First Industrial Realty Trust Inc
Research First Industrial Realty Trust Inc (FR) on Bullrun: valuation model: 5.5% undervalued, market cap USD 8.42B, P/E 23.1, dividend yield 3.0%. Explore financials, valuation history, model signals, and stock context.
Key Metrics
- TickerFR
- ExchangeNYSE
- CountryUnited States
- SectorReal Estate
- IndustryREIT-Industrial
- CurrencyUSD
- Valuation signal5.5% undervalued
- Market capUSD 8.42B
- P/E23.1
- Dividend yield3.0%
- Financial periodQ2 2026
- RevenueUSD 194.94M
- Net incomeUSD 77.10M
- Free cash flowUSD 113.96M
- Gross margin75.4%
Valuation Snapshot
Bullrun's latest valuation model marks First Industrial Realty Trust Inc as 5.5% undervalued; latest market cap is USD 8.42B; P/E is 23.1; dividend yield is 3.0%.
Peer valuation comparison
Latest P/E is 23.12x versus a Real Estate sector median of 14.84x (55.8% above).
Latest dividend yield is 3.04% versus a Real Estate sector median of 4.71% (35.4% below).
Five-year financial history
| Year | Revenue | Net income | Free cash flow | Gross margin | Diluted EPS | Cash | Total debt | Equity |
|---|---|---|---|---|---|---|---|---|
| FY2025 | USD 727.08M | USD 247.44M | USD 461.34M | 73.7% | 1.87 | USD 78.03M | USD 2.57B | USD 2.67B |
| FY2024 | USD 669.64M | USD 287.55M | USD 352.49M | 72.7% | 2.17 | USD 44.51M | USD 2.23B | USD 2.67B |
| FY2023 | USD 614.03M | USD 274.82M | n/a | n/a | 2.07 | USD 43.84M | USD 2.25B | USD 2.56B |
| FY2022 | USD 539.93M | USD 359.13M | n/a | n/a | 2.72 | USD 133.24M | USD 1.93B | USD 2.46B |
Valuation history
| Year | Snapshot date | Market cap | P/E | Dividend yield | Annual dividend/share |
|---|---|---|---|---|---|
| 2026 | 2026-08-25 | USD 8.42B | 23.1 | 3.0% | 1.9 |
| 2025 | 2025-12-31 | USD 7.59B | 30.6 | 3.1% | 1.8 |
| 2024 | 2024-12-31 | USD 6.63B | 23.1 | 3.0% | 1.48 |
| 2023 | 2023-12-29 | USD 6.97B | 26.1 | 2.4% | 1.28 |
| 2022 | 2022-12-30 | USD 6.38B | 16.2 | 2.5% | 1.2 |
| 2021 | 2021-12-31 | USD 8.72B | 31.8 | 1.6% | 1.08 |
Dividend history
Latest trailing dividend snapshot: annual dividend/share 1.9 USD, yield 3.0%.
| Year | Dividends/share |
|---|---|
| FY2025 | 1.78 USD |
| FY2024 | 1.48 USD |
| FY2023 | 1.28 USD |
| FY2022 | 1.18 USD |
About First Industrial Realty Trust Inc
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.
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Frequently asked questions
Is First Industrial Realty Trust Inc overvalued or undervalued?
Bullrun's valuation model currently marks First Industrial Realty Trust Inc as 5.5% undervalued.
What is First Industrial Realty Trust Inc's market cap?
First Industrial Realty Trust Inc's market capitalization is USD 8.42B.
What is First Industrial Realty Trust Inc's P/E ratio?
First Industrial Realty Trust Inc's price-to-earnings (P/E) ratio is 23.1.
Does First Industrial Realty Trust Inc pay a dividend?
First Industrial Realty Trust Inc has a dividend yield of 3.0%.
What does First Industrial Realty Trust Inc do?
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.