FRP HOLDINGS, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data FRP HOLDINGS, 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

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	37.5	15.6	22	23.8	23.6	31.2	37.5	41.5	41.8	42.8
Cost of revenue	3.08	3.38
Gross profit	16.4	12.2
General and administrative		1.3	1.77				7.08	7.97	9.28	10.7
Operating expenses	21.1	14.6	20.1
Operating income	16.4	1.04	1.96	5.76	5.13	2.27	8	11.7	11.7	7.03
Interest expense	1.56	2.74	3.1	1.05	1.1	2.3	3.05	4.32	3.15	2.97
Pre-tax income	19.9	60.6	123	15.7	14.9	50.4	5.58	6.4	8.49	3.78
Income tax	7.85	7.35	0.52	2.96	3.21	10.3	1.02	1.52	2.03	0.82
Income from continuing operations	12	49.5	0.96	8.82	11.7	40.1
Net income	12	41.8	124	16.2	12.7	28.2	4.57	5.3	6.39	3.33
EBITDA	24.7	7.02	10.2	11.9	11.2	15.2	19.5	22.7	22.1	18.4
EPS, basic	0.61	2.10	6.20	0.82	0.67	1.51	0.24	0.28	0.34	0.18
EPS, diluted	0.61	2.08	6.16	0.82	0.66	1.50	0.24	0.28	0.34	0.18
Shares, basic (weighted)	0.02	0.02	0.02	19.8	19.2	18.7	18.8	18.8	18.9	19
Shares, diluted (weighted)	0.02	0.02	0.02	19.9	19.2	18.8	18.9	18.9	19	19

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	0	4.52	22.5	26.6	73.9	162	177	158	149	105
Receivables	0.99	0.62	0.56	0.55	0.92
Property, plant and equipment	221	210	207	202	203	351	367	367	407	449
Goodwill									0	6.89
Total assets	265	419	505	538	536	678	701	709	728	735
Short-term debt	4.46	4.46	0	0	0
Long-term debt	37.5	114	88.8	88.9	90
Total liabilities	68.7	154	122	147	154	253	257	261	259	279
Total debt	35.1	29.7	0	88.9	90	178	179	179	179	193
Paid-in capital	51.6	55.6	58	57.7	56.3	57.6	65.2	66.7	68.9	71.4
Other comprehensive income	0.02	0.04	-0.7	0.92	0.68	0.11	-1.28	0.04	0.06	0.02
Shareholders' equity	196	244	365	375	368	396	407	415	423	429
Total equity	196	265	383	392	383	425	444	448	469	456
Total liabilities and equity	265	419	505	538	536	678	701	709	728	735
Shares outstanding					18.7	18.8	9.46	19	19	19.1

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	12	60.6	123	15.7	11.7	40.1	4.05	4.88	6.46	2.96
Depreciation and amortization	8.29	5.98	8.21	6.16	6.05	12.9	11.5	11	10.4	11.4
Stock-based compensation	0.17	0.27	0.61	0.11	0.09	1.11	1.57	1.74	1.96	2.09
Deferred income tax	1.9	9.53	2	22.1	6	7.94	1.81	1.5	-1.77	-0.79
Change in receivables	-0.21	-0.25	0.05	0.02	-0.38	0.84	-0.37	0.12	-0.31	-0.07
Change in payables	3.24	-0.75	1.38	-0.35	0.96	1.89	-0.28	3.03	-0.8	6.95
Cash from operations	19.5	21.1	-37.2	47	18.6	22.2	22.3	33	29	29.7
Capital expenditures	-27.6	-3.3	-7.29	-10.4	-17.5	-16.5	-27.6	-11.2	-51.2	-51.1
Acquisitions								0	0	-23.5
Purchases of investments		0	-447	-86.3	-24.6	0	0
Sales and maturities of investments		0	280	116	85.7	69.9	4.32	0	0
Cash from investing	-15	-15.2	90.9	-33.8	50.5	66.6	-23.2	-48.7	-50.2	-73.7
Debt issued	0	90.5	0	0	0	92.1	0	0	0	13.9
Debt repaid	-4.18	-79.3	-1.55	0	0	-90	0	0
Share buybacks	-0.04	-0.07	-5.73	-8.21	-21.3	-0.26	0	-2	0	-0.46
Cash from financing	-4.87	-1.38	-35.7	-9.14	-21.8	-1.23	16.8	-4.17	12.7	-0.58
Net change in cash	-0.42	4.52	18	4.06	47.3	87.6	16	-19.9	-8.48	-44.6
Free cash flow	-8.06	17.8	-44.5	36.6	1.07	5.71	-5.28	21.8	-22.2	-21.5
Interest paid	1.54	3.96	2.85	0.91	0.96	2.15	2.89	4.17	2.97	2.73
Income taxes paid	5.57	1.66	50.4	-26.4	2.24	-1.23	-1.76	0.93	2.79

