FRP Holdings, Inc. (FRPH) stock analysis

FRPHNasdaqReal EstateFiscal year ends December 31

Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 6, 2026Score 1/308% above fair value

$18.90−0.10 (-0.53%)

Close on Nov 11, 2026Market cap $362.85MP/E –Yield –

StockData Score

Prices as of Nov 11, 2026How the score works

Weak1 of 30 checks passed

FRP passes 1 of the 30 checks behind our score; 13 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.

Valuation: 1/6
Growth: 0/6
Past performance: 0/6
Financial health: 0/6
Dividend: 0/6

What stands out

EV/EBITDA below its 5-year median
FRP's EV/EBITDA of 15.5 is below its 5-year median of 18.5.

What to watch

Margin of safety under 20%
The price is 8.2% above fair value, so there is no margin of safety.
Trading above fair value
The share price of $18.90 is above our fair value estimate of $17.47.
Return on equity under 15%
Return on equity was 0.0% over the last twelve months and averaged 2.4% over five years; we look for 15% on both.
Return on capital under 10%
Return on invested capital was 1.3%, below the 10% that usually covers the cost of capital.

Valuation1/6

P/E against its history
Not enough price and earnings history to compare.
P/E against the industry
Needs positive earnings and enough profitable companies in the industry.
EV/EBITDA below its 5-year median
FRP's EV/EBITDA of 15.5 is below its 5-year median of 18.5.
P/B above the industry
FRP's price-to-book of 0.85 is above the Real estate median of 0.84.
Trading above fair value
The share price of $18.90 is above our fair value estimate of $17.47.
Margin of safety under 20%
The price is 8.2% above fair value, so there is no margin of safety.

Growth0/6

Revenue growing under 10% a year
Revenue grew 4.6% a year over the last three fiscal years, short of the 10% we look for.
EPS growing under 10% a year
Diluted EPS grew -9.1% a year over the last three fiscal years.
Earnings growth not accelerating
Net income grew -98.2% over the last twelve months, against a 5-year average of -23.5% a year.
Growing slower than the industry
Revenue grew 2.5% over the last twelve months; the Real estate median is 5.4%.
Company guidance
No outlook found in earnings releases from the last twelve months.
Gross margin trend
This company does not report gross profit.

Past performance0/6

Return on equity under 15%
Return on equity was 0.0% over the last twelve months and averaged 2.4% over five years; we look for 15% on both.
Return on capital under 10%
Return on invested capital was 1.3%, below the 10% that usually covers the cost of capital.
Return on equity below the industry
FRP's return on equity of 0.0% is below the Real estate median of 1.5%.
Earnings shrank over 5 years
Net income shrank 23.5% a year on average over the last five fiscal years.
Net margin below its 5-year average
Net margin was 0.2% over the last twelve months, against a 5-year average of 27.7%.
Net margin below the industry
FRP's net margin of 0.2% is below the Real estate median of 8.6%.

Financial health0/6

Debt level
Needs debt and equity figures.
Debt trend
Needs a balance sheet from five years ago with positive equity.
Debt coverage
Needs operating cash flow.
Interest not well covered
Operating income covers interest expense 1.8 times; we look for at least 5.
Short-term liquidity
The balance sheet is not split into current and non-current items.
Elevated bankruptcy risk
The Altman Z-score is 0.79; above 3 is the safe zone and below 1.8 the distress zone.

Dividend0/6

No dividend
FRP has not paid a dividend in the last twelve months.
Yield against Treasuries
No dividend.
Yield against the market
No dividend.
Dividend stability
No dividend.
Earnings cover
No dividend.
Cash-flow cover
No dividend.

Scores of similar companies

Fair value

How we estimate it

Our estimate per share

$17.47

The share price is 8% above this estimate.

20%+ below

Near fair value

20%+ above

$18.90Price

Method	Multiple used	Own 5Y median	Industry median	Value per share	Weight
EV/EBITDA	13.5×	18.5×	8.4×	$17.11	58%
P/B	1.1×	1.3×	0.8×	$24.16	17%
Earnings power	7.4% cost of equity	–	–	$13.86	25%
Fair value				$17.47	100%

Valuation over time

Using the earnings and balance sheet published at each date, not today's.

P/E at month end
Own 5-year median 97.1
Real estate median 17.3

An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.

Market risk

From the past year of daily prices.

Liquidity

Medium risk

Average value traded per day: $2.30M
Value traded per 1% price move: $1.93M

Downside

Low risk

Typical loss in a bad month: 12.1%
Volatility (annualized): 26%
Sharpe ratio, 1 year: -0.92
Beta to the S&P 500 (5Y): 0.49

Typical bad-month loss, week by week

Margins

Share of revenue, fiscal years 2010 to 2025

Gross margin

–

Operating margin

16.4%−5.4 pts over 5 years

Net margin

7.8%−46.1 pts over 5 years

Growth rates

Compound annual growth to fiscal 2025

Per year	1 year	3 years	5 years	10 years
Revenue	+2.6%	+4.6%	+12.7%	+2.1%
Operating income	-40.0%	-4.2%	+6.5%	-5.4%
Net income	-47.8%	-10.0%	-23.5%	-8.7%
EPS, diluted	-47.1%	-9.1%	-22.9%	-8.1%

Returns and balance sheet

10 fiscal years. Hover a measure to see how it is calculated.

Measure	FY2015	FY2020	FY2025
Return on equity	4.3%	3.4%	0.8%
Return on assets	2.9%	2.4%	0.5%
Debt to equity	0.27	0.24	–
Net debt to EBITDA	2.45×	1.44×	–
Interest coverage	6.0×	4.7×	2.4×
Capex to revenue	18.7%	74.4%	119.4%
Diluted shares	0M	19M	19M

DuPont analysis

Return on equity split into margin, efficiency and leverage

Net margin7.8%

Asset turnover0.06×

Equity multiplier1.72×

Return on equity, FY20250.8%

Fiscal year	Net margin	Asset turnover	Equity multiplier	Return on equity
FY2025	7.8%	0.06×	1.72×	0.8%
FY2024	15.3%	0.06×	1.72×	1.5%
FY2023	12.8%	0.06×	1.72×	1.3%
FY2022	12.2%	0.05×	1.72×	1.1%
FY2021	90.4%	0.05×	1.59×	7.4%
FY2020	53.9%	0.04×	1.45×	3.4%
FY2019	68.1%	0.05×	1.41×	4.4%
FY2016	32.1%	0.14×	1.37×	6.4%
FY2015	23.9%	0.12×	1.46×	4.3%