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FRPH

FRP Holdings, Inc.

FRPH

FRP Holdings, Inc. • NASDAQ
$23.31 ▲ 1.04% (+0.24)
Market Cap $445.56 M
52w High $32.27
52w Low $21.68
Dividend Yield 0%
P/E 93.24
Volume 23.85K
Outstanding Shares 19.11M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $10.775M ▼ $2.328M ▼ $662K ▲ 6.144% ▲ $0.035 ▲ $3.593M ▼
Q2-2025 $10.85M ▲ $2.885M ▼ $578K ▼ 5.327% ▼ $0.03 ▼ $4.383M ▼
Q1-2025 $10.306M ▼ $7.043M ▲ $1.71M ▲ 16.592% ▲ $0.09 $5.571M ▲
Q4-2024 $10.531M ▼ $6.692M ▼ $1.679M ▲ 15.943% ▲ $0.09 ▲ $5.199M ▲
Q3-2024 $10.633M $6.7M $1.361M 12.8% $0.072 $5.178M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $134.853M ▼ $731.26M ▲ $269.064M ▲ $427.718M ▲
Q2-2025 $153.167M ▲ $722.782M ▲ $261.368M ▲ $426.702M ▲
Q1-2025 $142.932M ▼ $717.123M ▼ $256.627M ▼ $425.17M ▲
Q4-2024 $148.62M ▲ $728.485M ▲ $259.372M ▼ $423.103M ▲
Q3-2024 $144.681M $726.918M $259.815M $420.884M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $565K ▼ $8.08M ▼ $-31.119M ▼ $4.725M ▲ $-18.314M ▼ $8.08M ▼
Q2-2025 $624K ▼ $8.669M ▲ $215K ▼ $1.351M ▲ $10.235M ▲ $8.669M ▲
Q1-2025 $1.71M ▲ $4.503M ▼ $1.078M ▲ $-11.269M ▼ $-5.688M ▼ $4.503M ▼
Q4-2024 $1.687M ▲ $7.582M ▲ $-3.647M ▲ $4K ▼ $3.939M ▲ $7.582M ▲
Q3-2024 $1.379M $6.322M $-32.755M $14.185M $-12.248M $6.322M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Development
Development
 $0 ▲$0 ▲$0 ▲$0 ▲
Industrial and Commercial Segment
Industrial and Commercial Segment
 $0 ▲$0 ▲$0 ▲$0 ▲
Multifamily Segment
Multifamily Segment
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲
Industrial Commercial
Industrial Commercial
 $0 ▲$0 ▲$0 ▲$0 ▲
Mining Properties
Mining Properties
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement FRP’s income statement shows a slow‑and‑steady story rather than rapid growth. Revenue and gross profit have inched up over the last several years, suggesting a stable base of rental, royalty, and development income. Operating profit and cash‑style earnings (like EBITDA) have been consistently positive, but not dramatically expanding. Net income has been a bit uneven, with one standout year that looks more like a one‑time gain than a new, higher earnings level. Overall, profitability appears solid but lumpy, as you’d expect from a real estate developer and owner that books gains when projects are completed or assets are sold.

Balance Sheet

Balance Sheet The balance sheet looks conservative and asset‑heavy, which is typical for a real estate holding company. Total assets have grown over time, reflecting ongoing investment in properties and land. Equity has also trended upward, implying that value is being built rather than consumed. Debt is present but appears moderate and relatively stable in recent years, while cash levels look healthy and give the company room to maneuver. In plain terms, FRP seems to be financed in a balanced way, with a meaningful cushion from its owned real estate and no obvious signs of over‑leveraging.

Cash Flow

Cash Flow Cash flow is a key strength. The company has generated steady cash from operations, which indicates that the underlying property and royalty portfolio is doing its job. Free cash flow has been solid, especially after a period of heavier investment spending, suggesting that earlier development outlays are now starting to pay off. Capital spending has been uneven from year to year, which is normal in real estate; big projects cause spikes and then roll off. Importantly, FRP appears able to fund much of its investment activity from internal cash generation rather than relying heavily on new borrowing.

Competitive Edge

Competitive Edge FRP’s competitive position is built more on its asset mix and know‑how than on size. It operates across several real estate niches—industrial and commercial properties, multifamily, land development, and mining royalty lands. The mining royalty portfolio is a distinctive advantage: long‑life reserves leased to large operators can provide steady, hard‑to‑replicate cash flow that supports other growth projects. The company also leans on deep experience and selective partnerships, often using joint ventures to participate in larger or more complex developments without taking on all the risk. On the flip side, FRP still operates in competitive and cyclical real estate markets, and as a mid‑sized player it doesn’t have the scale of the biggest REITs or developers, which can mean more concentration risk in specific projects or regions.

Innovation and R&D

Innovation and R&D FRP is not an R&D‑driven or technology‑heavy business; its “innovation” is mostly strategic and operational. The company focuses on thoughtful land use, long‑term planning, and sustainable building practices rather than breakthrough tech. It integrates standard industry tools for development and property management but differentiates itself through how it structures projects, selects locations, and partners with other developers. There is a clear emphasis on environmentally conscious design and ESG principles, which can help attract tenants and partners, especially in multifamily and mixed‑use projects. Looking ahead, the main areas to watch are how effectively FRP expands its industrial footprint, how disciplined it remains in reinvesting cash from mining royalties and asset sales, and how well it backs up its ESG story with more detailed metrics and reporting.

Summary

Putting it all together, FRP comes across as a patient, asset‑rich real estate platform with a focus on long‑term value creation rather than short‑term earnings spikes. The income statement shows modest growth with occasional volatility; the balance sheet looks solid and reasonably conservative; and cash generation appears dependable, helped by unique royalty assets. Its competitive edge lies in a diversified portfolio, a rare mining land franchise, and a partnership‑oriented development model, rather than cutting‑edge technology or sheer scale. The main opportunities revolve around continued build‑out of industrial and multifamily projects and effective recycling of capital from mature assets into new developments. The key risks are the usual real estate pressures—market cycles, interest rate sensitivity, project timing, and geographic or project concentration—which can make reported earnings uneven even when the underlying asset value is trending in the right direction.

NEWS

November 5, 2025 · 4:55 PM UTC

FRP Holdings, Inc. Reports Fiscal 2025 Third Quarter Results

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October 29, 2025 · 9:00 AM UTC

FRP Holdings, Inc. Announces Release Date for Its 2025 Third Quarter Earnings and Details for the Earnings Conference Call

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October 21, 2025 · 4:01 PM UTC

Strategic Acquisition Expands Industrial Platform and Talent Base

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