FRP Holdings (FRPH)
NASDAQ:FRPH
Want to see FRPH full AI Analyst Report?
Top Page
FRP Holdings
(NASDAQ:FRPH)
Select Model
Select Model
Rating:49Neutral
Price Target:
$22.00
▼(-4.64% Downside)
Action:ReiteratedDate:04/16/26
Score is held down primarily by deteriorating recent profitability and the latest-year cash flow drop to zero, alongside weak technical trend and a very high P/E. Offsetting factors include a solid balance sheet and liquidity plus management’s multi-year NAV and pipeline upside, but near-term results remain execution- and timing-dependent.
Positive Factors
Conservative balance sheet and strong liquidity
Substantial liquidity (~$144M) and low net-debt/EV (~21%) provide durable financial flexibility to fund development, support lease-up, and absorb timing mismatches without forced asset sales. This structural strength reduces refinancing and solvency risk across cycles.
Negative Factors
Operating cash flow collapsed to zero in 2025
A 2025 drop to zero operating and free cash flow is a structural red flag for cash generation sustainability; even with liquidity, persistent or recurring weak cash conversion raises reliance on financing, delays project funding cadence, and elevates execution risk for stabilization timelines.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet and strong liquidity
Substantial liquidity (~$144M) and low net-debt/EV (~21%) provide durable financial flexibility to fund development, support lease-up, and absorb timing mismatches without forced asset sales. This structural strength reduces refinancing and solvency risk across cycles.
Read all positive factors
FRP Holdings (FRPH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$402.95M
Dividend YieldN/A
Average Volume (3M)80.76K
Price to Earnings (P/E)130.8
Beta (1Y)0.45
Revenue Growth2.57%
EPS Growth-48.00%
CountryUS
Employees19
SectorReal Estate
Sector Strength53
IndustryReal Estate - Services
Share Statistics
EPS (TTM)0.17
Shares Outstanding19,169,834
10 Day Avg. Volume81,415
30 Day Avg. Volume80,764
Financial Highlights & Ratios
PEG Ratio-2.62
Price to Book (P/B)1.02
Price to Sales (P/S)10.16
P/FCF Ratio14.67
Enterprise Value/Market Cap1.21
Enterprise Value/Revenue11.39
Enterprise Value/Gross Profit25.21
Enterprise Value/Ebitda28.52
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
FRP Holdings Business Overview & Revenue Model
Company Description
FRP Holdings, Inc. (FRPH) is a diversified real estate investment and development company based in the United States. The company primarily operates in the commercial real estate sector, focusing on the acquisition, development, and management of ...
How the Company Makes Money
FRP Holdings primarily makes money through real estate-related income and value creation from development. Key revenue and earnings drivers typically include: (1) Rental and property income: recurring revenue from leasing space in its owned proper...
FRP Holdings Earnings Call Summary
Earnings Call Date:Apr 10, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 13, 2026
Earnings Call Sentiment Neutral
Balanced. The company presents meaningful positives — a strategic acquisition (Altman) that expands industrial scale and capabilities, a sizable development pipeline with expected incremental NOI, solid liquidity (~$144M), and steady mining royalties providing high-margin cash flow. Offsetting these are notable near-term operational headwinds: significant occupancy declines in the commercial & industrial segment, slower leasing velocity and longer tenant decision cycles, multifamily retail softness and D.C.-specific delinquency/concession pressures, and planned G&A increases in 2026 that will temporarily raise the G&A-to-NOI ratio. Management emphasizes conservative underwriting, execution focus on leasing and stabilization, and multi-year NAV upside, but near-term earnings and cash flow realization are execution- and timing-dependent.Positive Updates
Full-Year NOI and FFO
Generated approximately $37.9 million of NOI and $22.1 million of FFO (or $1.16 per share) for fiscal 2025, results described as generally in line with expectations.
Negative Updates
Commercial & Industrial Occupancy Decline
Commercial & industrial portfolio (≈ 807,000 sqft) ended year ~47.5% occupied (69.9% excl. new Chelsea) versus 95.6% last year, driving segment NOI of ≈ $875k in Q4 and $3.9M for the year — declines of 11.8% (Q4) and 13.6% (year).
Read all updates
Q4-2025 Updates
Positive
Negative
Full-Year NOI and FFO
Generated approximately $37.9 million of NOI and $22.1 million of FFO (or $1.16 per share) for fiscal 2025, results described as generally in line with expectations.
