Revenue growth remains stable in the 1.3% to 3.6% range, though gross margins have experienced significant volatility, collapsing from over 90% in early 2024 to 16.6% in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'09 | Sep'08 | Sep'07 | Sep'06 | Sep'05 | Sep'04 | Sep'03 | Sep'02 | Sep'01 | Sep'00 | Sep'99 | Sep'98 | Sep'97 | Sep'96 |
|---|
| Revenue | 43.13M | 42.85M | 41.77M | 41.51M | 37.48M | 31.22M | 23.58M | 23.76M | 22.02M | 43.19M | 37.46M | 34.65M | 160.14M | 139.77M | 127.51M | 120.11M | 111.34M | 114.55M | 172.05M | 154.28M | 147.37M | 131.04M | 115.79M | 103.3M | 96.95M | 121.26M | 93.86M | 82.02M | 73.97M | 68.84M | 64.4M |
| Revenue Growth % | 2.83% | 2.57% | 0.65% | 10.74% | 20.05% | 32.38% | -0.73% | 7.87% | -49.01% | 15.31% | 8.11% | -78.37% | 14.57% | 9.61% | 6.17% | 7.88% | -2.81% | -33.42% | 11.52% | 4.69% | 12.47% | 13.17% | 12.09% | 6.55% | -20.05% | 29.19% | 14.44% | 10.88% | 7.45% | 6.9% | 10.47% |
| Property Operating Expenses | 31.4M | 36.12M | 3.44M | 3.65M | 4.13M | 3.75M | 2.83M | 2.94M | 2.63M | 5.02M | 4.47M | 4.44M | 140.76M | 118.08M | 113.41M | 105.74M | 96.83M | 85.23M | 142.95M | 123.88M | 118.22M | 106.04M | 93.31M | 85.24M | 76.41M | 99.47M | 77.62M | 62.02M | 57.48M | 53.94M | 49.79M |
| Net Operating Income (NOI) | 11.73M | 6.72M | 38.34M | 37.86M | 33.36M | 27.47M | 20.76M | 20.82M | 19.4M | 38.17M | 32.98M | 30.2M | 19.38M | 21.7M | 14.1M | 14.37M | 14.5M | 29.32M | 29.1M | 30.41M | 29.15M | 24.99M | 22.48M | 18.07M | 20.54M | 21.79M | 16.24M | 19.99M | 16.49M | 14.91M | 14.62M |
| NOI Margin % | 27.21% | 15.69% | 91.77% | 91.21% | 88.99% | 87.99% | 88.02% | 87.62% | 88.08% | 88.37% | 88.05% | 87.18% | 12.1% | 15.52% | 11.06% | 11.96% | 13.03% | 25.6% | 16.91% | 19.71% | 19.78% | 19.07% | 19.42% | 17.49% | 21.19% | 17.97% | 17.3% | 24.38% | 22.3% | 21.65% | 22.69% |
| Operating Expenses | 6.52M | -304K | 26.63M | 26.16M | 25.36M | 25.2M | 15.62M | 15.06M | 17.43M | 24.56M | 16.6M | 18.02M | 1.61M | 1.26M | 1.09M | 0 | 0 | 13.2M | 15.61M | 12.05M | 12.1M | 9.8M | 9.05M | 8.18M | 8.23M | 12.31M | 9.4M | 7.61M | 6.87M | 5.93M | 5.6M |
| G&A Expenses | 9.3M | 0 | 9.28M | 7.97M | 7.08M | 6.24M | 6.46M | 5.07M | 5.72M | 5.41M | 4.92M | 6.04M | 0 | 6.42M | 0 | 0 | 0 | 13.2M | 15.61M | 12.05M | 12.1M | 9.8M | 9.05M | 8.18M | 8.13M | 12.31M | 9.4M | 7.61M | 6.87M | 5.93M | 5.6M |
| EBITDA | 16.41M | 17.99M | 22.09M | 22.68M | 19.46M | 15.22M | 11.18M | 11.91M | 25.13M | 7.02M | 24.43M | 19.71M | 25.88M | 34.5M | 27.09M | 26.58M | 26.01M | 29.56M | 29.76M | 32.51M | 30.57M | 27.67M | 25.66M | 21.39M | 22.96M | 18.41M | 17.98M | 22.45M | 18.77M | 17.33M | 16.68M |
| EBITDA Margin % | 38.04% | 41.98% | 52.89% | 54.63% | 51.91% | 48.75% | 47.42% | 50.15% | 114.09% | 16.25% | 65.23% | 56.9% | 16.16% | 24.68% | 21.25% | 22.13% | 23.36% | 25.8% | 17.3% | 21.07% | 20.74% | 21.12% | 22.16% | 20.71% | 23.69% | 15.18% | 19.16% | 27.37% | 25.38% | 25.18% | 25.91% |
| Depreciation & Amortization | 11.19M | 10.96M | 10.39M | 10.97M | 11.46M | 12.95M | 6.05M | 6.16M | 23.16M | 5.98M | 8.05M | 7.53M | 16.14M | 14.06M | 12.99M | 12.21M | 11.51M | 13.43M | 14.73M | 14.16M | 13.51M | 12.48M | 12.23M | 11.96M | 11.09M | 11.47M | 11.14M | 10.06M | 9.15M | 8.36M | 7.67M |
