Fact based stock research
First Industrial Realty (NYSE:FR)

US32054K1034

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For every stock, we judge its performance against its peers and rank it on a scale of 1 to 100. The higher the rank, the better the stock performs than its peers. And, we do this for six investment strategies:
Value - shows how good of a value the stock is. Green is "inexpensive"; red is "expensive".

Growth - shows a company's growth potential. Green is "high growth" expected; red is "tough times ahead".

Safety - relates to the amount of debt a company has. Green is low debt level; red is high debt level.

Combined Financial - this isn't an average of the first three ranks but rather a consolidated view across several financial indicators. Green = good; red = tread carefully.

(NEW) Sentiment - quantifies professional analyst ratings and holdings as well as market pulse. Green = positive sentiment; red = skepticism (Only available to Premium Subscribers).

(NEW) 360° View - the ultimate rating with all financial and non-financial indicators.

First Industrial Realty stock research in summary

firstindustrial.com

ANALYSIS: With an Obermatt Combined Rank of 16 (worse than 84% compared with investment alternatives), First Industrial Realty (REITs: Industrials, USA) shares have lower financial characteristics compared with similar stocks. Shares of First Industrial Realty are low in value (priced high) with a consolidated Value Rank of 11 (worse than 89% of alternatives) and show below-average growth (Growth Rank of 25) but are safely financed (Safety Rank of 87), which means low debt burdens. ...read more

RECOMMENDATION: A Combined Rank of 16, is a sell recommendation based on First Industrial Realty's financial characteristics. As the company First Industrial Realty's critical financial metrics exhibit below-average performance, such as low value (Obermatt Value Rank of 11) and low growth (Obermatt Growth Rank of 25), it is a somewhat questionable stock investment, where the risk of paying too much for the shares is significant, unless the company has an exceptionally bright future. In this case, good financing practices (Obermatt Safety Rank of 87) are a positive sign, because it may allow the company to weather challenging times until the hoped-for cash flows materialize. This may be true for high-tech or biotechnology companies with enough cash to sustain prolonged business development. If they own properties that only provide cash flows in the future, the stock may look excessively expensive and unattractive today. In such cases, the Obermatt Method has limited value, as it is based on facts we can observe today. If the facts lie all in the future, stock investing becomes guesswork, and this should only be a driver in a limited number of investments that account for a small fraction of a safe portfolio. Obermatt Premium subscribers can further check the stock’s Sentiment Ranks, which also flow into the Obermatt 360° View for investors. ...read more

Latest Obermatt Ranks


360° View^new
Sentiment Rank^new
Value Rank	11
Growth Rank	25
Safety Rank	87
Combined Rank	16

Country	USA
Industry	REITs: Industrials
Index	S&P MIDCAP
Size class	Medium

3-Apr-2025. Stock data may be delayed. Log in or sign up to get the most recent research.

Further information

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Review the performance ranks of the individual metrics that form each investment strategy.

Research History: First Industrial Realty

RESEARCH HISTORY	2022	2023	2024	2025
VALUE
VALUE	14	17	19	11
GROWTH
GROWTH	41	63	7	25
SAFETY
SAFETY	87	87	87	87
SENTIMENT
SENTIMENT	62	64	68	^new
360° VIEW
360° VIEW	33	78	78	^new

Most recent update of the stock research: 3-Apr-2025. Financial reporting date used for calculating ranks: 30-Sep-2024. Stock research history is based on the Obermatt Method. The higher the rank, the better First Industrial Realty is in the corresponding investment strategy.
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Combined financial peformance in Detail

RESEARCH HISTORY	2022	2023	2024	2025
VALUE
VALUE	14	17	19	11
GROWTH
GROWTH	41	63	7	25
SAFETY
SAFETY	87	87	87	87
COMBINED
COMBINED	16	16	16	16

Last update of combined financial performance: 6-Oct-2022. Stock analysis on combined financial performance: The higher the rank of First Industrial Realty the better the performance.

