Education
About Us
Working with TipRanks
Follow Us
FRP Holdings (FRPH)
NASDAQ:FRPH
Top Page
FRP Holdings
(NASDAQ:FRPH)
Select Model
Select Model
Rating:58Neutral
Price Target:
$27.00
▲(9.93% Upside)
FRP Holdings' overall stock score reflects solid financial performance and potential growth in the mining and multifamily segments. However, the high P/E ratio and lack of dividend yield suggest overvaluation. Technical indicators show a bearish trend, and the earnings call revealed significant short-term challenges, including a substantial decrease in net income and flat NOI growth expectations.
FRP Holdings (FRPH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$469.51M
Dividend YieldN/A
Average Volume (3M)48.33K
Price to Earnings (P/E)86.8
Beta (1Y)0.45
Revenue Growth2.45%
EPS Growth-29.26%
CountryUS
Employees19
SectorReal Estate
Sector Strength53
IndustryReal Estate - Services
Share Statistics
EPS (TTM)0.03
Shares Outstanding19,109,234
10 Day Avg. Volume67,510
30 Day Avg. Volume48,331
Financial Highlights & Ratios
PEG Ratio4.23
Price to Book (P/B)1.37
Price to Sales (P/S)13.85
P/FCF Ratio19.96
Enterprise Value/Market Cap1.22
Enterprise Value/Revenue13.52
Enterprise Value/Gross Profit17.17
Enterprise Value/Ebitda28.13
Forecast
1Y Price Target
$27.00Price Target Upside9.93% Upside
Rating ConsensusHold
Number of Analyst Covering1
FRP Holdings Business Overview & Revenue Model
Company DescriptionFRP Holdings, Inc. engages in the real estate businesses in the United States. The company operates through four segments: Asset Management, Mining Royalty Lands, Development, and Stabilized Joint Venture. The Asset Management segment owns, leases, and manages commercial properties. The Mining Royalty Lands segment owns various properties comprising approximately 15,000 acres under lease for mining rents or royalties primarily in Florida, Georgia, and Virginia. This segment also owns an additional 107 acres of investment property in Brooksville, Florida. The Development segment owns and monitors the use of parcels of land that are in various stages of development. The Stabilized Joint Venture segment owns, leases, and manages a 305-unit residential apartment building with approximately 14,430 square feet of first floor retail space; 264-unit residential apartment building with 6,758 square feet of retail space; and 294-unit garden-style apartment community located in Henrico County, Virginia that consists of 19 three-story apartment buildings containing 273,940 rentable square feet. FRP Holdings, Inc. was incorporated in 2014 and is based in Jacksonville, Florida.
How the Company Makes MoneyFRP Holdings generates revenue primarily through leasing and rental income from its diversified real estate portfolio. The company earns money by renting out space in its commercial properties, including warehouses and office buildings, to tenants. Additionally, FRPH may realize profits through capital appreciation from property sales and strategic development projects. The company also benefits from property management fees, which are earned by managing third-party properties. Key partnerships with various stakeholders in the real estate sector, including developers, local governments, and financial institutions, further enhance FRP Holdings' ability to generate revenue and expand its market reach.
FRP Holdings Earnings Call Summary
Earnings Call Date:Aug 06, 2025
(Q2-2025)
| % Change Since: |
Next Earnings Date:Nov 05, 2025
Earnings Call Sentiment Neutral
The earnings call highlighted positive developments in the company's mining and multifamily segments, as well as progress in the development pipeline. However, significant challenges were noted, including a substantial decrease in net income, declines in the commercial and industrial segments, and anticipated flat NOI growth for the year.Q2-2025 Updates
Positive Updates
Pro Rata NOI Increase
The company's pro rata share of net operating income (NOI) in the second quarter increased 5% year-over-year to $9.7 million. This increase was driven by higher contributions from the multifamily and mining royalty segments.
Strong Mining and Royalty Segment Performance
The Mining and Royalty business segment reported a revenue increase of 12% and an NOI increase of 21% over the same period last year.
Multifamily Segment Growth
The multifamily segment saw an increase in occupancy and rental rates, with a renewal success rate ranging from 52% to 75% and renewal rental rate increases trending over 3.6% on average in Q2.
Development Pipeline Progress
The company has several projects under construction, including 382,000 square feet of industrial space in Florida, with completion expected by 2026. Additionally, a new joint venture agreement aims to develop over 375,000 square feet in Lake County, Florida.
Negative Updates
Net Income Decrease
Net income for the second quarter decreased 72% to $600,000 or $0.03 per share, down from $2 million or $0.11 per share in the same period last year. The decrease was primarily due to legal expenses and lower interest income.
Commercial and Industrial Segment Decline
The Commercial and Industrial segment experienced a 5% decrease in total revenue and a 15% decrease in NOI compared to the same period last year, due to lease expirations and a tenant default.
Short-term Industrial Vacancy Challenges
The Industrial and Commercial segment faced a decrease in NOI by $177,000 year-over-year due to vacancies, with 50% of the business segment vacant.
NOI Growth Challenges
The company anticipates flat NOI growth in 2025 compared to 2024 due to challenges in leasing up new projects and filling vacancies in existing properties.
