FRP Holdings Inc FRPH

Real EstateReal Estate OperationsUnited States of America

Last close 18.86 USD on Nov 2, 2026, −17.2% year to date

Quant rating

Quant rating D Rank 168 of 175 in Real Estate

Growth D 149 of 175
Valuation D 161 of 175
Quality D 158 of 175
Revisions D 143 of 175
Momentum D 160 of 175

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 362M
Enterprise value: 513M
52-week range: 18.27 – 25.73
3-year range: 18.27 – 32.48
Dividend yield: –
Beta (5 years): 0.54
Shares outstanding: 19.2M
Next earnings: –

About the company

FRP Holdings, Inc. is a holding company engaged in the real estate business. The Company’s segments include Multifamily, Industrial and Commercial, Mining Royalty Lands, and Development. The Multifamily segment includes joint ventures which own and manage apartment buildings and any associated retail. The Company’s residential units typically lease for 12 - 15-month lease terms. It also leases retail spaces at apartment/mixed-use properties. The Industrial and Commercial segment owns, leases and manages commercial properties. Its industrial warehouses typically lease for terms ranging from 3 - 10 years often with one or two renewal options. The Mining Royalty Lands segment owns several properties comprising approximately 16,648 acres under lease for mining rents or royalties (excluding the 4,280 acres owned by its Brooksville joint venture with Vulcan Materials). The Development segment owns and monitors the use of parcels of land that are in various stages of development.

Growth and profitability

Growth and profitability by fiscal year
	2018	2017	2016	2015	2014	5Y avg
Revenue (mil)	42.8	41.8	41.5	37.5	31.2	–
Revenue growth	2.6%	0.6%	10.7%	20.1%	32.4%	12.7%
EPS (basic, normalized)	–	1.48	–	–	–	–
EPS growth	–	–	–	–	–	–
Gross margin	41.3%	50.2%	37.8%	31.1%	17.1%	35.5%
Net margin	7.8%	15.3%	12.8%	12.2%	90.4%	27.7%
ROE	0.8%	1.5%	1.3%	1.1%	7.4%	2.4%

Balance sheet, last quarter
Cash & short-term investments (mil)	89.4
Current ratio	–
Long-term debt (mil)	215
Net debt (mil)	151
Total equity (mil)	429
Net debt / equity	0.35x
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2018 actual	42.8	+2.6%	12.0x	–	–	–	–	–	–

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2019	–	–	–	–	–	–	–	–
2020	–	–	–	–	–	–	–	–
2021	–	–	–	–	–	–	–	–

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	FQ-9	FQ-8	Mar 2017	FQ-6	FQ-5	Dec 2017	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	–	0.07	–	–	0.06	–	–	–	–
EPS mean	–	–	0.10	–	–	0.05	–	–	–	–
Surprise	–	–	−26.3%	–	–	+10.0%	–	–	–	–

Peer comparison Real Estate Operations

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
FRPH FRP Holdings Inc	362M	–	7.8%	0.84x	–	–	–	–
GZTGF G City Ltd	503M	34.54x	2.8%	0.40x	–	–	–	–
TCI Transcontinental Realty Investors Inc	439M	–	28.1%	0.52x	–	–	–	–
MLP Maui Land & Pineapple Company Inc	283M	–	−54.4%	9.13x	–	–	–	–
MPC Madison Pacific Properties Inc.	189M	–	57.1%	0.67x	–	–	–	–
ARL American Realty Investors Inc	309M	–	31.4%	0.50x	–	–	–	–
Mean		34.54x	12.1%	2.01x	–	–	–	–
Median		34.54x	18.0%	0.59x	–	–	–	–

