FRPH · FRP HOLDINGS, INC.

FRP Holdings, Inc. engages in the real estate business in the United States. The company operates through four segments: Industrial and Commercial, Mining Royalty Lands, Development, and Multifamily. Its Industrial and Commercial segment owns, leases, and manages commercial properties. The Mining Royalty Lands segment owns, leases, and manages mining royalties in Florida, Georgia, and Virginia. Its Development segment owns and assesses the use of parcels of land that are in various stages of development; and constructs new buildings own and operate. The Multifamily segment owns, leases, and manages buildings through joint ventures. FRP Holdings, Inc. was founded in 1988 and is based in Jacksonville, Florida.

Cap structure and valuation

Cap structure
SP	$22.12
SO	19.2M
Options	0.1M
Warrants	0.0M
FD SO	19.3M
MC	$426.1M

Cash	$101.0M
Total debt	$214.6M
EV	$539.7M

TTM Multiples
EV / Revenue	12.4x
EV / EBITDA	31.9x
MC / Net Income	—
EV / FCF	—
MC / FCF	—

Ownership & coverage
Institutional	47.3%
Insiders	40.1%
# Institutions	165
Analysts	0
Consensus	—
Avg target	—

Short % float	2.9%
Days to cover	6.53

MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-08-04. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative, or when fewer than four quarters are reported — a partial sum is not a trailing twelve months. Ownership & coverage per Yahoo Finance as of 2026-08-12 — institutional % is 13F-based, so it can lag a quarter and exceed 100% on share-count timing. Short interest per FINRA bi-monthly reporting, as of 2026-07-31; the float denominator can be unreliable on tiny floats.

Financial statements

	6/30/26	3/31/26	12/31/25	9/30/25
Total Revenue	11.08	10.59	10.91	10.78
Revenue YoY %	2.1%	2.8%	3.6%	1.3%
Gross Profit	5.15	4.60	4.55	3.69
Gross Profit YoY %	13.3%	(6.2%)	(14.4%)	(31.3%)
Gross Margin %	46.4%	43.4%	41.7%	34.3%

SG&A	3.69	4.08	2.87	2.33

Operating Income	1.46	0.51	1.68	1.36
Operating Income YoY %	(11.9%)	(78.0%)	(42.3%)	(55.8%)
Operating Margin %	13.2%	4.8%	15.4%	12.6%
EBITDA	4.57	3.54	4.43	4.37
EBITDA Margin %	41.2%	33.4%	40.6%	40.5%

Interest Expense	0.70	0.71	0.71	0.74
Other Income / (Expense)	(1.18)	(0.93)	(0.92)	—
Pretax Income	(0.42)	(1.12)	0.05	0.77
Tax Provision	(0.08)	(0.20)	(0.09)	0.20
Net Income	(0.34)	(0.92)	0.14	0.56
Net Income to Common	(0.26)	(0.69)	0.22	0.66
Net Margin %	(3.1%)	(8.7%)	1.3%	5.2%

Diluted EPS	-$0.01	-$0.04	$0.02	$0.03
Basic EPS	-$0.01	-$0.04	$0.02	$0.03
Diluted Avg Shares	19.1	19.0	—	19.0
Basic Avg Shares	19.0	19.0	—	19.0

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Total Revenue	43.37	42.85	41.77	41.51	37.48
Revenue YoY %	1.2%	2.6%	0.6%	10.7%	—
Gross Profit	17.98	17.68	20.98	19.67	15.07
Gross Profit YoY %	1.7%	(15.7%)	6.7%	30.5%	—
Gross Margin %	41.5%	41.3%	50.2%	47.4%	40.2%

SG&A	12.96	10.65	9.28	7.97	7.08

Operating Income	5.02	7.03	11.70	11.70	8.00
Operating Income YoY %	(28.6%)	(40.0%)	0.0%	46.3%	—
Operating Margin %	11.6%	16.4%	28.0%	28.2%	21.3%
EBITDA	16.91	18.40	22.09	22.68	19.46
EBITDA Margin %	39.0%	43.0%	52.9%	54.6%	51.9%

Interest Expense	2.86	2.97	3.15	4.32	3.04
Other Income / (Expense)	(2.89)	—	—	(0.99)	—
Pretax Income	(0.73)	3.78	8.49	6.40	5.06
Tax Provision	(0.17)	0.82	2.03	1.52	1.01
Net Income	(0.56)	2.96	6.46	4.88	4.05
Net Income to Common	(0.06)	3.17	6.38	5.30	4.57
Net Margin %	(1.3%)	6.9%	15.5%	11.8%	10.8%

