First Industrial (FR) | Financial Analysis & Statements
TL;DR: Financial Overview - Revenue, Profits & Key Metrics
Latest Quarterly: Jun 2025Income Metrics
Revenue
180.2M
Gross Profit
134.7M
74.77%
Operating Income
79.1M
43.89%
Net Income
56.9M
31.57%
EPS (Diluted)
$0.42
Balance Sheet Metrics
Total Assets
5.5B
Total Liabilities
2.7B
Shareholders Equity
2.7B
Debt to Equity
0.99
Cash Flow Metrics
Operating Cash Flow
104.0M
Free Cash Flow
126.1M
Revenue & Profitability Trend
First Industrial Income Statement From 2020 to 2024
| Metric | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Revenue | 669.6M | 614.0M | 539.9M | 476.3M | 448.0M |
| Cost of Goods Sold | 182.8M | 165.7M | 143.7M | 131.3M | 119.2M |
| Gross Profit | 486.8M | 448.4M | 396.3M | 345.0M | 328.8M |
| Gross Margin % | 72.7% | 73.0% | 73.4% | 72.4% | 73.4% |
| Operating Expenses | |||||
| Research & Development | 1.5M | 3.7M | 909.0K | 0 | - |
| Selling, General & Administrative | 40.9M | 37.1M | 34.0M | 34.6M | 32.8M |
| Other Operating Expenses | - | - | - | - | - |
| Total Operating Expenses | 42.5M | 40.8M | 34.9M | 34.6M | 32.8M |
| Operating Income | 272.4M | 244.6M | 214.0M | 179.4M | 166.3M |
| Operating Margin % | 40.7% | 39.8% | 39.6% | 37.7% | 37.1% |
| Non-Operating Items | |||||
| Interest Income | - | - | - | - | - |
| Interest Expense | 83.0M | 74.3M | 49.0M | 44.1M | 51.3M |
| Other Non-Operating Income | 112.0M | 95.6M | 128.3M | 150.3M | 86.8M |
| Pre-tax Income | 297.8M | 262.3M | 290.0M | 282.2M | 198.4M |
| Income Tax | 6.1M | 8.7M | 23.4M | 4.9M | 2.4M |
| Effective Tax Rate % | 2.0% | 3.3% | 8.1% | 1.7% | 1.2% |
| Net Income | 296.0M | 285.8M | 381.6M | 277.2M | 200.2M |
| Net Margin % | 44.2% | 46.6% | 70.7% | 58.2% | 44.7% |
| Key Metrics | |||||
| EBITDA | 445.1M | 405.5M | 363.1M | 315.1M | 300.7M |
| EPS (Basic) | $2.17 | $2.08 | $2.72 | $2.09 | $1.53 |
| EPS (Diluted) | $2.17 | $2.07 | $2.72 | $2.09 | $1.53 |
| Basic Shares Outstanding | 132369000 | 132264000 | 132024000 | 129688000 | 127711000 |
| Diluted Shares Outstanding | 132369000 | 132264000 | 132024000 | 129688000 | 127711000 |
Income Statement Trend
First Industrial Balance Sheet From 2020 to 2024
| Metric | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Assets | |||||
| Current Assets | |||||
| Cash & Equivalents | 44.5M | 43.8M | 133.2M | 58.6M | 162.1M |
| Short-term Investments | - | - | - | - | - |
| Accounts Receivable | 170.2M | 155.0M | 130.1M | 103.8M | 90.3M |
| Inventory | 4.6M | - | - | 0 | 15.7M |
| Other Current Assets | - | 203.3M | 224.2M | 156.0M | - |
| Total Current Assets | 226.5M | 198.9M | 275.2M | 162.6M | 305.6M |
| Non-Current Assets | |||||
| Property, Plant & Equipment | 19.9M | 24.2M | 24.6M | 24.9M | 25.2M |
| Goodwill | - | - | - | - | - |
| Intangible Assets | - | - | - | - | - |
| Long-term Investments | - | - | - | - | - |
| Other Non-Current Assets | 203.2M | 203.3M | 248.3M | 177.4M | 160.2M |
| Total Non-Current Assets | 5.0B | 5.0B | 4.7B | 4.0B | 3.5B |
| Total Assets | 5.3B | 5.2B | 5.0B | 4.2B | 3.8B |
| Liabilities | |||||
| Current Liabilities | |||||
| Accounts Payable | 132.7M | 143.4M | 194.0M | 153.1M | 120.3M |
| Short-term Debt | 282.0M | 299.0M | 143.0M | 79.0M | - |
