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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 |
| Operating 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 |
| Selling General And Administration | 12.47 | 46.38 | 21.04 | 16.17 |
| Total Expenses | 256.71 | 526.47 | 491.73 | 441.82 |
| Operating Income | 28.52 | 21.07 | 24.52 | 2.78 |
| Total Operating Income As Reported | 28.52 | 21.07 | 24.52 | 3.04 |
| EBITDA | 19.91 | 32.93 | 29.46 | 13.94 |
| Normalized EBITDA | 31.54 | 23.63 | 27.61 | 6.08 |
| EBIT | 18.59 | 30.41 | 26.39 | 10.65 |
| Interest Expense | 0.26 | 2.22 | 3.07 | 2.95 |
| Net Interest Income | -0.26 | -2.22 | -3.07 | -2.95 |
| Other Non Operating Income Expenses | 1.70 | 0.03 | 0.02 | 0 |
| Other Income Expense | -9.93 | 9.33 | 1.87 | 7.86 |
| Interest Expense Non Operating | 0.26 | 2.22 | 3.07 | 2.95 |
| Net Non Operating Interest Income Expense | -0.26 | -2.22 | -3.07 | -2.95 |
| Pretax Income | 18.33 | 28.19 | 23.31 | 7.69 |
| Tax Provision | 4.26 | 6.84 | 5.97 | 1.61 |
| Tax Rate For Calcs | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | -2.71 | 2.25 | 0.47 | 1.64 |
| Net Income Continuous Operations | 14.07 | 21.34 | 17.34 | 6.08 |
| Net Income From Continuing And Discontinued Operation | 14.07 | 21.34 | 17.34 | 6.08 |
| Net Income From Continuing Operation Net Minority Interest | 14.07 | 21.34 | 17.34 | 6.08 |
| Net Income | 14.07 | 21.34 | 17.34 | 6.08 |
| Net Income Common Stockholders | 14.07 | 21.34 | 17.34 | 6.08 |
| Net Income Including Noncontrolling Interests | 14.07 | 21.34 | 17.34 | 6.08 |
| Normalized Income | 22.99 | 14.29 | 15.97 | -0.13 |
| Diluted NI Availto Com Stockholders | 14.07 | 21.34 | 17.34 | 6.08 |
| Basic Average Shares | 6.62 | 7.33 | 7.26 | 6.99 |
| Diluted Average Shares | 6.62 | 7.33 | 7.26 | 6.99 |
| Reconciled Depreciation | 1.32 | 2.53 | 3.07 | 3.29 |
| Reconciled Cost Of Revenue | 244.25 | 477.56 | 443.83 | 399.12 |
| Total Unusual Items | -11.64 | 9.31 | 1.85 | 7.86 |
| Total Unusual Items Excluding Goodwill | -11.64 | 9.31 | 1.85 | 7.86 |
| Special Income Charges | - | - | 0 | 0.26 |
| Gain On Sale Of Security | -11.64 | 9.31 | 1.85 | 7.60 |
| Depreciation Amortization Depletion Income Statement | - | 2.53 | 3.07 | 3.29 |
| Depreciation And Amortization In Income Statement | - | 2.53 | 3.07 | 3.29 |
| General And Administrative Expense | - | 21.89 | 21.04 | - |
| Other Gand A | - | 21.89 | 21.04 | - |
| Gain On Sale Of Ppe | - | - | 0 | 0.26 |
| Other Operating Expenses | - | - | 23.79 | 23.23 |
| Selling And Marketing Expense | - | 24.48 | 23.79 | - |
Basic Materials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Friedman Industries, Incorporatedthis co. | FRD | $173M | 28.48↑ premium | 1.31 | 4.6% | 15.79 |
| U.S. Gold Corp. | USAU | $259M | -12.58 | 22.32 | -177.4% | -19.39 |
| Clearwater Paper Corporation | CLW | $258M | -13.86 | 0.31 | -2.3% | 12.00 |
| Montauk Renewables, Inc. | MNTK | $242M | 138.43 | 0.92 | 0.7% | 11.03 |
| Hudson Technologies, Inc. |
| HDSN |
| $231M |
| 13.88 |
| 0.95 |
| 6.8% |
| 8.03 |
| Core Molding Technologies, Inc. | CMT | $203M | 18.11 | 1.28 | 7.1% | 7.27 |
| FutureFuel Corp. | FF | $192M | -3.88 | 1.24 | -31.9% | - |
| Smith-Midland Corporation | SMID | $164M | 13.08 | 3.01 | 23.0% | 7.76 |
| Ascent Industries Co. | ACNT | $123M | 141.88 | 1.41 | 1.0% | -28.63 |
| Peer Median | - | 13.48 | 1.26 | 0.8% | 7.76 | |