Real Estate · Retail REITs · US stock · price as of 22 Oct 2026
Key indicators
Price
$108.88
52-week range
$90.03 – $128.21
Market cap
$9.4B
P/E (trailing)
18.6×
EV / EBITDA
8.6×
Free-cash-flow yield
6.7%
Dividend yield
4.2%
Revenue (last 12 months)
$1.3B
Revenue growth (3y a year)
6.0%
Operating margin
53.6%
Return on invested capital
17.0%
Net debt / EBITDA
–
Fair value
Fair value (average of valid models)$109.97 middle half of models $107 – $113
Versus priceFair+1% to fair value
P/B multiple
$104.64
P/S multiple
$114.63
P/FFO multiple
$112.55
P/AFFO multiple
$108.05
Model uncertainty
Medium
X-Ray Score
56/ 100 · Low confidence · ahead of 66% of sector peers
Valuation55
Growth57
Profitability70
Financial health50
Dividends30
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
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.
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.
StocksXray gives Federal Realty Investment Trust an X-Ray Score of 56 out of 100 (low confidence), ahead of 66% of the S&P 500 stocks in its sector. Its strongest lens is profitability (70) and its weakest is dividends (30).
Our fair value (the average of the valid models) is $109.97 (range $107.20 to $113.07). At $108.88 the stock trades 1% below that value, so the label is "Fair" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Federal Realty Investment Trust (FRT)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$111.23
$86.03
$91.66
$102.73
$96.66
$108.88
Market cap
$8.6B
$6.9B
$7.5B
$8.6B
$8.4B
$9.4B
P/E
34.1×
18.3×
32.7×
30.0×
20.7×
18.6×
EV / revenue
13.2×
10.5×
10.5×
10.8×
10.4×
7.2×
EV / EBITDA
18.7×
13.6×
16.3×
16.0×
13.7×
8.7×
Price / free cash flow
18.3×
13.4×
13.4×
14.9×
13.4×
15.0×
Free-cash-flow yield
5.5%
7.5%
7.5%
6.7%
7.5%
6.7%
Price / book
3.3×
2.3×
2.5×
2.7×
2.6×
2.8×
Dividend yield
3.83%
5.00%
4.73%
4.26%
4.61%
4.18%
Fundamentals checklist ● 4 Good · ● 4 Average · ● 2 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−1.3%Bad
Risk models
Piotroski F-Score6 of 9Average
Growth
EPS growth (3y)−0.2%Average
Revenue growth (3y)6.0%Average
Growth consistency100%Good
Balance sheet
Interest cover3.7×Average
Valuation
Fair value vs price1.0×Bad
EBIT / EV yield7.4%Good
Profitability
Return on invested capital17.0%Good
Operating margin53.6%Good
XStocksXray
Federal Realty Investment Trust (FRT)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
951
1,074
1,132
1,202
1,279
1,311
Gross profit
–
–
–
–
–
–
Operating income
395
526
406
472
602
703
Net income
261
385
237
295
411
506
Diluted EPS ($)
3.26
4.71
2.80
3.42
4.68
5.86
Free cash flow
471
517
556
575
622
628
Gross margin
–
–
–
–
–
–
Operating margin
41.5%
49.0%
35.9%
39.3%
47.1%
53.6%
Net margin
27.5%
35.9%
20.9%
24.6%
32.1%
38.6%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
7,622
8,234
8,437
8,525
9,130
9,097
Cash
162
86
251
123
107
116
Total debt
4,063
4,344
4,616
4,497
4,964
–
Equity
2,581
2,954
2,964
3,172
3,249
3,311
Dividend per share ($)
4.26
4.30
4.34
4.38
4.46
4.49
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value is the average of up to 15 valuation models, most of them anchored to the company's own multiples, so it stays near the price and should be read as a range, not a point. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.
