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FRP Holdings (FRPH)
NASDAQ:FRPH
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FRP Holdings
(NASDAQ:FRPH)
Rating:63Neutral
Price Target:
$29.00
▲(7.93%Upside)
FRP Holdings (FRPH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$512.88M
Dividend YieldN/A
Average Volume (3M)45.45K
Price to Earnings (P/E)75.1
Beta (1Y)0.47
Revenue Growth1.02%
EPS Growth11.92%
CountryUS
Employees19
SectorReal Estate
Sector Strength69
IndustryReal Estate - Services
Share Statistics
EPS (TTM)0.09
Shares Outstanding19,087,334
10 Day Avg. Volume40,498
30 Day Avg. Volume45,445
Financial Highlights & Ratios
PEG Ratio-1.26
Price to Book (P/B)1.26
Price to Sales (P/S)0.00
P/FCF Ratio7.16
Enterprise Value/Market Cap1.00
Enterprise Value/Revenue3.09
Enterprise Value/Gross Profit13.37
Enterprise Value/Ebitda5.54
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
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 through its diversified real estate operations. The Asset Management segment earns money by leasing office, warehouse, and other commercial spaces to tenants, providing a steady stream of rental income. The Mining Royalty Lands segment generates income by leasing land to mining operators, who pay royalties based on the volume of resources extracted. Additionally, the Development segment contributes to revenue through the sale and leasing of developed properties, often in strategic locations. The company's earnings are further supported by its strategic partnerships and collaborations in the real estate market, which help optimize property utilization and maximize returns on investment.
FRP Holdings Earnings Call Summary
Earnings Call Date:May 12, 2025
(Q1-2025)
| % Change Since: -1.93%|
Next Earnings Date:Aug 06, 2025
Earnings Call Sentiment Neutral
The earnings call presented a mix of positive and negative aspects. While there were significant increases in net income and Mining and Royalty segment performance, challenges in the Industrial and Commercial segments and potential short-term impacts on NOI were noted. The company is focused on long-term growth and acknowledges potential growing pains in 2025.Q1-2025 Updates
Positive Updates
Significant Net Income Increase
Net income for the first quarter increased by 31.4% to $1.7 million or $0.09 per share, compared to $1.3 million or $0.07 per share in the same period last year.
Strong Growth in Mining and Royalty Segment
The Mining and Royalty segment reported revenues of $3.2 million and NOI of $3.3 million, marking a 919% increase over the same period last year.
Multifamily Segment Revenue Growth
The Multifamily segment reported a revenue increase due to the inclusion of The Verge, contributing $1.4 million in revenue and $753,000 in NOI this quarter.
Successful Financial Strategy
Locked in a 10-year permanent loan at a fixed 6.4% interest rate on two office buildings, taking advantage of the treasury dip in March.
Negative Updates
Industrial and Commercial Segment Challenges
NOI for the Industrial and Commercial segment decreased by $20,000 year over year due to tenant vacancy and uncollectible revenue.
Vacancy Issues in Commercial and Industrial Segment
Commercial and Industrial segment revenues and NOI decreased by 7% and 2% respectively, due to a 57,000 square foot tenant defaulting on lease obligations.
Flat Same Store NOI Growth in Multifamily
Same store NOI in the Multifamily segment was flat over the same period last year due to higher operating expenses, despite a revenue increase of 4%.
Potential Short-Term Impact on NOI
The addition of new industrial buildings to the portfolio may negatively impact NOI in the short term until they are leased and occupied.
