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FRD

Friedman Industries, Incorporated

FRD

Friedman Industries, Incorporated • NASDAQ
$20.29 ▲ 2.17% (+0.43)
Market Cap $144.31 M
52w High $23.50
52w Low $12.24
Dividend Yield 0.16%
P/E 12.45
Volume 14.05K
Outstanding Shares 7.11M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2026 $152.383M ▲ $6.287M ▲ $2.21M ▼ 1.45% ▼ $0.32 ▼ $4.668M ▼
Q1-2026 $134.777M ▲ $5.455M ▼ $5.028M ▼ 3.731% ▼ $0.71 ▼ $8.17M ▼
Q4-2025 $129.216M ▲ $11.434M ▲ $5.345M ▲ 4.136% ▲ $0.76 ▲ $8.465M ▲
Q3-2025 $94.074M ▼ $9.28M ▼ $-1.152M ▼ -1.225% ▼ $-0.17 ▼ $-93K ▼
Q2-2025 $106.759M $10.361M $-675K -0.632% $-0.097 $821K

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2026 $4.586M ▲ $311.289M ▲ $172.016M ▲ $139.273M ▲
Q1-2026 $2.099M ▼ $219.078M ▼ $81.798M ▼ $137.28M ▲
Q4-2025 $3.686M ▲ $226.822M ▲ $94.397M ▲ $132.425M ▲
Q3-2025 $1.075M ▼ $210.252M ▲ $82.923M ▲ $127.329M ▼
Q2-2025 $2.473M $209.167M $80.403M $128.764M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2026 $2.21M ▼ $434K ▼ $-48.055M ▼ $49.825M ▲ $2.187M ▲ $-2.023M ▼
Q1-2026 $5.028M ▼ $15.489M ▲ $-1.784M ▼ $-14.981M ▼ $-1.276M ▼ $13.708M ▲
Q4-2025 $5.345M ▲ $-11.833M ▼ $-184K ▲ $14.94M ▲ $2.923M ▲ $-12.79M ▼
Q3-2025 $-1.152M ▼ $2.699M ▼ $-348K ▲ $-3.664M ▲ $-1.313M ▲ $1.554M ▼
Q2-2025 $-675K $10.783M $-1.845M $-10.546M $-1.608M $8.937M

Revenue by Products

Product Q4-2015Q1-2016Q1-2026Q2-2026
Tubular
Tubular
 $10.00M ▲$0 ▼$10.00M ▲$10.00M ▲
Coil
Coil
 $20.00M ▲$20.00M ▲$0 ▼$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Friedman has grown into a much larger business than it was a few years ago, helped by acquisitions and higher processing volumes. Revenue is now several times what it used to be, and the company has stayed profitable throughout this period. That said, earnings per share appear to have peaked a couple of years ago and have since drifted down, even as sales remain elevated. This points to pressure on profit margins, likely from steel price swings, integration costs from acquisitions, and competitive pricing. Overall, the income statement shows a bigger, still-profitable company, but with more volatile and somewhat softer profitability than at its recent peak.

Balance Sheet

Balance Sheet The balance sheet shows a company that has grown its asset base and shareholder equity steadily, reflecting years of reinvestment and retained profits. Debt has risen from essentially none to a modest level, which is common after acquisitions and capacity expansions, but it does mean leverage is now a factor to watch. Cash on hand looks very lean, suggesting Friedman relies more on credit lines and working capital management than on a large cash cushion. In short, the balance sheet supports growth and remains reasonably conservative, but with less liquidity comfort than a cash-rich profile would provide.

Cash Flow

Cash Flow Cash generation has been uneven. There was a period of strong cash inflows from operations, followed by flatter years where cash from the core business barely covered investment spending. The company has consistently put money back into the business through capital projects, which supports its growth and technology edge but can temporarily weigh on free cash flow. Overall, Friedman is funding its expansion, but cash flows are cyclical and tied closely to steel prices, inventory swings, and working capital needs, rather than showing a smooth, steadily rising pattern.

Competitive Edge

Competitive Edge Friedman occupies a focused niche in the steel value chain as a processor and distributor rather than a raw steel producer. Its edge comes from advanced coil-processing capabilities, strong expertise in flatness and shape correction, and plants located close to major steel mills and transport links. This setup supports quick delivery and tight integration into customers’ supply chains, which is hard for distant competitors to match. The business is diversified across flat-rolled products and tubular products, serving construction, energy, and industrial markets. However, it still operates in a highly cyclical, commodity-influenced sector and competes against much larger service centers and mill-owned distribution arms, which limits pricing power and keeps margins thin.

Innovation and R&D

Innovation and R&D The company’s “R&D” is mostly practical and equipment-driven rather than lab-based. Friedman has invested heavily in advanced processing technology such as stretcher-leveler lines and unique shape-correction capabilities, especially at its Sinton facility. These investments allow it to offer very flat, “memory-free” steel and shape-corrected coils that many competitors cannot match, supporting a value-added, premium-service positioning. Recent acquisitions also broadened its product range into coated, stainless, and non-ferrous metals, and expanded its geographic reach. The key opportunity is to fully utilize these capabilities and integrate the acquired businesses to lift efficiency and margins; the main risk is that rivals could narrow the technology gap over time or that integration benefits take longer than planned to materialize.

Summary

Friedman Industries today is a much larger, more capable steel processor than it was several years ago, with a broader product lineup and stronger geographic footprint. The business remains solidly profitable but faces the usual steel-industry realities: earnings that move with steel prices, customer demand, and inventory cycles. Its balance sheet has grown with the business and carries only moderate debt, but the very small cash cushion puts more importance on stable operations and credit access. Cash flows are lumpy rather than smooth, reflecting both industry cyclicality and ongoing investment in facilities and technology. Strategically, Friedman’s main strengths are its processing expertise, advanced equipment, and mill-adjacent locations, which together create a practical moat in service, quality, and logistics. The big questions going forward are how well it can convert these advantages and recent acquisitions into steadier margins and more consistent cash generation, while navigating the ups and downs of the steel cycle.

NEWS

November 10, 2025 · 4:40 PM UTC

Friedman Industries, Incorporated Announces Second Quarter Results

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September 18, 2025 · 3:00 PM UTC

Friedman Industries, Incorporated Announces Cash Dividend

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