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FRP Holdings Inc. (FRPH)
NASDAQ:FRPH
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FRP Holdings
(NASDAQ:FRPH)
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Select Model
Rating:60Neutral
Price Target:
$24.50
▲(6.20% Upside)
FRP Holdings' overall score reflects strong revenue growth and strategic acquisitions, but is tempered by high valuation, declining profit margins, and bearish technical indicators. The company's future prospects depend on improving profitability and leveraging recent acquisitions effectively.
Positive Factors
Revenue Growth
Strong revenue growth indicates robust market demand and effective business strategies, supporting long-term expansion and competitiveness.
Strategic Acquisition
The acquisition strengthens FRP's industrial market position, potentially boosting revenue and operational efficiency over the long term.
Development Pipeline
An expanding development pipeline promises future revenue streams and strengthens the company's asset base, supporting sustained growth.
Negative Factors
Declining Profit Margins
Decreasing profit margins can strain profitability, reducing the company's ability to reinvest in growth and impacting long-term financial health.
Free Cash Flow Decline
A significant decline in free cash flow may limit liquidity, affecting the company's capacity to fund operations and future investments.
Occupancy Challenges
Occupancy challenges in key segments can hinder revenue growth and profitability, impacting the company's long-term market position.
FRP Holdings (FRPH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$426.85M
Dividend YieldN/A
Average Volume (3M)80.76K
Price to Earnings (P/E)92.8
Beta (1Y)0.42
Revenue Growth2.69%
EPS Growth-39.40%
CountryUS
Employees19
SectorReal Estate
Sector Strength53
IndustryReal Estate - Services
Share Statistics
EPS (TTM)0.04
Shares Outstanding19,115,522
10 Day Avg. Volume81,415
30 Day Avg. Volume80,764
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 Cap1.28
Enterprise Value/Revenue12.89
Enterprise Value/Gross Profit20.12
Enterprise Value/Ebitda29.20
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 DescriptionFRP 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 industrial and retail properties. FRPH's portfolio includes logistics centers, warehouses, and retail spaces, catering to a variety of tenants across different industries. The company's strategic approach involves identifying and capitalizing on growth opportunities in the real estate market, particularly in high-demand locations.
How the Company Makes MoneyFRP Holdings generates revenue through several key streams. Primarily, the company earns income from leasing its commercial properties to tenants, which provides a stable and recurring revenue base. Additionally, FRPH may realize profits from the sale of developed properties, capitalizing on appreciation in real estate values. The company also engages in property management services, allowing it to charge management fees. Significant partnerships with local and national retailers can enhance tenant occupancy rates and drive additional revenues. Furthermore, FRPH's focus on developing in high-demand regions positions it well to benefit from market trends, thereby contributing positively to its earnings.
FRP Holdings Earnings Call Summary
Earnings Call Date:Nov 05, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Mar 11, 2026
Earnings Call Sentiment Neutral
The earnings call shows a mixed sentiment with significant challenges in net income and occupancy rates in some segments, but also highlights positive trends in adjusted net income, development pipeline growth, and leasing activity. While there are promising developments, particularly in future NOI from the development pipeline, the immediate financial metrics show areas of concern.Q3-2025 Updates
Positive Updates
Adjusted Net Income Increase
Excluding acquisition expenses, adjusted net income was up $281,000 or 21% over last year's third quarter.
Multifamily Segment Occupancy
At quarter end, 91% of the apartments were occupied and 74% of the retail space was occupied, showing resilience in the multifamily segment.
Development Pipeline and Future NOI
Completion of industrial projects will add over 1.8 million square feet to the platform, expected to generate annual NOI around $9 million.
Positive Leasing Trends
Mid-bay activity continues to demonstrate resilience. In Baltimore, leasing accelerated with roughly 2.9 million square feet executed and vacancy tightening to 7.4%.
Negative Updates
Net Income Decrease
Net income for the third quarter decreased 51% to $700,000 or $0.03 per share versus $1.4 million or $0.07 per share in the same period last year.
Commercial and Industrial Segment Weakness
Total revenues and NOI for the quarter decreased by 16% and 25%, respectively, due to a 24% reduction in same-store occupancy and 51% vacancies.
Multifamily Segment NOI Decline
NOI for the multifamily segment was down 3.2% due to higher operating costs and increased uncollectible revenue.
