Friedman Industries, Incorporated (FRD) 10-Year Financial Performance & Capital Metrics

FRD • • Industrial / General

Basic MaterialsSteelSteel Processing & DistributionSteel Processors

AboutFriedman Industries, Incorporated engages in steel processing, pipe manufacturing and processing, and the steel and pipe distribution businesses the United States. It operates in two segments, Coil and Tubular. The Coil segment is involved in the conversion of steel coils into flat sheet and plate steel cut to customer specifications and reselling steel coils. This segment also processes customer-owned coils on a fee basis. The company sells coil products and processing services to approximately 230 customers located primarily in the midwestern, southwestern and southeastern regions of the United States. Its principal customers for these products and services are steel distributors and customers manufacturing steel products, such as steel buildings, railroad cars, barges, tanks and containers, trailers, component parts and other fabricated steel products. The Tubular segment manufactures line and oil country pipes, as well as pipes for structural applications. This segment sells its tubular products principally to steel and pipe distributors through its own sales force. Friedman Industries, Incorporated was incorporated in 1965 and is headquartered in Longview, Texas.Show more

Revenue $445M -13.9%
EBITDA $6M -77.0%
Net Income $6M -64.9%
EPS (Diluted) 0.87 -63.6%
Gross Margin 10.23% -27.1%
EBITDA Margin 1.42% -73.3%
Operating Margin 0.68% -85.6%
Net Margin 1.37% -59.3%
ROE 4.68% -67.2%
ROIC 1.32% -88.7%
Debt/Equity 0.38 +12.7%
Interest Coverage 1.03 -87.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y sales CAGR of 25.6%
✓Share count reduced 3.3% through buybacks
✓Trading at only 1.1x book value
✓Efficient asset utilization: 2.0x turnover

✗Weaknesses

✗Weak Piotroski F-Score: 3/9
✗Negative free cash flow

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y15.17%

5Y25.62%

3Y15.95%

TTM8.72%

Profit (Net Income) CAGR

10Y31.88%

5Y-

3Y-24.37%

TTM42.28%

EPS CAGR

10Y30.66%

5Y-

3Y-24.73%

TTM43.03%

ROCE

10Y Avg9.08%

5Y Avg18.27%

3Y Avg11.07%

Latest1.67%

Peer Comparison

Steel Processors

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
FRDFriedman Industries, Incorporated	145.23M	20.42	23.47	-13.88%	2.24%	8.21%		0.38
WSWorthington Steel, Inc.	1.97B	38.75	17.69	-9.83%	3.82%	9.25%	5.07%	0.19

