First Industrial Realty Trust Inc. (FR) carries a Roarable Rating of D+ (Sell) with 58/100 RQD Confidence due to weak cash-flow efficiency and sensitivity to current interest rates. Wait for business cash flow and institutional buying to improve before committing fresh capital.
As of 2026-11-03, First Industrial Realty Trust Inc. (NYSE: FR) is rated D+ (Sell / SELL) by Roarable's 5-pillar RQD engine with a composite confidence score of 58/100 at a spot price of $54.80 (+0.72% 1D, market cap $7.27B). Pillar breakdown: Fundamental Cash Engine 15/20, Institutional 13F & Options Flow 5/20, SEC Balance-Sheet Forensics 15/20, FRED Macro Regime Fit 8/20, and Executive Insider Alignment 15/20. Across 1097 tracked Financials issuers, FR ranks #452 in composite RQD confidence.
Within the Financials sector (Real Estate Investment Trusts), FR carries a Roarable D+ (58/100 RQD), trailing P/E of 29.5x, gross margin of —, and ROIC of 6.2%. By comparison, STAG (Stag Industrial Inc.) holds a C- grade (59/100 RQD, P/E 26.3x, ROIC 5.2%, cap $7.23B) and ARE (Alexandria Real Estate Equities Inc.) posts a D grade (46/100 RQD, P/E N/A, ROIC -6.5%, cap $7.41B). Among the 5-stock peer group, NNN leads on earnings multiple (20.4x) while NNN leads on capital efficiency (7.2% ROIC).
Per FR's SEC EDGAR XBRL 10-K filing (FY2025, filed 2025-12-31, CIK 0000921825), First Industrial Realty Trust Inc. generated $727.1M in revenue (+8.6% YoY), $247.4M in net income, and $428.5M in free cash flow against $5.69B in total assets and $1.32B in total debt. Key quantitative strengths: Strong cash generator (steady margins)—profits are backed by real money, not accounting tricks. Primary risk factors monitored: Sensitive to high interest rates and tighter Federal Reserve market liquidity. Institutional options positioning shows a 50% call / 50% put premium split.
Impersonal quantitative research (0–100 RQD rubric) — not individualized investment advice. Past performance does not guarantee future results. Full Disclaimer
SEC XBRL FY 2025 (10-K): 58.9% FCF Margin ($428.5M FCF) & 52% Gross Margin
Altman Z-Score 3.80 (FORTRESS SAFE (>3.0)) • Piotroski F-Score 8/9
Put hedging (50% put share) caps near-term gamma upside (-15 pts vs max)
Even with a 58/100 (D+) score, FR faces multiple-compression risk if 29.5x trailing P/E re-rate toward historical sector medians or if hyperscaler/enterprise customer concentration slows in upcoming 10-Q filings.
Sensitive to high interest rates and tighter Federal Reserve market liquidity.
Dilution & Margin Drag: Cannibal Buyback (-2.08% YoY Shares) — any gross margin slip below 49.5% triggers an automatic RQD downgrade.
Technical & Forensic Kill-Switch: A daily close below the 50D SMA ($59.32) or 200D SMA ($61.28) invalidates the momentum regime and cuts Target Base ($54.80) toward Bear Floor ($42.74).
First Industrial Realty Trust Inc. (FR) advanced +0.72% to $54.80, trading at 4% of its 52-week range ($54.16 – $69.88). Stretched risk/reward at 30x P/E (6% return on capital) under elevated 10-year interest-rate pressure.
Yahoo Finance report covering First Industrial Realty Trust Inc. (FR) market action, institutional positioning, and fundamental catalysts.
Seeking Alpha report covering First Industrial Realty Trust Inc. (FR) market action, institutional positioning, and fundamental catalysts.
TradingView report covering First Industrial Realty Trust Inc. (FR) market action, institutional positioning, and fundamental catalysts.
Yahoo Finance report covering First Industrial Realty Trust Inc. (FR) market action, institutional positioning, and fundamental catalysts.
Investing.com report covering First Industrial Realty Trust Inc. (FR) market action, institutional positioning, and fundamental catalysts.
www.marketscreener.com report covering First Industrial Realty Trust Inc. (FR) market action, institutional positioning, and fundamental catalysts.
The Globe and Mail report covering First Industrial Realty Trust Inc. (FR) market action, institutional positioning, and fundamental catalysts.
Moomoo report covering First Industrial Realty Trust Inc. (FR) market action, institutional positioning, and fundamental catalysts.