Value Metrics in Detail

ANALYSIS: With an Obermatt Value Rank of 11 (worse than 89% compared with alternatives), First Industrial Realty shares are significantly more expensive than comparable stocks. The Value Rank is based on consolidating four value indicators, with all four indicators below average for First Industrial Realty. Price-to-Sales is 13 which means that the stock price compared with what market professionals expect for future profits is higher than 87% of comparable companies, indicating a low value concerning First Industrial Realty's sales levels. Price-to-Book Capital (also referred to as market-to-book ratio) also has a low Price-to-Book Rank of 15, which means that both reliable company size indicators, sales, and invested capital cannot explain the high stock price of First Industrial Realty. In addition, the two profit-related value indicators, Price-to-Profit (also referred to as price-earnings, P/E) with a low rank of 20 and Dividend Yield, which is lower than 64% of comparable companies, also make the stock more expensive compared with investment alternatives. ...read more

RECOMMENDATION: The overall picture with a consolidated Value Rank of 11, is a sell recommendation based on First Industrial Realty's stock price compared with the company's operational size and dividend yields. How can market participants pay such a high price for First Industrial Realty? One reason may be that the company is simply too popular. If enough people want a particular stock, its price can exceed reasonable levels. This is often the case for companies offering new and exciting products and everybody wants a piece of the action. Should you pay a lot for a hot stock such as First Industrial Realty? It's risky, and even if the stock price continues to grow because of popular demand, it may return to more typical lower levels later. And that return can be sudden and quick, making it impossible for retail investors to exit on time. Sometimes, high prices are deserved. This is the case when it is justified to believe that the company will dominate a market with high profit margins. It has happened in the past for many technology companies and indeed for commercially successful pharmaceutical discoveries. Sometimes they last, sometimes, they get eaten alive. First Industrial Realty may be such a type of stock. That would mean, retail investors should be careful, only considering investing a small part of their wealth in this exciting category and always being ready to lose more than half, if not all of the investment. We recommend further analyzing the stock with Obermatt’s Value, Safety, and Sentiment Ranks, including the 360° View, before making an investment decision, which is essential in this case, as the financial indicators are inconclusive. ...read more

VALUE METRICS	2022	2023	2024	2025
PRICE VS. REVENUES (P/S)
PRICE VS. REVENUES (P/S)	19	21	18	13
PRICE VS. PROFITS (P/E)
PRICE VS. PROFITS (P/E)	23	22	22	20
PRICE VS. CAPITAL (Market-to-Book)
PRICE VS. CAPITAL (Market-to-Book)	20	21	17	15
DIVIDEND YIELD
DIVIDEND YIELD	29	28	40	36
CONSOLIDATED RANK: VALUE
CONSOLIDATED RANK: VALUE	14	17	19	11

Last update of Value Rank: 3-Apr-2025. Stock analysis on value ratios: The higher the rank, the lower the value ratio of First Industrial Realty; except for dividend yield where the rank is higher, the higher the yield.

Growth Metrics in Detail

ANALYSIS: With an Obermatt Growth Rank of 25 (better than 25% compared with alternatives), First Industrial Realty shows a below-average growth dynamic in its industry. There is limited momentum in this company. The Growth Rank is based on consolidating four value indicators, with half of the indicators below and half above average for First Industrial Realty. Sales Growth has a rank of 57 which means that currently professionals expect the company to grow more than 57% of its competitors. Stock Returns are also above average with a rank of 59. But Capital Growth has only a rank of 10, which means that currently professionals expect the company to grow its invested capital less than 90% of its competitors. Profit Growth is also low, with a rank of only 12, which means that, currently, professionals expect the company to grow its profits below average. ...read more

