FRP HOLDINGS, INC. FRPH
FRP Holdings, Inc., a Florida corporation (the "Company") was incorporated on April 22, 2014 in connection with a corporate reorganization that preceded the Spin-off of Patriot Transportation Holding, Inc. The Company's predecessor issuer was formed on July 20, 1988. The business of the Company is conducted through our wholly-owned subsidiaries FRP Development Corp., a Maryland corporation, and Florida Rock Properties, Inc., a Florida corporation, and the various subsidiaries and joint ventures of each.
Our Business. FRP Holdings, Inc. is engaged in the real estate business, namely (i) leasing and management of industrial and commercial properties (the "Industrial and Commercial Segment"), (ii) leasing and management of mining royalty land owned by the Company (the "Mining Royalty Lands Segment"), (iii) real property acquisition, entitlement, development and construction primarily for apartment, retail, industrial, and office (the "Development Segment"), and (iv) management of mixed-use residential/retail properties owned through joint ventures (the "Multifamily Segment"). Our investments in real estate partnerships not wholly owned by FRP which are conducted through limited liability corporations ("LLC") are also referred to as joint ventures.
Valuation FY2025 figures against the last close
Where the revenue comes from as reported in the latest 10-K
Revenue by segment
- Multifamily
- Mining royalty lands
- Industrial and Commercial
- Development
| Segment | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Multifamily | $21.9M | $22.1M | $21.8M |
| Mining royalty lands | $14.4M | $12.9M | $12.5M |
| Industrial and Commercial | $5.2M | $5.6M | $5.4M |
| Development | $1.5M | $1.2M | $1.8M |
As the company reported it, from the “Business Segments - Schedule of Operating Results and Certain Other Financial Data for Business Segments (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $42.8M | $41.8M | $41.5M | $37.5M | $31.2M | $23.6M | $23.8M | $22.0M | $15.6M | $37.5M |
| Cost of revenue | — | — | — | — | — | — | — | — | $3.4M | $3.1M |
| Gross profit | — | — | — | — | — | — | — | — | $12.2M | $16.4M |
| SG&A | $10.7M | $9.3M | $8.0M | $7.1M | — | — | — | $1.8M | $1.3M | — |
| Total operating expenses | $35.8M | $30.1M | $29.8M | $29.5M | $28.9M | $18.4M | $18.0M | $20.1M | $14.6M | $21.1M |
| Operating income | $7.0M | $11.7M | $11.7M | $8.0M | $2.3M | $5.1M | $5.8M | $2.0M | $1.0M | $16.4M |
| Interest expense | $3.0M | $3.1M | $4.3M | $3.0M | $2.3M | $1.1M | $1.1M | $3.1M | $2.7M | $1.6M |
| Pre-tax income | $4.0M | $8.4M | $6.8M | $5.6M | $38.5M | $15.9M | $15.7M | $123.1M | $60.6M | $19.9M |
| Income tax | $818.0K | $2.0M | $1.5M | $1.0M | $10.3M | $3.2M | $3.0M | $524.0K | $7.3M | $7.9M |
| Net income | $3.2M | $6.4M | $5.3M | $4.6M | $28.2M | $12.7M | $16.2M | $124.5M | $41.8M | $12.0M |
| EPS, basic | 0.18 | 0.34 | 0.28 | 0.24 | 3.02 | 1.33 | 1.64 | 12.40 | 4.19 | 1.22 |
| EPS, diluted | 0.18 | 0.34 | 0.28 | 0.24 | 3.00 | 1.32 | 1.63 | 12.32 | 4.16 | 1.22 |
| Shares, diluted (wtd. avg.) | 19.0M | 19.0M | 18.9M | 18.9M | 9.4M | 9.6M | 9.9M | 10,105 | 10,040 | 9,890 |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $105.4M | $149.9M | $158.4M | $178.3M | $161.5M | $73.9M | $26.6M | $22.5M | $4.5M | $0 |
| Receivables | — | — | — | — | — | $923.0K | $546.0K | $564.0K | $615.0K | $987.0K |
| Property, plant and equipment | $448.5M | $407.4M | $367.3M | $367.2M | $350.7M | $203.1M | $202.2M | $206.6M | $209.9M | $220.6M |
| Goodwill | $6.9M | $0 | — | — | — | — | — | — | — | — |
| Total assets | $735.1M | $728.5M | $709.2M | $701.1M | $678.2M | $536.4M | $538.1M | $505.5M | $418.7M | $264.8M |
| Short-term debt | — | — | — | — | — | $0 | $0 | $0 | $4.5M | $4.5M |
| Long-term debt | $192.6M | $178.9M | $178.7M | $178.6M | $178.4M | $90.0M | $88.9M | $88.8M | $113.9M | $37.5M |
| Total liabilities | $279.5M | $259.4M | $261.2M | $256.9M | $252.9M | $153.7M | $146.5M | $122.2M | $154.2M | $68.7M |
| Total equity | $428.5M | $423.1M | $448.0M | $444.2M | $425.2M | $382.7M | $391.6M | $383.3M | $264.6M | $198.8M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $29.7M | $29.0M | $33.0M | $22.3M | $22.2M | $18.6M | $47.0M | -$37.2M | $21.1M | $19.5M |
| Depreciation and amortisation | $11.4M | $10.4M | $11.0M | $11.5M | $12.9M | $6.0M | $6.2M | $8.2M | $6.0M | $8.3M |
| Stock-based compensation | — | — | — | — | — | $92.0K | $112.0K | $607.0K | $268.0K | $166.0K |
| Capital expenditure | $51.1M | $51.2M | $11.2M | $27.6M | $16.5M | $17.5M | $10.4M | $7.3M | $3.3M | $27.6M |
| Investing cash flow | -$73.7M | -$50.2M | -$48.7M | -$23.2M | $66.6M | $50.5M | -$33.8M | $90.9M | -$15.2M | -$15.0M |
| Financing cash flow | -$581.0K | $12.7M | -$4.2M | $16.8M | -$1.2M | -$21.8M | -$9.1M | -$35.7M | -$1.4M | -$4.9M |
| Buybacks | $464.0K | $0 | $2.0M | $0 | $264.0K | $21.3M | $8.2M | $5.7M | $74.0K | $43.0K |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000844059-26-000045.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $37.5M | $15.6M | $22.0M | $23.8M | $23.6M | $31.2M | $37.5M | $41.5M | $41.8M | $42.8M |
| Gross profit | $16.4M | $12.2M | — | — | — | — | — | — | — | — |
| Net income | $12.0M | $41.8M | $124.5M | $16.2M | $12.7M | $28.2M | $4.6M | $5.3M | $6.4M | $3.2M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Auditor changed The company changed auditors. Sometimes routine; historically one of the more reliable warnings that something is wrong. Item 4.01
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced Item 2.02
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Results announced Item 2.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Results announced Item 2.02
- Regulation FD disclosure Item 7.01
- Results announced Item 2.02
- Shareholder vote Item 5.07
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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