| Current Portion of Long-term Debt | - | - | - | - | - |
| Other Current Liabilities | - | - | - | - | - |
| Total Current Liabilities | 570.5M | 593.4M | 478.5M | 367.9M | 216.1M |
| Non-Current Liabilities | |||||
| Long-term Debt | 1.9B | 1.9B | 1.9B | 1.6B | 1.6B |
| Deferred Tax Liabilities | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - |
| Total Non-Current Liabilities | 1.9B | 1.9B | 1.9B | 1.6B | 1.6B |
| Total Liabilities | 2.5B | 2.5B | 2.4B | 1.9B | 1.8B |
| Equity | |||||
| Common Stock | 1.3M | 1.3M | 1.3M | 1.3M | 1.3M |
| Retained Earnings | 219.1M | 127.7M | 23.1M | -178.3M | -306.3M |
| Treasury Stock | - | - | - | - | - |
| Other Equity | - | - | - | - | - |
| Total Shareholders Equity | 2.7B | 2.6B | 2.5B | 2.2B | 1.9B |
| Key Metrics | |||||
| Total Debt | 2.2B | 2.2B | 2.1B | 1.6B | 1.6B |
| Working Capital | -344.0M | -394.5M | -203.3M | -205.3M | 89.5M |
Balance Sheet Composition
First Industrial Cash Flow Statement From 2020 to 2024
| Metric | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Operating Activities | |||||
| Net Income | 296.0M | 285.8M | 381.6M | 277.2M | 200.2M |
| Depreciation & Amortization | 176.3M | 164.5M | 152.3M | 139.1M | 137.8M |
| Stock-Based Compensation | - | - | - | - | - |
| Working Capital Changes | 10.7M | -6.8M | 26.4M | 13.6M | 1.8M |
| Operating Cash Flow | 465.8M | 425.3M | 536.1M | 417.2M | 327.8M |
| Investing Activities | |||||
| Capital Expenditures | - | - | - | - | - |
| Acquisitions | -5.7M | -12.3M | -5.6M | -1.6M | -42.7M |
| Investment Purchases | - | - | - | - | - |
| Investment Sales | - | - | - | - | - |
| Investing Cash Flow | -1.1M | -5.7M | -6.2M | -6.0M | -56.8M |
| Financing Activities | |||||
| Share Repurchases | - | - | - | - | - |
| Dividends Paid | -193.5M | -169.4M | -155.3M | -139.7M | -127.3M |
| Debt Issuance | 321.0M | 374.0M | 1.2B | 289.0M | 300.0M |
| Debt Repayment | -338.3M | -218.3M | -725.5M | -274.4M | -435.1M |
| Financing Cash Flow | -213.0M | -27.8M | 304.5M | 87.9M | -347.4M |
| Free Cash Flow | 352.5M | 304.8M | 410.9M | 267.0M | 241.1M |
| Net Change in Cash | 251.7M | 391.8M | 834.4M | 499.1M | -76.5M |
Cash Flow Trend
First Industrial Key Financial Ratios
Valuation Ratios
P/E Ratio (TTM)
23.85
Forward P/E
30.75
Price to Book
2.45
Price to Sales
9.53
PEG Ratio
3.10
Profitability Ratios
Profit Margin
38.70%
Operating Margin
43.72%
Return on Equity
10.43%
Return on Assets
3.41%
Financial Health
Current Ratio
0.44
Debt to Equity
88.18
Beta
1.05
Per Share Data
EPS (TTM)
$2.05
Book Value per Share
$19.98
Revenue per Share
$5.29
Peer Financial Comparison
| Company | Market Cap | P/E Ratio | P/B Ratio | ROE | Profit Margin | Debt/Equity |
|---|---|---|---|---|---|---|
| fr | 6.7B | 23.85 | 2.45 | 10.43% | 38.70% | 88.18 |
| Prologis | 102.8B | 29.85 | 1.95 | 6.37% | 38.69% | 61.59 |
| Public Storage | 50.4B | 31.34 | 10.04 | 18.92% | 38.06% | 110.17 |
| Lineage Logistics | 10.0B | -10.83 | 1.06 | -8.17% | -10.57% | 83.74 |
| Rexford Industrial | 9.7B | 29.44 | 1.07 | 3.75% | 32.18% | 36.51 |
| CubeSmart | 9.1B | 24.25 | 3.22 | 13.04% | 34.20% | 118.36 |
Financial data is updated regularly. All figures are in the company's reporting currency.