Company Guidance
In the first quarter of 2025, FRP Holdings Inc. reported a significant increase in net income, rising by 31.4% to $1.7 million, or $0.09 per share, compared to $1.3 million, or $0.07 per share, in the same period the previous year. The company's pro rata share of net operating income (NOI) increased by 10% year-over-year to $9.4 million, largely driven by the Multifamily, Development, and Mining Royalty segments, with the Multifamily segment contributing an additional $141,000, the Mining segment $524,000, and the Development segment $185,000. However, the Industrial and Commercial segment experienced a slight decrease in NOI by $20,000 due to tenant vacancy issues. Over the past three years, FRP has achieved a compound annual growth rate of 21.8% in pro rata NOI, but the growth rate is expected to slow in the near term as new projects move through construction and lease-up phases. The company is focused on expanding its industrial platform, with plans to add over 2.1 million square feet, growing from 550,000 to over 2.7 million square feet, and anticipates generating annual NOI between $8.7 million and $10.2 million upon stabilization of these projects.FRP Holdings Financial Statement Overview
Summary
FRP Holdings demonstrates impressive revenue growth and solid operational margins, with a debt-free balance sheet in 2024 enhancing financial stability. However, cash flow inconsistencies and a moderate ROE reveal areas needing improvement in operational efficiency and capital utilization.Income Statement
FRP Holdings has demonstrated strong revenue growth with a notable increase from $23.58M in 2020 to $41.77M in 2024, indicating a robust upward trajectory. The company maintains a solid gross profit margin, reaching 100% in 2024, and a healthy EBIT margin of 28% for the same year. However, the net profit margin of 15.5% in 2024, while decent, suggests room for improvement in cost management or operational efficiency.78
Positive
Balance Sheet
FRP Holdings boasts a strong equity position with a debt-free balance sheet in 2024, enhancing financial stability. The equity ratio stands at a solid 58.1%. However, the return on equity (ROE) has room for improvement at 1.5% in 2024, indicating potential inefficiencies in utilizing shareholder capital to generate profits.72
Positive
Cash Flow
The company shows volatility in its cash flow metrics with a zero free cash flow in 2024, down from $32.97M in 2023. The absence of operating cash flow in 2024 is concerning and may indicate operational cash generation challenges. While FRP Holdings has previously demonstrated strong free cash flow generation, maintaining consistent cash flow performance will be pivotal for future stability.65
Positive
| Breakdown | |||||
| TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|
| Income Statement | Total Revenue | ||||
| 41.95M | 41.77M | 41.51M | 37.48M | 31.22M | 23.58M | Gross Profit |
| 38.38M | 38.34M | 37.86M | 33.36M | 27.47M | 20.76M | EBIT |
| 11.15M | 11.70M | 11.70M | 2.03M | -3.69M | -778.00K | EBITDA |
| 22.37M | 22.03M | 22.52M | 20.08M | 9.26M | 5.27M | Net Income Common Stockholders |
| 6.79M | 6.38M | 5.30M | 4.57M | 40.09M | 12.71M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | ||||
| 142.93M | 148.62M | 157.56M | 177.50M | 165.84M | 149.52M | Total Assets |
| 717.12M | 728.49M | 709.17M | 701.08M | 678.19M | 535.73M | Total Debt |
| 0.00 | 178.85M | 178.71M | 178.56M | 178.41M | 89.96M | Net Debt |
| -142.93M | 30.23M | 21.15M | 1.06M | 16.89M | 16.05M | Total Liabilities |
| 256.63M | 259.37M | 261.19M | 256.87M | 252.94M | 154.18M | Stockholders Equity |
| 425.17M | 423.10M | 414.52M | 407.14M | 396.42M | 366.55M |
| Cash Flow | Free Cash Flow | ||||
| 26.08M | 28.99M | 32.97M | 71.53M | 52.21M | 1.07M | Operating Cash Flow |
| 26.08M | 28.99M | 32.97M | 22.34M | 22.24M | 18.61M | Investing Cash Flow |
| -41.48M | -50.62M | -48.75M | -23.20M | 66.60M | 50.53M | Financing Cash Flow |
| 2.18M | 12.70M | -4.17M | 16.83M | -1.23M | -21.84M |
FRP Holdings Technical Analysis
Negative
26.87
Price Trends
27.05
Negative
28.54
Negative
29.37
Negative
Market Momentum
0.01
Negative
46.63
Neutral
41.06
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 26.87 is below the 20-day moving average (MA) of 27.11, below the 50-day MA of 27.05, and below the 200-day MA of 29.37, indicating a bearish trend. The MACD of 0.01 indicates Negative momentum. The RSI at 46.63 is Neutral, neither overbought nor oversold. The STOCH value of 41.06 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 (61)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | $503.02M | 13.15 | 8.36% | 11.41% | -18.14% | -55.82% | |
63 Neutral | $512.88M | 75.12 | 1.62% | ― | 1.02% | 11.92% | |
61 Neutral | $2.83B | 10.72 | 0.40% | 6.10% | 5.80% | -21.26% | |
61 Neutral | $313.16M | 18.13 | 2.01% | ― | -4.61% | ― | |
53 Neutral | $341.73M | ― | -47.84% | ― | 57.16% | -372.16% | |
| $260.76M | 16.33 | 2.15% | ― | ― | |||
59 Neutral | $329.76M | 41.58 | 0.95% | ― | -5.86% | 59.60% |
* Real Estate Sector Average
Performance Comparison
FRPH
FRP Holdings
26.87
-2.52
-8.57%
MLP
Maui Land & Pineapple Company
17.31
-2.62
-13.15%
NEN
New England Realty Associates Partnershi
74.49
7.78
11.66%
TCI
Transcontinental Realty Investors
38.17
10.17
36.32%
RMAX
Re/Max Holdings
7.86
-0.27
-3.32%
RMR
The RMR Group
15.78
-5.07
-24.32%
FRP Holdings Corporate Events
Business Operations and StrategyFinancial Disclosures
FRP Holdings Hosts Investor Day on Strategic Plans
Positive
May 22, 2025
FRP Holdings announced its Investor Day event scheduled for May 22, 2025, where it will present its strategic plans and financial outlook. The company is shifting its portfolio towards industrial and commercial properties, aiming for long-term growth in net operating income, and leveraging strong market fundamentals and strategic partnerships to maximize returns.
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.