Diluted EPS	-$0.00	$0.18	$0.34	$0.28	$0.24
Basic EPS	-$0.00	$0.18	$0.34	$0.28	$0.24
Diluted Avg Shares	19.1	19.0	19.0	18.9	18.9
Basic Avg Shares	19.0	19.0	18.9	18.8	18.8

	6/30/26	3/31/26	12/31/25	9/30/25
Cash & Equivalents	100.97	107.86	105.36	134.85

Net PPE	474.80	459.00	448.54	432.73
Goodwill	6.89	6.89	6.89	—
Long-term Investments	158.30	155.06	153.08	143.30
Other Assets	21.35	21.57	21.27	20.38
Total Assets	762.31	750.39	735.14	731.26

Long-term Debt	214.62	203.92	192.55	185.34
Other Liabilities	92.87	92.08	86.93	83.73
Total Liabilities	307.49	295.99	279.49	269.06

Total Equity	454.83	454.40	455.66	462.20

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Cash & Equivalents	100.97	105.36	148.62	157.56	177.50

Net PPE	474.80	448.54	407.44	367.32	367.16
Goodwill	6.89	6.89	0.00	—	—
Long-term Investments	158.30	153.08	153.90	166.07	140.53
Other Assets	21.35	21.27	18.53	18.23	15.90
Total Assets	762.31	735.14	728.49	709.17	701.08

Long-term Debt	214.62	192.55	178.85	178.71	178.56
Other Liabilities	92.87	86.93	80.52	82.48	78.32
Total Liabilities	307.49	279.49	259.37	261.19	256.87

Total Equity	454.83	455.66	469.11	447.98	444.21

	6/30/26	3/31/26	12/31/25	9/30/25
Net Income	(0.34)	(0.92)	0.14	0.56
D&A	3.11	3.03	2.75	3.00
Stock-Based Comp	1.01	0.37	0.40	0.36
Δ Working Cap & Other	(2.65)	7.20	5.14	5.11
Operating Cash Flow	1.12	9.67	8.43	9.04

CapEx	(13.13)	(13.42)	(16.98)	(25.96)
Other Investing	(5.54)	(4.51)	(26.86)	(6.08)
Investing Cash Flow	(18.67)	(17.93)	(43.84)	(32.03)

Debt Issuance	10.92	11.45	—	—
Other Financing	—	(0.69)	4.61	4.72
Financing Cash Flow	10.66	10.76	4.61	4.72

Free Cash Flow	(12.01)	(3.75)	(8.56)	(16.91)

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Net Income	(0.56)	2.96	6.46	4.88	4.05
D&A	11.89	11.38	10.39	10.97	11.46
Stock-Based Comp	2.14	2.09	1.96	1.74	1.57
Δ Working Cap & Other	14.79	13.25	10.18	15.38	5.26
Operating Cash Flow	28.26	29.68	28.99	32.97	22.34

CapEx	(69.50)	(51.14)	(51.19)	(11.22)	(27.61)
Acquisitions	—	(23.51)	0.00	0.00	—
Other Investing	(42.99)	0.98	1.03	(37.47)	4.42
Investing Cash Flow	(112.48)	(73.67)	(50.17)	(48.68)	(23.20)

Debt Issuance	33.53	13.89	0.00	0.00	0.00
Debt Repayment	—	—	—	0.00	0.00
Stock Buyback	—	(0.46)	0.00	(2.00)	0.00
Other Financing	(2.77)	(14.01)	12.70	(2.17)	16.83
Financing Cash Flow	30.76	(0.58)	12.70	(4.17)	16.83

Free Cash Flow	(41.23)	(21.46)	(22.21)	21.75	(5.28)

	6/30/26	3/31/26	12/31/25	9/30/25
Current Ratio	—	—	—	—
Quick Ratio	—	—	—	—
Debt / Equity	0.68	0.65	0.61	0.58
EBITDA Margin %	41.2%	33.4%	40.6%	40.5%
Working Capital	—	—	—	—
Net Debt	113.64	96.06	87.19	50.48
ROE %	(0.1%)	(0.2%)	0.0%	0.1%
ROA %	(0.0%)	(0.1%)	0.0%	0.1%

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Current Ratio	—	—	—	—	—
Quick Ratio	—	—	—	—	—
Debt / Equity	0.68	0.61	0.55	0.58	0.58
EBITDA Margin %	39.0%	43.0%	52.9%	54.6%	51.9%
Working Capital	—	—	—	—	—
Net Debt	113.64	87.19	30.23	21.15	1.06
ROE %	(0.1%)	0.7%	1.4%	1.1%	0.9%
ROA %	(0.1%)	0.4%	0.9%	0.7%	0.6%

