FRP (FRPH)
Market Price (11/10/2026): $19.87 | Market Cap: $381.5 MilSector: Real Estate | Industry: Real Estate Services
FRP (FRPH)
Market Price (11/10/2026): $19.87Market Cap: $381.5 MilSector: Real EstateIndustry: Real Estate Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 65%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 65% Attractive yieldFCF Yield is 7.5% Low stock price volatilityVol 12M is 26% Megatrend and thematic driversMegatrends include E-commerce Logistics & Data Centers, Smart Buildings & Proptech, and Sustainable & Green Buildings. Themes include E-commerce Logistics REITs, Show more. | Weak multi-year price returns2Y Excs Rtn is -62%, 3Y Excs Rtn is -98% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 177x, P/EPrice/Earnings or Price/(Net Income) is 3,934x Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -5.7% Key risksFRPH key risks include [1] an underperforming asset-heavy development model that struggles with profitability, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 65%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 65% |
| Attractive yieldFCF Yield is 7.5% |
| Low stock price volatilityVol 12M is 26% |
| Megatrend and thematic driversMegatrends include E-commerce Logistics & Data Centers, Smart Buildings & Proptech, and Sustainable & Green Buildings. Themes include E-commerce Logistics REITs, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -62%, 3Y Excs Rtn is -98% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 177x, P/EPrice/Earnings or Price/(Net Income) is 3,934x |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -5.7% |
| Key risksFRPH key risks include [1] an underperforming asset-heavy development model that struggles with profitability, Show more. |
Qualitative Assessment
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FRP (FRPH) stock has lost about 10% since 7/31/2026 because of the following key factors:
1. FRP Holdings Inc. reported a significant net loss and declining property performance in fiscal Q3 2026. The company swung to a net loss of $165,000, or $0.01 per share, for the quarter ended September 30, 2026, a notable decline from a net income of $662,000, or $0.03 per share, in fiscal Q3 2025. This negative shift was largely driven by a 5% year-over-year decrease in pro rata Net Operating Income (NOI) to $9.034 million. Specifically, multifamily pro rata NOI dropped by 11.9% and Industrial & Commercial NOI fell by 28% compared to the prior year.
2. Increased General and Administrative expenses and reduced investment income negatively impacted profitability. For fiscal Q3 2026, FRP Holdings Inc. saw its general and administrative expenses rise substantially by 43.3% to $3.34 million. This increase was primarily attributed to higher personnel costs, legal fees, and integration expenses following the October 2025 Altman acquisition. Concurrently, the company's investment income decreased by 43.0% to $1.35 million, reflecting lower average cash balances and the deployment of cash into development projects.
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FRP (FRPH) stock has lost about 10% since 7/31/2026 because of the following key factors:
1. FRP Holdings Inc. reported a significant net loss and declining property performance in fiscal Q3 2026. The company swung to a net loss of $165,000, or $0.01 per share, for the quarter ended September 30, 2026, a notable decline from a net income of $662,000, or $0.03 per share, in fiscal Q3 2025. This negative shift was largely driven by a 5% year-over-year decrease in pro rata Net Operating Income (NOI) to $9.034 million. Specifically, multifamily pro rata NOI dropped by 11.9% and Industrial & Commercial NOI fell by 28% compared to the prior year.
2. Increased General and Administrative expenses and reduced investment income negatively impacted profitability. For fiscal Q3 2026, FRP Holdings Inc. saw its general and administrative expenses rise substantially by 43.3% to $3.34 million. This increase was primarily attributed to higher personnel costs, legal fees, and integration expenses following the October 2025 Altman acquisition. Concurrently, the company's investment income decreased by 43.0% to $1.35 million, reflecting lower average cash balances and the deployment of cash into development projects.
3. Delays in industrial development projects are weighing on near-term earnings. The completion of key industrial warehouses, including Lakeland and Davie, was pushed from an anticipated fiscal Q3 2026 to fiscal Q4 2026. As these properties advance through completion and lease-up, associated interest expense, property operating costs, and depreciation charges are capitalized during construction but will subsequently impact reported earnings until rental income commences, with an estimated near-term Funds From Operations (FFO) impact of approximately $7.1 million.
4. The company faced pressured occupancy in key segments amidst a challenging macroeconomic real estate environment. FRP Holdings Inc.'s multifamily portfolio experienced average occupancy pressures and "new supply headwinds" in Washington, D.C., contributing to an underperformance of approximately $1.5 million. These company-specific challenges occurred in a broader market characterized by rising interest rates, as the Federal Reserve increased its benchmark rate to 3.75%-4.00% in September 2026, and 30-year fixed mortgage rates climbed above 7% in late September, increasing borrowing costs for real estate development and potentially affecting property valuations.
