FRIEDMAN INDUSTRIES INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data FRIEDMAN INDUSTRIES INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2015	FY2016	FY2017	FY2018	FY2019	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	81.6	77.8	121	187	142	126	285	548	516	445
Cost of revenue	76.9	77.9	111	174	139	103	244	504	492	442
Gross profit	4.69	-0.19	9.95	12.9	2.61	23.6	41	43.1	24.5	2.79
Selling, general and administrative	4.67	4.02	4.18	4.78	5.12	7.84	12.5	21.9	21	16.2
Operating income	0.02	-4.21	5.74	6.38	-6.86	15.7	28.5	21.1	24.5	3.04
Interest expense			0.03	0.02	0	0.02	0.26	2.22	3.07	2.95
Other non-operating income					0.02	-0.5	1.7	0.03	0.02	0.01
Pre-tax income	0.4	-4.15	5.76	6.82	-6.84	15.2	18.3	28.2	23.3	7.69
Income tax	0.1	-1.47	1.83	1.72	-1.59	3.8	4.27	6.85	5.97	1.61
Net income	0.29	-2.68	3.93	5.1	-5.25	11.4	14.1	21.3	17.3	6.09
EBITDA	1.7	-2.62	7.1	7.72	-5.33	16.7	29.8	23.6	27.6	6.33
EPS, basic	0.10	-0.98	0.56	0.73	-0.75	1.63	2.04	2.91	2.39	0.87
EPS, diluted	0.10	-0.98	0.56	0.73	-0.75	1.63	2.04	2.91	2.39	0.87
Shares, basic (weighted)	2.72	2.74	7.01	7.01	7	6.7	6.62
Shares, diluted (weighted)	2.72	2.74	7.01	7.01	7	6.7	6.62	7.22	7.18	6.94
Dividend per share							0.08	0.08	0.10	0.16

Balance sheet

	FY2015	FY2016	FY2017	FY2018	FY2019	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	2.8	1.46	4.05	11.7	17.1	8.19	2.6	2.99	2.89	3.69
Receivables	4.82	8.94	13.2	13.2	11.7	20.4	35.7	49.4	47.3	47.5
Inventory	41.9	34.9	49.1	49.1	35.7	36	67.9	86.2	116	114
Other current assets	0.14	0.11	0.54	0.54	0.78	12.3	14.9	4.52	3.97	0.98
Total current assets	49.7	45.4	74.5	74.5	65.2	77.5	125	144	170	166
Property, plant and equipment	16	15.2	11.9	11.9	11.5	15.5	30.1	53.9	56.8	56.3
Lease right-of-use assets							0.11	1.27	2.84	2.84
Other non-current assets									0.36	1.26
Total assets	66.9	63.3	86.6	86.6	77.3	95	159	199	230	227
Accounts payable	2.48	2	11.6	11.6	8.94	15.2	44.8	36.8	43.9	35.3
Accrued liabilities	0.28	0.24	0.3	0.3	0.41	2.64	1.09	4.65	5.99	1.81
Total current liabilities	2.87	2.36	12.4	12.4	9.65	29.1	60.8	45.1	54.1	38.3
Long-term debt										0
Lease liabilities								1.17	2.78	2.75
Other non-current liabilities					0.37	0.32	0.22	1.22
Total liabilities	3.65	2.91	14.1	14.1	10.5	29.7	79.6	83.9	103	94.4
Paid-in capital	29	28.9	29.3	29.3	29.6	30	30.4	35	35.2	35.4
Retained earnings	31.7	28.8	40.5	40.5	34.5	45.4	58.9	79.7	96.3	101
Treasury stock	-5.48	-5.48	-5.53	-5.53	-5.53	-7.2	-7.74	-7.78	-12.9	-13.1
Other comprehensive income						-11.2	-10.3	-0.32	0
Shareholders' equity	63.2	60.4	72.5	72.5	66.9	65.3	79.7	115	127	132
Total equity	63.2	60.4	72.5	72.5	66.9	65.3	79.7	115	127	132
Total liabilities and equity	66.9	63.3	86.6	86.6	77.3	95	159	199	230	227

