First Industrial Realty Trust, Inc. (FR) vs Lineage, Inc. (LINE)

First Industrial Realty Trust, Inc. and Lineage, Inc. are both Reit Industrial companies. Lineage, Inc. is the larger, with a market value of $9.0B against $7.4B — 1.2× the size. Lineage, Inc. has negative trailing earnings, so its P/E is not meaningful; First Industrial Realty Trust, Inc. trades at 20.1×. First Industrial Realty Trust, Inc. grew revenue faster over the last twelve months: 8.55% against 1.03%. First Industrial Realty Trust, Inc. has the higher net margin (46.1% vs −3.15%) and the higher return on invested capital (3.68% vs 0.74%). Across the 18 metrics below, First Industrial Realty Trust, Inc. leads on 10 and Lineage, Inc. on 8.

Valuation

Metric FR LINE Reit Industrial median
P/E 20.10 n/m 29.08
P/S 9.25 1.68 8.75
P/B 2.50 1.01 1.88
Price to free cash flow n/m 27.37 27.37
EV/EBITDA 18.18 13.83 19.77
EV/Sales 12.60 3.05 11.83
Earnings yield 4.97% (1.82%) 3.06%
Free cash flow yield (0.33%) 3.65% 2.68%

Profitability

Metric FR LINE Reit Industrial median
Gross margin 73.75% 31.97% 73.76%
Operating margin 41.57% 3.57% 40.64%
Net margin 46.10% (3.15%) 30.03%
Free cash flow margin (3.03%) 6.13% 18.60%
Return on equity 12.74% (1.82%) 7.37%
Return on assets 6.28% (0.88%) 3.98%
Return on invested capital 3.68% 0.74% 3.18%

Growth

Metric FR LINE Reit Industrial median
Revenue growth (TTM) 8.55% 1.03% 4.61%
EPS growth (last fiscal year) (13.82%) 88.38% (2.22%)
Revenue growth, 5-year CAGR 10.17% — 14.64%
Net income growth, 5-year CAGR 4.76% — 12.19%

Health

Metric FR LINE Reit Industrial median
Debt to equity 0.92 0.84 0.82
Current ratio 1.06 0.78 0.91
Net debt to EBITDA 4.87 6.39 4.82

Dividend

Metric FR LINE Reit Industrial median
Dividend yield 3.60% — 4.05%
Payout ratio 0.72 — 1.15

Size

Metric FR LINE Reit Industrial median
Market cap 7.39b 9.00b 7.97b

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