Federal Realty Investment Trust (FRT)
Real Estate · Retail REITs · US stock · S&P 500 component
$108.88
▲ +3.11 (2.94%)
Fair valueFair
$110 +1.0% to fair value
$55fair band $94–$133$165
Day's range
$105.70 – $108.96
52-week range
$90.03 – $128.21
About Federal Realty Investment Trust
Federal Realty Investment Trust is a real estate investment trust that owns, operates and redevelops shopping centers and mixed-use properties, mainly in affluent coastal markets of the United States. Tenants include grocery stores, restaurants, fitness operators and other retailers. The trust earns most of its revenue from rent and tenant reimbursements for property expenses, and it adds value by renovating centers and re-leasing space.
The X-Ray Score for Federal Realty Investment Trust is 56 out of 100. Revenue over the last twelve months was $1.3 billion, and it expanded at 6.0% a year across three years. The business shows an operating margin of 53.6% and a return on invested capital of 17%. Shareholders receive a dividend, yielding 4.2%. These readings summarise reported results and do not forecast future performance.
Price chart
52-wk range $90.03 – $128.21Volume 979,012Daily, split-adjusted
Vitals
Market cap$9.4B
52-week range$90.03 – $128.21
Volume (last day)979,012
P/E (TTM)18.6
EBIT / EV yield7.4%
Free-cash-flow yield–
Dividend yield4.2%
Revenue (TTM)$1.3B
Net income (TTM)$506M
Operating margin53.6%
Return on capital17.0%
Debt incl. leasesData missing
Cash & securities$116M
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$110middle half of models $107 – $113
Fair
+1.0% to fair value
Average of the 4 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is Medium, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $109
Undervalued < $94Fair $94 – $133Overvalued > $133
P/B multiple
$105
P/S multiple
$115
P/FFO multiple
$113
P/AFFO multiple
$108
Dividend discount, stable · not used
$264
Dividend discount, multi-stage · not used
$565
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Average business, fairly priced
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Real Estate peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Fair
55/100
Priced about in line with its sector.
See the numbers →
EBIT / EV yield7.4%
Fair value vs price1.0×
Growth
Fair
57/100
Growing at a typical pace for its sector.
See the numbers →
Revenue growth (3y)6.0%
EPS growth (3y)-0.2%
Growth consistency100%
Profitability
Fair
70/100
Returns on capital are typical for its sector.
See the numbers →
Return on invested capital17.0%
Operating margin53.6%
Financial health
Fair
50/100
Balance sheet is in typical shape for its sector.
See the numbers →
Piotroski F-Score6 / 9
Interest cover3.7×
Dividends
Weak
30/100
Dividend is modest or less certain than peers.
See the numbers →
Dividend yield4.2%
Quarterly results: last 6 quarters
+6.7%
Dec '24
+6.1%
Mar '25
+5.2%
Jun '25
+6.1%
Sep '25
+7.9%
Dec '25
+10.3%
Mar '26
Revenue against the same quarter a year earlier. Latest quarter revenue $341M, diluted EPS $1.81.
Compare with peers
KIM Kimco Realty Corp54 O Realty Income Corp53 SPG Simon Property Group I...42Other Retail REITs companies by X-Ray Score.
SWOT analysis: Federal Realty Investment Trust
Strengthsinside the company
- Return on invested capital is 17.0%, against a median of 7.3% for industry peers.
- Operating margin of 53.6% is well above the 36.0% median of industry peers, a sign of pricing power or lower costs.
Weaknessesinside the company
- No clear weakness in the figures we track.
Opportunitiesvaluation and setting
- Trades at 18.6x earnings, 32% below the 27.5x median of industry peers.
Threatsvaluation and setting
- Our Market Compass rates the backdrop for Real Estate as unfavourable.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare FRT with peers and sector
Medians of 3 Retail REITs peers and of 28 Real Estate stocks in our universe.
Largest peers (X-Ray Score): SPG 42, O 53, KIM 54.
