What is FRP's operating income?

FRP's total operating income in 2025 was $7.03 million, based on the following breakdown: Total Gross Profit: $42.85 million Total Operating Expenses: $35.82 million

FRP (FRPH) Financials

$24.21 +0.04 (+0.15%)

As of 10:40 AM Eastern

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Annual Income Statements for FRP

This table shows FRP's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	9/30/2014	9/30/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-6.83	12	42	124	16	13	28	4.57	5.30	6.39	3.33
Consolidated Net Income / (Loss)	-6.83	12	61	123	16	12	40	4.05	4.88	6.46	2.96
Net Income / (Loss) Continuing Operations	-12	12	50	0.96	8.82	12	40	4.05	4.88	6.46	2.96
Total Pre-Tax Income	8.75	20	57	1.48	12	15	50	5.58	6.40	8.49	3.78
Total Operating Income	5.18	16	1.04	1.96	5.76	5.13	2.27	8.00	12	12	7.03
Total Gross Profit	9.74	34	16	22	24	24	31	37	42	42	43
Total Revenue	31	37	16	22	24	24	31	37	42	42	43
Operating Revenue	31	37	16	22	24	24	31	37	42	42	43
Total Cost of Revenue	5.22	3.08	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Operating Expenses	33	18	15	20	18	18	29	29	30	30	36
Selling, General & Admin Expense	21	4.62	2.14	4.29	4.13	3.33	6.22	14	15	16	21
Depreciation Expense	6.71	8.05	5.93	7.90	-	-	-	11	11	10	11
Other Operating Expenses / (Income)	4.92	6.32	6.49	8.34	8.01	9.29	9.99	4.13	3.65	3.44	3.91
Total Other Income / (Expense), net	-1.00	3.49	56	-0.48	6.03	9.80	48	-2.42	-5.30	-3.22	-3.25
Interest Expense	-1.37	1.56	2.74	3.10	1.05	1.10	2.30	3.05	4.32	3.15	2.97
Interest & Investment Income	-0.11	-0.98	-1.60	2.58	6.42	1.73	-1.54	-0.25	-1.04	-0.25	-0.28
Other Income / (Expense), net	0.48	6.03	60	0.04	0.66	9.17	52	0.87	0.05	0.18	0.00
Income Tax Expense	3.56	7.85	7.35	0.52	2.96	3.21	10	1.53	1.52	2.03	0.82
Net Income / (Loss) Attributable to Noncontrolling Interest	-	0.00	19	-1.38	-0.50	-0.99	12	-0.52	-0.42	0.08	-0.37
Basic Earnings per Share	$1.04	$1.22	$4.19	$12.40	$1.64	$1.33	$3.02	$0.24	$0.28	$0.34	$0.18
Weighted Average Basic Shares Outstanding	9.63M	9.85M	9.98M	10.04M	9.88M	9.58M	9.36M	18.77M	18.84M	18.88M	18.97M
Diluted Earnings per Share	$1.03	$1.22	$4.16	$12.32	$1.63	$1.32	$3.00	$0.24	$0.28	$0.34	$0.18
Weighted Average Diluted Shares Outstanding	9.71M	9.89M	10.04M	10.11M	9.93M	9.61M	9.40M	18.87M	18.92M	18.97M	19.02M

This table shows FRP's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	1.26	2.88	1.30	2.04	1.36	1.68	1.71	0.58	0.66	0.38	-0.69
Consolidated Net Income / (Loss)	1.10	2.89	1.34	2.06	1.38	1.69	1.63	0.62	0.57	0.14	-0.92
Net Income / (Loss) Continuing Operations	1.10	2.89	1.34	2.06	1.38	1.69	1.63	0.62	0.57	0.14	-0.92
Total Pre-Tax Income	1.57	3.50	1.74	2.98	1.81	1.97	2.16	0.80	0.77	0.05	-1.12
Total Operating Income	2.90	3.18	2.88	2.82	3.08	2.92	2.33	1.66	1.36	1.68	0.51
Total Gross Profit	11	10	10	10	11	11	10	11	11	11	11
Total Revenue	11	10	10	10	11	11	10	11	11	11	11
Operating Revenue	11	10	10	10	11	11	10	11	11	11	11
Total Cost of Revenue	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Operating Expenses	7.70	6.92	7.25	7.66	7.55	7.61	7.98	9.19	9.41	9.23	10
Selling, General & Admin Expense	3.96	3.61	3.91	4.25	4.15	4.13	4.44	5.47	5.63	5.42	6.22
Other Operating Expenses / (Income)	0.92	0.91	0.81	3.40	0.85	0.92	0.94	3.73	0.96	-1.71	3.87
Total Other Income / (Expense), net	-1.33	0.32	-1.15	0.16	-1.28	-0.95	-0.17	-0.86	-0.60	-1.63	-1.64
Interest Expense	1.12	1.06	0.91	0.83	0.74	0.67	0.70	0.82	0.74	0.71	0.71
Interest & Investment Income	-0.21	1.34	-0.24	0.98	-0.54	-0.46	0.53	-0.03	0.14	-0.92	-0.93
Income Tax Expense	0.47	0.62	0.40	0.92	0.43	0.29	0.53	0.18	0.20	-0.09	-0.20
Net Income / (Loss) Attributable to Noncontrolling Interest	-0.16	0.01	0.03	0.02	0.02	0.01	-0.08	0.05	-0.10	-0.24	-0.23
Basic Earnings per Share	$0.07	$0.15	$0.07	$0.11	$0.07	$0.09	$0.09	$0.03	$0.03	$0.02	($0.04)
Weighted Average Basic Shares Outstanding	18.85M	18.84M	18.86M	18.88M	18.89M	18.88M	18.95M	18.97M	18.98M	18.97M	19.02M
Diluted Earnings per Share	$0.07	$0.15	$0.07	$0.11	$0.07	$0.09	$0.09	$0.03	$0.03	$0.02	($0.04)
Weighted Average Diluted Shares Outstanding	18.92M	18.92M	18.94M	18.95M	18.97M	18.97M	19.01M	19.02M	19.03M	19.02M	19.03M
Weighted Average Basic & Diluted Shares Outstanding	9.48M	9.50M	19.02M	19.03M	19.03M	19.09M	19.09M	19.11M	19.12M	0.00	19.17M