Technical analysis

1M−7.0%
3M−15.5%
1Y−20.4%
3Y−30.9%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, FRP Holdings Inc, fiscal years, most recent first
	2018	2017	2016	2015	2014	2013
Total revenue	42.8	41.8	41.5	37.5	31.2	23.6
Cost of revenue	25.2	20.8	25.8	25.8	25.9	14.9
Gross profit	17.7	21.0	15.7	11.7	5.3	8.6
Selling, general & administrative expenses	10.7	9.3	4.0	3.7	3.1	3.5
Research & development	–	–	–	–	–	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	–	–	–	–	–
Other operating expenses	0	0	0	0	0	0
Operating income	7.0	11.7	11.7	8.0	2.3	5.1
Net interest income (expense)	−3.2	−3.4	−5.4	−3.3	−3.8	0.6
Gain (loss) on sale of assets	0	0.2	0.1	0.9	51.9	9.2
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	3.8	8.5	6.4	5.6	50.4	14.9
Provision for taxes	0.8	2.0	1.5	1.5	10.3	3.2
Minority interest	0.4	−0.1	0.4	0.5	−11.9	1.0
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	3.3	6.4	5.3	4.6	28.2	12.7
Extraordinary items	–	–	–	0	0	0
Net income	3.3	6.4	5.3	4.6	28.2	12.7
EBIT, normalized	7.0	11.7	11.7	8.0	2.3	5.1
EBITDA, normalized	18.0	22.1	22.7	19.5	15.2	11.2
Basic EPS, normalized	–	1.48	–	–	–	–

Balance sheet in millions of USD, fiscal years

Balance sheet, FRP Holdings Inc, fiscal years, most recent first
	2018	2017	2016	2015	2014	2013
Assets
Cash & short-term investments	94.0	149	158	177	162	73.9
Receivables	2.9	1.4	1.4	1.2	1.9	5.5
Total inventory	–	–	–	–	–	–
Prepaid expenses	–	–	–	–	–	–
Other current assets	–	–	–	–	–	–
Total current assets	–	–	–	–	–	–
Property, plant & equipment	614	573	544	518	506	379
Goodwill	6.9	–	–	–	–	–
Intangibles	0.2	–	–	–	–	–
Long-term investments	–	–	–	0	4.3	75.6
Note receivable	–	–	–	–	–	–
Other long-term assets	114	155	165	183	168	81.4
Total assets	735	728	709	701	678	536
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	12.1	6.0	8.3	6.0	6.1	3.6
Accrued expenses	–	–	–	–	–	–
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	–	–	–	–	–	–
Total current liabilities	–	–	–	–	–	–
Long-term debt	193	179	179	179	178	90.0
Minority interest	27.1	46.0	33.5	37.1	28.8	15.0
Other liabilities	86.9	80.5	82.5	78.3	74.5	63.7
Total liabilities	307	305	295	294	282	169
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	1.9	1.9	0.9	0.9	0.9	0.9
Additional paid-in capital	71.4	68.9	67.7	65.2	57.6	56.3
Retained earnings (accumulated deficit)	355	352	346	342	338	310
Treasury stock	–	–	–	–	–	–
Other equity	0	0.1	0	−1.3	0.1	0.7
Total equity	429	423	415	407	396	368
Total liabilities & shareholders' equity	735	728	709	701	678	536

Cash flow statement in millions of USD, fiscal years

Cash flow statement, FRP Holdings Inc, fiscal years, most recent first
	2018	2017	2016	2015	2014	2013
Operating activities
Net income	3.0	6.5	4.9	4.0	40.1	11.7
Depreciation, depletion & amortization	11.4	10.4	11.0	11.5	12.9	6.0
Deferred taxes	−0.8	−1.8	1.5	1.8	7.9	6.0
Non-cash items	11.2	13.1	13.7	6.4	−45.2	−1.5
Changes in working capital	5.0	0.8	2.0	−1.4	6.4	−3.6
Cash from operations	29.7	29.0	33.0	22.3	22.2	18.6
Investing activities
Capital expenditures	−51.1	−51.2	−11.2	−27.6	−16.5	−17.5
Other investing cash flows	−22.5	1.0	−37.5	4.4	83.1	68.1
Cash from investing	−73.7	−50.2	−48.7	−23.2	66.6	50.5
Financing activities
Financing cash flow items	−14.2	12.5	−3.2	16.4	−3.3	−0.8
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	13.7	0.2	−1.0	0.4	2.1	−21.1
Cash from financing	−0.6	12.7	−4.2	16.8	−1.2	−21.8
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−44.6	−8.5	−19.9	16.0	87.6	47.3
Free cash flow	−21.5	−22.2	21.8	−5.3	5.7	1.1

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.