FRP Holdings, Inc. key statistics and ratios

In fiscal 2025, FRP Holdings, Inc. had return on equity of 0.8%, an operating margin of 16.4% and debt equal to 44.9% of equity. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

FRP Holdings, Inc.: financial ratios, annual
Fiscal year	2009Sept 2009	2010Sept 2010	2011Sept 2011	2012Sept 2012	2013Sept 2013	2014Sept 2014	2015Sept 2015	2016Sept 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Gross margin	—	—	—	—	33.7%	31.4%	35.2%	43.7%	—	—	—	—	—	—	—	—	—	—
Operating margin	14.1%	13.0%	12.0%	11.1%	73.9%	16.7%	35.2%	43.7%	6.7%	8.9%	24.2%	21.8%	7.3%	21.3%	28.2%	28.0%	16.4%	11.6%
Net margin	3.3%	6.6%	10.2%	6.1%	55.6%	32.3%	23.9%	32.1%	267.6%	565.2%	68.1%	53.9%	90.4%	12.2%	12.8%	15.3%	7.8%	0.2%
Free-cash-flow margin	18.9%	6.1%	11.5%	7.9%	14.3%	13.1%	31.0%	−21.5%	113.9%	−202.0%	154.0%	4.5%	18.3%	−14.1%	52.4%	−53.2%	−50.1%	−95.1%
Return on equity	2.6%	5.0%	7.7%	4.6%	8.4%	5.0%	4.3%	6.4%	19.0%	40.9%	4.4%	3.4%	7.4%	1.1%	1.3%	1.5%	0.8%	0.0%
Return on assets	—	2.9%	4.7%	2.9%	5.5%	3.3%	2.9%	4.6%	12.2%	26.9%	3.1%	2.4%	4.6%	0.7%	0.8%	0.9%	0.5%	0.0%
Asset turnover	—	0.43	0.46	0.47	0.10	0.10	0.12	0.14	0.05	0.05	0.05	0.04	0.05	0.05	0.06	0.06	0.06	0.06
Current ratio	—	1.76	1.90	1.33	0.81	0.91	—	—	—	—	—	—	—	—	—	—	—	—
Debt to equity	0.0%	47.3%	40.9%	35.7%	25.9%	27.1%	26.7%	21.4%	48.6%	24.4%	23.7%	24.5%	45.4%	44.2%	43.4%	42.6%	44.9%	50.0%
Interest cover (operating income ÷ interest)	4.6x	3.7x	4.3x	5.3x	8.2x	3.8x	6.0x	10.5x	0.4x	0.6x	5.5x	4.7x	1.0x	2.6x	2.7x	3.7x	2.4x	1.8x
Effective tax rate	—	—	—	—	—	—	—	—	12.1%	0.4%	18.9%	—	—	—	—	—	—	—
Capital spending as % of revenue	2.9%	5.9%	5.6%	8.2%	82.9%	62.2%	18.7%	73.6%	21.1%	33.1%	43.9%	74.4%	52.9%	73.7%	27.0%	122.5%	119.4%	160.2%
Free cash flow ÷ net income	577.5%	92.0%	113.5%	128.4%	25.6%	40.6%	129.8%	−67.1%	42.5%	−35.7%	226.2%	8.4%	20.2%	−115.6%	410.3%	−347.8%	−644.4%	<−999%
Dividends and buybacks ÷ free cash flow	0.0%	0.0%	10.1%	3.1%	5.9%	0.0%	0.0%	—	0.4%	—	22.4%	>999%	4.6%	—	9.2%	—	—	—

US$ thousands unless shown otherwise. Fiscal quarters.

FRP Holdings, Inc.: financial ratios, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Operating margin	29.0%	27.7%	22.6%	15.3%	12.6%	15.4%	4.8%	13.2%
Net margin	12.8%	15.9%	16.6%	5.3%	6.1%	3.5%	−6.5%	−2.3%
Free-cash-flow margin	−265.7%	33.0%	13.6%	24.0%	−157.0%	−78.4%	−35.4%	−108.3%
Debt to equity	42.5%	42.3%	41.9%	42.3%	43.3%	44.9%	47.6%	50.0%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

0 of 5 checks passed · June 30, 2026

Short-term assets cover short-term liabilities The company doesn't report a short-term split. Not assessable.
Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
More cash than debt $101m of cash against $215m of debt.
Debt below 40% of shareholders' equity Debt is 50% of equity.
Debt burden no higher than five years ago Debt to equity moved from 45% to 50% over five years.
A year's operating cash flow covers at least 20% of debt $28m of operating cash flow against $215m of debt.
Operating profit covers interest at least five times over Operating income of $5m against $3m of interest.

From FRP Holdings, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

23 /100

Weak moat

How hard FRP Holdings's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 0 / 20

Net income has been a median 1.5% of total assets over 10 years.
Durability 6 / 20

Operating margin has been a median 21.0%; its worst year was -2.4%.
Cash conversion 4 / 20

Free cash flow was positive in 4 of 10 years, at a median -7.4% of revenue.
Discipline 8 / 20

The diluted share count rose 94311.5% over five years; stock-based pay has been a median 3.3% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from FRP Holdings, Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to FRP Holdings, Inc.