This table details how cash moves in and out of FRP's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	9/30/2015	9/30/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-0.59	-0.42	4.52	18	4.06	47	88	16	-20	-8.48	-45
Net Cash From Operating Activities	17	19	21	-37	47	19	22	22	33	29	30
Net Cash From Continuing Operating Activities	12	19	3.09	6.39	49	19	22	22	33	29	30
Net Income / (Loss) Continuing Operations	6.09	12	50	0.96	8.82	12	40	4.05	4.88	6.46	2.96
Consolidated Net Income / (Loss)	8.27	12	61	123	16	12	40	4.05	4.88	6.46	2.96
Depreciation Expense	7.53	8.29	5.98	8.21	6.16	6.05	13	11	11	10	11
Non-Cash Adjustments To Reconcile Net Income	1.09	-4.49	-58	2.86	0.56	-1.52	-45	6.39	14	13	11
Changes in Operating Assets and Liabilities, net	-2.47	3.67	5.47	-5.64	33	2.36	14	0.44	3.45	-0.97	4.16
Net Cash From Investing Activities	-9.71	-15	-15	91	-34	51	67	-23	-49	-50	-74
Net Cash From Continuing Investing Activities	-7.01	-15	-1.84	-245	-45	51	67	-23	-49	-50	-74
Purchase of Property, Plant & Equipment	-6.49	-28	-3.30	-7.29	-10	-18	-17	-28	-11	-51	-51
Acquisitions	-0.63	-0.93	-0.69	-71	-74	-12	-13	-22	-47	-16	-44
Sale of Property, Plant & Equipment	0.04	13	0.02	0.45	8.42	19	0.94	0.96	0.02	0.22	0.02
Sale and/or Maturity of Investments	-	-	0.00	280	116	86	92	25	9.21	17	21
Net Cash From Financing Activities	-8.11	-4.87	-1.38	-36	-9.14	-22	-1.23	17	-4.17	13	-0.58
Net Cash From Continuing Financing Activities	-6.48	-4.87	3.14	-6.89	-9.14	-22	-1.23	17	-4.17	13	-0.58
Repayment of Debt	-27	-36	-87	-1.55	0.00	0.00	-91	-	0.00	0.00	-2.04
Repurchase of Common Equity	0.00	-0.04	-0.07	-5.73	-8.21	-21	-0.26	0.00	-2.00	0.00	-0.46
Payment of Dividends	0.00	0.00	-2.17	-1.02	-1.39	-0.77	-2.60	-11	-3.19	-3.23	-13
Issuance of Debt	19	30	90	0.00	0.00	0.00	92	-	0.00	0.00	14
Issuance of Common Equity	1.01	1.17	2.30	1.42	0.46	0.24	0.27	28	1.02	16	1.47
Cash Interest Paid	2.34	1.54	3.96	2.85	0.91	0.96	2.15	2.89	4.17	2.97	2.73
Cash Income Taxes Paid	3.92	5.57	1.66	50	-26	2.24	-1.23	-1.76	0.93	2.79	3.24

This table details how cash moves in and out of FRP's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-0.51	-8.47	-5.07	4.45	-12	3.94	-6.30	10	-18	-31	2.50
Net Cash From Operating Activities	7.87	12	2.91	12	6.32	7.58	4.50	8.67	8.08	8.43	9.67
Net Cash From Continuing Operating Activities	7.87	12	2.91	12	6.32	7.58	4.50	8.67	8.08	8.43	9.67
Net Income / (Loss) Continuing Operations	1.10	2.89	1.34	2.06	1.38	1.69	1.63	0.62	0.57	0.14	-0.92
Consolidated Net Income / (Loss)	1.10	2.89	1.34	2.06	1.38	1.69	1.63	0.62	0.57	0.14	-0.92
Depreciation Expense	2.83	2.42	2.60	2.61	2.63	2.55	2.72	2.91	3.01	2.75	3.03
Non-Cash Adjustments To Reconcile Net Income	3.19	1.62	3.34	3.68	3.15	2.94	2.40	3.32	2.59	2.87	2.98
Changes in Operating Assets and Liabilities, net	0.75	5.33	-4.36	3.82	-0.83	0.41	-2.24	1.82	1.92	2.67	4.58
Net Cash From Investing Activities	-6.63	-20	-7.23	-6.99	-33	-3.65	0.47	0.22	-31	-44	-18
Net Cash From Continuing Investing Activities	-6.63	-20	-7.23	-6.99	-33	-3.65	0.47	0.22	-31	-44	-18
Purchase of Property, Plant & Equipment	-2.45	-6.58	-6.21	-6.31	-35	-4.11	-3.10	-6.06	-25	-17	-13
Acquisitions	-5.01	-15	-7.77	-7.08	0.63	-2.15	-1.22	-4.88	-9.13	-29	-8.37
Sale and/or Maturity of Investments	0.66	1.65	6.55	7.23	0.65	2.75	4.78	12	2.71	2.15	3.86
Net Cash From Financing Activities	-1.75	-0.53	-0.75	-0.74	14	0.00	-11	1.35	4.73	4.61	11
Net Cash From Continuing Financing Activities	-1.75	-0.53	-0.75	-0.74	14	0.00	-11	1.35	4.73	4.61	11
Repayment of Debt	-	-	0.00	-	-	-	-1.38	-	-	-0.66	0.00
Payment of Dividends	-0.75	-0.75	-0.75	-0.74	-0.92	-0.82	-11	-0.82	-1.06	-0.82	-0.82
Issuance of Debt	-	-	0.00	-	-	-	0.72	2.01	4.86	6.30	11
Issuance of Common Equity	-	0.22	0.00	-	15	0.83	0.13	0.16	0.92	0.26	0.13
Cash Interest Paid	1.12	0.92	0.90	0.82	0.73	0.51	0.65	0.77	0.70	0.60	0.66
Cash Income Taxes Paid	0.09	0.31	0.00	0.37	1.70	0.72	0.02	2.07	0.38	0.77	0.00

This table presents FRP's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	9/30/2015	9/30/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	252	265	419	505	538	536	678	701	709	728	735
Total Current Assets	1.20	0.99	5.14	198	165	155	168	179	159	151	108
Restricted Cash	-	-	-	-	-	-	-	-	-	-	105
Accounts Receivable	0.78	0.99	0.62	0.56	0.55	0.92	0.79	1.17	1.05	1.35	1.87
Current Deferred & Refundable Income Taxes	-	-	-	9.85	0.00	4.62	1.10	0.00	0.34	0.00	1.07
Plant, Property, & Equipment, net	207	221	210	207	202	203	351	367	367	407	449
Plant, Property & Equipment, gross	281	301	237	235	232	238	397	424	435	485	537
Accumulated Depreciation	74	81	27	28	30	35	47	57	68	78	89
Total Noncurrent Assets	44	43	204	101	171	178	160	155	183	170	178
Long-Term Investments	31	24	13	89	160	167	145	141	166	154	153
Goodwill	-	-	-	-	-	-	-	-	-	0.00	6.89
Other Noncurrent Operating Assets	13	19	14	8.65	10	11	14	15	17	16	18
Total Liabilities & Shareholders' Equity	252	265	419	505	538	536	678	701	709	728	735
Total Liabilities	70	69	154	122	147	154	253	257	261	259	279
Total Current Liabilities	9.04	10	3.66	3.86	3.22	3.64	6.51	5.97	8.33	6.03	16
Accounts Payable	3.46	4.34	2.08	3.55	2.43	3.64	6.14	5.97	8.33	6.03	12
Current Deferred Revenue	-	-	-	0.03	0.79	-	0.37	-	-	-	3.36
Total Noncurrent Liabilities	61	58	150	118	143	150	246	251	253	253	264
Long-Term Debt	45	37	90	89	89	90	178	179	179	179	193
Noncurrent Deferred & Payable Income Tax Liabilities	15	16	26	28	50	56	64	68	69	68	67
Noncurrent Employee Benefit Liabilities	-	-	-	-	-	1.24	1.30	1.35	1.41	1.47	1.52
Other Noncurrent Operating Liabilities	0.99	3.10	34	1.60	4.25	2.22	2.68	2.77	2.36	2.90	3.01
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	182	196	265	383	392	383	425	444	448	469	456
Total Preferred & Common Equity	182	196	244	365	375	368	396	407	415	423	429
Total Common Equity	182	196	244	365	375	368	396	407	415	423	429
Common Stock	51	53	57	59	59	57	59	66	69	71	73
Retained Earnings	131	143	187	306	315	310	338	342	346	352	355
Accumulated Other Comprehensive Income / (Loss)	-0.01	0.02	0.04	-0.70	0.92	0.68	0.11	-1.28	0.04	0.06	0.02
Noncontrolling Interest	-	0.00	21	19	17	15	29	37	33	46	27

