Latest Ratios: P/E Ratio 119.3x · EV/EBITDA 26.5x · ROE 0.7%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $389M | $435M | $581M | $595M | $508M | $543M | $438M | $495M | $465M | $444M | $374M |
| Enterprise Value | $476M | $523M | $611M | $616M | $509M | $560M | $454M | $557M | $531M | $558M | $415M |
| P/E Ratio → | 119.29 | 134.06 | 90.09 | 112.29 | 112.21 | 19.27 | 34.52 | 30.38 | 3.74 | 10.64 | 30.90 |
| P/S Ratio | 9.07 | 10.16 | 13.91 | 14.33 | 13.56 | 17.40 | 18.56 | 20.82 | 21.12 | 10.29 | 9.97 |
| P/B Ratio | 0.85 | 0.96 | 1.24 | 1.33 | 1.14 | 1.28 | 1.14 | 1.26 | 1.21 | 1.68 | 1.88 |
| P/FCF | 13.10 | 14.67 | 20.05 | 18.04 | 7.10 | 10.40 | 409.53 | 10.28 | 1.59 | 99.88 | — |
| P/OCF | 13.10 | 14.67 | 20.05 | 18.04 | 22.75 | 24.42 | 23.52 | 10.52 | — | 21.10 | 19.16 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 12.20 | 14.63 | 14.84 | 13.59 | 17.94 | 19.24 | 23.44 | 24.12 | 12.92 | 11.07 |
| EV / EBITDA | 26.46 | 29.05 | 27.67 | 27.17 | 26.17 | 36.80 | 40.56 | 46.74 | 21.15 | 79.52 | 16.96 |
| EV / EBIT | 67.72 | 77.46 | 52.53 | 57.51 | 59.06 | 10.63 | 28.30 | 43.37 | 115.85 | 9.36 | 27.97 |
| EV / FCF | — | 17.61 | 21.09 | 18.68 | 7.12 | 10.73 | 424.36 | 11.57 | 1.82 | 125.46 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 15.7% | 15.7% | 91.8% | 91.2% | 89.0% | 88.0% | 88.0% | 87.6% | 88.1% | 88.4% | 88.1% |
| Operating Margin | 16.4% | 16.4% | 28.0% | 28.2% | 21.3% | 7.3% | 21.8% | 24.2% | 8.9% | 2.4% | 43.7% |
| Net Profit Margin | 7.8% | 7.8% | 15.3% | 12.8% | 12.2% | 90.4% | 53.9% | 68.1% | 565.2% | 96.7% | 32.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 0.7% | 0.7% | 1.4% | 1.2% | 1.1% | 7.0% | 3.3% | 4.2% | 38.4% | 18.0% | 6.3% |
| ROA | 0.5% | 0.5% | 0.9% | 0.8% | 0.7% | 4.6% | 2.4% | 3.1% | 26.9% | 12.2% | 4.6% |
| ROIC | 1.0% | 1.0% | 1.8% | 1.9% | 1.4% | 0.4% | 0.9% | 1.0% | 0.4% | 0.3% | 5.2% |
| ROCE | 1.0% | 1.0% | 1.7% | 1.7% | 1.2% | 0.4% | 1.0% | 1.1% | 0.4% | 0.3% | 6.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.42 | 0.42 | 0.38 | 0.40 | 0.40 | 0.42 | 0.24 | 0.23 | 0.23 | 0.45 | 0.21 |
| Debt / EBITDA | 10.71 | 10.71 | 8.10 | 7.88 | 9.18 | 11.72 | 8.04 | 7.46 | 3.53 | 16.86 | 1.68 |
| Net Debt / Equity | — | 0.19 | 0.06 | 0.05 | 0.00 | 0.04 | 0.04 | 0.16 | 0.17 | 0.43 | 0.21 |
| Net Debt / EBITDA | 4.85 | 4.85 | 1.37 | 0.93 | 0.05 | 1.11 | 1.42 | 5.23 | 2.64 | 16.21 | 1.68 |
| Debt / FCF | — | 2.94 | 1.04 | 0.64 | 0.01 | 0.32 | 14.84 | 1.30 | 0.23 | 25.58 | — |
| Interest Coverage | 2.27 | 2.27 | 3.69 | 2.48 | 2.83 | 22.86 | 14.57 | 12.18 | 1.48 | 21.76 | 9.50 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | — | — | 15.45 | 15.93 | 25.34 | 23.18 | — | 40.90 | 51.53 | 1.33 | 0.31 |
| Quick Ratio | — | — | 15.45 | 15.93 | 25.34 | 23.18 | — | 40.90 | 51.53 | 1.33 | 0.31 |
| Cash Ratio | — | — | 15.04 | 15.55 | 24.94 | 22.73 | — | 40.58 | 47.98 | 0.46 | — |
| Asset Turnover | — | 0.06 | 0.06 | 0.06 | 0.05 | 0.05 | 0.04 | 0.04 | 0.04 | 0.10 | 0.14 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 0.8% | 0.7% | 1.1% | 0.9% | 0.9% | 5.2% | 2.9% | 3.3% | 26.8% | 9.4% | 3.2% |
| FCF Yield | 7.6% | 6.8% | 5.0% | 5.5% | 14.1% | 9.6% | 0.2% | 9.7% | 62.7% | 1.0% | — |
| Buyback Yield | 0.1% | 0.1% | 0.0% | 0.3% | 0.0% | 0.0% | 4.9% | 1.7% | 1.2% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.1% | 0.1% | 0.0% | 0.3% | 0.0% | 0.0% | 4.9% | 1.7% | 1.2% | 0.0% | 0.0% |
| Shares Outstanding | — | $19M | $19M | $19M | $19M | $19M | $19M | $20M | $20M | $20M | $20M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying FRPH stock.