| D&A / Revenue % | 25.95% | 25.58% | 24.87% | 26.44% | 30.58% | 41.47% | 25.65% | 25.92% | 105.18% | 13.84% | 21.49% | 21.74% | 10.08% | 10.06% | 10.19% | 10.17% | 10.34% | 11.73% | 8.56% | 9.18% | 9.17% | 9.52% | 10.56% | 11.57% | 11.43% | 9.46% | 11.87% | 12.27% | 12.36% | 12.14% | 11.9% |
| Operating Income | 5.21M | 7.03M | 11.7M | 11.7M | 8M | 2.27M | 5.13M | 5.76M | 1.96M | 1.04M | 16.38M | 12.18M | 9.74M | 20.43M | 14.1M | 14.37M | 14.5M | 16.13M | 15.03M | 18.35M | 17.05M | 15.19M | 13.43M | 9.44M | 11.88M | 6.94M | 6.84M | 12.38M | 9.63M | 8.98M | 9.02M |
| Operating Margin % | 12.09% | 16.4% | 28.02% | 28.19% | 21.33% | 7.28% | 21.77% | 24.23% | 8.91% | 2.41% | 43.74% | 35.16% | 6.08% | 14.62% | 11.06% | 11.96% | 13.03% | 14.08% | 8.74% | 11.9% | 11.57% | 11.59% | 11.6% | 9.14% | 12.25% | 5.72% | 7.29% | 15.09% | 13.01% | 13.04% | 14% |
| Interest Expense | 825K | 2.97M | 3.15M | 4.32M | 3.04M | 2.3M | 1.1M | 1.05M | 3.1M | 2.74M | 1.56M | 2.01M | 1.37M | 2.52M | 2.64M | 3.35M | 3.93M | 3.48M | 4.55M | 3.88M | 3.96M | 3.25M | 0 | 3.49M | 3.16M | 3.39M | 3.44M | 2.36M | 2.3M | 1.97M | 2.23M |
| Interest Coverage | - | 2.27x | 3.69x | 2.48x | 2.83x | 22.86x | 14.57x | 12.18x | 1.48x | 21.76x | 9.50x | 5.96x | 11.93x | 7.26x | 5.75x | 4.37x | 3.81x | 4.66x | 33.69x | 4.77x | 4.31x | 4.68x | - | 2.70x | -20.23x | -26.79x | 1.99x | 5.25x | 4.18x | 4.55x | 4.04x |
| Non-Operating Income | 2.45M | 281K | 65K | 987K | -626K | -50.41M | -10.89M | -7.08M | -2.62M | -58.6M | 1.56M | 179K | 1.48M | 2.13M | -1.06M | -264K | -444K | -84K | -139.82M | -142K | 0 | 0 | 0 | 0 | 75.89M | 97.86M | 0 | 0 | 0 | 0 | 0 |
| Pretax Income | 497K | 3.78M | 8.49M | 6.4M | 5.58M | 50.38M | 14.93M | 11.78M | 1.48M | 56.9M | 19.88M | 9.99M | 8.74M | 25.22M | 12.52M | 11.29M | 11.02M | 12.73M | 12.9M | 14.62M | 13.25M | 11.95M | 9.97M | 5.95M | 8.42M | 3.97M | 3.44M | 10.09M | 7.34M | 6.98M | 6.83M |
| Pretax Margin % | 1.15% | 8.82% | 20.32% | 15.41% | 14.88% | 161.35% | 63.3% | 49.6% | 6.73% | 131.74% | 53.06% | 28.83% | 5.46% | 18.04% | 9.82% | 9.4% | 9.9% | 11.11% | 7.5% | 9.47% | 8.99% | 9.12% | 8.61% | 5.75% | 8.69% | 3.28% | 3.66% | 12.31% | 9.93% | 10.14% | 10.6% |
| Income Tax | 90K | 818K | 2.03M | 1.52M | 1.53M | 10.28M | 3.21M | 2.96M | 524K | 7.33M | 7.85M | 3.9M | 6.65M | 9.84M | 4.81M | 4.3M | 3.96M | 4.82M | 5.52M | 5.11M | 5.17M | 4.34M | 3.88M | 2.32M | 3.62M | 1.8M | 1.39M | 3.94M | 2.86M | 2.72M | 2.66M |
| Effective Tax Rate % | 18.11% | 21.64% | 23.9% | 23.69% | 27.43% | 20.41% | 21.48% | 25.14% | 35.33% | 12.88% | 39.5% | 39% | 76.07% | 39% | 38.41% | 38.08% | 35.97% | 37.88% | 42.83% | 34.97% | 39.03% | 36.3% | 38.89% | 38.99% | 42.91% | 45.37% | 40.49% | 39% | 38.99% | 39% | 38.99% |
| Net Income | 933K | 3.33M | 6.38M | 5.3M | 4.57M | 28.21M | 12.71M | 16.18M | 124.47M | 41.75M | 12.02M | 8.27M | 10.02M | 15.38M | 7.81M | 12.21M | 7.37M | 3.75M | 7.97M | 9.51M | 8.08M | 7.61M | 20.74M | 4.58M | 5.66M | 2.84M | 2.04M | 6.16M | 4.48M | 4.26M | 4.17M |
| Net Margin % | 2.16% | 7.77% | 15.28% | 12.77% | 12.18% | 90.37% | 53.92% | 68.1% | 565.22% | 96.66% | 32.1% | 23.88% | 6.26% | 11.01% | 6.12% | 10.17% | 6.62% | 3.28% | 4.63% | 6.16% | 5.48% | 5.81% | 17.91% | 4.43% | 5.83% | 2.34% | 2.18% | 7.51% | 6.06% | 6.19% | 6.47% |
