Is First Industrial Realty Trust, Inc. overvalued or undervalued?

As of 3 October 2025, the valuation grade for First Industrial Realty Trust, Inc. has moved from fair to expensive, indicating a shift towards overvaluation. The company appears overvalued based on its P/E ratio of 25, which is higher than the peer average of 26.28 for similar companies, and an EV to EBITDA ratio of 14.81, which also exceeds the industry benchmark. Additionally, the Price to Book Value stands at 2.55, suggesting that the stock is trading at a premium relative to its book value.
In comparison with peers, Annaly Capital Management, Inc. has a more attractive P/E of 19.50 and an EV to EBITDA of 2.26, while Omega Healthcare Investors, Inc. shows a P/E of 26.03 and an EV to EBITDA of 11.83, both indicating better value propositions. Over the past year, First Industrial Realty Trust, Inc. has underperformed the S&P 500, returning -5.64% compared to the index's 17.82%, reinforcing the notion of its current overvaluation.