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Federal Realty Investment Trust

FRT Real Estate Reit Retail

Federal Realty Investment Trust’s revenue for fiscal 2025 (year ended December 2025) was $1.3 billion, up 6.36% from fiscal 2024.

Revenue
+5.20%
EPS
+15.5%
Free cash flow
+14.0%
Total debt
+3.39%

Quarter to September 2026, against a year earlier

113.22 1.41 −1.23%
Market cap
$9.8B
P/E
22.3×
Fwd P/E
25.9×
Dividend yield
4.02%
F-score
5/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Valuation Filings

Insider Decisions last twelve months

Sold, $m 0.16
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — 1 — —
Insider Ownership 1.51%

Capital & Financial Ratios $m

Size
Market Cap 9,800.00
Revenue ttm 1,351.86
Net income ttm 451.22
Free cash flow ttm 339.64
Net debt Q 4,786.86
Valuation
P/E 22.30
Forward P/E 25.90
Price / sales 7.25
Forward P/S Powerpack
Price / FCF 28.85
Price / book 3.10
Financial health
Current ratio Q 1.53
Debt / equity Q 1.48
Interest coverage Q 2.35
Growth
Revenue growth Q +5.20% (above 0%: growing)
Operating income growth Q +5.59% (above 0%: growing)
EPS, this year −9.79% (below 0%: weak)
EPS, next year A −26.49% (below 0%: weak)
Revenue, next year A +6.65%
EPS, past 5 yrs +23.64% (at or above 15%: strong)
EPS, next 5 yrs A −10.26% (below 0%: weak)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 10.8×, against a ten-year median of 12.8×; over the ten years it ranged from 9.7× in 2020 to 18.9× in 2016.
P/E against its own 10 years 15.36%
10-year low 10-year high
P/S against its own 10 years 25.78%
10-year low 10-year high
P/B against its own 10 years 41.95%
10-year low 10-year high
EV/Sales against its own 10 years 16.69%
10-year low 10-year high
EV/FCF against its own 10 years 16.38%
10-year low 10-year high

Dividends raised 2 years running

Yield
4.02%
Annual rate
4.55
Payout ratio
90.0%
Growth, 2018–26
+1.50%/yr
  1. 4.04 ’18
  2. 4.14 ’19 +2
  3. 4.22 ’20 +2
  4. 4.26 ’21 +1
  5. 4.30 ’22 +1
  6. 4.34 ’23 +1
  7. 3.28 ’24 −24
  8. 4.43 ’25 +35
  9. 4.55 ’26 +3
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 251 123 107 110
Receivables — — — —
Inventory — — — —
Other — — — —
462 362 366 380
2023 2024 2025 Q'26
Payables 175 184 220 248
ST’ Debt — — — —
Other — — — —
175 184 220 248

Compound Annual Growth %

10y 5y 3y
Sales 5.57% 8.89% 5.98%
Cash Flow 5.37% 10.97% 6.39%
Earnings 6.76% 26.57% 2.22%
Book Value 6.42% 5.42% 3.04%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.85 Actual 1.87

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY24 1.86 1.84 Miss by 0.02
Q1 FY26 1.82 1.88 Beat by 0.06
Q2 FY26 1.85 1.88 Beat by 0.03
Q3 FY26 1.85 1.87 Beat by 0.02
Q4 FY26 1.94 — Reports 11 February 2027

EPS $

Mar Jun Sep Dec Year
’26 1.81 0.97 0.80 — —
’25 0.72 1.78 0.69 1.48 4.68
’24 0.66 1.32 0.70 0.75 3.42
’23 0.65 0.72 0.67 0.76 2.80
’22 0.63 0.75 1.89 1.40 4.71
’21 0.60 0.57 0.64 1.44 3.26
’20 0.70 0.11 (0.41) 1.22 1.62
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 341 336 339 — —
’25 309 312 322 336 1,279
’24 291 296 304 311 1,202
’23 273 281 287 292 1,132
’22 257 264 273 280 1,074
’21 218 232 247 254 951
’20 232 176 208 220 835
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 185 154 169 — —
’25 179 151 148 145 622
’24 141 170 144 120 575
’23 143 149 151 113 556
’22 103 157 149 107 517
’21 115 132 119 105 471
’20 119 63 87 102 370
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 120 84 86 — —
’25 120 85 75 51 331
’24 77 109 86 55 328
’23 66 70 82 25 243
’22 18 48 57 (40) 82
’21 31 18 5 (24) 31
’20 (21) (54) (19) (51) (145)
Fiscal quarters ending in the months shown.

Valuation

The price implies FFO a share growing 1.9% a year for ten years. It grew 4.3% a year over the last ten.

