Companies: 10,795·Total market cap: $144.5T
First Industrial Realty Trust, Inc.

First Industrial Realty Trust, Inc.

FRNYSEReal Estate● Active
$60.66
$-0.92(-1.49%)
Market Cap$8.0B
P/E Ratio—
52W High$64.66
52W Low$47.36
Free Cash FlowFinancialsRevenue

First Industrial Realty Trust, Inc. (FR) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

FR · free cash flow · updated Jun 8, 2026

Core FCF metrics

Free cash flow was $114.9M for FY2025 (fiscal year ending 2025-12-31), down 14.8% year-over-year The FCF margin was 15.8%. Five-year CAGR stands at +7.5%.

FY2025 Free Cash Flow$114.9M▼ -14.8% YoY
Trailing 12M (TTM)$483.0Mtrailing 4 quarters sum
FCF Margin15.8%$114.9M ÷ revenue
3-Year CAGRN/AN/A — contains negative FCF
5-Year CAGR+7.5%FY2020 → FY2025
FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0
Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

Positive FCFNegative FCF
Free Cash Flow
YoY Growth %
fr free cash flow history · fr free cash flow chart · fr free cash flow growth rate · fr free cash flow last 10 years

Annual free cash flow data

Fiscal YearFree Cash FlowYoY ChangeFCF Margin
FY2025Latest$114.9M▼ 14.8%15.8%
FY2024$134.9M▲ +326.2%20.1%
FY2023−$59.6M▲ +46.5%-9.7%
FY2022−$111.5M▼ 429.3%-20.6%
FY2021$33.9M▼ 57.7%7.1%
FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP
fr free cash flow 2025 · fr free cash flow 2024 · fr free cash flow 2023 · fr operating cash flow

FCF valuation metrics

First Industrial Realty Trust, Inc. (FR) trades at a FCF yield of 6.01% and a price-to-free-cash-flow ratio of 16.6x. FCF per share stands at $3.65, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)
6.01%
Free Cash Flow ÷ Market Cap
per FMP freeCashFlowYieldTTM definition
FCF per Share (TTM)
$3.65
TTM FCF ÷ Shares Outstanding
Price / FCF
x16.6
Share Price ÷ FCF per Share
EV / FCF (TTM)
x16.6
Enterprise Value basis
Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31
fr price to free cash flow · fr free cash flow yield · fr free cash flow per share · fr price to cash flow ratio

Cash flow statement summary

For FY2025, First Industrial Realty Trust, Inc. generated $461.3M in operating cash flow and spent 346M in capital expenditures, yielding $114.9M in free cash flow.

Operating Activities
+$461.3M
Cash from core business operations
2025-12-31
Investing Activities
−$524.2M
CapEx, acquisitions & investments
2025-12-31
Financing Activities
+$89.2M
Buybacks, dividends & debt
2025-12-31
FCF FormulaOperating CF ($461.3M) − |CapEx| (346M) = FCF ($114.9M)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →
fr cash flow statement · fr cash flow statement 2025 · fr operating cash flow · fr cash flow from operations

Free cash flow vs peers (Real Estate)

#CompanyFree Cash FlowYoY
#1
First Industrial Realty Trust, Inc.
First Industrial Realty Trust, Inc.YOU
FR
$114.9M-14.8%
#2
Prologis, Inc.
Prologis, Inc.
PLD
$5.01B+2.0%#3
American Tower Corporation
American Tower Corporation
AMT
$3.78B+2.2%#4
Simon Property Group, Inc.
Simon Property Group, Inc.
SPG
$3.57B+16.6%#5
Welltower Inc.
Welltower Inc.
WELL
$2.85B+29.5%#6
Equinix, Inc.
Equinix, Inc.
EQIX
−$400.0M-318.6%
Real Estate · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

First Industrial Realty Trust, Inc. (FR) reported free cash flow of $114.9M for FY2025 (fiscal year ending 2025-12-31), down 14.8% year-over-year. The FCF margin was 15.8%.

Based on available data, First Industrial Realty Trust, Inc. has maintained positive free cash flow for at least 5 fiscal year(s). FCF peaked at $134.9M in FY2024. The 5-year CAGR stands at +7.5%.

First Industrial Realty Trust, Inc.'s FCF yield is 6.01% and price-to-FCF ratio is 16.6x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.
RevenueFinancial statementsNet incomeEarningsForecastPrice historyMarket capCash on handP/E ratio

Frequently asked questions

FR free cash flow · 8 questions

First Industrial Realty Trust, Inc. free cash flow was $114.9M for FY2025, down 14.8% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $483.0M.

FR free cash flowFR FCFFR FCF 2025FR free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · First Industrial Realty Trust, Inc. · First Industrial Realty Trust, Inc. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026