FRP Holdings (FRPH)
NASDAQ:FRPH
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FRP Holdings
(NASDAQ:FRPH)
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Rating:58Neutral
Price Target:
$23.00
▼(-0.30% Downside)
Action:Reiterated
Date:05/15/26
The score is driven primarily by fair financial quality: a conservative balance sheet and positive cash generation are outweighed by weakened margins and low returns. Technicals are neutral-to-soft (negative MACD and longer-term averages overhead), while valuation is constrained by a negative P/E and no stated dividend yield. The latest earnings call adds a moderately positive long-term setup (pipeline, liquidity) but with clear near-term FFO and execution headwinds.
Positive Factors
Large development pipeline
A $441M development pipeline with ~ $30M expected stabilized NOI constitutes a durable source of future recurring income if projects lease and stabilize. Over 2–6 months this provides visible long‑run cash flow upside and strategic optionality to convert value into recurring NOI.
Negative Factors
Commercial & Industrial occupancy collapse
A ~37.5ppt occupancy decline materially reduces recurring rent revenue and increases reliance on successful near‑term lease‑up. This represents structural execution and timing risk: until occupancy recovers, NOI and FFO will remain depressed and cash conversion is constrained.
Read all positive and negative factors
Positive Factors
Negative Factors
Large development pipeline
A $441M development pipeline with ~ $30M expected stabilized NOI constitutes a durable source of future recurring income if projects lease and stabilize. Over 2–6 months this provides visible long‑run cash flow upside and strategic optionality to convert value into recurring NOI.
Read all positive factors
FRP Holdings (FRPH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$433.82M
Dividend YieldN/A
Average Volume (3M)80.76K
Price to Earnings (P/E)―
Beta (1Y)0.46
Revenue Growth2.83%
EPS Growth-86.31%
CountryUS
Employees19
SectorReal Estate
Sector Strength53
IndustryReal Estate - Services
Share Statistics
EPS (TTM)0.04
Shares Outstanding19,170,275
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 Cap1.22
Enterprise Value/Revenue12.28
Enterprise Value/Gross Profit45.15
Enterprise Value/Ebitda37.95
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:May 12, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 12, 2026
Earnings Call Sentiment Neutral
The call presents a balanced picture: tangible progress and meaningful long-term opportunities (Altman acquisition, a large $441M pipeline with ~$30M potential NOI, mining growth, improved industrial leasing activity, and strong liquidity) are counterbalanced by significant near-term operational challenges (sharp drop in commercial occupancy and segment NOI, multifamily underperformance in D.C., FFO pressure from higher costs and interest, and execution/timing risk on lease-up and stabilization). Management is optimistic and focused on converting embedded value into recurring cash flow, but the near-term outlook is mixed and contingent on execution.Positive Updates
Quarterly Operating Results and Liquidity
Q1 2026 NOI of approximately $8.9 million and FFO of $3.6 million (or $0.19 per share). Company ended the quarter with roughly $130 million of liquidity (cash + line availability).
Negative Updates
Commercial & Industrial Occupancy Drop
Commercial & Industrial portfolio (~807,000 square feet) ended the quarter ~47.5% occupied versus ~85% a year earlier — a decline of ~37.5 percentage points. Management attributes much of the change to anticipated lease rollover timing, slower tenant decision cycles and the addition of the Chelsea building.
Read all updates
Q1-2026 Updates
Positive
Negative
Quarterly Operating Results and Liquidity
Q1 2026 NOI of approximately $8.9 million and FFO of $3.6 million (or $0.19 per share). Company ended the quarter with roughly $130 million of liquidity (cash + line availability).
Read all positive updates
Company Guidance
FRP’s guidance emphasizes near‑term stability in NOI but continued pressure on FFO as lease‑up and development stabilization drive future improvement: full‑year 2026 NOI is expected to be roughly $37 million while FFO is “pressured” until industrial lease‑up and project stabilizations converge; Q1 produced ~ $8.9M of NOI and ~$3.6M of FFO ($0.19 per share) and the company closed the quarter with ~ $130M of liquidity; the Altman acquisition was ~ $33.5M and added ~1.6M SF of industrial development pipeline, contributing to a total development pipeline of ~ $441M of project costs with expected stabilized incremental NOI of ~ $30M; Commercial & Industrial totals ~807k SF at ~47.5% occupancy with ~423k SF available (≈ $3.3M of incremental annual NOI) and ~53k SF signed/LOI (≈ $1M annualized NOI); Mining & Royalties generated ~ $3.8M of NOI in Q1 (up $498k, +15% YoY); multifamily comprises ~1,827 units with Q1 NOI of ~ $4.1M and economic occupancy in the low‑90s in SC and high‑80s in D.C.; 2026 G&A is expected to be ~$15–16M, reported EBITDA‑based leverage appears elevated but asset‑level leverage and liquidity remain conservative, and management notes development starts are at the lowest levels since 2010—supporting a long‑term supply backdrop favorable to their infill industrial strategy.FRP Holdings Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
70
Positive
Cash Flow
66
Positive
| Breakdown | Mar 2026 | 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
21.83
Positive
22.75
Negative
23.52
Negative
Market Momentum
0.24
Negative
57.41
Neutral
82.67
Negative
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 21.75, above the 50-day MA of 21.83, and below the 200-day MA of 23.52, indicating a neutral trend. The MACD of 0.24 indicates Negative momentum. The RSI at 57.41 is Neutral, neither overbought nor oversold. The STOCH value of 82.67 is Negative, 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 25 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 |
|---|---|---|---|---|---|---|---|
71 Outperform | $648.61M | 64.33 | 9.05% | 11.98% | -20.41% | 0.92% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
62 Neutral | $316.97M | -3.03 | 0.08% | ― | -5.43% | -93.40% | |
58 Neutral | $433.82M | -152.04 | 0.22% | ― | 2.83% | -86.31% | |
51 Neutral | $343.66M | -37.34 | -12.78% | ― | 14.56% | 72.84% | |
48 Neutral | $311.02M | 448.42 | 1.11% | ― | 4.69% | 17.93% |
* Real Estate Sector Average
FRPH
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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.