Implied
1.9%
10 years, reported
4.3%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.8
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 802 857 915 936 835 951 1,074 1,132 1,202 1,279 1,352 +5.3% 1,364 1,437 1,501 +5.5%
Gross margin, % 68.36 68.19 68.55 68.07 65.27 66.71 66.79 67.93 67.42 67.25 67.68 (1.1) pt
EBT 226 298 249 361 136 269 396 247 304 424 451 +7.2%
EBT margin, % 28.25 34.74 27.20 38.53 16.26 28.29 36.83 21.84 25.31 33.12 33.38 +4.9 pt
Net income 259 298 249 361 136 269 396 247 304 424 451 +5.6%
Per share, $
Per share, $ Revenue 11.31 11.89 12.49 12.52 11.06 12.30 13.45 13.92 14.39 14.90 15.62 +3.1%
Earnings 3.51 3.97 3.18 4.61 1.62 3.26 4.71 2.80 3.42 4.68 5.08 +3.2%
Cash flow 6.03 6.36 7.05 6.18 4.90 6.09 6.47 6.84 6.88 7.25 7.53 +2.1%
Capex (6.17) (7.20) (5.03) (5.48) (6.82) (5.70) (5.44) (3.84) (2.95) (3.40) (3.61) (6.4%)
Free cash flow (0.14) (0.83) 2.03 0.70 (1.92) 0.40 1.03 2.99 3.92 3.85 3.92 n/m
Book value 29.29 33.16 33.67 35.26 33.75 34.44 37.99 37.41 38.82 38.66 38.35 +3.1%
Shares, m 71 72 73 75 76 77 80 81 84 86 86 +2.2%
Valuation, ×
Valuation, × P/E 40.62 33.69 37.12 28.05 52.54 41.82 21.89 37.31 32.64 21.54 22.30 34.7
P/S 12.68 11.25 9.45 10.29 7.69 11.08 7.63 7.50 7.78 6.77 7.25 9.2
P/B 4.92 4.32 3.75 3.89 2.69 4.21 2.85 2.95 3.03 2.74 3.10 3.5
EV/Sales 16.14 15.06 12.91 13.81 11.96 15.24 11.64 11.36 11.41 10.56 10.79 13.0
EV/FCF (1,346.67) (214.87) 79.60 248.53 (68.95) 470.20 152.48 52.83 41.85 40.80 42.95 (54.4)
Cash, $m
Cash, $m Operating cash flow 428 459 517 462 370 471 517 556 575 622 652 +4.3%
Capex (437) (519) (368) (410) (515) (441) (435) (312) (247) (291) (312) (4.4%)
Free cash flow (10) (60) 148 52 (145) 31 82 243 328 331 340 n/m
Balance, $m
Balance, $m Working capital (32) 59 59 55 769 106 102 287 178 147 131 n/m
Net debt 2,775 3,270 3,165 3,301 3,565 3,957 4,311 4,361 4,363 4,849 4,787 +6.4%
Shareholders’ equity 2,076 2,392 2,467 2,636 2,549 2,663 3,034 3,042 3,244 3,319 3,319 +5.4%
Returns, %
Returns, % ROA 4.83 4.90 3.71 5.27 1.72 3.31 4.74 2.73 3.37 4.55 4.80 (0.3) pt
ROIC 4.14 4.53 4.01 4.96 2.96 3.73 4.48 3.43 3.88 4.61 4.97 +0.5 pt
ROE 13.00 13.33 10.26 14.42 5.08 10.31 13.99 7.91 9.58 12.87 13.73 (0.1) pt
People
People Employees 329 326 303 313 311 315 322 304 309 320 — (0.3%)
Revenue/emp, $m 2.44 2.63 3.02 2.99 2.69 3.02 3.34 3.72 3.89 4.00 — +5.7%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 3 Nov 2026

Business profile

Updated

Federal Realty Investment Trust is a real estate investment trust, or REIT, that owns, manages and redevelops shopping centers and mixed-use properties. Its customers are the businesses and other occupants that lease space in those properties. The company earns most of its revenue from their lease agreements.

Its portfolio ranges from neighborhood and community shopping centers, often anchored by grocery stores, to mixed-use properties built around retail space and also containing residential and office space. Federal Realty looks for properties where it can improve the tenant mix, renovate buildings, expand space or put underused land to work.