| Net Income Growth % | -86.27% | -47.85% | 20.43% | 16.14% | -83.82% | 121.9% | -21.4% | -87% | 198.14% | 247.22% | 45.36% | -17.44% | -34.88% | 97.04% | -36.06% | 65.66% | 96.4% | -52.9% | -16.17% | 17.67% | 6.16% | -63.31% | 353.33% | -19.1% | 99.4% | 38.75% | -66.8% | 37.43% | 5.16% | 2.28% | -9.46% |
| Funds From Operations (FFO) | 12.13M | 14.29M | 16.77M | 16.28M | 16.03M | 41.16M | 18.77M | 22.34M | 147.63M | 47.73M | 20.07M | 15.8M | 26.16M | 29.45M | 20.8M | 24.42M | 18.88M | 17.18M | 22.7M | 23.66M | 21.59M | 20.09M | 32.97M | 16.53M | 16.74M | 14.31M | 13.19M | 16.22M | 13.63M | 12.62M | 11.83M |
| FFO Margin % | 28.11% | 33.35% | 40.16% | 39.22% | 42.76% | 131.84% | 79.57% | 94.02% | 670.4% | 110.5% | 53.59% | 45.62% | 16.33% | 21.07% | 16.31% | 20.33% | 16.96% | 15% | 13.2% | 15.34% | 14.65% | 15.33% | 28.47% | 16% | 17.27% | 11.8% | 14.05% | 19.78% | 18.42% | 18.33% | 18.37% |
| FFO Growth % | -117.93% | -14.82% | 3.06% | 1.56% | -61.06% | 119.35% | -15.98% | -84.87% | 209.33% | 137.75% | 27.02% | -39.58% | -11.18% | 41.57% | -14.82% | 29.36% | 9.85% | -24.31% | -4.07% | 9.62% | 7.47% | -39.07% | 99.44% | -1.25% | 17.01% | 8.48% | -18.7% | 19.05% | 8.01% | 6.63% | 538.22% |
| FFO per Share | 0.64 | 0.75 | 0.88 | 0.86 | 0.85 | 2.19 | 0.98 | 1.13 | 7.31 | 2.38 | 1.01 | 0.80 | 1.35 | 1.53 | 2.20 | 2.58 | 2.00 | 1.84 | 2.42 | 2.52 | 2.33 | 2.20 | 3.69 | 1.80 | 1.76 | 1.51 | 1.31 | 1.56 | 1.30 | 1.18 | 1.06 |
| FFO Payout Ratio % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| EPS (Diluted) | 0.05 | 0.17 | 0.34 | 0.28 | 0.24 | 1.50 | 0.66 | 0.82 | 6.16 | 2.08 | 0.61 | 0.42 | 0.27 | 0.80 | 0.81 | 1.29 | 0.78 | 0.40 | 0.85 | 1.01 | 0.87 | 0.83 | 2.32 | 0.50 | 0.31 | 0.30 | 0.20 | 0.59 | 0.43 | 0.40 | 0.38 |
| EPS Growth % | -86.37% | -50% | 21.43% | 16.67% | -84% | 127.27% | -19.51% | -86.69% | 196.15% | 240.98% | 45.24% | 55.56% | -66.25% | -1.23% | -37.21% | 65.38% | 95% | -52.94% | -15.84% | 16.09% | 4.82% | -64.22% | 364% | 61.29% | 3.33% | 50% | -66.1% | 37.21% | 7.5% | 5.26% | -5% |
| EPS (Basic) | - | 0.17 | 0.34 | 0.28 | 0.24 | 1.51 | 0.66 | 0.82 | 6.20 | 2.10 | 0.61 | 0.43 | 0.27 | 0.81 | 0.82 | 1.31 | 0.80 | 0.41 | 0.88 | 1.05 | 0.90 | 0.86 | 2.36 | 0.51 | 0.31 | 0.30 | 0.20 | 0.60 | 0.43 | 0.40 | 0.38 |
| Diluted Shares Outstanding | 19.09M | 19.11M | 18.97M | 18.92M | 18.87M | 18.79M | 19.22M | 19.85M | 20.21M | 20.08M | 19.82M | 19.65M | 19.42M | 19.21M | 9.47M | 9.45M | 9.42M | 9.35M | 9.38M | 9.39M | 9.26M | 9.12M | 8.93M | 9.2M | 9.49M | 9.47M | 10.04M | 10.4M | 10.49M | 10.72M | 11.14M |
Margin volatility from accounting
According to the provided quarterly income statements, FRPH has maintained a consistent revenue trajectory, with recent growth rates hovering between 1.3% and 3.6% over the last several quarters, suggesting that the company's core royalty and rental streams are currently experiencing a period of stable, low-single-digit expansion.
The revenue stability appears to be anchored by the recurring nature of the Mining Royalty and Asset Management segments. While growth is not accelerating, the lack of significant volatility suggests a durable, albeit slow-moving, business model that is largely insulated from broader market swings.
