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First Industrial Realty Trust Inc key statistics and ratios

In fiscal 2025, First Industrial Realty Trust Inc had return on equity of 9.3%, a net margin of 34.0% and debt equal to 96.0% of equity. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Net margin32.1%50.8%40.4%56.1%43.7%56.9%66.5%44.8%42.9%34.0%46.1%
Return on equity9.8%15.1%10.6%14.0%10.7%13.2%15.4%10.9%11.0%9.3%13.1%
Return on assets4.3%7.0%5.4%7.2%5.4%6.8%7.9%5.4%5.5%4.5%6.2%
Asset turnover0.140.140.130.130.120.120.120.120.130.130.13
Debt to equity109.0%91.4%79.4%84.5%84.2%73.7%84.5%87.1%83.1%96.0%95.7%
Effective tax rate0.9%0.6%−0.1%1.5%1.2%1.7%8.1%3.3%2.0%6.2%3.4%
Dividends ÷ net income68.2%49.9%67.2%49.1%65.0%51.6%43.3%61.6%67.3%93.4%71.8%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Moat

78 /100

Strong moat

How hard First Industrial Realty Trust's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 8 / 20

    Net income has been a median 5.8% of total assets over 10 years.

  • Durability 20 / 20

    Net margin has been a median 46.8%; its worst year was 33.2%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 9 of 9 years, at a median 26.1% of revenue.

  • Discipline 15 / 20

    The diluted share count rose 2.6% over five years; stock-based pay has been a median 2.9% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from First Industrial Realty Trust Inc's SEC filings (10-K and 10-Q), retrieved October 23, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to First Industrial Realty Trust Inc.