Cash flow statement

	FY2015	FY2016	FY2017	FY2018	FY2019	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	0.29	-2.68	3.93	5.1	-5.25	11.4	14.1	21.3	17.3	6.09
Depreciation and amortization	1.67	1.59	1.36	1.34	1.52	1.01	1.32	2.53	3.07	3.29
Stock-based compensation	0
Deferred income tax	-0.22	-0.76	1.38	-0.33	-1.18	1.34	-0.56	3.33	0.79	0.22
Change in receivables	2.07	-4.12	-8.52	4.27	1.48	-8.67	-15.3	-13.7	2.04	-0.15
Change in inventory	-1.09	7.02	-4.82	-3.73	12.4	-0.62	-31.9	59.2	-29.6	2.12
Change in payables	0.33	-0.47	8.23	1.34	-2.68	5.39	22	-18.9	7.04	-8.64
Cash from operations	3.03	-0.2	3.25	9.63	11.2	8.43	-13.4	63.9	4.98	-4.41
Capital expenditures	-2.12	-0.8	-0.35	-0.81	-4.94	-4.61	-8.07	-16.5	-5.79	-4
Cash from investing	-2.18	-0.86	-0.37	-0.83	-4.95	-4.59	-7.92	-88.2	-5.81	-3.43
Share buybacks						-1.73	-0.54	-0.04	-5.15	-0.17
Dividends paid	-0.27	-0.27	-0.28	-1.19	-0.84	-0.56	-0.55	-0.59	-0.58	-1.12
Cash from financing	-0.27	-0.27	-0.28	-1.19	-0.89	-0.7	17.2	13.6	1.34	6.1
Net change in cash	0.57	-1.34	2.59	7.61	5.39	3.13	-4.07	-10.7	0.51	-1.75
Free cash flow	0.9	-1	2.9	8.82	6.3	3.82	-21.5	47.4	-0.81	-8.41
Interest paid	0	0	0.03	0.02	0.01	0.01	0.2	2	3	3
Income taxes paid	0.38	0.01	-0.96	1.85	0.26	0.01	8.3	0.4

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $39.34 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	0.6%	Gross profit / revenue.
Operating margin	0.7%	Operating income / revenue.
EBITDA margin	1.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	1.7%	Pre-tax income / revenue.
Net margin	1.4%	Net income / revenue.
FCF margin	-1.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-1.0%	Cash from operations / revenue.
Effective tax rate	20.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	4.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.7%	Net income / average total assets.
Return on invested capital (ROIC)	1.9%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	3.6%	Selling, general and administrative expense / revenue.
Capex / revenue	0.9%	Capital expenditures / revenue.
D&A / revenue	0.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-13.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	15.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	25.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-88.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-59.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	1.3%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-87.6%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-52.6%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	-77.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-40.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	-64.9%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-24.4%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	-63.6%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-24.7%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-188.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Dividend per share growth, 1y	60.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	26.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	3.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	18.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	14.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-1.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	12.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	24.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-3.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	1.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	4.34x	Current assets / current liabilities.
Quick ratio	1.33x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.10x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	41.6%	Total liabilities / total assets.
Interest coverage	1.03x	Operating income / interest expense.
Working capital	$128.1M	Current assets - current liabilities.
Tangible book value	$132.4M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.95x	Revenue / average total assets.
Fixed asset turnover	7.87x	Revenue / average property, plant and equipment.
Inventory turnover	3.85x	Cost of revenue / average inventory.
Days inventory	95 days	365 x average inventory / cost of revenue.
Receivables turnover	9.38x	Revenue / average receivables.
Days sales outstanding	39 days	365 x average receivables / revenue.
Days payables	33 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	101 days	Days inventory + days sales outstanding - days payables.
FCF conversion	-138.2%	Free cash flow / net income, when net income is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.87	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$0.87	Net income per basic share, as reported (split-adjusted).
Revenue per share	$64.02	Revenue / diluted weighted shares.
FCF per share	-$1.21	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$0.64	Cash from operations / diluted weighted shares.
Book value per share	$19.07	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$19.07	Tangible book value / shares outstanding.
Cash per share	$0.53	(Cash + short-term investments) / shares outstanding.
Dividend per share	$0.16	Dividend declared per common share (paid, when declared is not tagged).
Payout ratio	18.3%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$283.8M	Share price x shares outstanding.
Enterprise value	$280.1M	Market cap + total debt - cash - short-term investments.
P/E	46.6x	Market cap / net income. Only when net income is positive.
P/S	0.64x	Market cap / revenue.
P/B	2.14x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.14x	Market cap / tangible book value, when positive.
EV/Sales	0.63x	Enterprise value / revenue.
EV/EBIT	92.0x	Enterprise value / operating income, when both are positive.
EV/EBITDA	44.2x	Enterprise value / EBITDA, when both are positive.
FCF yield	-3.0%	Free cash flow / market cap.
Earnings yield	2.1%	Net income / market cap (the inverse of P/E).
Dividend yield	0.4%	Dividends paid over the period / market cap.
Shareholder yield	0.5%	(Dividends paid + share buybacks) / market cap.

What was FRIEDMAN INDUSTRIES INC's revenue in fiscal 2025?

FRIEDMAN INDUSTRIES INC reported revenue of $444.6M for fiscal 2025, 13.9% lower than the year before.

Was FRIEDMAN INDUSTRIES INC profitable in fiscal 2025?

Yes. Net income was $6.1M, a net margin of 1.4%.

How much free cash flow did FRIEDMAN INDUSTRIES INC generate in fiscal 2025?

Cash from operations of $4.4M minus capital expenditures of $4.0M left free cash flow of -$8.4M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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