Federal Realty Investment Trust (FRT)
Real Estate · $9.7B market cap · SEC CIK 0000034903
fundamentals score out of 100
Next reports on Oct 30, 2026, after the close, with analysts expecting $0.74 in earnings per share.
The case for FRT
- 33% of revenue drops through to net profit.
- Revenue growing 8.0% year over year.
- Pays a 4.7% dividend while you wait.
- A PEG of 0.92: a P/E of 22.1× is low for EPS growing 24%.
- Gross margin of 68% absorbs cost shocks.
The case against
- Long-term debt of $5.0B would take 8 years of operating cash flow to repay.
- Priced at 7.2× sales with revenue growing only 8.0%.
- Dividend takes 90% of earnings, leaving little cushion.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Real Estate companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 66 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 60 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 75 |
| Momentumhow the price has behaved lately | 49 |
| Stabilityhow violently it moves, what it owes and what it pays you | 48 |
- Each factor except momentum is half fixed thresholds, half rank among the 31 Real Estate companies.
Key numbers
| Price / earnings | 22.1× |
|---|---|
| Price / book | 3.17× |
| Price / sales | 7.2× |
| Revenue growth (YoY) | +8.0% |
| EPS growth (YoY) | +24.1% |
| Gross margin | 68% |
| Operating margin | 48% |
| Net margin | 33% |
| Return on equity | 13% |
| Debt / equity | 1.42× |
| Current ratio | 1.66 |
| Dividend yield | 4.73% |
| Beta | 0.95 |
| 52-week range | $90.03 – $128.21 |
| Position in that range | 54% of the way up |
| 3-month return | -8.1% |
| 1-year return | +11.1% |
Five years of financials, as filed
Pulled from Federal Realty Investment Trust's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $1.3B | $1.2B | $1.1B | $1.1B | $951M |
| Operating income | $602M | $472M | $406M | $526M | $395M |
| Net income | $411M | $295M | $237M | $385M | $261M |
| Operating cash flow | $622M | $575M | $556M | $517M | $471M |
| Total assets | $9.1B | $8.5B | $8.4B | $8.2B | $7.6B |
| Total liabilities | $5.6B | $5.1B | $5.2B | $5.0B | $4.7B |
| Shareholder equity | $3.2B | $3.2B | $3.0B | $3.0B | $2.6B |
| Cash | $107M | $123M | $251M | $85.6M | $162M |
| Long-term debt | $5.0B | $4.5B | $4.6B | $4.3B | $4.1B |
| Operating margin | 47.1% | 39.3% | 35.9% | 49.0% | 41.5% |
| Net margin | 32.1% | 24.6% | 20.9% | 35.9% | 27.5% |
| Diluted shares | 86.4M | 83.6M | 81.3M | 80.5M | 77.4M |
Share count is up 11.7% over 4 years. Your slice has been diluted.
What Federal Realty Investment Trust says it does
Federal Realty Investment Trust (the "Parent Company" or the "Trust") is an equity real estate investment trust ("REIT"). Federal Realty OP LP (the "Operating Partnership") is the entity through which the Trust conducts substantially all of its operations and owns substantially all of its assets. The Trust owns 100% of the limited liability company interest of, is sole member of, and exercises exclusive control over Federal Realty GP LLC (the "General Partner"), which in turn, is the sole 3 Table of Contents general partner of the Operating Partnership. Unless stated otherwise or the context otherwise requires, "we," "our," and "us" means the Trust and its business and operations conducted through its directly and indirectly owned subsidiaries, including the Operating Partnership. We specialize in the ownership, management, and redevelopment of high quality retail and mixed-use properties. These properties are located primarily in…
Risk factors FRT lists in its 10-K
- Critical Accounting Policies and Estimates
- Recently Adopted and Recently Issued Accounting Pronouncements
- 2025 and 2026 Acquisitions and Dispositions
- 2025 Significant Debt and Equity Transactions
- General and administrative expenses
- New Market Tax Credit Transaction Income
- Net income attributable to noncontrolling interests
- Principal Balance as of December 31, 2025
- Stated Interest Rate as of December 31, 2025
- Notional Amount of Related Swap Agreements
- Maturity Date of Related Swap Agreements
- (In thousands, except per share data)
- Reconciliation of net income attributable to common shareholders to Nareit FFO
- Reconciliation of Nareit FFO to Core FFO