FRP Holdings, Inc.

FRPH

Real EstateSmall CapUS Equities · NYSE / NASDAQ

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Company Profile

FRP Holdings, Inc. engages in the real estate business in the United States. The company operates through four segments: Industrial and Commercial, Mining Royalty Lands, Development, and Multifamily. Its Industrial and Commercial segment owns, leases, and manages commercial properties. The Mining Royalty Lands segment owns, leases, and manages mining royalties in Florida, Georgia, and Virginia. Its Development segment owns and assesses the use of parcels of land that are in various stages of development; and constructs new buildings own and operate. The Multifamily segment owns, leases, and manages buildings through joint ventures. FRP Holdings, Inc. was founded in 1988 and is based in Jacksonville, Florida.

Valuation

Market Cap$452M

Current Price$24.44as of Jun 23, 2026

P/E Ratio135.80

P/B Ratio1.06

EV / EBITDA30.39

EV / Sales12.86

Profitability

Operating Margin16.4%

Net Profit Margin7.8%

EBITDA Margin42.3%

Returns

ROE0.8%

ROCE1.0%

ROIC %1.0%

ROA0.5%

Solvency

Current Ratio6.77

Debt / Equity0.45

Debt / Assets0.26

CFO / Net Profit8.91

Price History▼ 11.00% over 1Y

Technical Chart

Historical Performance Charts

5-year financial trends. Figures in USD millions.

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Latest fiscal year: 2025

Revenue$43M▲ 2.6%

EBITDA$18M▼ 17.7%

Net Profit$3M▼ 47.8%

Cash from Ops (CFO)$30M▲ 2.4%

Free Cash Flow (FCF)$30M▲ 2.4%

Revenue CAGR 3Y4.6%

Revenue CAGR 5Y-

Net Profit CAGR 3Y-10.0%

Net Profit CAGR 5Y-

Historical Growth

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	$43M	$18M	$3M	$30M	0.8%	2.6%	-47.8%
2024	$42M	$22M	$6M	$29M	1.5%	0.6%	20.4%
2023	$42M	$22M	$5M	$33M	1.3%	10.7%	16.1%
2022	$37M	$20M	$5M	$22M	1.1%	-	-
2021	-	-	-

Financial Statements

Income statement, balance sheet, and cash flow as reported

Consolidated Figures in USD Millions.

Metric	2021	2022	2023	2024	2025
Total Revenue	-	37.48	41.51	41.77	42.85
Operating Revenue	-	37.48	41.51	41.77	42.63
Cost Of Revenue	-	4.12	3.65	3.44	3.91
Gross Profit	-	33.36	37.86	38.34	38.94
Operating Expense	-	25.36	26.16	26.63	31.91
Selling General And Administration	-	7.08	7.97	9.28	10.66
Total Expenses	-	29.48	29.81	30.07	35.82
Operating Income	-	8	11.70	11.70	7.03
Total Operating Income As Reported	-	8	11.70	11.70	7.03
EBITDA	-	20.08	21.69	22.03	18.12
Normalized EBITDA	-	13.74	10.74	10.74	9.30
EBIT	-	8.62	10.71	11.64	6.75
Interest Expense	-	3.04	4.32	3.15	2.97
Net Interest Income	-	-3.04	-4.32	-3.15	-2.97
Other Income Expense	-	0.63	-0.99	-0.06	-0.28
Interest Expense Non Operating	-	3.04	4.32	3.15	2.97
Net Non Operating Interest Income Expense	-	-3.04	-4.32	-3.15	-2.97
Pretax Income	-	5.58	6.40	8.49	3.78
Tax Provision	-	1.53	1.52	2.03	0.82
Tax Rate For Calcs	-	0	0	0	0
Tax Effect Of Unusual Items	-	1.74	2.59	2.70	1.74
Net Income Continuous Operations	-	4.05	4.88	6.46	2.96
Net Income From Continuing And Discontinued Operation	-	4.57	5.30	6.38	3.33
Net Income From Continuing Operation Net Minority Interest	-	4.57	5.30	6.38	3.33
Net Income	-	4.57	5.30	6.38	3.33
Net Income Common Stockholders	-	4.57	5.30	6.38	3.33
Net Income Including Noncontrolling Interests	-	4.05	4.88	6.46	2.96
Normalized Income	-	-0.04	-3.05	-2.21	-3.76
Diluted NI Availto Com Stockholders	-	4.57	5.30	6.38	3.33
Basic Average Shares	-	18.77	18.84	18.78	18.50
Diluted Average Shares	-	18.87	18.92	18.78	18.50
Reconciled Depreciation	-	11.46	10.98	10.39	11.38
Reconciled Cost Of Revenue	-	3.88	3.50	3.23	3.49
Total Unusual Items	-	6.35	10.95	11.29	8.82
Total Unusual Items Excluding Goodwill	-	6.35	10.95	11.29	8.82
Minority Interests	-	0.52	0.42	-0.08	0.37
Net Income Discontinuous Operations	0	-	-	-	-
Gain On Sale Of Security	-	6.35	10.95	11.29	8.82
Depreciation Amortization Depletion Income Statement	-	11.22	10.82	10.19	10.96
General And Administrative Expense	-	7.08	7.97	9.28	10.66
Other Gand A	-	7.08	7.97	9.28	10.66
Other Operating Expenses	-	7.06	7.36	7.17	10.30
Earnings From Equity Interest	-	-5.72	-11.94	-11.36	-9.10