Core property leasing is outpacing development timelines, suggesting the REIT can sustain cash flow even as rent growth normalizes.
We're at the halfway point of another surprisingly strong REIT earnings season. Click here to read more on the REITs report.
Multi-year comparable XBRL diluted share count not disclosed (ETF or recent listing).
vs. +8.6% actual YoY revenue growth (assuming 9.25% cost of equity & 16.5x terminal multiple).
No active Ellis Vennor swing setup published on FR today. View full Setup Ledger →
No direct multi-tier Butterfly edges indexed yet for FR. Explore sector supply chains on /butterfly.
Across 1097 tracked Financials securities in the Roarable RQD universe, First Industrial Realty Trust Inc. (FR) ranks #452 by composite RQD confidence (58/100, grade D+) and #225 by equity capitalization ($7.27B). Within this direct 5-issuer industry benchmark cohort, NNN leads on earnings valuation at 20.4x trailing P/E, while NNN leads on capital efficiency and profitability with 7.2% ROIC and — gross margin. NNN currently holds the highest overall quantitative score in the immediate peer group at 64/100 (C) compared with FR at 58/100 (D+).
| Ticker / Company | Roarable Grade | RQD Score | Trailing P/E | Gross Margin | ROIC | 1D Change | Market Cap | Head-to-Head |
|---|---|---|---|---|---|---|---|---|
| FR
ACTIVE
First Industrial Realty Trust Inc. | D+ | 58/100 | 29.5x | — | 6.2% | +0.72% | $7.27B | Benchmark Subject |
| STAG Stag Industrial Inc. | C- | 59/100 | 26.3x | — | 5.2% | +1.71% | $7.23B | /stag-vs-fr → |
| ARE Alexandria Real Estate Equities Inc. | D | 46/100 | — | — | -6.5% | +5.90% | $7.41B | /are-vs-fr → |
| MAC Macerich Company | C- | 59/100 | — | — | -4.1% | +1.93% | $7.04B | /mac-vs-fr → |
| NNN NNN REIT Inc. | C | 64/100 | 20.4x | — | 7.2% | +1.71% | $8.00B | /nnn-vs-fr → |
In its most recent audited fiscal period (FY2025, filed 2025-12-31), First Industrial Realty Trust Inc. (FR) reported GAAP revenue of $727.1M (+8.6% vs. FY2024 revenue of $669.6M , and +18.4% cumulative change since FY2023) , GAAP net income of $247.4M, operating cash flow of $461.3M, and free cash flow of $428.5M (+32.9% YoY). On the balance sheet, FR closed FY2025 with $5.69B in total assets against $1.32B in total debt (Altman Z-Score: N/A, Piotroski F-Score: 8/9).
| Fiscal Period | Filing Date | Revenue | Net Income | Operating Cash Flow | Free Cash Flow | Total Assets | Total Debt |
|---|---|---|---|---|---|---|---|
| FY2025 (FY) | 2025-12-31 | $727.1M | $247.4M | $461.3M | $428.5M | $5.69B | $1.32B |
| FY2024 (FY) | 2024-12-31 | $669.6M | $287.6M | $352.5M | $322.4M | $5.26B | $1.13B |
| FY2023 (FY) | 2023-12-31 | $614.0M | $274.8M | $304.8M | $277.2M | $4.01B | $938.3M |
As of 2026-11-03, First Industrial Realty Trust Inc. (NYSE: FR) is rated D+ (Sell / SELL) by Roarable's 5-pillar RQD engine with a composite confidence score of 58/100 at a spot price of $54.80 (+0.72% 1D, market cap $7.27B). Pillar breakdown: Fundamental Cash Engine 15/20, Institutional 13F & Options Flow 5/20, SEC Balance-Sheet Forensics 15/20, FRED Macro Regime Fit 8/20, and Executive Insider Alignment 15/20. Across 1097 tracked Financials issuers, FR ranks #452 in composite RQD confidence.
Within the Financials sector (Real Estate Investment Trusts), FR carries a Roarable D+ (58/100 RQD), trailing P/E of 29.5x, gross margin of —, and ROIC of 6.2%. By comparison, STAG (Stag Industrial Inc.) holds a C- grade (59/100 RQD, P/E 26.3x, ROIC 5.2%, cap $7.23B) and ARE (Alexandria Real Estate Equities Inc.) posts a D grade (46/100 RQD, P/E N/A, ROIC -6.5%, cap $7.41B). Among the 5-stock peer group, NNN leads on earnings multiple (20.4x) while NNN leads on capital efficiency (7.2% ROIC).