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Stock Movement Drivers
Fundamental Drivers
The -11.1% change in FRPH stock from 7/31/2026 to 11/9/2026 was primarily driven by a -89.8% change in the company's Net Income Margin (%).| (LTM values as of) | 7312026 | 11092026 | Change |
|---|---|---|---|
| Stock Price ($) | 22.32 | 19.84 | -11.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 43 | 43 | 0.5% |
| Net Income Margin (%) | 2.2% | 0.2% | -89.8% |
| P/E Multiple | 454.9 | 3,933.9 | 764.8% |
| Shares Outstanding (Mil) | 19 | 19 | -0.1% |
| Cumulative Contribution | -11.1% |
Market Drivers
7/31/2026 to 11/9/2026| Return | Correlation | |
|---|---|---|
| FRPH | -11.1% | |
| Market (SPY) | 0.8% | 42.3% |
| Sector (XLRE) | -1.0% | 50.8% |
Fundamental Drivers
The -5.6% change in FRPH stock from 4/30/2026 to 11/9/2026 was primarily driven by a -97.2% change in the company's Net Income Margin (%).| (LTM values as of) | 4302026 | 11092026 | Change |
|---|---|---|---|
| Stock Price ($) | 21.01 | 19.84 | -5.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 43 | 43 | 1.2% |
| Net Income Margin (%) | 7.8% | 0.2% | -97.2% |
| P/E Multiple | 119.7 | 3,933.9 | 3185.2% |
| Shares Outstanding (Mil) | 19 | 19 | -0.3% |
| Cumulative Contribution | -5.6% |
Market Drivers
4/30/2026 to 11/9/2026| Return | Correlation | |
|---|---|---|
| FRPH | -5.6% | |
| Market (SPY) | 5.0% | 20.4% |
| Sector (XLRE) | 1.4% | 46.1% |
Fundamental Drivers
The -16.3% change in FRPH stock from 10/31/2025 to 11/9/2026 was primarily driven by a -98.2% change in the company's Net Income Margin (%).| (LTM values as of) | 10312025 | 11092026 | Change |
|---|---|---|---|
| Stock Price ($) | 23.70 | 19.84 | -16.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 42 | 43 | 2.5% |
| Net Income Margin (%) | 12.6% | 0.2% | -98.2% |
| P/E Multiple | 84.4 | 3,933.9 | 4563.0% |
| Shares Outstanding (Mil) | 19 | 19 | -0.4% |
| Cumulative Contribution | -16.3% |
Market Drivers
10/31/2025 to 11/9/2026| Return | Correlation | |
|---|---|---|
| FRPH | -16.3% | |
| Market (SPY) | 11.3% | 20.5% |
| Sector (XLRE) | 12.1% | 44.1% |
Fundamental Drivers
The -26.2% change in FRPH stock from 10/31/2023 to 11/9/2026 was primarily driven by a -98.0% change in the company's Net Income Margin (%).| (LTM values as of) | 10312023 | 11092026 | Change |
|---|---|---|---|
| Stock Price ($) | 26.89 | 19.84 | -26.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 40 | 43 | 8.5% |
| Net Income Margin (%) | 11.0% | 0.2% | -98.0% |
| P/E Multiple | 115.3 | 3,933.9 | 3310.9% |
| Shares Outstanding (Mil) | 19 | 19 | -0.9% |
| Cumulative Contribution | -26.2% |
Market Drivers
10/31/2023 to 11/9/2026| Return | Correlation | |
|---|---|---|
| FRPH | -26.2% | |
| Market (SPY) | 86.2% | 33.9% |
| Sector (XLRE) | 48.2% | 46.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| FRPH Return | 27% | -7% | 17% | -3% | -26% | -13% | -13% |
| Peers Return | 10% | -39% | 72% | -13% | 55% | -44% | -13% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 96% |
Monthly Win Rates [3] | |||||||
| FRPH Win Rate | 58% | 42% | 50% | 50% | 17% | 45% | |
| Peers Win Rate | 48% | 40% | 52% | 38% | 35% | 24% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 36% | |
Max Drawdowns [4] | |||||||
| FRPH Max Drawdown | -15% | -15% | -13% | -14% | -29% | -28% | |
| Peers Max Drawdown | -53% | -63% | -35% | -34% | -42% | -54% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: OPEN, MAYS, GBR, GYRO, SRTM.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/9/2026 (YTD)
How Low Can It Go
| Event | FRPH | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -10.1% | -24.5% |
| % Gain to Breakeven | 11.2% | 32.4% |
| Time to Breakeven | 32 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -38.0% | -33.7% |
| % Gain to Breakeven | 61.4% | 50.9% |
| Time to Breakeven | 354 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -28.1% | -19.2% |
| % Gain to Breakeven | 39.1% | 23.8% |
| Time to Breakeven | 896 days | 105 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -28.1% | -17.9% |
| % Gain to Breakeven | 39.1% | 21.8% |
| Time to Breakeven | 300 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -52.5% | -53.4% |
| % Gain to Breakeven | 110.6% | 114.4% |
| Time to Breakeven | 259 days | 1085 days |
In The Past
FRP's stock fell 0.0% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 0.0% gain to breakeven.
