Stock fact sheet · data as of
First Industrial Realty Trust, Inc. (FR): fair value, margin of safety and Wheel Score
Real Estate · REIT - Industrial · United States · Blend
Is FR undervalued?
At 58.78 (close of 16 Oct 2026), FR trades 87% over the GLS average fair value of 31.42, with 1 of 9 models above the price. The stock earns none of the Wheel Score's Value points at this price. That is a statement about price against trailing fundamentals, not about the company's prospects - the Wall Street View and the Growth tab on the Quote page carry the forward numbers.
The 9 models disagree widely: GLS Growth gives 1.11 while 10 Cap gives 66.37. A spread that wide means the average is sensitive to which methods you trust; the model table below shows where each one lands, and the Quote page lets you switch any of them off.
The nightly engine files FR under Blend.
Nine valuation models for FR
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | 13.49 | -77% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 36.02 | -39% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 44.38 | -25% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 11.00 | -81% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 1.11 | -98% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 66.37 | +13% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | 51.22 | -13% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | 28.62 | -51% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 30.56 | -48% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -20.01 | -134% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 72.13 | +23% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
On financial health FR scores 7/9 (Piotroski): most of the nine tests - positive earnings and cash flow, falling debt, rising margins and turnover - are passed, which is the kind of balance sheet a wheel trader is happy to be assigned. The GLS Moat score is low at 4.1 out of 10, which says the ten-year record of revenue, earnings, margins and returns on capital has been inconsistent - growth and shocks rather than steady compounding.
Returns on capital are thin or negative - ROIC 4.7%, ROE 9.3%, ROA 4.4% - with debt at 0.96 times equity and a free-cash-flow yield of 5.3%.
The dividend yield is 3.31% at a payout ratio of 82%; for a wheel trader holding assigned shares the dividend adds to the covered-call premium, and the ex-dividend date is worth knowing before a call is sold.
Institutional ownership scores 10/10, insider activity 1/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 7 / 9 | ROIC | 4.7% |
|---|---|---|---|
| GLS Moat | 4.1 / 10 | ROE | 9.3% |
| Debt / equity | 0.96 | ROA | 4.4% |
| Free-cash-flow yield | 5.3% | Payout ratio | 82% |
| Institutions | 10 / 10 | Insiders · Congress | 1 · 5 / 10 |
Wheel Score 56: Fair
FR scores 56 out of 100 on the Wheel Score (Fair band, 50-64): a usable but unremarkable fit for the wheel strategy. The parts: Value 0/25, Health 16/20, Moat 6/15, Premium 15/20, Stability 19/20. Value (0/25) is where the points are missing.
Implied volatility is 30% on the near-the-money contracts 20-60 days out: some premium, but under the 35-60% range the Wheel Score pays full marks for (15 of 20 points). Chain open interest is thin - 689 contracts across every expiry - so fills at a fair price are not guaranteed; a 30-45-day put may not exist at a usable strike.
Volume runs at 1.6M shares a day on a market cap of $7.8B, with a beta of 1.04; the Stability part of the Wheel Score gives that 19 of 20.
| Part | Points | From | |
|---|---|---|---|
| Value | 0 / 25 | -87% margin of safety | |
| Health | 16 / 20 | Piotroski 7/9 | |
| Moat | 6 / 15 | moat 4.1/10 | |
| Premium | 15 / 20 | implied volatility 30% | |
| Stability | 19 / 20 | 1.6M shares/day, $7.8B cap, beta 1.04 |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls; it is updated nightly and is not a recommendation. The walkthrough lesson shows how the score fits into a trade, start to finish.
Upcoming events
First Industrial Realty Trust, Inc. reports earnings on 21 Oct 2026 (after the close) - inside the 14-day window the Sunday Scan avoids, because a put sold now would carry the report's gap risk.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in REIT - Industrial
The 12 companies below are the closest to First Industrial Realty Trust, Inc. by market cap within the REIT - Industrial industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| LINE Lineage, Inc. | 34.11 | 36.11 | +6% | 45Weak | $7.8B |
| REXR Rexford Industrial Realty, Inc. | 37.50 | 22.01 | -70% | 45Weak | $8.6B |
| TRNO Terreno Realty Corporation | 64.81 | 49.67 | -30% | 52Fair | $7.1B |
| CUBE CubeSmart | 38.56 | 28.62 | -35% | 57Fair | $8.7B |
| STAG STAG Industrial, Inc. | 35.88 | 28.22 | -27% | 54Fair | $6.9B |
| EGP EastGroup Properties, Inc. | 194.43 | 97.58 | -99% | 51Fair | $10.5B |
| COLD Americold Realty Trust, Inc. | 13.92 | 7.20 | -93% | 45Weak | $4.0B |
| LXP LXP Industrial Trust | 61.01 | 53.23 | -15% | 66Good | $3.6B |
| EXR Extra Space Storage Inc. | 137.69 | 96.97 | -42% | 53Fair | $29.1B |
| SMA Smartstop Self Storage REIT Inc | 32.59 | 29.99 | -9% | 59Fair | $1.8B |
| PLDGP Prologis, Inc. | 50.25 | 52.05 | +3% | 39No options | $38.4B |
| IIPR Innovative Industrial Properties, Inc. | 53.20 | 76.13 | +30% | 74Good | $1.5B |
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A free GLS Equity account gets you nightly fair value and the Wheel Score on ~7,400 US stocks, a watchlist, the scanner preview and the Sunday Scan - the same eight-rule screen, emailed every week. Pro adds the full put and call scanners, unlimited watchlists with alerts and the trade journal.
Start free See the Sunday ScanQuestions about FR
Is FR undervalued right now?
No: at 58.78 the stock trades 87% above the GLS average fair value of 31.42 (data as of 16 Oct 2026), well beyond what trailing earnings, cash flow and book value support.
What is the Wheel Score of FR and what does it mean?
FR scores 56 out of 100 (Fair). The Wheel Score blends the margin of safety (25 points), Piotroski health (20), the GLS moat (15), the option premium on offer (20) and trading stability (20) into one number that ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned. 80 and above is Prime, 65-79 Good, 50-64 Fair, under 50 Weak.
What is the GLS fair value for FR?
31.42 per share as of 16 Oct 2026 - the simple average of the 9 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does First Industrial Realty Trust, Inc. report earnings next?
The next earnings report is due on 21 Oct 2026 (after the close), 5 days from the data date of 16 Oct 2026. The Calendars page lists every upcoming report with its time of day.
Does FR have listed options, and how liquid are they?
Yes. The nightly snapshot found 126 listed contracts with 689 open interest across all expiries and implied volatility of 30% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.