Peer Comparison

Real Estate sector peers, ranked by market cap

Company	Ticker	Market Cap	P/E	P/B	ROE	EV/EBITDA
FRP Holdings, Inc.this co.	FRPH	$452M	135.80↑ premium	1.06	0.8%	30.39
One Liberty Properties, Inc.	OLP	$516M	20.27	1.72	8.5%	13.22
Chiron Real Estate Inc.	XRN	$515M	-	1.01	-2.4%	13.98
Community Healthcare Trust Incorporated	CHCT	$494M	96.77	1.15	1.2%	13.34
RE/MAX Holdings, Inc.	RMAX	$494M

Learn while you research

Hand-picked academy chapters to deepen your understanding of FRP Holdings, Inc. and the metrics that matter.

01 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read 02 Valuation Multiples Explained

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Year

Revenue

EBITDA

Net Profit

FCF

ROE

Rev Growth 1Y

NP Growth 1Y

2025

$43M

$18M

$3M

$30M

0.8%

2.6%

-47.8%

2024

$42M

$22M

$6M

$29M

1.5%

0.6%

20.4%

2023

$42M

$22M

$5M

$33M

1.3%

10.7%

16.1%

2022

$37M

$20M

$5M

$22M

1.1%

2021

Metric

2021

2022

2023

2024

2025

Total Revenue

37.48

41.51

41.77

42.85

Operating Revenue

37.48

41.51

41.77

42.63

Cost Of Revenue

4.12

3.65

3.44

3.91

Gross Profit

33.36

37.86

38.34

38.94

Operating Expense

25.36

26.16

26.63

31.91

Selling General And Administration

7.08

7.97

9.28

10.66

Total Expenses

29.48

29.81

30.07

35.82

Operating Income

11.70

7.03

Total Operating Income As Reported

11.70

7.03

EBITDA

20.08

21.69

22.03

18.12

Normalized EBITDA

13.74

10.74

9.30

EBIT

8.62

10.71

11.64

6.75

Interest Expense

3.04

4.32

3.15

2.97

Net Interest Income

-3.04

-4.32

-3.15

-2.97

Other Income Expense

0.63

-0.99

-0.06

-0.28

Interest Expense Non Operating

3.04

4.32

3.15

2.97

Net Non Operating Interest Income Expense

-3.04

-4.32

-3.15

-2.97

Pretax Income

5.58

6.40

8.49

3.78

Tax Provision

1.53

1.52

2.03

0.82

Tax Rate For Calcs

Tax Effect Of Unusual Items

1.74

2.59

2.70

1.74

Net Income Continuous Operations

4.05

4.88

6.46

2.96

Net Income From Continuing And Discontinued Operation

4.57

5.30

6.38

3.33

Net Income From Continuing Operation Net Minority Interest

4.57

5.30

6.38

3.33

Net Income

4.57

5.30

6.38

3.33

Net Income Common Stockholders

4.57

5.30

6.38

3.33

Net Income Including Noncontrolling Interests

4.05

4.88

6.46

2.96

Normalized Income

-0.04

-3.05

-2.21

-3.76

Diluted NI Availto Com Stockholders

4.57

5.30

6.38

3.33

Basic Average Shares

18.77

18.84

18.78

18.50

Diluted Average Shares

18.87

18.92

18.78

18.50

Reconciled Depreciation

11.46

10.98

10.39

11.38

Reconciled Cost Of Revenue

3.88

3.50

3.23

3.49

Total Unusual Items

6.35

10.95

11.29

8.82

Total Unusual Items Excluding Goodwill

6.35

10.95

11.29

8.82

Minority Interests

0.52

0.42

-0.08

0.37

Net Income Discontinuous Operations

Gain On Sale Of Security

6.35

10.95

11.29

8.82

Depreciation Amortization Depletion Income Statement

11.22

10.82

10.19

10.96

General And Administrative Expense

7.08

7.97

9.28

10.66

Other Gand A

7.08

7.97

9.28

10.66

Other Operating Expenses

7.06

7.36

7.17

10.30

Earnings From Equity Interest

-5.72

-11.94

-11.36

-9.10

Company

Ticker

Market Cap

P/E

P/B

ROE

EV/EBITDA

FRP Holdings, Inc.this co.

FRPH

$452M

135.80↑ premium

1.06

0.8%

30.39

One Liberty Properties, Inc.

OLP

$516M

20.27

1.72

8.5%

13.22

Chiron Real Estate Inc.

XRN

$515M

1.01

-2.4%

13.98

Community Healthcare Trust Incorporated

CHCT

$494M

96.77

1.15

1.2%

13.34

RE/MAX Holdings, Inc.

RMAX

$494M

FRP Holdings, Inc.

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

FRP Holdings, Inc.

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Key concepts to brush up on