First Industrial Realty Trust, Inc.
$11.02B- Market cap
- $8.20B
- Debt
- +$2.90B
- Cash
- −$78.03M
Capital structure 74% equity / 26% debt · EV / Revenue 15.16x · EV / EBITDA 22.69x
Compare price, profitability, solvency, and SEC-reported financials side by side—before deciding which assumptions deserve a closer look.
Decision snapshot: FR stock price at discount vs LINC $61.87 current versus $74.98 implied using P/E multiple.
Quick read
Each company valued on the other's multiple, then compared with the market price.
Implied fair value · at LINC's multiple
Implied fair value · at FR's multiple
Snapshot Sep 4, 4:00 PM ET
Metric by metric
Where each company leads, and how wide the gap is.
Growth lag
Pricing power
Operating leverage
Multiple premium
Value edge
Lower leverage
Statements
Core statements aligned to each company's latest fiscal year.
SEC periods: FR FY 2025 (ended Dec 31, 2025) · LINC FY 2025 (ended Dec 31, 2025).
Trendline
Five fiscal years of revenue, earnings, and margins before underwriting a re-rating.
Price framework
Market cap plus debt, less cash.
Capital structure 74% equity / 26% debt · EV / Revenue 15.16x · EV / EBITDA 22.69x
Capital structure 77% equity / 23% debt · EV / Revenue 2.00x · EV / EBITDA 19.29x
FR carries the larger enterprise value at $11.02B against $1.03B; LINC trades on the lower EV / Revenue multiple (2.00x vs 15.16x); LINC on the lower EV / EBITDA (19.29x vs 22.69x).
Price framework
The same filing-backed model used on each company's valuation page, with company-specific inputs and calculated scenarios.
FIRST INDUSTRIAL REALTY TRUST, INC. · implied price per share
Five annual free-cash-flow observations are required for the filing-backed baseline.
LINCOLN EDUCATIONAL SERVICES CORPORATION · implied price per share
Latest annual free cash flow must be positive to qualify the filing-backed baseline.
Balance sheet health
Financial health checks to separate durable balance sheets from potential value traps.
Financial strength on a 0–9 scale.
Bankruptcy-risk signal from balance sheet and earnings power.
Debt / equity
Total debt against shareholders' equity
1.09x
1.25x
Net debt / EBITDA
Leverage against operating earnings
5.81x
4.12x
Cash and equivalents
Liquid reserves on the balance sheet
$78.03M
$28.52M
Total debt
Interest-bearing obligations outstanding
Comparable set
Where the pair sits against the wider comparable set.
Keep comparing
Open adjacent comparisons from the same industry to pressure-test the read across multiple pairs.
$2.90B
$249.32M
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