FY2022: $631M 

- FY2023: $798M 

- FY2024: $936M 

- FY2025: $1.0B 

### Gross margin · FY2025

gross margin 77.3%; source https://www.sec.gov/Archives/edgar/data/1571283/000157128326000006/rexr-20251231.htm; observed 2026-02-11.

- FY2016: 73.4% 

- FY2017: 73.9% 

- FY2018: 75.7% 

- FY2019: 76.3% 

- FY2020: 75.9% 

- FY2021: 76.2% 

- FY2022: 76.2% 

- FY2023: 76.9% 

- FY2024: 77.5% 

- FY2025: 77.3% 

## Owner memo

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

### How it makes money

Operates in property rentals; annual sales are USD 1 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1571283/000157128326000006/rexr-20251231.htm (filed 2026-02-11); FY2025: revenue 1003133000; grossProfit 775408000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 76.9% to 77.5% during 2023–25; it earns 3.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2023: grossProfit / revenue = 76.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2024: grossProfit / revenue = 77.5%.

- Source: https://www.sec.gov/Archives/edgar/data/1571283/000157128326000006/rexr-20251231.htm (filed 2026-02-11); FY2025: grossProfit / revenue = 77.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); 10-year return on capital observations [[2016,0.03338388557564406],[2017,0.031251679531319826],[2018,0.03506945136689764],[2019,0.033166906161934066],[2020,0.032050984053633894],[2021,0.03133798442673448],[2022,0.028693599013814262],[2023,0.035133487633325224],[2024,0.05544951072669586],[2025,0.02549470224110844]]; median 0.032608945107783976. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 76% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/1571283/000157128326000006/rexr-20251231.htm (filed 2026-02-11); Gross margin observations: [[2021,0.7618046249983416],[2022,0.7615620306588679],[2023,0.7687728903294704]]; range within 2 percentage points.

### Where the cash goes

Spends 8.3% of cash earnings on expansion; earns over 100% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2016: growth capex 0; upkeep 31928000; owner earnings 44527000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2017: growth capex 0; upkeep 42313000; owner earnings 60981000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2018: growth capex 0; upkeep 57951000; owner earnings 62320000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2019: growth capex 0; upkeep 47169000; owner earnings 105794000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2020: growth capex 0; upkeep 78765000; owner earnings 102374000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2021: growth capex 0; upkeep 102475000; owner earnings 161592000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2022: growth capex 0; upkeep 135095000; owner earnings 198074000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2023: growth capex 2000809.6817784607; upkeep 264563190.31822154; owner earnings 188080809.68177846. Growth capex / owner earnings = 0.01063803205209352.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2024: growth capex 1626324.8137712479; upkeep 371765675.18622875; owner earnings 149630324.81377125. Growth capex / owner earnings = 0.010868951970767685.

- Source: https://www.sec.gov/Archives/edgar/data/1571283/000157128326000006/rexr-20251231.htm (filed 2026-02-11); FY2025: growth capex 17505000; upkeep 315919000; owner earnings 212029000. Growth capex / owner earnings = 0.08255946120577845.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); Incremental return on capital 1.322606123678589, 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: [[2016,36036000],[2017,46808000],[2018,65468000],[2019,89494000],[2020,119711000],[2021,151606000],[2022,222866000],[2023,314654000],[2024,379555000],[2025,422524000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1571283/000157128326000006/rexr-20251231.htm (filed 2026-02-11); FY2025: cash repurchases 251956000 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); REXR.US SharesStats.PercentInsiders = 0.375 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 14.1% yearly over ten years; actual growth was 8.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); Ten-year compound average after fade. Initial solved rate 0.19108454071557845. Price 36.91; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.40225878711571694 → FY2025 0.911752816268647. Closing-price date 2026-10-15.