Read all positive updates
Company Guidance
Guidance for 2026 calls for NOI of approximately $37.1 million to $37.7 million and G&A of roughly $15 million to $16 million (implying G&A as a percentage of NOI in the low‑40% range in 2026 before declining over time toward a more normalized low‑20% level). Management ended 2025 with about $144 million of liquidity, net debt to enterprise value of ~21% and a weighted average interest rate of ~5.24%; estimated NAV per share is ~$37.60 (management expects it to exceed $40 in ~3 years) while the stock has recently traded between $20–$24. Key operating and portfolio metrics supporting the guidance include a $441 million development pipeline targeting ~ $30 million of stabilized incremental NOI, Altman acquisition cost of ~$33.5 million adding ~1.6 million sq ft of industrial pipeline, targets of yields on cost ≥6.7%, market cap rates ≈5.25% or lower and target IRRs of 15–20%, a plan to drive industrial occupancy toward ~70% by year‑end with a path to low‑90% stabilization in 18–24 months, and ~423,000 sq ft (≈52% of the commercial/industrial segment) available for lease representing roughly $3.3 million of potential annual NOI at stabilization.FRP Holdings Financial Statement Overview
Summary
Income Statement
52
Neutral
Balance Sheet
71
Positive
Cash Flow
29
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 42.85M | 41.77M | 41.51M | 37.48M | 31.22M |
| Gross Profit | 6.72M | 38.34M | 37.86M | 33.36M | 27.47M |
| EBITDA | 17.71M | 22.03M | 21.69M | 20.08M | 65.63M |
| Net Income | 3.33M | 6.38M | 5.30M | 4.57M | 28.21M |
Balance Sheet | |||||
| Total Assets | 735.14M | 728.49M | 709.17M | 701.08M | 678.19M |
| Cash, Cash Equivalents and Short-Term Investments | 105.36M | 148.62M | 157.56M | 177.50M | 165.84M |
| Total Debt | 192.55M | 178.85M | 178.71M | 178.56M | 178.41M |
| Total Liabilities | 279.49M | 259.37M | 261.19M | 256.87M | 252.94M |
| Stockholders Equity | 428.51M | 423.10M | 414.52M | 407.14M | 396.42M |
Cash Flow | |||||
| Free Cash Flow | 29.68M | 28.99M | 32.97M | 71.53M | 52.21M |
| Operating Cash Flow | 29.68M | 28.99M | 32.97M | 22.34M | 22.24M |
| Investing Cash Flow | -72.44M | -50.62M | -48.75M | -23.20M | 66.60M |
| Financing Cash Flow | -1.81M | 12.70M | -4.17M | 16.83M | -1.23M |
FRP Holdings Technical Analysis
Positive
23.07
Price Trends
22.85
Negative
23.08
Negative
24.17
Negative
Market Momentum
-0.11
Negative
50.08
Neutral
30.06
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FRPH, the sentiment is Positive. The current price of 23.07 is above the 20-day moving average (MA) of 21.92, above the 50-day MA of 22.85, and below the 200-day MA of 24.17, indicating a neutral trend. The MACD of -0.11 indicates Negative momentum. The RSI at 50.08 is Neutral, neither overbought nor oversold. The STOCH value of 30.06 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FRPH.
FRP Holdings Risk Analysis
FRP Holdings disclosed 23 risk factors in its most recent earnings report. FRP Holdings reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
FRP Holdings Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
64 Neutral | $595.00M | 5.12 | 10.11% | 11.98% | -22.70% | 2.37% | |
62 Neutral | $352.53M | 18.48 | 1.84% | ― | -5.23% | 8.20% | |
52 Neutral | $313.26M | 36.69 | 1.64% | ― | 4.23% | 135.48% | |
49 Neutral | $402.95M | 130.75 | 0.78% | ― | 2.57% | -48.00% | |
45 Neutral | $307.17M | -31.99 | -35.32% | ― | 68.19% | -42.69% |
* Real Estate Sector Average
FRPH
FRP Holdings
20.90
-6.64
-24.11%
MLP
Maui Land & Pineapple Company
15.11
0.16
1.07%
NEN
New England Realty Associates Partnershi
59.50
-16.79
-22.01%
TCI
Transcontinental Realty Investors
35.99
6.59
22.41%
RMAX
Re/Max Holdings
10.52
2.58
32.49%
RMR
The RMR Group
18.67
5.73
44.26%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.