Company Guidance
During the FRP Holdings, Inc. 2025 Q2 earnings call, CFO Matt McNulty highlighted several key financial metrics and guidance. The company reported a significant 72% decrease in net income to $600,000, or $0.03 per share, primarily due to legal expenses and lower interest income. However, the pro rata net operating income (NOI) increased by 5% year-over-year to $9.7 million, driven by higher contributions from the multifamily ($57,000) and mining royalty segments ($637,000). The Industrial and Commercial segment experienced a $177,000 decrease in NOI due to tenant eviction and lease expirations. Looking forward, FRP anticipates a relatively flat NOI for 2025 compared to 2024, as the company focuses on leasing the Chelsea project and addressing vacancies at the Cranberry Industrial Park, with expectations of resuming meaningful year-over-year NOI growth by the second half of 2026. The company is also actively involved in industrial and multifamily development projects, including joint ventures in Florida and Maryland, which are expected to bolster NOI upon completion and lease-up.FRP Holdings Financial Statement Overview
Summary
FRP Holdings demonstrates strong financial performance with robust revenue growth and profitability. The company maintains a conservative balance sheet with low leverage, though it faces potential risks due to high capital expenditures. Continued focus on operational efficiency and liquidity management will be crucial for sustaining growth.Income Statement
FRP Holdings has shown strong revenue growth and profitability. The TTM (Trailing-Twelve-Months) revenue of $41.95M represents a steady increase from previous years, with a notable gross profit margin of 91.5%. The net profit margin improved to 16.2%, indicating effective cost management. However, the slight decline in EBIT margin from 28.0% to 26.6% suggests potential pressure on operational efficiency.75
Positive
Balance Sheet
The company's balance sheet is robust, with a strong equity base and low leverage. The debt-to-equity ratio stands at 0.42, reflecting conservative financial management. The equity ratio of 59.3% indicates a solid financial footing. However, the slight decline in stockholders' equity growth warrants attention.70
Positive
Cash Flow
FRP Holdings' cash flow is stable, with a consistent operating cash flow to net income ratio of 4.5. The free cash flow growth rate has been significant, indicating effective cash generation. However, high investing cash outflows in the TTM period suggest aggressive capital investments, which could pose liquidity risks if not managed carefully.65
Positive
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 42.32M | 41.77M | 41.51M | 37.48M | 31.22M | 23.58M |
| Gross Profit | 33.30M | 38.34M | 37.86M | 33.36M | 27.47M | 20.76M |
| EBITDA | 20.33M | 22.03M | 21.69M | 20.08M | 9.26M | 5.27M |
| Net Income | 5.33M | 6.38M | 5.30M | 4.57M | 28.21M | 12.71M |
Balance Sheet | ||||||
| Total Assets | 722.78M | 728.49M | 709.17M | 701.08M | 678.19M | 535.73M |
| Cash, Cash Equivalents and Short-Term Investments | 153.17M | 148.62M | 157.56M | 177.50M | 162.27M | 149.52M |
| Total Debt | 180.37M | 178.85M | 178.71M | 178.56M | 178.41M | 89.96M |
| Total Liabilities | 261.37M | 259.37M | 261.19M | 256.87M | 252.94M | 154.18M |
| Stockholders Equity | 426.70M | 423.10M | 414.52M | 407.14M | 396.42M | 366.55M |
Cash Flow | ||||||
| Free Cash Flow | 27.08M | 28.99M | 32.97M | 71.53M | 52.21M | 1.07M |
| Operating Cash Flow | 27.08M | 28.99M | 32.97M | 22.34M | 22.24M | 18.61M |
| Investing Cash Flow | -35.11M | -50.62M | -48.75M | -23.20M | 66.60M | 50.53M |
| Financing Cash Flow | 4.27M | 12.70M | -4.17M | 16.83M | -1.23M | -21.84M |
FRP Holdings Technical Analysis
Negative
24.56
Price Trends
25.82
Negative
26.45
Negative
27.95
Negative
Market Momentum
-0.38
Positive
41.35
Neutral
24.71
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FRPH, the sentiment is Negative. The current price of 24.56 is below the 20-day moving average (MA) of 25.05, below the 50-day MA of 25.82, and below the 200-day MA of 27.95, indicating a bearish trend. The MACD of -0.38 indicates Positive momentum. The RSI at 41.35 is Neutral, neither overbought nor oversold. The STOCH value of 24.71 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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
Overall Rating
UnderperformOutperform
Sector (65)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | 317.10M | 20.67 | 2.15% | ― | -5.21% | ― | |
66 Neutral | 506.41M | 13.73 | 8.44% | 11.33% | -16.99% | -24.57% | |
58 Neutral | $469.51M | 86.76 | 1.26% | ― | 2.45% | -29.26% | |
55 Neutral | 410.28M | 62.14 | 0.79% | ― | -4.20% | 11.20% | |
51 Neutral | 375.71M | -27.20 | -22.27% | ― | 74.64% | -256.63% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% |
* Real Estate Sector Average
Performance Comparison
FRPH
FRP Holdings
24.56
-5.30
-17.75%
MLP
Maui Land & Pineapple Company
19.03
-3.42
-15.23%
NEN
New England Realty Associates Partnershi
71.50
-6.70
-8.57%
TCI
Transcontinental Realty Investors
47.49
18.70
64.95%
RMAX
Re/Max Holdings
9.73
-2.72
-21.85%
RMR
The RMR Group
15.89
-7.11
-30.91%
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.