FRP Holdings, Inc. (FRPH) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+48.1%

$27.93

vs $18.86 price

Levered DCF

$33.96

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.21

Distress zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	134.06×	90.09×	112.29×	112.21×	19.27×	34.52×	30.38×	3.71×
P/B	1.02×	1.37×	1.43×	1.25×	1.37×	1.19×	1.32×	1.27×
P/S	10.16×	13.85×	14.27×	13.56×	17.4×	18.56×	20.81×	20.98×
EV / EBITDA	28.84×	27.63×	28.29×	25.35×	8.53×	20.76×	29.78×	42.32×
Gross margin	15.7%	91.8%	91.2%	89.0%	88.0%	88.0%	87.6%	88.1%
Operating margin	16.4%	28.0%	28.2%	21.3%	7.3%	21.8%	24.2%	8.9%
Net margin	7.8%	15.3%	12.8%	12.2%	90.4%	53.9%	68.1%	565.2%
Current ratio	0×	15.45×	15.93×	25.34×	23.18×	0×	40.9×	51.53×
Debt / equity	0.45×	0.42×	0.43×	0.44×	0.45×	0.24×	0.24×	0.24×
Interest coverage	2.37×	3.72×	2.71×	2.63×	0.99×	4.67×	5.46×	0.63×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	0.8%	1.5%	1.3%	1.1%	7.1%	3.5%	4.3%	34.1%
Return on invested capital	0.7%	1.2%	1.3%	0.8%	0.3%	0.0%	0.8%	0.3%
Return on assets	0.5%	0.9%	0.7%	0.7%	4.2%	2.4%	3.0%	24.6%
Free cash flow yield	6.8%	5.0%	5.6%	14.1%	9.6%	0.2%	9.7%	63.1%
Earnings yield	0.8%	1.1%	0.9%	0.9%	5.2%	2.9%	3.3%	26.9%
Enterprise value	$522.6M	$608.7M	$613.5M	$509.2M	$560M	$453.6M	$556.7M	$528.3M
Net debt / EBITDA	4.81×	1.37×	0.98×	0.05×	0.26×	0.73×	3.33×	5.31×
Cash conversion cycle (days)	25	-616	-807	-509	-568	94	-285	-319