RECOMMENDATION: The overall picture with a consolidated Growth Rank of 25, is a hold recommendation for growth and momentum investors. This is a surprising picture, as the messages from the operating growth indicators of revenues, profits, and invested capital are mixed, while stock returns are above average. It may indicate new intellectual properties, such as brand improvement or a strong market position that shows in revenues but not in the capital. The low profit-growth rate may indicate an early phase where costs are still high, and revenues don't fully cover upfront investments or fixed costs. The positive investor outlook with a 59% peer outperformance is reaffirmed in this case which may be a good sign for an investment into a well-protected high-growth company. This fact needs to be confirmed by researching the company website and press. While momentum is a popular investment factor, the value aspect might be the more important one, in the longer term. We recommend analyzing the stock with Obermatt’s Value, Safety, and Sentiment Ranks to arrive at a 360° View of the stock purchase case, especially since the growth performance is mixed here. ...read more

GROWTH METRICS	2022	2023	2024	2025
REVENUE GROWTH
REVENUE GROWTH	49	70	58	57
PROFIT GROWTH
PROFIT GROWTH	14	20	12	12
CAPITAL GROWTH
CAPITAL GROWTH	55	92	6	10
STOCK RETURNS
STOCK RETURNS	75	41	33	59
CONSOLIDATED RANK: GROWTH
CONSOLIDATED RANK: GROWTH	41	63	7	25

Last update of Growth Rank: 3-Apr-2025. Stock analysis on growth metrics: The higher the rank, the higher the growth and returns of First Industrial Realty.

Safety Metrics in Detail

ANALYSIS: With an Obermatt Safety Rank of 87 (better than 87% compared with alternatives) for 2022, the company First Industrial Realty has safe financing practices, which means that their overall debt burden is low. This doesn't mean that the business of First Industrial Realty is safe, it only means that the company is on the safer side regarding possible bankruptcy, assuming that public reporting is correct. The Safety Rank is based on consolidating three financing indicators, with just one indicator above average for First Industrial Realty and the other two below average. Leverage is at a rank of 56 meaning the company has a below-average debt-to-equity ratio. It has less debt than 56% of its competitors.Refinancing is at a rank of 8, which means that the portion of the debt about to be refinanced is above-average. It has more debt in the refinancing stage than 92% of its competitors. Liquidity is at a rank of 49, meaning that the company generates less profit to service its debt than 51% of its competitors. ...read more

RECOMMENDATION: With a consolidated Safety Rank of 87 (better than 87% compared with alternatives), First Industrial Realty has a financing structure that is significantly safer than that of its competitors. This is an indication that the company is on the riskier side when it comes to debt service. There is only below-market average liquidity, and a short-term refinancing issue might be around the corner. But in the long-term, the debt levels of First Industrial Realty are on the safer side. Investors may have a short-term debt challenge and liquidity issues with First Industrial Realty and should also compare Obermatt’s Value, Growth, and Sentiment Ranks before making a decision. ...read more

SAFETY METRICS	2022	2023	2024	2025
LEVERAGE
LEVERAGE	58	58	54	56
REFINANCING
REFINANCING	8	8	8	8
LIQUIDITY
LIQUIDITY	51	48	48	49
CONSOLIDATED RANK: SAFETY
CONSOLIDATED RANK: SAFETY	87	87	87	87

Last update of Safety Rank: 6-Oct-2022. Stock analysis on safety metrics: The higher the rank, the lower the leverage of First Industrial Realty and the more cash is available to service its debt.

Sentiment Metrics in Detail

SENTIMENT	2022	2023	2024	2025
ANALYST OPINIONS
ANALYST OPINIONS	n/a	36	38	^new
OPINIONS CHANGE
OPINIONS CHANGE	79	75	62	^new
PRO HOLDINGS
PRO HOLDINGS	27	36	59	^new
MARKET PULSE
MARKET PULSE	64	80	69	^new
CONSOLIDATED RANK: SENTIMENT
CONSOLIDATED RANK: SENTIMENT	62	64	68	^new

Last update of Sentiment Rank: 3-Apr-2025. Stock analysis on sentiment metrics: The higher the rank, the more positive the sentiment for First Industrial Realty.
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