FRP Holdings, Inc.'s current P/E ratio is 119.3x. The historical average is 28.0x. This places it at the 97th percentile of its historical range.
FRP Holdings, Inc.'s current EV/EBITDA is 26.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.4x.
FRP Holdings, Inc.'s return on equity (ROE) is 0.7%. The historical average is 7.3%.
Based on historical data, FRP Holdings, Inc. is trading at a P/E of 119.3x. This is at the 97th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
FRP Holdings, Inc. has 15.7% gross margin and 16.4% operating margin. Operating margin between 10-20% is typical for established companies.
FRP Holdings, Inc.'s Debt/EBITDA ratio is 10.7x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Volatile margins and absent AFFO data
Metrics are mathematically derived from official filings.
Premium Valuation on Contracting FFO
FRPH trades at a P/FFO of 23.82x, a significant premium to its historical range, yet this appears to be driven by a contracting FFO base rather than growth, as FFO per share has declined 19.4% year-over-year according to reported SEC filings.
The company's valuation appears disconnected from its deteriorating core earnings trajectory. With FFO declining and no dividend yield to provide a value anchor, the premium P/FFO suggests the market may be pricing in future development completions or asset value rather than current cash flow generation. Investors should note the stark contrast between this premium and the negative ROE and volatile margins.
Extreme Margin Volatility Signals Instability
NOI margin has demonstrated extreme instability, collapsing from a stable ~92% average in 2024 to 16.0% in 2025Q4 before swinging back to 72.1% in 2026Q2, indicating severe operational unpredictability at the property level based on reported financial statements.
This level of margin volatility is atypical for an operating REIT and suggests profitability is driven by lumpy project completions, profit recognition, or asset dispositions rather than steady rental income. The lack of same-store NOI growth data prevents assessment of organic performance, but the erratic margins and declining FFO per share together imply that FFO growth is not being driven by sustainable property-level operations.
Absence of Dividend Reflects Cash Flow Uncertainty
FRPH pays no dividend, which appears warranted given the negative FFO payout ratios and severe cash flow volatility, with operating cash flow of -$9.7 million in 2026Q2 versus FFO of $2.7 million as reported in recent filings.
The absence of a dividend is consistent with the company's unstable and often negative cash flow profile. Without AFFO data, which would provide a clearer picture of distributable cash after maintenance capital expenditures, investors cannot assess a payout ratio. The retained cash flow is likely being absorbed by development activities and debt service, leaving no margin for shareholder distributions.
Modest Leverage Masked by Weak Coverage
While debt-to-equity of 0.47 is modest for a REIT, the interest coverage ratio collapsed to 0.40 in 2026Q2 from 4.59 in 2024Q2, suggesting that current cash flows are insufficient to service interest expense comfortably according to SEC filings.
The low D/E ratio creates a misleadingly safe leverage profile, as the key vulnerability lies in cash flow adequacy rather than the balance sheet debt level. The interest coverage trend indicates that core operations are not generating sufficient earnings before interest and taxes to cover debt costs, which could force the company to rely on asset sales, equity issuance, or additional borrowing to meet obligations.
Standard P/E and Book Value Are Misleading
The standard P/E ratio of 124.18 is severely distorted by large non-cash depreciation charges that create a net loss, making it an entirely misleading metric for assessing this REIT's valuation.
The conventional P/E ratio is irrelevant because GAAP net income is driven by depreciation of real estate assets, which is a non-cash charge that does not reflect property value or operating cash flow. Investors should use the P/FFO ratio instead, though even this requires caution given the volatile FFO trend. Similarly, the P/B ratio of 0.89 may obscure the true value of development-stage assets not yet generating stabilized income.