First Industrial Valuation Analysis

Investor Information

About 100.0% of FR shares are owned by institutional investors. The book value of FR was currently reported as 20.8. FR had its last dividend issued on the 30th of June 2026. Earnings generation and capital deployment remain aligned with First Industrial showing moderate financial flexibility with thin profitability. Return on assets remains in positive territory, consistent with the company's business model and scale.

Asset Utilization

The asset utilization indicator refers to the revenue earned for every dollar of assets a company currently reports. First Industrial has an asset utilization ratio of 12.78 percent. This connotes that the Company is making $0.13 for each dollar of assets. An increasing asset utilization means that First Industrial Realty is more efficient with each dollar of assets it utilizes for everyday operations.

Discounted Cash Flow Analysis

Using the current custom levered DCF inputs, First Industrial Realty is worth about -14.97 per share while the market is pricing it near 62.52. That leaves the shares trading about 123.9% above this model output. Current assumptions include 7.98% WACC, 4.0% perpetual growth, and about 24.76 Million of next-period free cash flow. Discounted forecast cash flows sum to about 86.96 Million before the terminal component, and present terminal value still represents roughly 83.0% of enterprise value. A divergence of this magnitude signals that the model output is heavily assumption-dependent. Since 83.0% of enterprise value rests on the terminal component, the estimate is particularly sensitive to long-term growth, margin trajectory, and discount rate assumptions.

First Industrial Market Price vs. Intrinsic Value

Projected Revenue and Levered Free Cash Flow

Key Model Assumptions

Forecast Detail and Valuation Progression

Profitability Analysis

An analysis of First Industrial's profitability data, First Industrial Realty maintains a strong margin profile with a net profit margin of 21.0% and an operating margin of 53.0%, producing net income of 264.08 million. Return on equity is 6.15%. Profitability trends are stable, with recent metrics holding near prior-year levels.Gross Profit stood at $164.34 million as of December 31, 2025. Meanwhile, Pretax Profit Margin remains stable near 38.42%, although Net Profit Margin is broadly unchanged around 34.03%.

	Current Value	Last Year	Change From Last Year	10 Year Trend
Gross Profit Margin	43.00%	22.60%	Way Up	High Variability
Operating Profit Margin	53.00%	42.32%	Significantly Up	High Variability

Earnings per Share Projection vs Actual

EPS projections for First Industrial aggregate analyst models into a benchmark against which actual results are measured. Return on equity of 12.84% provides context for how efficiently First Industrial generates earnings from shareholder capital. The gap between First Industrial's EPS and free cash flow per share signals how much of reported earnings converts to cash. First Industrial's EPS estimates are updated as new analyst reports and company disclosures become available. The EPS consensus for First Industrial Realty reflects normalized analyst expectations. Comparing this estimate against the current net margin profile (21.0%), guidance revisions, and prior forecast error reveals whether the market is pricing in improvement, stability, or deterioration. First Industrial reported estimated earnings of 0.4258 in earnings per share on 30th of June 2026. This estimate serves as the benchmark against which the next reported result will be judged by the market.

Earnings Estimation Breakdown

16 analysts contribute to the current consensus. The last reported EPS was 1.08 as of 31st of March 2026.

Earnings Projection Consensus

Ownership Allocation

The majority of First Industrial's outstanding shares are owned by institutional holders. Large asset managers, pension funds, and sovereign wealth funds that invest on behalf of clients or beneficiaries are typically subject to stricter disclosure rules than retail investors - including mandatory 13F filings that reveal quarterly position changes. Tracking these filings can highlight shifts in institutional conviction around First Industrial.

Revenue and Profit Overview

FR generated yearly revenue of $727.08 million. Reported Net Income was $264.08 million with gross profit of $547.97 million.

Dividend Payment History

What This Indicates

Combined Signal Overview

A growth thesis around First Industrial Realty warrants careful testing because strong valuation often embeds the assumption that the business can keep compounding faster than peers. A complete growth assessment compares growth rates with margins, cash generation, and the cost of sustaining that expansion.

Evaluating First Industrial's value means testing whether the share price matches the economics of the actual business. Quantitative valuation narrows the range of reasonable outcomes by cross-referencing multiple model-based signals. Reported values are derived from company filings, audited financial statements, and market data, and are standardized within Macroaxis quantitative models for consistency. Model outputs reflect a point-in-time estimate based on available data and assumptions and should be interpreted alongside changes in operating performance, market conditions, and forward expectations.