This table presents FRP's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	677	700	700	701	706	712	727	717	723	731	750
Total Current Assets	146	175	169	168	154	159	147	144	156	137	111
Restricted Cash	-	-	-	-	-	-	-	-	-	-	108
Accounts Receivable	1.53	1.33	2.77	1.68	1.40	1.83	1.83	1.29	1.59	1.56	1.95
Current Deferred & Refundable Income Taxes	0.00	-	-	-	0.00	0.00	0.00	-	0.78	0.96	1.28
Plant, Property, & Equipment, net	368	365	364	363	371	374	406	408	411	433	459
Plant, Property & Equipment, gross	423	425	426	429	441	447	481	488	494	518	550
Accumulated Depreciation	55	60	63	65	70	73	75	80	83	86	91
Total Noncurrent Assets	162	159	167	170	181	179	174	165	157	161	180
Long-Term Investments	148	145	153	154	164	161	157	148	139	143	155
Goodwill	-	-	-	-	-	-	-	-	-	-	6.89
Other Noncurrent Operating Assets	15	15	14	16	17	17	17	17	17	18	18
Total Liabilities & Shareholders' Equity	677	700	700	701	706	712	727	717	723	731	750
Total Liabilities	252	254	255	256	257	261	260	257	261	269	296
Total Current Liabilities	5.07	3.37	3.15	4.72	3.83	8.07	6.06	5.85	9.58	12	21
Accounts Payable	4.72	3.17	3.15	3.69	3.83	7.30	6.06	3.25	6.74	9.37	17
Current Deferred Revenue	0.35	0.20	-	1.03	-	0.76	-	2.60	2.84	2.97	3.40
Total Noncurrent Liabilities	247	251	252	251	253	253	254	251	252	257	275
Long-Term Debt	179	179	179	179	179	179	179	178	180	185	204
Noncurrent Deferred & Payable Income Tax Liabilities	64	68	68	68	69	68	68	68	68	68	67
Noncurrent Employee Benefit Liabilities	1.31	1.36	1.38	1.40	1.42	1.44	1.45	1.48	1.49	1.51	1.55
Other Noncurrent Operating Liabilities	3.23	3.08	2.95	3.48	2.43	4.07	2.74	3.39	2.27	2.23	3.11
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	425	445	445	445	449	451	467	460	461	462	454
Total Preferred & Common Equity	398	409	410	411	416	419	421	425	427	428	428
Total Common Equity	398	409	410	411	416	419	421	425	427	428	428
Common Stock	60	67	68	68	69	70	70	71	72	72	74
Retained Earnings	340	343	343	343	347	349	351	354	355	355	355
Accumulated Other Comprehensive Income / (Loss)	-1.42	-0.90	-0.71	-0.33	0.03	0.02	0.08	0.05	0.04	0.03	0.01
Noncontrolling Interest	26	36	35	34	33	32	46	35	35	34	26