Profit & Loss

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Sales/Revenue+	81.63M	77.76M	121.16M	187.15M	142.1M	126.1M	285.24M	547.54M	516.25M	444.6M
Revenue Growth %	-0.25%	-0.05%	0.56%	0.54%	-0.24%	-0.11%	1.26%	0.92%	-0.06%	-0.14%
Cost of Goods Sold+	76.94M	77.95M	112.91M	174.25M	139.49M	102.52M	244.25M	477.56M	443.83M	399.13M
COGS % of Revenue	0.94%	1%	0.93%	0.93%	0.98%	0.81%	0.86%	0.87%	0.86%	0.9%
Gross Profit+	4.69M	-191.62K	8.25M	12.91M	2.61M	23.59M	40.99M	69.98M	72.42M	45.48M
Gross Margin %	0.06%	-0%	0.07%	0.07%	0.02%	0.19%	0.14%	0.13%	0.14%	0.1%
Gross Profit Growth %	-0.08%	-1.04%	44.06%	0.56%	-0.8%	8.04%	0.74%	0.71%	0.03%	-0.37%
Operating Expenses+	4.67M	4.02M	4.18M	180.33M	9.47M	7.86M	12.47M	48.9M	47.9M	42.43M
OpEx % of Revenue	0.06%	0.05%	0.03%	0.96%	0.07%	0.06%	0.04%	0.09%	0.09%	0.1%
Selling, General & Admin	4.67M	4.02M	4.18M	4.78M	0	0	0	46.38M	44.83M	16.17M
SG&A % of Revenue	0.06%	0.05%	0.03%	0.03%	-	-	-	0.08%	0.09%	0.04%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	0	0	-180.33M	9.47M	7.86M	12.47M	2.53M	3.07M	26.26M
Operating Income+	23.37K	-4.21M	4.04M	6.38M	-6.86M	15.73M	28.52M	21.07M	24.52M	3.04M
Operating Margin %	0%	-0.05%	0.03%	0.03%	-0.05%	0.12%	0.1%	0.04%	0.05%	0.01%
Operating Income Growth %	-0.96%	-181.13%	1.96%	0.58%	-2.07%	3.29%	0.81%	-0.26%	0.16%	-0.88%
EBITDA+	1.7M	-2.62M	5.4M	7.72M	-5.33M	16.74M	29.84M	23.6M	27.59M	6.33M
EBITDA Margin %	0.02%	-0.03%	0.04%	0.04%	-0.04%	0.13%	0.1%	0.04%	0.05%	0.01%
EBITDA Growth %	-0.28%	-2.54%	3.06%	0.43%	-1.69%	4.14%	0.78%	-0.21%	0.17%	-0.77%
D&A (Non-Cash Add-back)	1.67M	1.59M	1.36M	1.34M	1.52M	1.01M	1.32M	2.53M	3.07M	3.29M
EBIT	398.68K	-4.15M	5.79M	6.84M	-2.51M	15.75M	28.52M	30.41M	26.39M	10.65M
Net Interest Income+	375.31K	59.01K	-2.95K	422.96K	14.45K	-24.62K	-255K	-2.22M	-3.07M	-2.95M
Interest Income	375.31K	59.01K	24.9K	440.5K	19.26K	0	0	0	0	0
Interest Expense	0	0	27.85K	17.55K	4.81K	24.62K	255K	2.22M	3.07M	2.95M
Other Income/Expense	375.31K	59.01K	24.9K	440.5K	19.26K	-503.42K	-10.19M	7.12M	-1.2M	4.65M
Pretax Income+	398.68K	-4.15M	4.07M	6.82M	-6.84M	15.22M	18.33M	28.19M	23.31M	7.69M
Pretax Margin %	0%	-0.05%	0.03%	0.04%	-0.05%	0.12%	0.06%	0.05%	0.05%	0.02%
Income Tax+	104.68K	-1.47M	1.31M	1.72M	-1.59M	3.8M	4.26M	6.84M	5.97M	1.61M
Effective Tax Rate %	0.74%	0.65%	0.68%	0.75%	0.77%	0.75%	0.77%	0.76%	0.74%	0.79%
Net Income+	294K	-2.68M	2.76M	5.1M	-5.25M	11.42M	14.07M	21.34M	17.34M	6.08M
Net Margin %	0%	-0.03%	0.02%	0.03%	-0.04%	0.09%	0.05%	0.04%	0.03%	0.01%
Net Income Growth %	-0.23%	-10.11%	2.03%	0.85%	-2.03%	3.18%	0.23%	0.52%	-0.19%	-0.65%
Net Income (Continuing)	294K	-2.68M	3.93M	5.1M	-5.25M	11.42M	14.07M	21.34M	17.34M	6.08M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.04	-0.39	0.39	0.73	-0.75	1.63	2.04	2.91	2.39	0.87
EPS Growth %	-0.33%	-10.75%	2%	0.87%	-2.03%	3.17%	0.25%	0.43%	-0.18%	-0.64%
EPS (Basic)	0.04	-0.39	0.39	0.73	-0.75	1.63	2.04	2.91	2.39	0.87
Diluted Shares Outstanding	6.8M	6.85M	7.01M	7.01M	7M	7.03M	6.62M	7.33M	7.18M	6.94M
Basic Shares Outstanding	6.8M	6.85M	7.01M	7.01M	7M	7.03M	6.62M	7.33M	7.18M	6.94M
Dividend Payout Ratio	0.93%	-	0.1%	0.23%	-	0.05%	0.04%	0.03%	0.03%	0.18%