Company Guidance
In the third quarter of fiscal year 2025, FRP Holdings Inc. reported a 51% decrease in net income to $700,000 or $0.03 per share, compared to $1.4 million or $0.07 per share in the same period last year. This decline was largely attributed to $1.3 million in expenses associated with the acquisition of Altman Logistics Properties. However, excluding these acquisition expenses, adjusted net income increased by 21% or $281,000 over last year's third quarter. The company's pro rata share of net operating income (NOI) decreased by 16% year-over-year to $9.5 million, primarily due to a one-time minimum royalty payment received in the previous year's third quarter. Adjusted NOI, excluding this one-time payment, increased by $104,000 compared to last year's third quarter. The Commercial and Industrial segment saw a 16% decrease in total revenues to $1.2 million, while the Mining and Royalty business segment reported a 15% increase in total revenues to $3.7 million. In the Multifamily segment, total revenues were $14.6 million, with FRP's share totaling $8.5 million, a 2.9% increase over the same period last year, although NOI declined by 3.2% due to higher operating costs and property taxes. The company remains focused on improving occupancy rates and expects significant contributions from new projects and acquisitions in the coming years.FRP Holdings Financial Statement Overview
Summary
FRP Holdings shows strong revenue growth and a solid capital structure, but faces challenges with declining profit margins and free cash flow. The stable debt position supports financial stability, but improving profitability and cash flow generation is crucial.Income Statement
FRP Holdings shows a strong revenue growth rate of 33.6% in the TTM, indicating robust expansion. The gross profit margin is healthy at 64.1%, although it has decreased from previous years. Net profit margin has also declined to 10.9%, reflecting some pressure on profitability. EBIT and EBITDA margins have decreased compared to previous periods, suggesting increased operational costs or other expenses impacting earnings.72
Positive
Balance Sheet
The company's debt-to-equity ratio is stable at 0.43, indicating a balanced approach to leveraging. Return on equity is modest at 1.09%, showing limited profitability from shareholders' equity. The equity ratio is strong, reflecting a solid capital structure with equity financing being a significant component of total assets.68
Positive
Cash Flow
Free cash flow has decreased significantly by 34.9% in the TTM, which could be a concern for liquidity. However, the operating cash flow to net income ratio is strong at 9.11, indicating efficient cash generation relative to net income. The free cash flow to net income ratio remains at 1.0, suggesting that the company is generating sufficient free cash flow to cover its net income.65
Positive
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 42.46M | 41.77M | 41.51M | 37.48M | 31.22M | 23.58M |
| Gross Profit | 27.21M | 38.34M | 37.86M | 33.36M | 27.47M | 20.76M |
| EBITDA | 18.75M | 22.03M | 21.69M | 20.08M | 65.63M | 22.08M |
| Net Income | 4.63M | 6.38M | 5.30M | 4.57M | 28.21M | 12.71M |
Balance Sheet | ||||||
| Total Assets | 731.26M | 728.49M | 709.17M | 701.08M | 678.19M | 537.35M |
| Cash, Cash Equivalents and Short-Term Investments | 134.85M | 148.62M | 157.56M | 177.50M | 165.84M | 74.11M |
| Total Debt | 185.34M | 178.85M | 178.71M | 178.56M | 178.41M | 89.96M |
| Total Liabilities | 269.06M | 259.37M | 261.19M | 256.87M | 252.94M | 154.70M |
| Stockholders Equity | 427.72M | 423.10M | 414.52M | 407.14M | 396.42M | 367.65M |
Cash Flow | ||||||
| Free Cash Flow | 28.83M | 28.99M | 32.97M | 71.53M | 52.21M | 1.07M |
| Operating Cash Flow | 28.83M | 28.99M | 32.97M | 22.34M | 22.24M | 18.61M |
| Investing Cash Flow | -33.47M | -50.62M | -48.75M | -23.20M | 66.60M | 50.53M |
| Financing Cash Flow | -5.19M | 12.70M | -4.17M | 16.83M | -1.23M | -21.84M |
FRP Holdings Technical Analysis
Negative
23.07
Price Trends
23.67
Negative
24.45
Negative
25.87
Negative
Market Momentum
-0.23
Positive
41.75
Neutral
20.72
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 23.07 is below the 20-day moving average (MA) of 23.12, below the 50-day MA of 23.67, and below the 200-day MA of 25.87, indicating a bearish trend. The MACD of -0.23 indicates Positive momentum. The RSI at 41.75 is Neutral, neither overbought nor oversold. The STOCH value of 20.72 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
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Neutral | $484.13M | 14.61 | 7.39% | 11.93% | -21.98% | -25.08% | |
68 Neutral | $249.84M | 12.43 | 2.87% | ― | -6.06% | ― | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
60 Neutral | $426.85M | 92.77 | 1.09% | ― | 2.69% | -39.40% | |
53 Neutral | $502.38M | 90.42 | 0.67% | ― | 0.13% | 75.97% | |
46 Neutral | $333.83M | -29.54 | -33.39% | ― | 73.49% | -130.52% |
* Real Estate Sector Average
FRPH
FRP Holdings
22.57
-7.25
-24.31%
MLP
Maui Land & Pineapple Company
16.97
-5.75
-25.31%
NEN
New England Realty Associates Partnershi
64.15
-11.69
-15.41%
TCI
Transcontinental Realty Investors
58.81
30.28
106.13%
RMAX
Re/Max Holdings
7.63
-3.27
-30.00%
RMR
The RMR Group
15.09
-3.25
-17.72%
FRP Holdings Corporate Events
M&A TransactionsBusiness Operations and Strategy
FRP Holdings Completes Acquisition of Altman Logistics
Positive
Oct 21, 2025
On October 21, 2025, FRP Holdings, Inc. announced the completion of its acquisition of Altman Logistics Properties, LLC, an operating platform of BBX Capital. This acquisition includes a portfolio of institutional-grade industrial assets and a contract for an industrial land parcel. This strategic move is expected to enhance FRP Holdings’ operational capabilities and strengthen its position in the industrial real estate market.
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.