This table displays calculated financial ratios and metrics derived from FRP's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	9/30/2015	9/30/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	9,779,770.00	9,862,379.00	10,007,167.00	10,076,524.00	9,823,668.00	9,418,385.00	9,411,028.00	-	-	-	19,115,522.00
DEI Adjusted Shares Outstanding	19,559,540.00	19,724,758.00	20,014,334.00	20,153,048.00	19,647,336.00	18,836,770.00	18,822,056.00	-	-	-	19,115,522.00
DEI Earnings Per Adjusted Shares Outstanding	0.42	0.61	2.09	6.18	0.82	0.68	1.50	-	-	-	0.17
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	11.84%	0.00%	-58.35%	41.15%	7.87%	-0.73%	32.38%	20.05%	10.74%	0.65%	2.57%
EBITDA Growth	-88.81%	1,815.16%	118.94%	-84.81%	23.15%	61.86%	229.98%	-69.73%	11.78%	-1.99%	-17.39%
EBIT Growth	-179.24%	477.94%	173.23%	-96.73%	220.53%	122.91%	279.04%	-83.64%	32.50%	1.13%	-40.87%
NOPAT Growth	-234.30%	340.15%	-90.85%	39.96%	239.64%	-6.45%	-55.10%	220.59%	53.86%	-0.24%	-38.17%
Net Income Growth	-17.44%	45.36%	403.58%	103.28%	-87.26%	-25.23%	242.04%	-89.91%	20.63%	32.32%	-54.15%
EPS Growth	-18.45%	45.24%	240.98%	196.15%	-86.77%	-19.02%	127.27%	-89.91%	20.63%	21.43%	-47.06%
Operating Cash Flow Growth	-26.24%	13.14%	8.05%	-276.58%	226.45%	-60.42%	19.50%	0.43%	47.60%	-12.09%	2.38%
Free Cash Flow Firm Growth	-116.04%	10.64%	1,245.34%	-156.55%	232.32%	-91.13%	-3,788.93%	95.12%	261.66%	-415.45%	-24.75%
Invested Capital Growth	0.63%	7.38%	-25.24%	20.21%	-19.13%	0.25%	87.39%	4.23%	-0.55%	13.99%	13.26%
Revenue Q/Q Growth	1,633.69%	0.00%	121.75%	47.84%	0.61%	0.24%	8.88%	4.03%	0.61%	1.03%	0.90%
EBITDA Q/Q Growth	-88.48%	14.73%	-20.88%	38.29%	1.21%	2.09%	0.84%	11.21%	0.73%	0.02%	-5.34%
EBIT Q/Q Growth	-190.91%	7.85%	-20.85%	211.97%	3.87%	3.33%	-2.05%	38.33%	4.55%	-1.07%	-14.96%
NOPAT Q/Q Growth	-175.94%	-22.89%	-63.70%	201.54%	10.07%	20.66%	-37.78%	81.18%	11.81%	-2.64%	-15.73%
Net Income Q/Q Growth	-4.81%	89.44%	7.96%	-8.67%	13.08%	-10.39%	-4.58%	861.28%	4.45%	-15.64%	-34.32%
EPS Q/Q Growth	-5.62%	93.65%	14.92%	-9.21%	11.64%	-6.38%	-7.41%	861.28%	4.45%	-15.00%	-25.00%
Operating Cash Flow Q/Q Growth	0.81%	-1.33%	10.22%	-3.52%	141.21%	-58.96%	2.69%	17.46%	10.33%	-13.87%	2.92%
Free Cash Flow Firm Q/Q Growth	-110.07%	-131.94%	135.54%	-124.03%	14.28%	-89.93%	-2.40%	57.33%	-29.69%	-7.28%	-112.52%
Invested Capital Q/Q Growth	0.57%	9.18%	-54.69%	-13.60%	-18.38%	-1.14%	0.08%	-1.92%	-0.18%	0.43%	5.52%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	35.16%	91.78%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	4.63%	81.96%	430.81%	46.37%	52.93%	86.31%	215.13%	54.25%	54.76%	53.33%	42.95%
Operating Margin	-17.02%	43.74%	6.67%	8.91%	24.23%	21.77%	7.28%	21.33%	28.19%	28.02%	16.40%
EBIT Margin	-17.12%	59.83%	392.49%	9.09%	27.01%	60.65%	173.66%	23.67%	28.32%	28.45%	16.40%
Profit (Net Income) Margin	23.88%	32.10%	388.10%	558.93%	66.00%	49.71%	128.42%	10.80%	11.76%	15.46%	6.91%
Tax Burden Percent	-102.26%	60.50%	106.42%	8,299.93%	133.04%	78.52%	79.59%	72.57%	76.31%	76.10%	78.36%
Interest Burden Percent	136.41%	88.68%	92.91%	74.08%	183.64%	104.37%	92.91%	62.87%	54.44%	71.42%	53.78%
Effective Tax Rate	0.00%	39.50%	12.92%	35.33%	25.14%	21.48%	20.41%	27.43%	23.69%	23.90%	21.64%
Return on Invested Capital (ROIC)	-2.08%	4.79%	0.48%	0.72%	2.48%	2.59%	0.81%	1.94%	2.94%	2.75%	1.50%
ROIC Less NNEP Spread (ROIC-NNEP)	272.52%	16.79%	-137.59%	-81.80%	-2.85%	-0.74%	-20.49%	3.23%	5.78%	4.57%	4.17%
Return on Net Nonoperating Assets (RNNOA)	6.33%	1.56%	25.80%	37.28%	1.57%	0.44%	9.12%	-1.01%	-1.84%	-1.34%	-0.86%
Return on Equity (ROE)	4.26%	6.35%	26.29%	38.00%	4.05%	3.03%	9.93%	0.93%	1.09%	1.41%	0.64%
Cash Return on Invested Capital (CROIC)	-2.70%	-2.32%	29.37%	-17.63%	23.63%	2.34%	-60.01%	-2.20%	3.49%	-10.33%	-10.94%
Operating Return on Assets (OROA)	-2.10%	8.67%	17.92%	0.43%	1.23%	2.66%	8.93%	1.29%	1.67%	1.65%	0.96%
Return on Assets (ROA)	2.93%	4.65%	17.72%	26.64%	3.00%	2.18%	6.60%	0.59%	0.69%	0.90%	0.40%
Return on Common Equity (ROCE)	4.26%	6.35%	25.09%	35.67%	3.86%	2.90%	9.39%	0.86%	1.01%	1.29%	0.59%
Return on Equity Simple (ROE_SIMPLE)	4.54%	6.13%	24.86%	33.76%	4.18%	3.19%	10.11%	0.99%	1.18%	1.53%	0.00%
Net Operating Profit after Tax (NOPAT)	-4.13	9.91	0.91	1.27	4.31	4.03	1.81	5.80	8.93	8.91	5.51
NOPAT Margin	-11.91%	26.46%	5.81%	5.76%	18.14%	17.09%	5.80%	15.48%	21.51%	21.32%	12.85%
Net Nonoperating Expense Percent (NNEP)	-274.59%	-12.00%	138.08%	82.52%	5.33%	3.32%	21.30%	-1.29%	-2.85%	-1.82%	-2.67%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	0.93%	1.42%	1.37%	0.85%
Cost of Revenue to Revenue	64.84%	8.22%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	0.00%	12.34%	13.69%	19.46%	17.40%	14.13%	19.92%	37.73%	36.95%	39.37%	48.90%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	52.18%	48.04%	93.33%	91.09%	75.77%	78.23%	92.72%	78.67%	71.81%	71.98%	83.60%
Earnings before Interest and Taxes (EBIT)	-5.93	22	61	2.00	6.42	14	54	8.87	12	12	7.03
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1.60	31	67	10	13	20	67	20	23	22	18
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.62	1.56	1.82	1.27	1.31	1.17	1.37	1.25	1.44	1.38	1.02
Price to Tangible Book Value (P/TBV)	1.62	1.56	1.82	1.27	1.31	1.17	1.37	1.25	1.44	1.38	1.03
Price to Revenue (P/Rev)	8.55	8.18	28.38	21.05	20.60	18.19	17.42	13.59	14.36	13.95	10.17
Price to Earnings (P/E)	35.81	25.48	10.61	3.72	30.25	33.74	19.28	111.56	112.40	91.29	130.82
Dividend Yield	18.81%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	2.79%	3.92%	9.43%	26.85%	3.31%	2.96%	5.19%	0.90%	0.89%	1.10%	0.76%
Enterprise Value to Invested Capital (EV/IC)	1.57	1.52	3.35	1.53	1.74	1.39	1.50	1.34	1.60	1.46	1.02
Enterprise Value to Revenue (EV/Rev)	9.04	8.66	34.36	13.37	11.37	9.22	14.09	10.85	11.67	12.09	9.26
Enterprise Value to EBITDA (EV/EBITDA)	195.45	10.57	7.98	28.83	21.48	10.68	6.55	20.01	21.32	22.68	21.57
Enterprise Value to EBIT (EV/EBIT)	0.00	14.48	8.75	147.06	42.09	15.20	8.11	45.87	41.22	42.51	56.47
Enterprise Value to NOPAT (EV/NOPAT)	0.00	32.74	591.37	232.05	62.67	53.93	243.06	70.12	54.26	56.73	72.07
Enterprise Value to Operating Cash Flow (EV/OCF)	18.19	16.65	25.46	0.00	5.74	11.68	19.78	18.21	14.69	17.43	13.37
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	9.75	0.00	6.57	59.60	0.00	0.00	45.64	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.27	0.21	0.34	0.23	0.23	0.24	0.42	0.40	0.40	0.38	0.42