Insider activity (last 2 years)

Date Filed	Reporter	Relationship	Trans. Date	Code	Shares	Price	Total Value
2026-08-11	Baker John D. III	Director, Officer (CEO)	2026-08-07	P	6,800	$21.91	$148,988
2026-05-20	Surface John S	Director	2026-05-14	A	4,671	$21.41	$100,006
2026-05-15	STEIN MARTIN E JR	Director	2026-05-14	A	4,671	$21.41	$100,006
2026-05-15	McAfee Matthew	Director	2026-05-14	A	4,671	$21.41	$100,006
2026-05-15	Wetherbee Margaret B.	Director	2026-05-14	A	4,671	$21.41	$100,006
2026-05-15	WALTON WILLIAM H III	Director	2026-05-14	A	4,671	$21.41	$100,006
2026-05-15	Thomas Nicole B.	Director	2026-05-14	A	4,671	$21.41	$100,006
2026-03-25	BAKER JOHN D II	Director, 10% Owner	2026-03-23	P	478,468	$20.90	$9,999,981
2026-03-12	Baker John D. III	Director, Officer (CEO)	2026-03-10	D	(2,733)	—	$-0
2026-03-12	deVilliers David H III	Officer (President & COO)	2026-03-10	D	(548)	—	$-0
2026-03-12	DEVILLIERS DAVID H JR	Director, Officer (Sr. Advisor to Pres. & COO)	2026-03-10	D	(548)	—	$-0
2026-03-12	Klopfenstein John D	Officer (Controller & CAO)	2026-03-10	D	(276)	—	$-0
2026-03-12	McNulty Matthew C.	Officer (CFO)	2026-03-10	D	(418)	—	$-0
2026-02-20	BAKER JOHN D II	Director, 10% Owner	2026-02-19	G	(48,721)	—	$-0
2026-02-19	BAKER JOHN D II	Director, 10% Owner	2026-02-12	G	97,442	—	$0
2026-02-19	BAKER JOHN D II	Director, 10% Owner	2025-03-14	P	6,608	$27.45	$181,390
2026-02-17	Baker John D. III	Director, Officer (CEO)	2026-02-12	G	48,721	—	$0
2026-02-17	BAKER JOHN D II	Director, 10% Owner	2026-02-12	G	(97,442)	—	$-0
2026-01-30	BAKER JOHN D II	Director, 10% Owner	2026-01-30	G	(54,824)	—	$-0
2026-01-29	Baker John D. III	Director, Officer (CEO)	2026-01-27	G	54,824	—	$0
2026-01-29	BAKER JOHN D II	Director, 10% Owner	2026-01-27	G	(109,648)	—	$-0
2026-01-05	Baker John D. III	Director, Officer (CEO)	2026-01-02	G	(1,673)	—	$-0
2026-01-05	deVilliers David H III	Officer (President & COO)	2026-01-01	A	6,580	—	$0
2026-01-05	DEVILLIERS DAVID H JR	Director, Officer (Sr. Advisor to Pres. & COO)	2026-01-01	A	2,632	—	$0
2026-01-05	Baker John D. III	Director, Officer (CEO)	2026-01-01	A	6,580	—	$0
2026-01-05	McNulty Matthew C.	Officer (CFO)	2026-01-01	A	5,264	—	$0
2026-01-05	Klopfenstein John D	Officer (Controller & CAO)	2026-01-01	A	2,192	—	$0
2026-01-05	DEVILLIERS DAVID H JR	Director, Officer (Sr. Advisor to Pres. & COO)	2026-01-01	S	(4,060)	$22.75	-$92,365
2026-01-05	DEVILLIERS DAVID H JR	Director, Officer (Sr. Advisor to Pres. & COO)	2026-01-01	A	2,632	—	$0
2026-01-05	DEVILLIERS DAVID H JR	Director, Officer (Sr. Advisor to Pres. & COO)	2026-01-01	A	3,072	—	$0
2026-01-05	Baker John D. III	Director, Officer (CEO)	2026-01-01	A	6,580	—	$0
2026-01-05	Baker John D. III	Director, Officer (CEO)	2026-01-01	A	9,216	—	$0
2026-01-05	Klopfenstein John D	Officer (Controller & CAO)	2026-01-01	A	2,192	—	$0
2026-01-05	Klopfenstein John D	Officer (Controller & CAO)	2026-01-01	A	4,388	—	$0
2026-01-05	deVilliers David H III	Officer (President & COO)	2026-01-01	A	6,580	—	$0
