First Industrial Realty Trust Inc. (FR) intrinsic value & 10-year financials
First Industrial Realty Trust Inc. (FR) has a Graham intrinsic value of $35.07 per share. At $58.76 on Oct 17, 2026, the stock trades 68% above that value. Over the last 10 fiscal years revenue grew 7.5% a year to $727.1M, with an average return on invested capital of 10.3%.
- Graham intrinsic value
- $35.07
- Share price (Oct 17, 2026)
- $58.76
- Price vs Graham value
- 68% above
- Market cap
- $7.8B
- Revenue (FY2025)
- $727.1M
- Revenue growth (10-yr CAGR)
- 7.5%
- ROIC (10-yr avg)
- 10.3%
- Free cash flow (FY2025)
- —
FR 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $727.1M | $247.4M | $1.87 | — | — | 9.3% |
| FY2024 | $669.6M | $287.6M | $2.17 | — | — | 11.0% |
| FY2023 | $614.0M | $274.8M | $2.07 | — | — | 10.9% |
| FY2022 | $539.9M | $359.1M | $2.72 | — | — | 15.4% |
| FY2021 | $476.3M | $271.0M | $2.09 | — | — | 13.2% |
| FY2020 | $448.0M | $196.0M | $1.53 | — | — | 10.7% |
| FY2019 | $426.0M | $238.8M | $1.88 | — | — | 14.0% |
| FY2018 | $404.0M | $163.2M | $1.31 | — | — | 6.0% |
| FY2017 | $396.4M | $201.5M | $1.69 | — | — | 7.6% |
| FY2016 | $378.0M | $121.2M | $1.05 | — | — | 4.7% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
FIRST INDUSTRIAL REALTY TRUST INC has demonstrated mature, steady growth, with revenue compounding at 7.5% annually over the past decade.
FIRST INDUSTRIAL REALTY TRUST INC has historically struggled to out-earn its cost of capital, averaging just 6.1% ROIC.
FIRST INDUSTRIAL REALTY TRUST INC has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, FIRST INDUSTRIAL REALTY TRUST INC is modeled at 6.6% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $35.07 per share.