Long-Term Debt to Equity	0.24	0.19	0.34	0.23	0.23	0.24	0.42	0.40	0.40	0.38	0.42
Financial Leverage	0.02	0.09	-0.19	-0.46	-0.55	-0.60	-0.45	-0.31	-0.32	-0.29	-0.21
Leverage Ratio	1.46	1.37	1.48	1.43	1.35	1.39	1.50	1.59	1.58	1.57	1.58
Compound Leverage Factor	1.98	1.21	1.38	1.06	2.47	1.45	1.40	1.00	0.86	1.12	0.85
Debt to Total Capital	21.07%	17.62%	25.41%	18.81%	18.50%	19.04%	29.55%	28.67%	28.52%	27.60%	29.71%
Short-Term Debt to Total Capital	1.81%	1.87%	0.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	19.26%	15.74%	25.38%	18.81%	18.50%	19.04%	29.55%	28.67%	28.52%	27.60%	29.71%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	5.93%	3.95%	3.49%	3.17%	4.78%	5.95%	5.34%	7.10%	4.19%
Common Equity to Total Capital	78.93%	82.38%	68.65%	77.24%	78.01%	77.79%	65.67%	65.38%	66.15%	65.30%	66.11%
Debt to EBITDA	30.37	1.37	1.34	8.70	7.07	4.42	2.66	8.78	7.86	8.03	10.46
Net Debt to EBITDA	10.68	0.59	1.07	-18.40	-18.77	-11.13	-1.98	-6.86	-6.38	-5.55	-3.58
Long-Term Debt to EBITDA	27.76	1.22	1.34	8.70	7.07	4.42	2.66	8.78	7.86	8.03	10.46
Debt to NOPAT	-11.80	4.23	99.45	69.98	20.64	22.32	98.57	30.77	20.02	20.08	34.96
Net Debt to NOPAT	-4.15	1.82	79.67	-148.06	-54.77	-56.22	-73.41	-24.04	-16.23	-13.88	-11.96
Long-Term Debt to NOPAT	-10.78	3.78	99.31	69.98	20.64	22.32	98.57	30.77	20.02	20.08	34.96
Altman Z-Score	3.29	3.81	2.87	3.64	3.27	2.95	2.58	2.26	2.42	2.37	1.85
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	4.57%	6.13%	4.57%	4.10%	5.42%	7.58%	7.90%	8.67%	7.91%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.13	0.10	1.40	51.34	51.23	42.66	25.78	29.92	19.07	24.89	6.99
Quick Ratio	0.13	0.10	1.40	48.79	51.23	41.39	25.61	29.92	19.03	24.89	0.12
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-5.37	-4.80	55	-31	41	3.65	-135	-6.57	11	-33	-40
Operating Cash Flow to CapEx	267.07%	138.13%	642.04%	-543.10%	2,337.13%	0.00%	142.66%	83.79%	294.36%	56.87%	58.05%
Free Cash Flow to Firm to Interest Expense	-2.67	-3.07	20.06	-10.02	39.02	3.32	-58.39	-2.16	2.46	-10.63	-13.52
Operating Cash Flow to Interest Expense	8.55	12.49	7.68	-11.98	44.61	16.92	9.65	7.34	7.64	9.20	10.00
Operating Cash Flow Less CapEx to Interest Expense	5.35	3.45	6.49	-14.19	42.70	18.47	2.89	-1.42	5.05	-6.98	-7.23
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.12	0.14	0.05	0.05	0.05	0.04	0.05	0.05	0.06	0.06	0.06
Accounts Receivable Turnover	36.37	42.44	19.48	37.36	42.80	32.11	36.39	38.27	37.53	34.84	26.56
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.17	0.18	0.07	0.11	0.12	0.12	0.11	0.10	0.11	0.11	0.10
Accounts Payable Turnover	6.07	0.79	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	10.03	8.60	18.74	9.77	8.53	11.37	10.03	9.54	9.73	10.48	13.74
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	60.15	462.18	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	-50.11	-453.58	18.74	9.77	8.53	11.37	10.03	9.54	9.73	10.48	13.74
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	199	214	160	192	156	156	292	305	303	345	390
Invested Capital Turnover	0.17	0.18	0.08	0.12	0.14	0.15	0.14	0.13	0.14	0.13	0.12
Increase / (Decrease) in Invested Capital	1.24	15	-54	32	-37	0.38	136	12	-1.69	42	46
Enterprise Value (EV)	313	325	536	294	270	217	440	407	484	505	397
Market Capitalization	296	306	443	464	489	429	544	509	596	583	436
Book Value per Share	$18.56	$19.88	$24.34	$36.18	$38.16	$39.04	$42.12	$43.06	$43.74	$22.23	$22.42
Tangible Book Value per Share	$18.56	$19.88	$24.34	$36.18	$38.16	$39.04	$42.12	$43.06	$43.74	$22.23	$22.06
Total Capital	231	238	355	472	481	473	604	623	627	648	648
Total Debt	49	42	90	89	89	90	178	179	179	179	193
Total Long-Term Debt	45	37	90	89	89	90	178	179	179	179	193
Net Debt	17	18	72	-188	-236	-227	-133	-139	-145	-124	-66
Capital Expenditures (CapEx)	6.45	14	3.28	6.85	2.01	-1.70	16	27	11	51	51
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-4.08	-4.81	-2.92	6.56	-2.68	1.91	-4.61	-4.81	-6.95	-4.67	-13
Debt-free Net Working Capital (DFNWC)	-3.66	-4.81	1.60	194	162	151	161	173	151	144	93
Net Working Capital (NWC)	-7.84	-9.27	1.48	194	162	151	161	173	151	144	93
Net Nonoperating Expense (NNE)	-12	-2.11	-60	-122	-11	-7.69	-38	1.76	4.05	2.45	2.55
Net Nonoperating Obligations (NNO)	17	18	-104	-191	-236	-227	-133	-139	-145	-124	-66
Total Depreciation and Amortization (D&A)	7.53	8.29	5.98	8.21	6.16	6.05	13	11	11	10	11
Debt-free, Cash-free Net Working Capital to Revenue	-11.77%	-12.84%	-18.73%	29.78%	-11.26%	8.09%	-14.77%	-12.82%	-16.74%	-11.19%	-29.31%
Debt-free Net Working Capital to Revenue	-10.56%	-12.84%	10.26%	882.38%	681.09%	642.10%	516.43%	460.75%	362.85%	344.58%	216.59%
Net Working Capital to Revenue	-22.63%	-24.74%	9.46%	882.38%	681.09%	642.10%	516.43%	460.75%	362.85%	344.58%	216.59%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.85	$0.61	$2.10	$6.20	$0.82	$0.67	$1.51	$0.25	$0.28	$0.34	$0.18
Adjusted Weighted Average Basic Shares Outstanding	9.76M	19.69M	19.95M	20.08M	19.77M	19.16M	18.71M	18.77M	18.84M	18.88M	18.97M
Adjusted Diluted Earnings per Share	$0.84	$0.61	$2.08	$6.16	$0.82	$0.66	$1.50	$0.24	$0.28	$0.34	$0.18
Adjusted Weighted Average Diluted Shares Outstanding	9.83M	19.78M	20.08M	20.21M	19.85M	19.22M	18.79M	18.87M	18.92M	18.97M	19.02M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	9.80M	19.76M	20.03M	19.90M	19.64M	18.78M	18.86M	18.97M	19.00M	19.09M	0.00
Normalized Net Operating Profit after Tax (NOPAT)	-4.13	9.31	0.91	0.97	4.31	4.03	1.81	5.80	8.93	8.91	5.51
Normalized NOPAT Margin	-11.91%	24.85%	5.81%	4.40%	18.14%	17.09%	5.80%	15.48%	21.51%	21.32%	12.85%
Pre Tax Income Margin	-23.35%	53.06%	364.68%	6.73%	49.60%	63.30%	161.35%	14.88%	15.41%	20.32%	8.82%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-2.94	14.36	22.34	0.65	6.09	13.00	23.53	2.91	2.72	3.77	2.37
NOPAT to Interest Expense	-2.05	6.35	0.33	0.41	4.09	3.66	0.79	1.91	2.07	2.83	1.86
EBIT Less CapEx to Interest Expense	-6.15	5.32	21.14	-1.56	4.18	14.55	16.77	-5.84	0.13	-12.41	-14.86
NOPAT Less CapEx to Interest Expense	-5.25	-2.69	-0.87	-1.80	2.18	5.21	-5.98	-6.85	-0.53	-13.35	-15.37
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	3.58%	0.83%	8.88%	6.53%	6.49%	283.47%	65.34%	49.95%	453.51%
Augmented Payout Ratio	0.00%	0.36%	3.70%	5.49%	61.25%	188.34%	7.15%	283.47%	106.31%	49.95%	469.18%