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $21.11 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	11.6%	Operating income / revenue.
EBITDA margin	39.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-1.7%	Pre-tax income / revenue.
Net margin	0.2%	Net income / revenue.
FCF margin	-95.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	65.2%	Cash from operations / revenue.
Return on equity (ROE)	0.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	0.0%	Net income / average total assets.
Return on invested capital (ROIC)	0.7%	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%.
Stock-based pay / revenue	4.9%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	160.2%	Capital expenditures / revenue.
D&A / revenue	27.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	2.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	4.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	12.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-40.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-4.2%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	6.5%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-16.7%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-1.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	10.5%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-47.8%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-10.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-23.5%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-47.1%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-9.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-22.9%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	2.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	9.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	9.8%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	1.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	1.7%	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	3.1%	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	0.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	1.6%	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	6.5%	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	0.2%	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	0.3%	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
Debt / equity	0.50x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	28.2%	Total debt / total assets.
Liabilities / assets	40.3%	Total liabilities / total assets.
Net debt	$113.6M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	6.72x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	1.76x	Operating income / interest expense.
Goodwill and intangibles / assets	0.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	$422.1M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.06x	Revenue / average total assets.
Fixed asset turnover	0.09x	Revenue / average property, plant and equipment.
FCF conversion	-42,951.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	245.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.01	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.
Revenue per share	$2.28	Revenue / diluted weighted shares.
FCF per share	-$2.16	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.48	Cash from operations / diluted weighted shares.
Book value per share	$22.34	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$21.98	Tangible book value / shares outstanding.
Cash per share	$5.26	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$405.3M	Share price x shares outstanding.
Enterprise value	$518.9M	Market cap + total debt - cash - short-term investments.
P/E	4,222x	Market cap / net income. Only when net income is positive.
P/S	9.35x	Market cap / revenue.
P/B	0.94x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.96x	Market cap / tangible book value, when positive.
P/OCF	14.3x	Market cap / cash from operations, when positive.
EV/Sales	12.0x	Enterprise value / revenue.
EV/EBIT	103x	Enterprise value / operating income, when both are positive.
EV/EBITDA	30.7x	Enterprise value / EBITDA, when both are positive.
FCF yield	-10.2%	Free cash flow / market cap.
Earnings yield	0.0%	Net income / market cap (the inverse of P/E).

What was FRP HOLDINGS, INC.'s revenue in fiscal 2025?

FRP HOLDINGS, INC. reported revenue of $42.8M for fiscal 2025, 2.6% higher than the year before.

Was FRP HOLDINGS, INC. profitable in fiscal 2025?

Yes. Net income was $3.3M, a net margin of 7.8%.

How much free cash flow did FRP HOLDINGS, INC. generate in fiscal 2025?

Cash from operations of $29.7M minus capital expenditures of $51.1M left free cash flow of -$21.5M.

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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