2026-01-05	deVilliers David H III	Officer (President & COO)	2026-01-01	A	9,216	—	$0
2026-01-05	DEVILLIERS DAVID H JR	Director, Officer (Sr. Advisor to Pres. & COO)	2026-01-01	A	2,632	—	$0
2026-01-05	DEVILLIERS DAVID H JR	Director, Officer (Sr. Advisor to Pres. & COO)	2026-01-01	A	3,072	—	$0
2026-01-05	McNulty Matthew C.	Officer (CFO)	2026-01-01	A	5,264	—	$0
2026-01-05	McNulty Matthew C.	Officer (CFO)	2026-01-01	A	7,680	—	$0
2026-01-05	deVilliers David H III	Officer (President & COO)	2025-12-31	S	(4,589)	$22.75	-$104,400
2026-01-05	DEVILLIERS DAVID H JR	Director, Officer (Sr. Advisor to Pres. & COO)	2025-12-31	M	5,819	$22.75	$132,382
2026-01-05	DEVILLIERS DAVID H JR	Director, Officer (Sr. Advisor to Pres. & COO)	2025-12-31	M	(9,879)	$22.75	-$224,747
2025-12-31	Baker John D. III	Director, Officer (CEO)	2025-12-29	G	(5,887)	—	$-0
2025-12-15	deVilliers David H III	Officer (President & COO)	2025-12-11	S	(1,500)	$23.42	-$35,130
2025-12-03	DEVILLIERS DAVID H JR	Director, Officer (Sr. Advisor to Pres. & COO)	2025-12-01	M	2,448	$15.58	$38,140
2025-12-03	DEVILLIERS DAVID H JR	Director, Officer (Sr. Advisor to Pres. & COO)	2025-12-01	M	(14,080)	$15.58	-$219,366
2025-11-25	DEVILLIERS DAVID H JR	Director, Officer (Sr. Advisor to Pres. & COO)	2025-11-21	S	(2,000)	$23.23	-$46,460
2025-11-14	BAKER JOHN D II	Director	2025-11-13	P	854	$23.85	$20,368
2025-11-13	McNulty Matthew C.	Officer (CFO)	2025-11-13	P	1,000	$23.94	$23,940
2025-11-13	McNulty Matthew C.	Officer (CFO)	2025-11-12	P	1,000	$23.84	$23,840
2025-11-13	BAKER JOHN D II	Director	2025-11-12	P	7,175	$23.85	$171,124
2025-11-12	Baker John D. III	Director, Officer (CEO)	2025-11-10	P	4,166	$23.70	$98,734
2025-11-12	BAKER JOHN D II	Director	2025-11-10	P	334	$23.50	$7,849
2025-10-06	Klopfenstein John D	Officer (Controller & CAO)	2025-10-02	M	760	$15.58	$11,841
2025-10-06	Klopfenstein John D	Officer (Controller & CAO)	2025-10-02	M	(760)	$15.58	-$11,841
2025-05-14	Surface John S	Director	2025-05-12	A	3,650	—	$0
2025-05-14	McAfee Matthew	Director	2025-05-12	A	3,650	—	$0
2025-05-14	Thomas Nicole B.	Director	2025-05-12	A	3,650	—	$0
2025-05-14	Wetherbee Margaret B.	Director	2025-05-12	A	3,650	—	$0
2025-05-14	WALTON WILLIAM H III	Director	2025-05-12	A	3,650	—	$0
2025-05-14	STEIN MARTIN E JR	Director	2025-05-12	A	3,650	—	$0
2025-05-14	WALTON WILLIAM H III	Director	2025-05-12	A	3,650	$27.40	$100,010
2025-03-19	McNulty Matthew C.	Officer (CFO)	2025-03-05	A	508	$31.00	$15,748
2025-03-19	deVilliers David H III	Officer (President & COO)	2025-03-05	P	1,356	$31.00	$42,036
2025-03-19	Baker John D. III	Director, Officer (CEO)	2025-03-05	A	1,016	$31.00	$31,496
2025-03-19	Klopfenstein John D	Officer (Controller & CAO)	2025-03-05	A	408	$31.00	$12,648
2025-03-19	DEVILLIERS DAVID H JR	Director, Officer (Sr. Advisor to Pres. & COO)	2025-03-05	A	1,356	$31.00	$42,036
2025-03-19	BAKER JOHN D II	Director	2025-03-05	A	1,356	$31.00	$42,036
2025-03-17	BAKER JOHN D II	Director	2025-03-14	A	6,608	$27.45	$181,390