This table displays calculated financial ratios and metrics derived from FRP's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	19,087,334.00	19,087,334.00	19,109,234.00	19,115,522.00	19,115,522.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	19,087,334.00	19,087,334.00	19,109,234.00	19,115,522.00	19,115,522.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	0.09	0.03	0.03	0.02	-0.04
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	13.96%	2.57%	0.19%	-2.05%	0.40%	4.22%	1.71%	3.56%	1.34%	3.65%	2.79%
EBITDA Growth	19.43%	2.99%	-4.00%	-3.77%	-0.26%	0.07%	-7.98%	-16.03%	-23.54%	-18.98%	-29.80%
EBIT Growth	45.48%	18.84%	0.63%	1.99%	6.49%	-3.96%	-19.33%	-41.24%	-55.79%	-42.34%	-77.98%
NOPAT Growth	60.87%	32.67%	17.70%	2.36%	15.83%	-4.79%	-20.69%	-33.94%	-57.40%	87.46%	-79.62%
Net Income Growth	186.20%	7.77%	228.82%	318.50%	25.48%	-41.53%	22.40%	-69.69%	-59.03%	-91.76%	-156.36%
EPS Growth	186.20%	7.77%	228.82%	266.67%	0.00%	-40.00%	28.57%	-72.73%	-57.14%	-77.78%	-144.44%
Operating Cash Flow Growth	80.13%	33.69%	-38.00%	49.11%	-19.65%	-38.11%	54.96%	-28.80%	27.81%	11.12%	114.75%
Free Cash Flow Firm Growth	152.77%	141.45%	67.65%	-369.87%	-515.68%	-1,026.10%	-1,129.81%	-610.28%	35.76%	-6.17%	-36.18%
Invested Capital Growth	-2.29%	-0.55%	1.65%	2.33%	13.29%	13.99%	11.79%	12.17%	7.39%	13.26%	13.78%
Revenue Q/Q Growth	-0.98%	-4.59%	0.28%	3.39%	1.49%	-0.96%	-2.14%	5.28%	-0.69%	1.30%	-2.94%
EBITDA Q/Q Growth	1.43%	-1.41%	-2.99%	-0.80%	5.13%	-1.09%	-7.83%	-9.48%	-4.27%	1.44%	-20.13%
EBIT Q/Q Growth	4.70%	11.54%	-10.75%	-2.15%	9.33%	0.58%	-20.35%	-28.73%	-17.74%	23.48%	-69.58%
NOPAT Q/Q Growth	6.59%	28.98%	-15.41%	-11.99%	20.62%	6.02%	-29.53%	-26.70%	-22.22%	366.60%	-92.34%
Net Income Q/Q Growth	123.37%	162.51%	-53.73%	54.23%	-33.03%	22.34%	-3.14%	-61.81%	-9.46%	-75.40%	-762.59%
EPS Q/Q Growth	123.37%	162.51%	-53.73%	57.14%	-36.36%	28.57%	0.00%	-66.67%	0.00%	-33.33%	-300.00%
Operating Cash Flow Q/Q Growth	-3.65%	55.69%	-76.28%	319.00%	-48.08%	19.93%	-40.61%	92.52%	-6.79%	4.27%	14.78%
Free Cash Flow Firm Q/Q Growth	378.49%	-52.88%	-165.87%	-81.72%	-637.02%	-4.97%	9.54%	-4.95%	33.34%	-67.75%	-16.03%
Invested Capital Q/Q Growth	-0.29%	-0.18%	2.57%	0.24%	10.38%	0.43%	0.98%	0.58%	5.68%	5.52%	1.44%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	54.08%	55.88%	54.06%	51.87%	53.73%	53.66%	48.91%	42.06%	40.54%	40.60%	33.41%
Operating Margin	27.34%	31.50%	28.44%	26.92%	28.99%	27.72%	22.56%	15.27%	12.65%	15.42%	4.83%
EBIT Margin	27.33%	31.95%	28.44%	26.92%	28.99%	29.45%	22.56%	15.27%	12.65%	15.42%	4.83%
Profit (Net Income) Margin	10.38%	28.55%	13.17%	19.65%	12.97%	16.02%	15.85%	5.75%	5.24%	1.27%	-8.69%
Tax Burden Percent	70.18%	82.36%	76.95%	69.21%	76.36%	85.50%	75.65%	77.81%	73.57%	278.00%	82.01%
Interest Burden Percent	54.09%	108.49%	60.20%	105.50%	58.58%	63.62%	92.90%	48.40%	56.35%	2.97%	-219.34%
Effective Tax Rate	29.82%	17.64%	23.05%	30.79%	23.64%	14.50%	24.35%	22.19%	26.43%	-178.00%	0.00%
Return on Invested Capital (ROIC)	2.58%	3.54%	2.95%	2.50%	2.83%	3.05%	2.17%	1.52%	1.11%	5.01%	0.39%
ROIC Less NNEP Spread (ROIC-NNEP)	3.31%	3.36%	3.58%	2.42%	3.56%	3.66%	2.27%	2.05%	1.51%	9.76%	1.88%
Return on Net Nonoperating Assets (RNNOA)	-0.97%	-1.07%	-1.11%	-0.76%	-1.03%	-1.07%	-0.63%	-0.56%	-0.35%	-2.01%	-0.35%
Return on Equity (ROE)	1.61%	2.47%	1.84%	1.74%	1.79%	1.98%	1.55%	0.96%	0.76%	2.99%	0.04%
Cash Return on Invested Capital (CROIC)	4.91%	3.49%	1.30%	0.58%	-9.64%	-10.33%	-8.57%	-9.08%	-5.29%	-10.94%	-11.74%
Operating Return on Assets (OROA)	1.64%	1.88%	1.68%	1.58%	1.68%	1.71%	1.33%	0.90%	0.74%	0.90%	0.28%
Return on Assets (ROA)	0.62%	1.68%	0.78%	1.15%	0.75%	0.93%	0.93%	0.34%	0.31%	0.07%	-0.51%
Return on Common Equity (ROCE)	1.49%	2.28%	1.69%	1.61%	1.64%	1.81%	1.43%	0.89%	0.69%	2.75%	0.04%
Return on Equity Simple (ROE_SIMPLE)	1.14%	0.00%	1.40%	1.76%	1.82%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	2.03	2.62	2.22	1.95	2.35	2.50	1.76	1.29	1.00	4.68	0.36
NOPAT Margin	19.19%	25.94%	21.88%	18.63%	22.14%	23.70%	17.07%	11.88%	9.31%	42.87%	3.38%
Net Nonoperating Expense Percent (NNEP)	-0.73%	0.19%	-0.64%	0.08%	-0.74%	-0.60%	-0.10%	-0.53%	-0.41%	-4.76%	-1.49%
Return On Investment Capital (ROIC_SIMPLE)	-	0.42%	-	-	-	0.39%	0.28%	0.20%	0.15%	0.72%	0.05%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	37.39%	35.73%	38.58%	40.60%	39.02%	39.26%	43.04%	50.37%	52.27%	49.65%	58.67%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	72.66%	68.50%	71.56%	73.08%	71.01%	72.28%	77.44%	84.73%	87.35%	84.58%	95.17%
Earnings before Interest and Taxes (EBIT)	2.90	3.23	2.88	2.82	3.08	3.10	2.33	1.66	1.36	1.68	0.51
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	5.73	5.65	5.48	5.43	5.71	5.65	5.04	4.56	4.37	4.43	3.54
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.25	1.44	1.40	1.29	1.35	1.38	1.28	1.20	1.09	1.02	0.98
Price to Tangible Book Value (P/TBV)	1.25	1.44	1.40	1.29	1.35	1.38	1.28	1.20	1.09	1.03	0.99
Price to Revenue (P/Rev)	12.42	14.36	14.05	13.13	13.74	13.95	13.00	12.13	10.96	10.17	9.70
Price to Earnings (P/E)	98.97	112.40	96.61	72.48	74.91	91.29	80.27	96.33	100.56	130.82	448.28
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	1.01%	0.89%	1.04%	1.38%	1.34%	1.10%	1.25%	1.04%	0.99%	0.76%	0.22%
Enterprise Value to Invested Capital (EV/IC)	1.33	1.60	1.54	1.40	1.43	1.46	1.35	1.25	1.10	1.02	0.97
Enterprise Value to Revenue (EV/Rev)	9.82	11.67	11.51	10.53	11.88	12.09	11.15	10.30	9.59	9.26	8.94
Enterprise Value to EBITDA (EV/EBITDA)	17.96	21.32	21.25	19.51	22.06	22.68	21.59	20.98	20.94	21.57	22.81
Enterprise Value to EBIT (EV/EBIT)	36.06	41.22	40.61	36.78	40.90	42.51	41.95	43.68	49.27	56.47	73.91
Enterprise Value to NOPAT (EV/NOPAT)	50.76	54.26	52.73	48.93	53.71	56.73	55.33	55.30	62.30	72.07	90.26
Enterprise Value to Operating Cash Flow (EV/OCF)	13.56	14.69	15.33	12.36	14.60	17.43	15.29	16.11	14.12	13.37	11.06
Enterprise Value to Free Cash Flow (EV/FCFF)	26.85	45.64	119.21	244.28	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.40	0.40	0.40	0.40	0.38	0.38	0.39	0.39	0.40	0.42	0.45
Long-Term Debt to Equity	0.40	0.40	0.40	0.40	0.38	0.38	0.39	0.39	0.40	0.42	0.45