Balance Sheet

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Total Current Assets+	49.7M	45.43M	59.98M	74.46M	65.21M	77.53M	125.36M	143.66M	170.06M	166.47M
Cash & Short-Term Investments	2.8M	1.46M	4.05M	11.67M	17.06M	8.19M	2.6M	2.99M	2.89M	3.69M
Cash Only	2.8M	1.46M	4.05M	11.67M	17.06M	8.19M	2.6M	2.99M	2.89M	3.69M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	4.82M	8.94M	17.46M	13.18M	11.71M	20.38M	35.67M	49.37M	47.33M	47.48M
Days Sales Outstanding	21.56	41.96	52.6	25.71	30.07	58.98	45.65	32.91	33.46	38.98
Inventory	41.94M	34.92M	38.04M	49.06M	35.67M	36.02M	67.95M	86.25M	115.8M	113.69M
Days Inventory Outstanding	198.96	163.51	122.97	102.77	93.33	128.23	101.54	65.92	95.24	103.97
Other Current Assets	143.38K	113.54K	429.1K	543.55K	780.18K	12.95M	19.15M	5.05M	4.04M	1.62M
Total Non-Current Assets+	17.19M	17.83M	14.38M	12.15M	12.5M	17.47M	33.91M	55.66M	59.95M	60.35M
Property, Plant & Equipment	15.97M	15.17M	14.17M	11.91M	11.55M	15.47M	30.11M	55.2M	59.6M	59.09M
Fixed Asset Turnover	5.11x	5.12x	8.55x	15.71x	12.30x	8.15x	9.47x	9.92x	8.66x	7.52x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	812K	1.49M	-248.03K	-76.84K	580.48K	2.01M	1.67M	453K	356K	1.26M
Total Assets+	66.89M	63.26M	74.36M	86.6M	77.71M	95.01M	159.28M	199.31M	230.02M	226.82M
Asset Turnover	1.22x	1.23x	1.63x	2.16x	1.83x	1.33x	1.79x	2.75x	2.24x	1.96x
Asset Growth %	-0%	-0.05%	0.18%	0.16%	-0.1%	0.22%	0.68%	0.25%	0.15%	-0.01%
Total Current Liabilities+	2.87M	2.36M	11.03M	12.36M	9.65M	29.07M	60.81M	45.09M	54.11M	38.32M
Accounts Payable	2.48M	2M	10.23M	11.58M	8.9M	15.18M	44.62M	36.85M	41.54M	35.3M
Days Payables Outstanding	11.75	9.38	33.08	24.25	23.28	54.05	66.67	28.16	34.16	32.29
Short-Term Debt	0	0	0	0	148.16K	1.52M	0	0	0	0
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	67.99K	70.09K	140.19K	279.98K	139.99K	9.57M	14.57M	7.21M	4.31M	2.09M
Current Ratio	17.34x	19.28x	5.44x	6.02x	6.76x	2.67x	2.06x	3.19x	3.14x	4.34x
Quick Ratio	2.71x	4.46x	1.99x	2.05x	3.06x	1.43x	0.94x	1.27x	1.00x	1.38x
Cash Conversion Cycle	208.78	196.09	142.49	104.23	100.12	133.17	80.51	70.66	94.54	110.66
Total Non-Current Liabilities+	785.6K	550.28K	278.25K	1.76M	1.2M	596.56K	18.78M	38.79M	48.44M	56.07M
Long-Term Debt	0	0	0	0	0	171.97K	18.44M	33.12M	40.29M	47.73M
Capital Lease Obligations	0	0	0	0	372.35K	265.56K	222K	1.22M	2.78M	2.75M
Deferred Tax Liabilities	0	0	103.2K	1.55M	731.09K	0	0	4.36M	5.26M	5.48M
Other Non-Current Liabilities	785.6K	550.28K	175.06K	210.26K	99.86K	159.03K	119.36K	96K	40.4M	115K
Total Liabilities	3.65M	2.91M	11.31M	14.12M	10.85M	29.67M	79.59M	83.88M	102.54M	94.4M
