Strativest CapitalSTRATIVEST RESEARCH
Independent research · Est. October 2026
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Stock X-Ray · Real Estate · S&P 500 Full Coverage — Phase 1

Federal Realty Investment Trust (FRT)

X-Ray dated Oct 28, 2026 · Share price as of Oct 28, 2026 intraday, when the valuation snapshot was captured · Financials from SEC filings (EDGAR) · Valuation multiples from a labelled secondary source
The verdict — valuation label: FAIRLY PRICED

Forward P/E is 35.98x against a peer median of 31.84x, a ratio of 1.13x — inside the 0.90–1.15 fairly priced band, near its top — with trailing P/E 22.02x and PEG not reported (shown as n/a on the statistics page). Latest-quarter revenue grew 10.3% year over year (PRIMARY, EDGAR), above its group median, which supports most of the small premium. Delivered demand check: the retail & industrial REITs group's median growth was 9.0% — demand rising, and this company is growing a little faster than that pace.

36.0×
Forward P/E — price vs next year’s expected earnings (secondary source)
31.8×
Peer median forward P/E — closest comparable companies
22.0×
Trailing P/E — price vs the last twelve months of earnings
7.2×
Price / sales

What would change this label: Move to UNDERVALUED if the forward P/E compresses to about 28.7x or below (0.90x the peer median) at unchanged estimates while revenue growth stays at or above 9% year over year. Move to OVERVALUED if the forward P/E rises above about 36.6x (1.15x the peer median), or if revenue growth falls below 3% year over year for two quarters while the multiple stays above 32x.

In simple words

Federal Realty owns open-air shopping centres in busy U.S. suburbs. Its shares cost about 36 times next year's expected earnings, a little more than similar landlords, and its sales grew a little faster than theirs at about 10%. The price looks broadly fair, if slightly full.

Words we use, in plain English: P/E ratio — the share price divided by earnings per share; how many dollars you pay for one dollar of yearly profit. Forward P/E — the same, using next year’s expected earnings. Free cash flow — cash a company has left after running the business and buying equipment. TTM — the last twelve months. Drawdown — the worst fall from a peak to the low after it.
The share price vs the market — six years
Federal Realty Investment Trust (FRT)S&P 500 (SPY)
751141531922312021202220232024202520262020-09-012026-10-27

Both lines start at 100 on 2020-09-01. Over the full window Federal Realty Investment Trust returned +37.90% and the S&P 500 +118.28% (price returns; dividends not reinvested). Worst peak-to-trough fall for Federal Realty Investment Trust: -40.0% (2022-01-04 to 2025-04-08). Source: Nasdaq official daily history.

What the label rests on

Forward P/E is 35.98x against a peer median of 31.84x, a ratio of 1.13x — inside the 0.90–1.15 fairly priced band, near its top — with trailing P/E 22.02x and PEG not reported (shown as n/a on the statistics page). Latest-quarter revenue grew 10.3% year over year (PRIMARY, EDGAR), above its group median, which supports most of the small premium. Delivered demand check: the retail & industrial REITs group's median growth was 9.0% — demand rising, and this company is growing a little faster than that pace. The company’s forward P/E is 36.0× against a peer median of 31.8×. Its own history: UNVERIFIED — no sourced range available. Sector demand read: Delivered demand check: the retail & industrial REITs group's median latest-quarter revenue growth was 9.0% year over year (SEC filings) — demand rising. This company grew 10.3%, a little faster than the group median. Latest-quarter sales growth was +10.3% versus a year earlier (SEC filings).

CompanyPrice (Oct 28, 2026)Forward P/ETrailing P/E
Federal Realty Investment Trust (FRT)$109.2036.0×22.0×
REG—29.4×24.9×
KIM—27.9×27.8×
O—34.4×41.2×
SPG—31.8×14.9×
PLD—38.4×27.7×
Peer median31.8×

Multiples: stockanalysis.com (SECONDARY, S&P Global data), fetched Oct 28, 2026. Peer set chosen by sector; the median is the middle value of the set. The label and its numbers were recorded in the programme’s label registry on Oct 28, 2026 and will be scored at 6 and 12 months.

Sales, profit and cash

Sales and profit each quarter
SalesNet income (profit)
$0B$0B$0B$0BSep 2020Sep 2021Sep 2022Sep 2023Sep 2024Sep 2025Mar 2026

This company does not report a gross-profit line in its SEC facts (normal for banks, payment networks and some health insurers), so profit is shown as net income instead — gross margin is marked UNVERIFIED-absent rather than estimated.

Free cash flow by quarter is not shown for Federal Realty Investment Trust. Its SEC cash-flow facts do not separately tag spending on plant and equipment (normal for a bank), so a quarterly free-cash-flow figure cannot be built without estimating — and this programme does not estimate.