Financial Leverage	-0.29	-0.32	-0.31	-0.31	-0.29	-0.29	-0.28	-0.28	-0.23	-0.21	-0.19
Leverage Ratio	1.58	1.58	1.57	1.58	1.57	1.57	1.56	1.57	1.57	1.58	1.60
Compound Leverage Factor	0.86	1.71	0.95	1.66	0.92	1.00	1.45	0.76	0.88	0.05	-3.52
Debt to Total Capital	28.65%	28.52%	28.48%	28.38%	27.68%	27.60%	27.91%	28.10%	28.62%	29.71%	30.98%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	28.65%	28.52%	28.48%	28.38%	27.68%	27.60%	27.91%	28.10%	28.62%	29.71%	30.98%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	5.48%	5.34%	5.22%	5.08%	7.16%	7.10%	5.53%	5.41%	5.32%	4.19%	3.98%
Common Equity to Total Capital	65.87%	66.15%	66.30%	66.54%	65.16%	65.30%	66.56%	66.49%	66.05%	66.11%	65.04%
Debt to EBITDA	7.92	7.86	7.94	8.02	8.03	8.03	8.23	8.68	9.53	10.46	12.07
Net Debt to EBITDA	-6.27	-6.38	-6.13	-6.26	-5.53	-5.55	-5.22	-5.38	-4.77	-3.58	-3.49
Long-Term Debt to EBITDA	7.92	7.86	7.94	8.02	8.03	8.03	8.23	8.68	9.53	10.46	12.07
Debt to NOPAT	22.38	20.02	19.72	20.11	19.55	20.08	21.09	22.87	28.36	34.96	47.75
Net Debt to NOPAT	-17.71	-16.23	-15.22	-15.70	-13.46	-13.88	-13.37	-14.19	-14.20	-11.96	-13.82
Long-Term Debt to NOPAT	22.38	20.02	19.72	20.11	19.55	20.08	21.09	22.87	28.36	34.96	47.75
Altman Z-Score	2.24	2.38	2.38	2.26	2.29	2.33	2.27	2.17	1.99	1.83	1.71
Noncontrolling Interest Sharing Ratio	6.97%	7.90%	7.69%	7.49%	8.82%	8.67%	7.48%	7.31%	8.68%	7.91%	6.73%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	35.55	19.07	40.19	19.68	24.18	24.89	24.64	16.23	11.13	6.99	5.41
Quick Ratio	35.55	19.03	40.19	19.68	24.18	24.89	24.64	16.15	11.06	0.12	0.10
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	9.14	4.31	-2.84	-5.16	-38	-40	-35	-37	-24	-41	-48
Operating Cash Flow to CapEx	321.14%	186.09%	46.83%	192.87%	18.30%	194.01%	145.26%	143.03%	32.33%	49.61%	72.04%
Free Cash Flow to Firm to Interest Expense	8.19	4.05	-3.11	-6.22	-51.22	-59.72	-50.21	-44.45	-33.04	-57.76	-67.12
Operating Cash Flow to Interest Expense	7.05	11.51	3.19	14.69	8.52	11.35	6.48	10.52	10.93	11.88	13.66
Operating Cash Flow Less CapEx to Interest Expense	4.85	5.33	-3.62	7.07	-38.04	5.50	2.02	3.17	-22.89	-12.07	-5.30
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.06	0.06	0.06	0.06	0.06	0.06	0.06	0.06	0.06	0.06	0.06
Accounts Receivable Turnover	25.68	37.53	30.42	17.97	23.57	34.84	31.28	24.80	25.08	26.56	26.67
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.10	0.10	0.10
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	14.21	9.73	12.00	20.32	15.49	10.48	11.67	14.72	14.55	13.74	13.69
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	14.21	9.73	12.00	20.32	15.49	10.48	11.67	14.72	14.55	13.74	13.69
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	304	303	311	312	344	345	348	350	369	390	395
Invested Capital Turnover	0.13	0.14	0.13	0.13	0.13	0.13	0.13	0.13	0.12	0.12	0.12
Increase / (Decrease) in Invested Capital	-7.11	-1.69	5.06	7.11	40	42	37	38	25	46	48
Enterprise Value (EV)	405	484	478	435	491	505	468	436	407	397	385
Market Capitalization	512	596	583	542	568	583	545	513	466	436	418
Book Value per Share	$43.26	$43.74	$43.80	$22.04	$22.12	$22.23	$22.28	$22.36	$22.38	$22.42	$22.40
Tangible Book Value per Share	$43.26	$43.74	$43.80	$22.04	$22.12	$22.23	$22.28	$22.36	$22.38	$22.06	$22.04
Total Capital	624	627	628	630	646	648	639	642	648	648	658
Total Debt	179	179	179	179	179	179	178	180	185	193	204
Total Long-Term Debt	179	179	179	179	179	179	178	180	185	193	204
Net Debt	-141	-145	-138	-140	-123	-124	-113	-112	-93	-66	-59
Capital Expenditures (CapEx)	2.45	6.58	6.21	6.31	35	3.91	3.10	6.06	25	17	13
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-3.04	-6.95	-2.43	-6.24	-4.23	-4.67	-4.57	-7.22	-9.82	-13	-17
Debt-free Net Working Capital (DFNWC)	163	151	150	151	140	144	138	146	125	93	91
Net Working Capital (NWC)	163	151	150	151	140	144	138	146	125	93	91
Net Nonoperating Expense (NNE)	0.93	-0.26	0.88	-0.11	0.98	0.81	0.12	0.67	0.44	4.54	1.28
Net Nonoperating Obligations (NNO)	-141	-145	-138	-140	-123	-124	-113	-112	-93	-66	-59
Total Depreciation and Amortization (D&A)	2.83	2.42	2.60	2.61	2.63	2.55	2.72	2.91	3.01	2.75	3.03
Debt-free, Cash-free Net Working Capital to Revenue	-7.36%	-16.74%	-5.86%	-15.10%	-10.24%	-11.19%	-10.89%	-17.05%	-23.12%	-29.31%	-40.09%
Debt-free Net Working Capital to Revenue	395.11%	362.85%	361.35%	364.82%	339.67%	344.58%	329.85%	344.87%	294.47%	216.59%	209.96%
Net Working Capital to Revenue	395.11%	362.85%	361.35%	364.82%	339.67%	344.58%	329.85%	344.87%	294.47%	216.59%	209.96%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.07	$0.08	$0.07	$0.11	$0.07	$0.09	$0.09	$0.03	$0.03	$0.02	($0.04)
Adjusted Weighted Average Basic Shares Outstanding	18.85M	37.68M	18.86M	18.88M	18.89M	18.88M	18.95M	18.97M	18.98M	18.97M	19.02M
Adjusted Diluted Earnings per Share	$0.07	$0.08	$0.07	$0.11	$0.07	$0.09	$0.09	$0.03	$0.03	$0.02	($0.04)
Adjusted Weighted Average Diluted Shares Outstanding	18.92M	37.84M	18.94M	18.95M	18.97M	18.97M	19.01M	19.02M	19.03M	19.02M	19.03M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.08	$0.00	$0.00	$0.00	$0.09	$0.00	$0.00	$0.00	$0.02	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	18.95M	19.00M	19.02M	19.03M	19.03M	19.09M	19.09M	19.11M	19.12M	0.00	19.17M
Normalized Net Operating Profit after Tax (NOPAT)	2.03	2.62	2.22	1.95	2.35	2.50	1.76	1.29	1.00	1.18	0.36
Normalized NOPAT Margin	19.19%	25.94%	21.88%	18.63%	22.14%	23.70%	17.07%	11.88%	9.31%	10.79%	3.38%
Pre Tax Income Margin	14.79%	34.67%	17.12%	28.40%	16.98%	18.74%	20.96%	7.39%	7.13%	0.46%	-10.60%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.59	3.03	3.16	3.40	4.16	4.64	3.35	2.01	1.84	2.37	0.72
NOPAT to Interest Expense	1.82	2.46	2.43	2.35	3.17	3.74	2.53	1.56	1.36	6.60	0.51
EBIT Less CapEx to Interest Expense	0.40	-3.15	-3.65	-4.21	-42.40	-1.21	-1.12	-5.34	-31.98	-21.58	-18.24
NOPAT Less CapEx to Interest Expense	-0.37	-3.72	-4.38	-5.26	-43.38	-2.11	-1.93	-5.79	-32.46	-17.35	-18.45
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	256.14%	65.34%	51.78%	40.58%	41.25%	49.95%	195.46%	249.70%	297.87%	453.51%	864.37%
Augmented Payout Ratio	298.93%	106.31%	51.78%	54.13%	41.25%	49.95%	195.46%	249.70%	297.87%	469.18%	864.37%

