Rexford Industrial Realty

REXR · NYSE · Real Estate · Financials, fiscal 2016 to 2025

REXR · Last close · October 26, 2026

$38.00

Value Rexford Industrial Realty yourself

Rexford Industrial Realty's revenue rose 7.1% to $1.0 billion in fiscal 2025. Its net margin was 21.1%, down from 29.2% a year earlier. Free cash flow was $209 million, up 97.7%. It paid out $648 million in dividends and buybacks, 310% of free cash flow. The diluted share count rose 6.5%.

Rexford Industrial Realty, Inc. Latest fiscal year ended December 31, 2025 10-K filed February 11, 2026 · 0001571283-26-000006 Updated October 18, 2026

Revenue

$1.0B

7.1%

Net margin

21.1%

8.1 pts

Net income

$212M

22.6%

Free cash flow

$209M

97.7%

Return on equity

2.5%

0.9 pts

Market cap

$8.5B

Oct 26 close

P/E

—

Loss: no P/E

Net margin is net income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 10.2% a year and net income 26.8% a year, as new shares raised the share count by 269% and diluted each share's earnings.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Rexford Industrial Realty yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Rexford Industrial Realty's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Rexford Industrial Realty's fiscal 2025 free cash flow of $209M, net cash of −$3.1B at December 31, 2025 and 233 million diluted shares, from its filings. The scenarios are fitted to Rexford Industrial Realty: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 16.7% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 10%: 9% for a business of moderate risk (Industrial REITs), plus 1 point as a smaller company, worth $8.5B; the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Rexford Industrial Realty's own revenue growth, as above. Cautious: growth of 8.5% then 5% a year, 2% after year 10, a 11% discount rate. Base: growth of 16.5% then 9.5% a year, 2.5% after year 10, a 10% discount rate. Optimistic: growth of 25% then 14% a year, 3% after year 10, a 9% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $38.00
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

The P/E method needs positive earnings, and Rexford Industrial Realty's latest diluted earnings per share were negative or zero.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	44	37	33	56	166
Debt incl. finance leases	1,400	1,936	2,226	3,346	3,252
Net debt (negative means net cash)	1,356	1,900	2,192	3,290	3,086
Net debt to EBITDA	—	—	—	—	—
Debt to equity	0.3x	0.3x	0.3x	0.4x	0.4x
Interest coverage	—	—	—	—	—
Current ratio	—	—	—	—	—
Quick ratio	—	—	—	—	—

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 3 insiders bought $486,803 of Rexford Industrial Realty shares on the open market, and 2 insiders sold $4.3 million.

Date	Insider	Trade	Shares	Price	Value	Filing
Apr 28, 2026	David E. LanzerGeneral Counsel & Secretary	Sold	33,299	$35.47	$1.2 million	Form 4
Mar 17, 2026	Michael S. FrankelCo-CEO, Co-President, Director	Sold	23,132	$35.29	$816,328	Form 4
Feb 27, 2026	Laura E ClarkChief Operating Officer	Bought	5,310	$37.73	$200,346	Form 4
Feb 27, 2026	David P StockertDirector	Bought	5,000	$37.39	$186,950	Form 4
Feb 27, 2026	Michael FitzmauriceChief Financial Officer	Bought	2,650	$37.55	$99,507	Form 4
Dec 8, 2025	Michael S. FrankelCo-CEO, Co-President, Director	Sold	18,750	$40.06	$751,125	Form 4
Dec 4, 2025	Michael S. FrankelCo-CEO, Co-President, Director	Sold	20,318	$41.61	$845,432	Form 4
Dec 3, 2025	Michael S. FrankelCo-CEO, Co-President, Director	Sold	7,400	$41.51	$307,174	Form 4
Dec 2, 2025	Michael S. FrankelCo-CEO, Co-President, Director	Sold	10,650	$41.50	$441,975	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Fail	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Fail	Pass
Current ratio rose	—	—	—
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	—	—	—
Revenue rose relative to assets	Fail	Fail	Fail
F-score	—	—	—
Accruals ratio	−1.9%	−1.7%	−2.6%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Rexford Industrial Realty side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Rexford Industrial Realty	FY25	7.1%	—	20.8%	—	—	—
CubeSmart	FY25	5.3%	—	—	—	—	—	Compare
STAG Industrial	FY25	10.1%	—	30.6%	—	—	—	Compare
First Industrial Realty Trust	FY25	8.6%	—	—	—	—	—	Compare
EastGroup Properties	FY25	12.7%	—	56.1%	—	—	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	126	161	212	267	330	452	631	798	936	1,003
Revenue growth	34.4%	27.9%	31.7%	25.8%	23.6%	37.0%	39.6%	26.4%	17.4%	7.1%
Gross profit	—	—	—	—	—	—	—	—	—	—
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	—	—	—	—	—	—	—	—	—	—
Net income	25	41	46	62	76	128	168	238	274	212
Diluted EPS (US$)	0.36	0.48	0.41	0.47	0.51	0.80	0.92	1.12	1.20	0.86
Diluted shares (millions)	63	72	87	107	121	140	171	203	218	233
Cash flow
Cash from operations	56	77	103	140	183	232	328	428	479	542
Capital expenditure	32	42	58	47	79	102	135	267	373	333
Free cash flow	24	34	45	92	104	129	193	161	106	209
Dividends paid	33	40	54	76	99	130	202	291	354	398
Share buybacks	1	0	0	0	0	0	0	0	0	250
Acquisitions	0	0	0	0	0	0	0	0	0	0
Stock-based compensation	4	5	10	11	13	20	28	34	42	100
Balance sheet at fiscal year end
Cash and short-term investments	16	7	181	79	176	44	37	33	56	166
Debt incl. finance leases	500	669	757	858	1,216	1,400	1,936	2,226	3,346	3,252
Total assets	1,515	2,111	2,788	3,639	4,951	6,781	9,259	10,930	12,648	12,613
Total liabilities	553	746	879	1,016	1,421	1,714	2,336	2,786	3,922	3,775
Shareholders' equity	939	1,340	1,876	2,556	3,245	4,785	6,557	7,767	8,324	8,461
Margins and ratios
Gross margin	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—
Net margin	19.9%	25.2%	21.8%	23.2%	23.1%	28.4%	26.6%	29.8%	29.2%	21.1%
Free cash flow margin	19.4%	21.3%	21.1%	34.6%	31.6%	28.5%	30.5%	20.2%	11.3%	20.8%
Return on capital	—	—	—	—	—	—	—	—	—	—
Return on equity	3.1%	3.6%	2.9%	2.8%	2.6%	3.2%	3.0%	3.3%	3.4%	2.5%
Return on assets	1.9%	2.2%	1.9%	1.9%	1.8%	2.2%	2.1%	2.4%	2.3%	1.7%
Net debt to EBITDA	—	—	—	—	—	—	—	—	—	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Rexford Industrial Realty's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Rexford Industrial Realty.