As reported in financial statements, FRPH's gross margin has experienced significant fluctuations, collapsing from over 90% in early 2024 to 16.6% in 2026Q1, which likely reflects shifts in accounting treatment or the lumpy nature of development-related costs impacting the cost of goods sold line item.
This dramatic compression in reported gross margins suggests that the company's cost structure is highly sensitive to how development projects are categorized. Investors should monitor whether this margin degradation is a permanent structural shift or merely a temporary accounting artifact resulting from the transition of assets into joint ventures.
Based on the company's reported figures, operating margins have trended downward from the 25-30% range seen in 2024 to 4.8% in 2026Q1, indicating that operating leverage is currently under pressure as the company navigates the transition of its development pipeline into stabilized joint venture structures.
The decline in operating income relative to gross profit suggests that overhead costs are not scaling efficiently with the current revenue base. This may imply that the company is carrying excess capacity or administrative burden in anticipation of future project completions that have yet to materialize in the income statement.
Analysis of recent SEC filings indicates that FRPH's net income is frequently impacted by non-operating items and stock-based compensation, with SBC expenses reaching as high as $961,000 in 2025Q2, which significantly dilutes the quality of reported earnings and complicates the assessment of true operational profitability.
The presence of lumpy stock-based compensation and the reliance on equity in earnings from joint ventures suggest that the reported net income may not be a reliable proxy for cash-generating capacity. Analysts should focus on adjusted EBITDA or cash flow metrics to better understand the underlying economic performance of the firm.
As highlighted by the recent shift to negative net margins in 2026Q1, there is a legitimate concern that the company's transition toward a joint-venture-heavy model may permanently impair its ability to generate high-margin, direct operating income, potentially leading to a long-term stagnation in shareholder value creation.
Short-term observers may argue that the company's reliance on JV distributions masks a fundamental deterioration in the core business's profitability. If the company cannot successfully convert its development pipeline into high-yielding stabilized assets, the current valuation may be difficult to justify based on income statement performance alone.
Quick answers to the most common questions about buying FRPH stock.
For fiscal year 2025, FRP Holdings, Inc. (FRPH) reported total revenue of $42.8M. This represents a 33.5% decline compared to $64.4M in 1996.
FRP Holdings, Inc. (FRPH) is profitable, generating $3.3M in net income for the fiscal year ending 2025 with a net profit margin of 7.8%.
FRP Holdings, Inc. (FRPH) reported an operating income of $7.0M, resulting in an operating profit margin of 16.4%. This margin reflects the operational efficiency of the business before interest and taxes.
FRP Holdings, Inc. (FRPH) generated $6.7M in gross profit for the year, representing a gross profit margin of 15.7%. This demonstrates the company's core pricing power and production efficiency.