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Friedman Industries, Incorporated engages in the manufacture and processing of steel products in the United States. It operates in two segments, Flat-Roll Products and Tubular Products. The Flat-Roll Product segment is involved in the operation of hot-rolled coil processing facilities to cut the coils into sheets and plates, as well as the provision of process and storage services for customer-owned coils on a fee basis. The Tubular Product segment manufactures line and oil country pipes, as well as pipes for structural applications. It serves customers manufacturing steel products, and steel and pipe distributors. The company was incorporated in 1965 and is headquartered in Longview, Texas.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $445M | $14M | $6M | $-9M | 4.6% | -13.9% | -64.9% |
| 2024 | $516M | $29M | $17M | $-1M | 13.6% | -5.7% | -18.7% |
| 2023 | $548M | $33M | $21M | $47M | 18.5% | 92.0% | 51.7% |
| 2022 | $285M | $20M | $14M | $-21M | 17.7% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 285.24 | 547.54 | 516.25 | 444.60 |
| Cost Of Revenue | 244.25 | 477.56 | 443.83 | 399.12 |
| Gross Profit | 40.99 | 69.98 | 72.42 | 45.48 |
| Operating Expense | 12.47 | 48.90 | 47.90 | 42.69 |
| Operating Income | 28.52 | 21.07 | 24.52 | 2.79 |
| EBITDA | 19.91 | 32.93 | 29.46 | 13.94 |
| EBIT | 18.59 | 30.41 | 26.39 | 10.65 |
| Pretax Income | 18.33 | 28.19 | 23.31 | 7.69 |
| Tax Provision | 4.26 | 6.84 | 5.97 | 1.61 |
| Net Income | 14.07 | 21.34 | 17.34 | 6.08 |
| Net Income Common Stockholders | 14.07 | 21.34 | 17.34 | 6.08 |
| Total Expenses | 256.71 | 526.47 | 491.73 | 441.81 |
| Interest Expense | 0.26 | 2.22 | 3.07 | 2.95 |
| Selling General And Administration | 12.47 | 46.38 | 21.04 | 16.17 |
| Normalized EBITDA | 31.54 | 23.63 | 27.61 | 6.08 |
| Normalized Income | 22.99 | 14.29 | 15.97 | -0.13 |
| Basic EPS | 2.04 | 2.91 | 2.39 | 0.87 |
| Diluted EPS | 2.04 | 2.91 | 2.39 | 0.87 |
| Tax Effect Of Unusual Items | -2.71 | 2.25 | 0.47 | 1.64 |
| Tax Rate For Calcs | 0.23 | 0.24 | 0.26 | 0.21 |
| Total Unusual Items | -11.64 | 9.31 | 1.85 | 7.86 |
| Total Unusual Items Excluding Goodwill | -11.64 | 9.31 | 1.85 | 7.86 |
| Net Income From Continuing Operation Net Minority Interest | 14.07 | 21.34 | 17.34 | 6.08 |
| Reconciled Depreciation | 1.32 | 2.53 | 3.07 | 3.29 |
| Reconciled Cost Of Revenue | 244.25 | 477.56 | 443.83 | 399.12 |
| Net Interest Income | -0.26 | -2.22 | -3.07 | -2.95 |
| Net Income From Continuing And Discontinued Operation | 14.07 | 21.34 | 17.34 | 6.08 |
| Total Operating Income As Reported | 28.52 | 21.07 | 24.52 | 3.04 |
| Diluted Average Shares | 6.62 | 7.33 | 7.26 | 6.99 |
| Basic Average Shares | 6.62 | 7.33 | 7.26 | 6.99 |
| Diluted NI Availto Com Stockholders | 14.07 | 21.34 | 17.34 | 6.08 |
| Net Income Including Noncontrolling Interests | 14.07 | 21.34 | 17.34 | 6.08 |
| Net Income Continuous Operations | 14.07 | 21.34 | 17.34 | 6.08 |
| Other Income Expense | -9.93 | 9.33 | 1.87 | 7.86 |
| Other Non Operating Income Expenses | 1.70 | 0.03 | 0.02 | 0.01 |
| Special Income Charges | 0 | 0 | 0 | 0.26 |
| Gain On Sale Of Ppe | 0 | 0 | 0 | 0.26 |
| Gain On Sale Of Security | -11.64 | 9.31 | 1.85 | 7.60 |
| Net Non Operating Interest Income Expense | -0.26 | -2.22 | -3.07 | -2.95 |
| Interest Expense Non Operating | 0.26 | 2.22 | 3.07 | 2.95 |
| Other Operating Expenses | 0 | 0 | 23.79 | 23.23 |
| Depreciation Amortization Depletion Income Statement | 0 | 2.53 | 3.07 | 3.29 |
| Depreciation And Amortization In Income Statement | 0 | 2.53 | 3.07 | 3.29 |
| Selling And Marketing Expense | 0 | 24.48 | 23.79 | 0 |
| General And Administrative Expense | 0 | 21.89 | 21.04 | 0 |
| Other Gand A | 0 | 21.89 | 21.04 | 0 |
| Operating Revenue | 285.24 | 547.54 | 516.25 | 444.60 |
Basic Materials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Friedman Industries, Incorporatedthis co. | FRD | $142M | 8.96↓ discount | 1.00 | 4.6% | 10.15 |
| Hudson Technologies, Inc. | HDSN | $256M | 16.43 | 1.04 | 6.8% | 7.85 |
| Core Molding Technologies, Inc. | CMT | $252M | 21.23 | 1.47 | 7.1% | 8.18 |
| Clearwater Paper Corporation | CLW | $208M | - | 0.25 | -2.3% | 5.43 |
| Montauk Renewables, Inc. |
| MNTK |
| $206M |
| 144.00 |
| 0.79 |
| 0.7% |
| 8.84 |
| FutureFuel Corp. | FF | $198M | - | 1.28 | -31.9% | -3.38 |
| Smith-Midland Corporation | SMID | $176M | 14.05 | 3.24 | 23.0% | 8.48 |
| Ascent Industries Co. | ACNT | $134M | - | 1.57 | 1.0% | -33.80 |
| American Vanguard Corporation | AVD | $81M | - | 0.43 | -25.9% | 11.42 |
| Peer Median | - | 18.83 | 1.16 | 0.8% | 8.01 | |