FRDNasdaqSteel Works, Blast Furnaces & Rolling & Finishing MillsFiscal year ends March 31
FRIEDMAN INDUSTRIES INC
Financials through Q1 FY2027, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 6, 2026
$42.27+1.79 (+4.42%)
Close on Oct 19, 2026
- Market cap
- $295.17M
- P/E (TTM)
- 11.0
- Dividend yield
- 0.38%
Margins
Share of revenue, fiscal years 2012 to 2026
Gross margin
4.0%−14.7 pts over 5 years
Operating margin
4.0%−8.5 pts over 5 years
Net margin
3.0%−6.0 pts over 5 years
Growth rates
Compound annual growth to fiscal 2026
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +45.5% | +5.7% | +38.7% | +23.0% | |
| Gross profit | +821.0% | -15.9% | +1.7% | +18.5% | |
| Operating income | +743.0% | +6.8% | +10.3% | +101.4% | |
| Net income | +221.0% | -2.9% | +11.3% | +52.1% | |
| EPS, diluted | +217.2% | -1.7% | +11.1% | +52.7% | |
| Free cash flow | – | -69.3% | -18.4% | +4.3% | |
| Dividend per share | 0.0% | +26.0% | – | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2017 | FY2021 | FY2026 | Trend |
|---|---|---|---|---|
| Return on equity | -4.3% | 17.3% | 13.8% | |
| Return on assets | -4.1% | 13.3% | 6.9% | |
| Current ratio | 19.28 | 2.67 | 3.38 | |
| Debt to equity | – | – | 0.02 | |
| Net debt to EBITDA | – | – | 0.04× | |
| Interest coverage | – | 638.8× | 6.3× | |
| Inventory turnover | 2.0× | 2.9× | 4.3× | |
| Capex to revenue | 1.0% | 3.7% | 1.1% | |
| Diluted shares | 7M | 7M | 7M |
Where the cash went
Fiscal 2022 to 2026, five years combined
Friedman Industries generated $95.23M from operations and spent $51.35M on capital expenditure, dividends and share buybacks. 81% of that went back into the business.
Generated
$95.23M
Used
$51.35M
Capital expenditure$41.47M81%Dividends$3.97M8%Share buybacks$5.91M12%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin3.0%
×Asset turnover2.30×
×Equity multiplier1.99×
=Return on equity, FY202613.8%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2026 | 3.0% | 2.30× | 1.99× | 13.8% |
| FY2025 | 1.4% | 1.95× | 1.76× | 4.7% |
| FY2024 | 3.4% | 2.40× | 1.77× | 14.3% |
| FY2023 | 3.9% | 3.05× | 1.84× | 21.9% |
| FY2022 | 4.9% | 2.24× | 1.75× | 19.4% |
| FY2021 | 9.1% | 1.46× | 1.30× | 17.3% |
| FY2020 | -3.7% | 1.73× | 1.18× | -7.5% |
| FY2019 | 2.7% | 2.16× | 1.19× | 7.0% |
| FY2018 | 3.2% | 1.62× | 1.13× | 5.9% |
| FY2017 | -3.4% | 1.19× | 1.05× | -4.3% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2026 against fiscal 2025
5of 9 tests passed in fiscal 2026. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$19.53M
- Cash generatingOperating cash flow above zero$8.54M
- Return on assets improvedROA up on the prior year2.6% → 8.6%
- Earnings backed by cashOperating cash flow above net income$8.54M vs $19.53M
- Less leverageLong-term debt to assets fell0.0% → 1.0%
- Better liquidityCurrent ratio rose4.34 → 3.38
- No dilutionShare count did not rise7M → 7M
- Gross margin improvedGross margin up on the prior year0.63% → 3.97%
- More efficientAsset turnover rose1.93 → 2.85