Federal Realty Investment Trust vs peers in Reit Retail (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
KIM Kimco Realty Corporation $17.0B 23.6× 28.5× +1.92% (above 0%: growing) +122.74% (above 0%: growing) +12.37% (above 0%: growing) 70.40% 51.27% Compare
REG Regency Centers Corporation $14.0B 25.8× 29.9× +8.58% (above 0%: growing) +8.93% (above 0%: growing) +15.87% (above 0%: growing) 70.75% 37.28% Compare
FRT Federal Realty Investment Trust $9.8B 22.3× 25.9× +5.20% (above 0%: growing) +15.51% (above 0%: growing) +14.04% (above 0%: growing) 67.81% 34.47%
BRX Brixmor Property Group Inc. $9.2B 21.4× 25.2× +5.50% (above 0%: growing) −7.48% (below 0%: shrinking) +294.25% (above 0%: growing) 75.75% 38.37% Compare
ADC Agree Realty Corporation $9.2B 36.3× 34.2× +16.73% (above 0%: growing) +17.78% (above 0%: growing) +50.00% (above 0%: growing) 87.70% 51.23% Compare
NNN NNN REIT, Inc. $8.0B 19.6× 19.9× +8.48% (above 0%: growing) +12.98% (above 0%: growing) +232.63% (above 0%: growing) 96.70% 66.07% Compare
MAC Macerich Company (The) $7.4B — (loss-making) — (loss-making) +2.69% (above 0%: growing) n/m −3.56% (below 0%: shrinking) 0.00% 0.00% Compare
EPRT Essential Properties Realty Trust, Inc. $6.3B 22.8× 21.0× +16.38% (above 0%: growing) −15.15% (below 0%: shrinking) +12.90% (above 0%: growing) 98.73% 56.03% Compare
PECO Phillips Edison & Company, Inc. $5.8B 27.5× 44.5× +5.70% (above 0%: growing) +166.50% (above 0%: growing) +95.58% (above 0%: growing) 71.76% 29.93% Compare
Median of peers $8.6B 23.6× 28.5× +7.09% +12.98% +32.94% 73.75% 44.80%

All 26 Reit Retail stocks →

From the latest earnings call

Updated

  • CEO Don Wood said Federal Realty’s acquisition of The Summit expanded its central-region portfolio and gave the company opportunities to bring tenants between regions.
  • CFO Dan Guglielmone said higher rental income, recoveries and parking revenue helped quarterly FFO exceed guidance, while asset sales would help fund The Summit.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 98.35%
Held by the ten largest 57.28%
Holder Shares Stake Change
Vanguard 13.38m 15.49% −86.28k
BlackRock 10.15m 11.75% +1.51m
State Street 6.35m 7.35% −28.49k
Norges Bank 5.59m 6.48% +5.59m
Resolution Capital Ltd 3.17m 3.67% −476.80k
Invesco 2.54m 2.94% −150.61k
AQR Capital Management 2.52m 2.92% +403.24k
Geode Capital Management 2.33m 2.70% +40.19k
T. Rowe Price 1.79m 2.07% +980.00k
Northern Trust 1.66m 1.92% +23.88k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 27 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 9.93m 8.37m 134.06
2024 9.24m 11.34m 153.40
2023 8.94m 9.97m 136.87
2022 8.92m 6.57m 128.32
2021 7.52m 15.45m 165.92

Ownership

Directors and executive officers, together 1.10%
The Vanguard Group, Inc. 14.50%
BlackRock, Inc. 8.80%
Norges Bank (The Central Bank of Norway) 8.40%
State Street Corporation 7.10%
JP Morgan Chase & Co. 5.20%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Federal Realty Investment Trust (FRT) Latest News

2 Nov

Impact 3 · · The Motley Fool

1 Nov

Impact 3 · · Simply Wall St.

31 Oct

Impact 3 · · The Motley Fool transcript
Impact 3 · · Moby

30 Oct

Impact 3 · · MarketBeat
Impact 3 · · Zacks
Impact 3 · · PR Newswire

28 Oct

Impact 3 · · Zacks

27 Oct

Impact 3 · · Zacks

15 Oct

Impact 3 · · Barchart

1 Oct

Impact 4 · · PR Newswire

25 Sep

Impact 3 · · Barchart

21 Sep

Impact 4 · · MoneyShow

14 Aug

Impact 4 ·

7 Aug

Impact 3 ·

31 Jul

Impact 4 ·
Impact 4 ·
Impact 3 · · MarketBeat
Impact 3 ·
Impact 3 · · Moby
Impact 3 ·

30 Jul

Impact 4 ·

27 Jul

Impact 3 ·

13 Jul

Impact 3 ·
Impact 3 ·

12 Jun

Impact 3 ·

30 May

Impact 3 · · Insider Monkey

20 May

Impact 3 · · Simply Wall St.

13 May

Impact 3 · · Zacks

7 May

Impact 4 · · Zacks

FRT metrics, ten years each

stockrow.com/FRT · Data as of Nov 3, 2026 · For information only; not investment advice. · © 2026 stockrow.com