2025-01-10	BAKER JOHN D II	Director	2024-11-15	P	344,827	$29.00	$9,999,983
2025-01-03	deVilliers David H III	Officer (President)	2025-01-01	A	4,896	—	$0
2025-01-03	deVilliers David H III	Officer (President)	2025-01-01	A	6,528	—	$0
2025-01-03	DEVILLIERS DAVID H JR	Director	2025-01-01	A	1,960	—	$0
2025-01-03	DEVILLIERS DAVID H JR	Director	2025-01-01	A	4,080	—	$0
2025-01-02	Baker John D. III	Officer (Chief Executive Officer)	2025-01-01	A	12,005	—	$0
2025-01-02	Baker John D. III	Officer (Chief Executive Officer)	2025-01-01	A	20,010	—	$0
2025-01-02	Klopfenstein John D	Officer (Controller & CAO)	2025-01-01	A	1,632	—	$0
2025-01-02	Klopfenstein John D	Officer (Controller & CAO)	2025-01-01	A	3,264	—	$0
2025-01-02	McNulty Matthew C.	Officer (Chief Financial Officer)	2025-01-01	A	6,856	—	$0
2025-01-02	McNulty Matthew C.	Officer (Chief Financial Officer)	2025-01-01	A	5,224	—	$0
2024-11-27	STEIN MARTIN E JR	Director	2024-11-25	S	(1,029)	$33.00	-$33,957
2024-11-25	STEIN MARTIN E JR	Director	2024-11-22	S	(4,929)	$32.00	-$157,728
2024-11-25	STEIN MARTIN E JR	Director	2024-11-21	S	(71)	$32.00	-$2,272
2024-11-21	DEVILLIERS DAVID H JR	Officer (President)	2024-11-20	M	16,420	$13.48	$221,342
2024-11-21	DEVILLIERS DAVID H JR	Officer (President)	2024-11-20	M	(16,420)	$13.48	-$221,342
2024-11-20	DEVILLIERS DAVID H JR	Officer (President)	2024-11-18	S	(2,500)	$31.50	-$78,750
2024-11-19	BAKER JOHN D II	Director	2024-11-15	A	344,827	$29.00	$9,999,983
2024-11-14	DEVILLIERS DAVID H JR	Officer (President)	2024-11-13	S	(1,219)	$31.06	-$37,862
2024-11-14	DEVILLIERS DAVID H JR	Officer (President)	2024-11-12	S	(1,281)	$31.22	-$39,993
2024-11-14	MILTON JOHN D JR	Officer (Executive Vice President)	2024-11-12	S	(960)	$31.25	-$30,000
2024-11-08	STEIN MARTIN E JR	Director	2024-11-06	S	(5,000)	$31.00	-$155,000
2024-09-18	deVilliers David H III	Officer (Chief Operating Officer)	2024-09-16	S	(1,725)	$29.30	-$50,542
2024-09-17	DEVILLIERS DAVID H JR	Officer (President)	2024-09-13	S	(487)	$29.64	-$14,435
2024-09-10	deVilliers David H III	Officer (Chief Operating Officer)	2024-09-06	S	(1,725)	$28.46	-$49,094
2024-09-04	deVilliers David H III	Officer (Chief Operating Officer)	2024-08-30	S	(1,725)	$29.62	-$51,094
2024-08-30	DEVILLIERS DAVID H JR	Officer (President)	2024-08-29	S	(2,267)	$30.00	-$68,010
2024-08-30	DEVILLIERS DAVID H JR	Officer (President)	2024-08-29	S	(1,867)	$30.01	-$56,029
2024-08-30	DEVILLIERS DAVID H JR	Officer (President)	2024-08-28	S	(2,267)	$30.00	-$68,010
2024-08-29	DEVILLIERS DAVID H JR	Officer (President)	2024-08-27	S	(379)	$30.00	-$11,370
2024-08-27	DEVILLIERS DAVID H JR	Officer (President)	2024-08-23	S	(855)	$29.52	-$25,240
2024-08-21	DEVILLIERS DAVID H JR	Officer (President)	2024-08-19	S	(2,280)	$29.53	-$67,328
2024-08-19	DEVILLIERS DAVID H JR	Officer (President)	2024-08-16	S	(1,865)	$29.51	-$55,036
2024-08-19	DEVILLIERS DAVID H JR	Officer (President)	2024-08-15	S	(5,000)	$29.04	-$145,200