MeritValue

FIRST INDUSTRIAL REALTY TRUST INC

FRdata completeness 75%17 fiscal years on file

Data notes: no data for concept 'capex'

The thesis, from the filings

FIRST INDUSTRIAL REALTY TRUST INC earns about 11% on invested capital, but has diluted owners by 2% over 5 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $21.49 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$476.3M1$539.9M2$614M3$669.6M3$727.1M3
Net income$271M4$359.1M5$274.8M6$287.6M6$247.4M6
Operating cash flow$266.9M7$410.9M8$304.8M9$352.5M9$461.3M9
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$58.6M10$133.2M11$43.8M12$44.5M13$78M13
Diluted shares129.8M132.1M132.3M132.4M132.5M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$201.59
your share of equity
Profit it earned you last year
$18.67
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $201.59 of net worth that earned you $18.67 last year.

iii. Is this a good business?
Moat signal · return on invested capital
11% avg · 5y
FY21 13%FY22 11%FY23 10%FY24 11%FY25 9%

It earned an average 11% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+2% shares · 5y

Share count is up 2% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
$21.49
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$274.8M
  • growthAssumed0.0%
Graham Number
$29.12
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000921825-24-000018 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0000921825-25-000019 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0000921825-26-000012 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0000921825-24-000018 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000921825-25-000019 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0000921825-26-000012 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000921825-24-000018 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000921825-25-000019 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0000921825-26-000012 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000921825-23-000011 (CashAndCashEquivalentsAtCarryingValue)
  11. 10-K · period ending 2022-12-31 · accession 0000921825-24-000018 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K · period ending 2023-12-31 · accession 0000921825-25-000019 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2024-12-31 · accession 0000921825-26-000012 (CashAndCashEquivalentsAtCarryingValue)