Positioning no disclosures inside 60 days, left as found
Options no verdict drawn today, left as found
Ethical does not pass the values gate
Price61.80 USD
Fair value49.18
Ethical score70.0/100
Our investment reviews on this name
2026-08-29Read Markdown63.49-2.7% to today ✓
2026-07-30Read Markup68.86-10.3% to today
2026-07-02Read Accumulation63.57-2.8% to today
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
First Industrial Realty Trust, Inc. holds its Markdown at $61.80. Consolidating, no directional conviction, held for 14 days.
As held on the ledger · 2026-09-18
Phase
Markdown · caution
Quantitative state
Consolidating, no directional conviction, held for 14 days
Price at the screen
$61.80
Valuation
22.47 trailing · 33.18 forward price to earnings
Values screen
FAIL· score 70.0
Beta
1.04
The Workings
Five Screens, Shown in Full
Does not pass. Debt ratio
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
45.23%
Below 33%
Interest-bearing debt is 45.2% of its assets, above the one-third ceiling the screen allows.
Fail
Interest-bearing cash
0.00%
Below 33%
Cash held in interest-bearing accounts and securities is 0.0% of assets, under the one-third limit.
Pass
Receivables
4.76%
Below 49%
Money owed to the company is 4.8% of assets, under the 49% limit.
Pass
Revenue purity
0.00%
Below 5%
Only 0.0% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
Fair value range in USD, drawn from the 2026-09-18 screen. The gold marker is the market price at the same screen. The price runs 20.4% above the base estimate.
Third-party analyst targets: 16 covering, consensus Buy. The average target sits +17% from the screen price.
Reading the gap · Our more conservative model reads it as fully-to-richly valued here, while the Street is more bullish: a quality-at-a-fair-price name rather than a deep-value one.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-09-18 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Logistics warehouses priced for perfection
Every parcel that lands in a Midwest shed or a California distribution centre has to sit somewhere, and First Industrial owns plenty of those sheds. The business is growing revenue at 10 percent with a 46 percent profit margin and a clean ethical screen, yet the shares sit at 68.86 against a fair value of 48.43.
That leaves a 30 percent gap and a forward multiple of 36.4 times earnings. The market is paying up for steady industrial demand while ignoring how quickly rates or leasing cycles can shift the picture. We therefore pass.
The main risk is simple valuation pressure. A high multiple on 13 percent ROE offers little cushion if occupancy or rent growth slows, and the consensus target of 68 merely ratifies the current price rather than signalling value. Analysis, not advice.
The risks · The main risks here are ordinary market swings and the chance our fair-value read proves too optimistic.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
FR trades on the NYSE. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-08-29Markdown · changed$63.49-7.8%Entry 5
The framework has shifted from markup to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 7.8% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 10% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 30%. Our forward projection puts the odds of a 10% gain over the next month near 16%. The street (15 analysts) rates it buy, with a mean price target of $67.
2026-07-30Markup · changed$68.86+8.3%Entry 4
The framework has shifted from accumulation to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 8.3% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 10% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 30%. Our forward projection puts the odds of a 10% gain over the next month near 16%. The street (15 analysts) rates it buy, with a mean price target of $67.
2026-07-18Accumulation$63.57+0.0%Entry 3
The framework reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 10% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 30%. Our forward projection puts the odds of a 10% gain over the next month near 16%. The street (15 analysts) rates it buy, with a mean price target of $67.
2026-07-03Accumulation$63.57+0.0%Entry 2
The framework reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows good risk-adjusted returns.
2026-07-02Accumulation$63.57Entry 1
The framework reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows good risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