Total Debt+	0	0	0	0	520.51K	2.06M	18.82M	34.45M	43.13M	50.48M
Net Debt	-2.8M	-1.46M	-4.05M	-11.67M	-16.54M	-6.13M	16.22M	31.45M	40.24M	46.79M
Debt / Equity	-	-	-	-	0.01x	0.03x	0.24x	0.30x	0.34x	0.38x
Debt / EBITDA	-	-	-	-	-	0.12x	0.63x	1.46x	1.56x	7.97x
Net Debt / EBITDA	-1.65x	-	-0.75x	-1.51x	-	-0.37x	0.54x	1.33x	1.46x	7.39x
Interest Coverage	-	-	145.17x	363.81x	-1426.85x	638.75x	111.84x	9.50x	7.98x	1.03x
Total Equity+	63.24M	60.36M	63.05M	72.48M	66.87M	65.34M	79.69M	115.43M	127.47M	132.43M
Equity Growth %	0%	-0.05%	0.04%	0.15%	-0.08%	-0.02%	0.22%	0.45%	0.1%	0.04%
Book Value per Share	9.30	8.81	9.00	10.34	9.55	9.30	12.03	15.74	17.75	19.07
Total Shareholders' Equity	63.24M	60.36M	63.05M	72.48M	66.87M	65.34M	79.69M	115.43M	127.47M	132.43M
Common Stock	7.98M	8.19M	8.19M	8.21M	8.3M	8.33M	8.34M	8.87M	8.87M	8.88M
Retained Earnings	31.74M	28.78M	31.19M	40.48M	34.53M	45.39M	58.91M	79.65M	96.28M	101.25M
Treasury Stock	-5.48M	-5.48M	-5.48M	-5.53M	-5.53M	-7.2M	-7.74M	-7.78M	-12.93M	-13.1M
Accumulated OCI	-32.33M	-33.92M	-35.28M	-36.54M	0	-11.19M	-10.27M	-317K	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operations+	3.03M	-202.66K	3.25M	9.63M	11.23M	8.43M	-13.4M	63.89M	4.98M	-4.41M
Operating CF Margin %	0.04%	-0%	0.03%	0.05%	0.08%	0.07%	-0.05%	0.12%	0.01%	-0.01%
Operating CF Growth %	1.47%	-1.07%	17.01%	1.97%	0.17%	-0.25%	-2.59%	5.77%	-0.92%	-1.89%
Net Income	294K	-2.68M	2.76M	5.1M	-5.25M	11.42M	14.07M	21.34M	17.34M	6.08M
Depreciation & Amortization	1.67M	1.59M	1.36M	1.34M	1.52M	1.01M	1.32M	2.53M	3.07M	3.29M
Stock-Based Compensation	0	72.24K	288.96K	137.6K	332.94K	527.67K	449K	303K	246K	151K
Deferred Taxes	-221.14K	-757.45K	1.27M	-326.92K	-1.18M	1.34M	-561K	3.33M	794K	221K
Other Non-Cash Items	78.71K	57.68K	9.77K	1.76M	5.3M	-6.56M	864K	5.24M	404K	-2.18M
Working Capital Changes	1.2M	1.51M	-2.44M	1.62M	10.5M	683.64K	-29.54M	31.16M	-16.88M	-11.98M
Change in Receivables	2.07M	-4.12M	-8.52M	4.27M	1.48M	-8.22M	-16.7M	-12.29M	2.04M	-147K
Change in Inventory	-1.09M	7.02M	-3.12M	-3.73M	12.44M	-621.94K	-31.93M	59.25M	-29.56M	2.12M
Change in Payables	328.14K	-473.04K	8.23M	1.34M	-2.68M	5.39M	22.03M	-18.88M	7.04M	-8.64M
Cash from Investing+	-2.18M	-858.33K	-374.08K	-825.91K	-4.95M	-4.59M	-7.92M	-88.19M	-5.8M	-3.43M
Capital Expenditures	-2.12M	-799.33K	-349.18K	-807.99K	-4.94M	-4.61M	-8.06M	-16.45M	-5.79M	-5M
CapEx % of Revenue	0.03%	0.01%	0%	0%	0.03%	0.04%	0.03%	0.03%	0.01%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-59K	-59K	-24.9K	-17.92K	0	19.38K	147K	-13K	-13K	1.57M