Per FR's SEC EDGAR XBRL 10-K filing (FY2025, filed 2025-12-31, CIK 0000921825), First Industrial Realty Trust Inc. generated $727.1M in revenue (+8.6% YoY), $247.4M in net income, and $428.5M in free cash flow against $5.69B in total assets and $1.32B in total debt. Key quantitative strengths: Strong cash generator (steady margins)—profits are backed by real money, not accounting tricks. Primary risk factors monitored: Sensitive to high interest rates and tighter Federal Reserve market liquidity. Institutional options positioning shows a 50% call / 50% put premium split.
FR last traded at $54.80 (+0.72% on volume of 1,731,357 shares), positioning the stock -7.62% below its 50-day simple moving average ($59.32) and -10.57% below its 200-day simple moving average ($61.28). Across its 52-week range of $54.16 to $69.88, FR sits at the 4.1% percentile with a 14-day RSI of 35.6 (NEUTRAL RANGE) and an implied next-earnings move of ±4.1% ($52.55 to $57.05).
First Industrial Realty Trust Inc. (FR) earns a live Roarable RQD composite score of 58/100, corresponding to a D+ letter grade (Roarable Sell) at a spot price of $54.80 (+0.72% 1D, market capitalization $7.27B).
First Industrial Realty Trust Inc. (FR) is a NYSE-listed issuer in the Financials sector, operating within the Real Estate Investment Trusts industry (per the company profile). — for further business-model specifics. The reported operating margin of 41.5% and net margin of 34% (per the market data) indicate high profitability relative to revenue.
In its latest audited SEC EDGAR 10-K filing for FY2025 (filed 2025-12-31), First Industrial Realty Trust Inc. (FR) reported $727.1M in annual revenue (up from $669.6M in FY2024, +8.6% YoY) and $247.4M in GAAP net income. Over the multi-year SEC filing window from FY2023 ($614.0M revenue, $274.8M net income) through FY2025, FR scaled operating cash flow to $461.3M and free cash flow to $428.5M, backed by $5.69B in total assets against $1.32B in total debt.
Operating in Real Estate Investment Trusts (Financials), FR carries a macro regime beta of 1.06 and gross margin of —.
Real-time company headlines, analyst actions, and sector developments for First Industrial Realty Trust Inc. (FR) • Click "Debate This Headline" to argue it in the Roar Pit below
Yahoo Finance report covering First Industrial Realty Trust Inc. (FR) market action, institutional positioning, and fundamental catalysts.
Seeking Alpha report covering First Industrial Realty Trust Inc. (FR) market action, institutional positioning, and fundamental catalysts.
TradingView report covering First Industrial Realty Trust Inc. (FR) market action, institutional positioning, and fundamental catalysts.
Yahoo Finance report covering First Industrial Realty Trust Inc. (FR) market action, institutional positioning, and fundamental catalysts.
Investing.com report covering First Industrial Realty Trust Inc. (FR) market action, institutional positioning, and fundamental catalysts.
www.marketscreener.com report covering First Industrial Realty Trust Inc. (FR) market action, institutional positioning, and fundamental catalysts.
The Globe and Mail report covering First Industrial Realty Trust Inc. (FR) market action, institutional positioning, and fundamental catalysts.
Moomoo report covering First Industrial Realty Trust Inc. (FR) market action, institutional positioning, and fundamental catalysts.
Forensic balance sheet is the strongest pillar, with Piotroski F 8/9, Altman Z 2.5, and Debt/Equity 0.5, while FCF rose to $428.5M in FY 2025.. When you look under the hood at FR, Fundamental Cash Engine is 15/20 with 0.0% gross margins and 6.2% ROIC. Bears are staring in the rearview mirror while institutional 13F flow (5/20) has been quietly accumulating below $69.88. My 12M target is $62.57.
@RiskArb_Desk Fair point on 29.5x trailing P/E, but you're ignoring the forward operating leverage in Real Estate Investment Trusts. If gross margin (0.0%) holds, EPS grows into the multiple faster than bears think.
Fading this rally in FR at $54.41. Valuation is elevated at 29.5x trailing P/E and 25.6x EV/EBITDA against ROIC of 6.2%, with weak whale flow (5/20) and a Q3 FFO miss in the news wire.. With a beta of 1.06 and the stock sitting at $54.41 (52-wk range $54.16–$69.88), the easy multiple expansion is already priced in.
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