Financials Breakdown Chart

Key Financial Trends

FRP Holdings (NASDAQ: FRPH) showed a mixed start to 2026, with weaker earnings but solid operating cash flow. The company remained profitable on an operating basis in Q1 2026, but net income turned negative because of higher other expenses, including interest expense and a loss in non-operating items. At the same time, the balance sheet stayed relatively strong, supported by substantial equity and a large cash/restricted cash position.

Operating cash flow remained strong at $9.7 million in Q1 2026, compared with $8.4 million in Q4 2025 and $4.5 million in Q1 2025.
FRPH continued to generate positive operating income in Q1 2026, with operating profit of $512,000.
The company ended Q1 2026 with $111.1 million in current assets, including $107.9 million of restricted cash.
Total equity and noncontrolling interests were $454.4 million, indicating a sizable equity base relative to liabilities.
PPE remained a major asset at $459.0 million net, supporting the company’s real estate/infrastructure asset base.
Revenue in Q1 2026 was $10.6 million, down slightly from $10.9 million in Q4 2025 but roughly in line with recent quarters.
The company continued paying dividends, with $821,000 paid in Q1 2026, signaling ongoing shareholder returns.
FRPH issued $11.45 million of debt in Q1 2026, which helped fund activity but also adds leverage.
FRPH reported a net loss of $921,000 in Q1 2026, versus $139,000 of net income in Q4 2025.
Other income/expense was a drag, with net other expense of $1.635 million and total pre-tax loss of $1.123 million.

Looking at the broader trend over the last several years, FRPH has generally delivered steady quarterly revenue around $10 million to $11 million, but profitability has been uneven. In 2024 and 2025, quarterly net income swung between modest profits and losses, while operating cash flow stayed consistently positive. That suggests the underlying asset base still produces cash, even when accounting earnings are pressured by depreciation, amortization, interest, and other operating items.

One of the more notable trends is the company’s heavy investment activity. Capital spending and acquisitions have been significant in multiple quarters, which can support future growth but also create short-term cash outflows. Despite that, FRPH’s balance sheet has remained fairly resilient, with total liabilities of $296.0 million against total equity of $428.2 million in Q1 2026.

The main investor takeaway is that FRPH appears to have a cash-generating real estate platform with a conservative-looking equity cushion, but earnings remain sensitive to non-operating costs and investment activity. If operating income improves and other expenses stabilize, earnings could rebound; if not, the company may continue to rely more on cash flow than bottom-line profit growth.

07/10/26 10:41 AM ETAI Generated. May Contain Errors.

FRP Financials - Frequently Asked Questions

According to the most recent income statement we have on file, FRP's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

FRP's net income appears to be on a downward trend, with a most recent value of $2.96 million in 2025, falling from -$6.83 million in 2014. The previous period was $6.46 million in 2024. View FRP's forecast to see where analysts expect FRP to go next.

FRP's total operating income in 2025 was $7.03 million, based on the following breakdown:

Total Gross Profit: $42.85 million
Total Operating Expenses: $35.82 million

Over the last 10 years, FRP's total revenue changed from $30.98 million in 2014 to $42.85 million in 2025, a change of 38.3%.

FRP's total liabilities were at $279.49 million at the end of 2025, a 7.8% increase from 2024, and a 298.5% increase since 2015.

Over the last 10 years, FRP's book value per share changed from 18.56 in 2015 to 22.42 in 2025, a change of 20.8%.

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Financial statements for NASDAQ:FRPH last updated on 7/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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FRP (FRPH) Financials

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