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

- 2016-10: $21.06 per share

- 2016-11: $22.09 per share

- 2016-12: $23.19 per share

- 2017-01: $22.71 per share

- 2017-02: $22.98 per share

- 2017-03: $22.52 per share

- 2017-04: $24.94 per share

- 2017-05: $27.25 per share

- 2017-06: $27.44 per share

- 2017-07: $28.52 per share

- 2017-08: $30.05 per share

- 2017-09: $28.62 per share

- 2017-10: $29.69 per share

- 2017-11: $31.37 per share

- 2017-12: $29.16 per share

- 2018-01: $29.69 per share

- 2018-02: $27.00 per share

- 2018-03: $28.79 per share

- 2018-04: $30.55 per share

- 2018-05: $31.27 per share

- 2018-06: $31.39 per share

- 2018-07: $30.64 per share

- 2018-08: $32.50 per share

- 2018-09: $31.96 per share

- 2018-10: $31.67 per share

- 2018-11: $32.64 per share

- 2018-12: $29.47 per share

- 2019-01: $33.60 per share

- 2019-02: $34.28 per share

- 2019-03: $35.81 per share

- 2019-04: $37.89 per share

- 2019-05: $37.80 per share

- 2019-06: $40.37 per share

- 2019-07: $41.40 per share

- 2019-08: $44.19 per share

- 2019-09: $44.02 per share

- 2019-10: $48.09 per share

- 2019-11: $47.86 per share

- 2019-12: $45.67 per share

- 2020-01: $48.19 per share

- 2020-02: $46.77 per share

- 2020-03: $41.01 per share

- 2020-04: $40.72 per share

- 2020-05: $39.80 per share

- 2020-06: $41.43 per share

- 2020-07: $46.93 per share

- 2020-08: $47.98 per share

- 2020-09: $45.76 per share

- 2020-10: $46.46 per share

- 2020-11: $47.92 per share

- 2020-12: $49.11 per share

- 2021-01: $48.94 per share

- 2021-02: $47.72 per share

- 2021-03: $50.40 per share

- 2021-04: $55.55 per share

- 2021-05: $55.23 per share

- 2021-06: $56.95 per share

- 2021-07: $61.52 per share

- 2021-08: $61.93 per share

- 2021-09: $56.75 per share

- 2021-10: $67.20 per share

- 2021-11: $70.08 per share

- 2021-12: $81.11 per share

- 2022-01: $73.17 per share

- 2022-02: $70.13 per share

- 2022-03: $74.59 per share

- 2022-04: $78.04 per share

- 2022-05: $63.87 per share

- 2022-06: $57.59 per share

- 2022-07: $65.41 per share

- 2022-08: $62.21 per share

- 2022-09: $52.00 per share

- 2022-10: $55.28 per share

- 2022-11: $55.29 per share

- 2022-12: $54.64 per share

- 2023-01: $63.47 per share

- 2023-02: $60.46 per share

- 2023-03: $59.65 per share

- 2023-04: $55.77 per share

- 2023-05: $54.44 per share

- 2023-06: $52.22 per share

- 2023-07: $55.09 per share

- 2023-08: $53.47 per share

- 2023-09: $49.35 per share

- 2023-10: $43.24 per share

- 2023-11: $49.22 per share

- 2023-12: $56.10 per share

- 2024-01: $52.59 per share

- 2024-02: $50.88 per share

- 2024-03: $50.30 per share

- 2024-04: $42.81 per share

- 2024-05: $45.36 per share

- 2024-06: $44.59 per share

- 2024-07: $50.11 per share

- 2024-08: $50.92 per share

- 2024-09: $50.31 per share

- 2024-10: $42.89 per share

- 2024-11: $42.08 per share

- 2024-12: $38.66 per share

- 2025-01: $40.66 per share

- 2025-02: $41.32 per share

- 2025-03: $39.15 per share

- 2025-04: $33.10 per share

- 2025-05: $35.24 per share

- 2025-06: $35.57 per share

- 2025-07: $36.53 per share

- 2025-08: $41.41 per share

- 2025-09: $41.11 per share

- 2025-10: $41.32 per share

- 2025-11: $41.61 per share

- 2025-12: $38.72 per share

- 2026-01: $40.53 per share

- 2026-02: $37.47 per share

- 2026-03: $32.73 per share

- 2026-04: $35.89 per share

- 2026-05: $35.47 per share

- 2026-06: $33.50 per share

- 2026-07: $37.77 per share

- 2026-08: $37.04 per share

- 2026-09: $36.27 per share

- 2026-10: $36.91 per share

## Annual estimated value (USD per share)

- FY2016: low $5.28 per share, central $5.98 per share, high $6.91 per share

- FY2017: low $5.95 per share, central $6.77 per share, high $7.85 per share

- FY2018: low $9.82 per share, central $10.89 per share, high $12.33 per share

- FY2019: low $10.34 per share, central $11.67 per share, high $13.44 per share

- FY2020: low $11.91 per share, central $13.36 per share, high $15.28 per share

- FY2021: low $12.86 per share, central $14.60 per share, high $16.91 per share

- FY2022: low $12.80 per share, central $14.55 per share, high $16.87 per share

- FY2023: low $13.56 per share, central $15.42 per share, high $17.89 per share

- FY2024: low $16.03 per share, central $19.95 per share, high $23.26 per share

- FY2025: low $14.45 per share, central $20.38 per share, high $23.83 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/1571283/000157128326000006/rexr-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.