QuarterSalesGross marginNet incomeEPS (GAAP, diluted)Free cash flow
Q/E Mar 2026
2026-03-31
$341M—$159M1.81—
Q/E Dec 2025
2025-12-31
$336M—$130M——
Q/E Sep 2025
2025-09-30
$322M—$62M0.69—
Q/E Jun 2025
2025-06-30
$312M—$156M1.78—
Q/E Mar 2025
2025-03-31
$309M—$64M0.72—
Q/E Dec 2024
2024-12-31
$311M—$66M——
Q/E Sep 2024
2024-09-30
$304M—$61M0.70—
Q/E Jun 2024
2024-06-30
$296M—$112M1.32—
Q/E Mar 2024
2024-03-31
$291M—$57M0.66—
Q/E Dec 2023
2023-12-31
$292M—$64M——
Q/E Sep 2023
2023-09-30
$287M—$57M0.67—
Q/E Jun 2023
2023-06-30
$281M—$60M0.72—

The last twelve reported quarters. Full 23-quarter history sits in the data pack behind this page. A dash means the figure is not tagged as a standalone quarter in the company’s SEC facts (the usual case is the fourth quarter, which many companies only report inside the full-year filing) — it is missing, not zero.

Earnings: getting better or worse?

Each box is one quarter’s earnings per share (EPS). Green means EPS was higher than the same quarter a year earlier; red means lower; a dash means the figure is not tagged in the filings.

Jun 2022
0.75
Sep 2022
1.89
Dec 2022
—
Mar 2023
0.65
Jun 2023
0.72
Sep 2023
0.67
Dec 2023
—
Mar 2024
0.66
Jun 2024
1.32
Sep 2024
0.70
Dec 2024
—
Mar 2025
0.72
Jun 2025
1.78
Sep 2025
0.69
Dec 2025
—
Mar 2026
1.81

Basis: GAAP diluted EPS from SEC company facts, compared with the same quarter a year earlier.

Key facts

ItemValue
Company (legal name in filings)FEDERAL REALTY INVESTMENT TRUST
Chief executiveDonald C. Wood (source: https://en.wikipedia.org/wiki/Federal_Realty_Investment_Trust)
SectorReal Estate — Retail REITs — owns open-air shopping centres that it rents to shops, restaurants and other tenants
Share price (Oct 28, 2026)$109.20
Market value (market cap)$9.5B — share price times shares outstanding of 86,389,197 (SEC filings; SEC EDGAR dei EntityCommonStockSharesOutstanding (latest))
Sales, last twelve months$1.3B
Net income, last twelve months$506M
Free cash flow, last twelve months—
Latest reported quarterQ/E Mar 2026 (of 23 quarters in the data pack)
Six-year price return vs S&P 500+37.90% vs +118.28%
Worst peak-to-trough fall-40.0% (2022-01-04 to 2025-04-08)

What we could not verify

  • Gross profit / gross margin: not tagged as a standalone line in this company's EDGAR company facts (common for banks, payment networks and some healthcare payers) — shown as UNVERIFIED-absent; the page charts revenue and net income instead.
  • TTM GAAP diluted EPS could not be summed from company facts because at least one of the last four quarters (typically Q4) has no standalone tagged EPS; trailing P/E is therefore taken from the labelled secondary source in valuation_label.md.
  • Free cash flow is absent for one or more quarters: either the filer does not separately tag PP&E purchases in its EDGAR cash-flow facts (common for banks), or — for a successor registrant's newest quarter — the cash-flow lines are year-to-date without the prior-quarter rung needed to difference them. Affected quarters are null in the data, never estimated.
  • Own-history P/E range not yet compiled for this company in the Phase 1 batch run; the label rests on peer-median, growth and PEG evidence.
  • PEG ratio was shown as n/a on the statistics page, so no PEG evidence is available for this label; the label rests on the forward P/E ratio, growth and trailing multiples.
  • Guidance record (each quarter scored against the guidance the company gave the quarter before) is not yet compiled for this company — it is a Phase 2 layer. The earnings strip below therefore uses reported EPS versus a year earlier, which is fully sourced from filings.

The IT factor — the most exciting thing the market is overlooking — is not assessed on an X-Ray page. It belongs to the Deep Dive (Phase 2), where it gets the evidence standard it needs. Leadership-era scoring (the six years split by chief executive) is likewise a Phase 2 layer; this page names the current chief executive only, from a sourced profile.

Sources

  • SEC EDGAR submissions — Filing index; company legal name. https://data.sec.gov/submissions/CIK0000034903.json
  • SEC EDGAR company facts — Quarterly financial spine: revenue, gross profit, net income, GAAP diluted EPS, operating cash flow, PP&E capex, buybacks, dividends, diluted shares. https://data.sec.gov/api/xbrl/companyfacts/CIK0000034903.json
  • Nasdaq official daily history — Daily closes for the company; SPY (assetclass=etf) saved as raw/nasdaq_spy_raw.json over identical dates. https://api.nasdaq.com/api/quote/FRT/historical?assetclass=stocks
  • Valuation multiples and peer figures — stockanalysis.com (SECONDARY, S&P Global data), fetched Oct 28, 2026; see valuation_label.md in the data pack.

Conventions: earliest-filed value per period, as first reported; cash-flow years-to-date differenced quarter by quarter; EPS never differenced; free cash flow = operating cash flow minus plant-and-equipment spending. This page is a dated snapshot — updates are new versions, never silent edits.

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