| Metric | FRT | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 56 | 53 | 51 |
| Valuation | 55 | 31 | 52 |
| Growth | 57 | 63 | 56 |
| Profitability | 70 | 54 | 50 |
| Financial health | 50 | 64 | 56 |
| Dividends | 30 | 53 | 48 |
Sector leaders: highest X-Ray Score in Real Estate
FRT ranks #10 of 29 in Real Estate and #1 of 4 in Retail REITs by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for FRT
Each factor is rated by where FRT stands among the 29 Real Estate stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 6 Good · 8 Average · 2 Bad of 16
Growth: 0 · 3 · 0
Profitability: 4 · 0 · 0
Financial strength: 0 · 2 · 0
Valuation: 2 · 2 · 0
Cash flow: 0 · 1 · 2
| Factor | FRT | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | +6.0% | Average beats 43% | +6.8% | – | – |
| Revenue growth, last year | +6.4% | Average beats 64% | +5.1% | +6.4% | ≈ In line |
| EPS growth, 3 years a year | −0.2% | Average beats 52% | −1.9% | – | – |
| Profitability | |||||
| Operating margin | 53.6% | Good beats 94% | 34.3% | 41.5% | ▲ Better |
| Net margin | 38.6% | Good beats 84% | 21.5% | 27.5% | ▲ Better |
| Return on invested capital | 17.0% | Good beats 98% | 7.5% | – | – |
| Return on equity | 15.3% | Good beats 79% | 7.3% | 10.1% | ▲ Better |
| Financial strength | |||||
| Interest cover | 3.7x | Average beats 56% | 3.4x | 3.1x | ≈ In line |
| Piotroski F-score | 6 / 9 | Average beats 47% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 18.6x | Good beats 88% | 32.1x | 31.7x | ▲ Better |
| Price / book | 2.8x | Average beats 37% | 2.6x | 2.8x | ≈ In line |
| Price / sales | 7.2x | Average beats 47% | 7.0x | 7.6x | ≈ In line |
| EV / EBITDA | 8.7x | Good beats 98% | 18.6x | 16.8x | ▲ Better |
| Cash flow | |||||
| Free cash flow margin | 47.9% | Average beats 64% | 44.6% | 48.7% | ≈ In line |
| Cash from operations / net income | 1.24 | Bad beats 16% | 1.91 | 1.80 | ▼ Worse |
| Accruals (lower is better) | −1.3% | Bad beats 16% | −3.7% | – | – |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 4 Good · ● 4 Average · ● 2 BadCash quality
Earnings backed by cashBad
Risk models
Piotroski F-ScoreAverage
Growth
EPS growth (3y)Average
Revenue growth (3y)Average
Growth consistencyGood
Balance sheet
Interest coverAverage
Valuation
Fair value vs priceBad
EBIT / EV yieldGood
Profitability
Return on invested capitalGood
Operating marginGood
Each check is graded against the company's sector, not a fixed number. Checklist score 58/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $951M | $1.1B | $1.1B | $1.2B | $1.3B |
| Operating income | $395M | $526M | $406M | $472M | $602M |
| Net income | $261M | $385M | $237M | $295M | $411M |
| Operating cash flow | $471M | $517M | $556M | $575M | $622M |
| Operating margin | 41.5% | 49.0% | 35.9% | 39.3% | 47.1% |
| Free cash flow | – | – | – | – | – |
| Diluted EPS | $3.26 | $4.71 | $2.80 | $3.42 | $4.68 |
Fiscal years, from SEC filings.
Technical summary
Daily
Bearish
5 bullish · 2 neutral · 9 bearish
Weekly
Bearish
4 bullish · 1 neutral · 7 bearish
Monthly
Bullish
5 bullish · 1 neutral · 2 bearish
Moving averages (daily)
| SMA 10 | 106.1 | Bullish |
| EMA 10 | 106.5 | Bullish |
| SMA 20 | 106.6 | Bullish |
| EMA 20 | 107.2 | Bullish |
| SMA 50 | 111.1 | Bearish |
| EMA 50 | 110.4 | Bearish |
| SMA 100 | 116.0 | Bearish |
| EMA 100 | 112.1 | Bearish |
| SMA 200 | 110.8 | Bearish |
| EMA 200 | 109.9 | Bearish |
Oscillators (daily)
| RSI (14) | 53.51 | Neutral |
| MACD (12, 26) | -1.31 | Bearish |
| Momentum (12) | 2.52 | Bullish |
| Stochastic %K (14) | 98.26 | Bearish |
| Williams %R (14) | -1.74 | Bearish |
| CCI (20) | 85.87 | Neutral |
Pivot points (classic, last session)
S3 103.5 | S2 104.6 | S1 106.7 | Pivot 107.8 | R1 110.0 | R2 111.1 | R3 113.3 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
4.55 USD
Yield on today's price
4.18%
Frequency
Quarterly
Next ex-dividend date
Not announced
| Ex-dividend date | Amount per share |
|---|---|
| 1.1600 | |
| 1.1300 | |
| 1.1300 | |
| 1.1300 | |
| 1.1300 | |
| 1.1000 | |
| 1.1000 | |
| 1.1000 | |
| 1.1000 | |
| 1.0900 | |
| 1.0900 | |
| 1.0900 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold FRT
| ETF | Share of the fund |
|---|---|
| NOBL ProShares S&P 500 Dividend Aristocrats | 1.58% |
| KNG FT Cboe Vest S&P 500 Dividend Aristocr... | 1.48% |
| SPYD SPDR Portfolio S&P 500 High Dividend | 1.44% |
| ICF iShares Cohen & Steers REIT | 1.38% |
| SPLV Invesco S&P 500 Low Volatility | 1.09% |
| XLRE The Real Estate Select Sector SPDR | 1.00% |
| RWR SPDR Dow Jones REIT | 0.91% |
| USRT iShares Core U.S. REIT | 0.85% |
The eight funds with the largest weight in FRT among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
FRT SEC filings
8-KSEC EDGAR
Entered a material agreement; Other events
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Shareholder vote results
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Entered a material agreement
DEF 14ASEC EDGAR
Proxy statement
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.