Cash from Financing+	-271.98K	-274.08K	-280.38K	-1.19M	-889.57K	-701.91K	17.25M	13.56M	1.34M	6.09M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-271.98K	-274.08K	-280.38K	-1.19M	-839.93K	-564.19K	-551K	-589K	-581K	-1.11M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	0	0	0	0	0	0	0	-393K	0	0
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	901.82K	-1M	2.9M	8.82M	6.3M	3.82M	-21.46M	47.44M	-813K	-9.41M
FCF Margin %	0.01%	-0.01%	0.02%	0.05%	0.04%	0.03%	-0.08%	0.09%	-0%	-0.02%
FCF Growth %	1.07%	-2.11%	3.89%	2.05%	-0.29%	-0.39%	-6.62%	3.21%	-1.02%	-10.58%
FCF per Share	0.13	-0.15	0.41	1.26	0.90	0.54	-3.24	6.47	-0.11	-1.36
FCF Conversion (FCF/Net Income)	10.29x	0.08x	1.18x	1.89x	-2.14x	0.74x	-0.95x	2.99x	0.29x	-0.72x
Interest Paid	0	0	0	0	0	0	0	2M	3M	0
Taxes Paid	0	0	0	0	0	0	0	400K	3.9M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	0.46%	-4.33%	4.47%	7.53%	-7.53%	17.28%	19.4%	21.88%	14.28%	4.68%
Return on Invested Capital (ROIC)	0.03%	-5.29%	5.14%	7.99%	-9.25%	21.53%	27.58%	13.02%	11.69%	1.32%
Gross Margin	5.75%	-0.25%	6.81%	6.9%	1.84%	18.7%	14.37%	12.78%	14.03%	10.23%
Net Margin	0.36%	-3.45%	2.28%	2.73%	-3.69%	9.06%	4.93%	3.9%	3.36%	1.37%
Debt / Equity	-	-	-	-	0.01x	0.03x	0.24x	0.30x	0.34x	0.38x
Interest Coverage	-	-	145.17x	363.81x	-1426.85x	638.75x	111.84x	9.50x	7.98x	1.03x
FCF Conversion	10.29x	0.08x	1.18x	1.89x	-2.14x	0.74x	-0.95x	2.99x	0.29x	-0.72x
Revenue Growth	-24.64%	-4.75%	55.82%	54.47%	-24.07%	-11.26%	126.19%	91.96%	-5.71%	-13.88%

Revenue by Segment

	2013	2014	2015	2025
Coil	67.05M	66.14M	72.91M	399.85M
Coil Growth	-	-1.35%	10.24%	448.40%
Tubular	69.4M	50.01M	35.41M	39.96M
Tubular Growth	-	-27.94%	-29.19%	12.84%

Frequently Asked Questions

Valuation & Price

Friedman Industries, Incorporated (FRD) has a price-to-earnings (P/E) ratio of 23.5x. This is roughly in line with market averages.

Growth & Financials

Friedman Industries, Incorporated (FRD) reported $510.4M in revenue for fiscal year 2025. This represents a 216% increase from $161.5M in 2012.

Friedman Industries, Incorporated (FRD) saw revenue decline by 13.9% over the past year.

Yes, Friedman Industries, Incorporated (FRD) is profitable, generating $11.4M in net income for fiscal year 2025 (1.4% net margin).

Dividend & Returns

Yes, Friedman Industries, Incorporated (FRD) pays a dividend with a yield of 0.79%. This makes it attractive for income-focused investors.

Friedman Industries, Incorporated (FRD) has a return on equity (ROE) of 4.7%. This is below average, suggesting room for improvement.

Friedman Industries, Incorporated (FRD) generated $0.4M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

US Stock Screener

...