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Asset Allocation
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| Event | FRPH | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -38.0% | -33.7% |
| % Gain to Breakeven | 61.4% | 50.9% |
| Time to Breakeven | 354 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -28.1% | -19.2% |
| % Gain to Breakeven | 39.1% | 23.8% |
| Time to Breakeven | 896 days | 105 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -28.1% | -17.9% |
| % Gain to Breakeven | 39.1% | 21.8% |
| Time to Breakeven | 300 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -52.5% | -53.4% |
| % Gain to Breakeven | 110.6% | 114.4% |
| Time to Breakeven | 259 days | 1085 days |
In The Past
FRP's stock fell 0.0% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 0.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About FRP (FRPH)
FRP Holdings, Inc. (FRPH) is a diversified real estate company engaged in various property-related activities across the United States. The company's business model encompasses the ownership, leasing, development, and management of real estate assets, generating income from a range of property types and land holdings.
The company operates through several distinct segments. Its Asset Management segment focuses on owning, leasing, and managing commercial properties, serving businesses that require commercial space. The Mining Royalty Lands segment involves leasing approximately 15,000 acres, primarily in Florida, Georgia, and Virginia, to mining companies, from which FRP Holdings collects rents and royalties. Additionally, the Development segment manages land parcels through various stages of preparation for future use, sale, or internal projects.
FRP Holdings also maintains a Stabilized Joint Venture segment, which specifically owns, leases, and manages residential apartment buildings, often complemented by ground-floor retail spaces. These properties primarily serve residents seeking rental housing and businesses looking for retail premises, with notable holdings in Henrico County, Virginia. Through these diverse operations, FRP Holdings, Inc. capitalizes on multiple real estate income streams, ranging from passive land royalties to active property management and development.
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A smaller, US-focused version of Brookfield Asset Management, but with a unique segment earning royalties from mining lands.
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- Commercial Property Leasing & Management: Leasing and managing commercial real estate properties.
- Mining Land Leasing & Royalties: Leasing land for mining operations and collecting royalties.
- Land Development: Developing parcels of land for various uses.
- Residential & Retail Property Management (Joint Ventures): Managing residential apartment buildings and associated retail spaces, often through joint ventures.
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Major Customers of FRP Holdings, Inc. (FRPH)
FRP Holdings, Inc. (FRPH) engages in real estate businesses, serving a diverse customer base across its various segments. Based on the company description, its major customers fall into the following categories:
- Residential Tenants: Individuals who lease apartment units in the company's residential properties. This includes tenants in the 305-unit, 264-unit, and 294-unit residential apartment buildings managed under the Stabilized Joint Venture segment.
- Commercial Tenants: Businesses that lease commercial properties, including office space, retail storefronts, and other commercial facilities. These customers are served through the Asset Management segment and the retail spaces within the Stabilized Joint Venture properties.
- Mining Companies: Industrial entities that lease land from FRP's Mining Royalty Lands segment for mining operations. These companies pay rents or royalties for utilizing approximately 15,000 acres of property primarily in Florida, Georgia, and Virginia.
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John D. Baker III, Chief Executive Officer
John D. Baker III was appointed Chief Executive Officer and Director of FRP Holdings on May 8, 2024. He previously served as CFO from 2019 to 2024 and as a financial analyst from 2016 to 2019. Mr. Baker first joined the company's predecessor in 2012 as a management trainee before transitioning to finance in 2013. He holds a B.A. in history from Princeton University and an MBA from the University of Texas. He is the son of John D. Baker II, the company's Executive Chairman.
Matthew C. McNulty, Chief Financial Officer and Treasurer
Matthew C. McNulty was appointed Chief Financial Officer and Treasurer of FRP Holdings, Inc. on May 8, 2024, with his employment effective May 31, 2024. Prior to this role, he served as Chief Financial Officer (2018) and Chief Operating Officer (2021) of Patriot Transportation Holding, Inc. Before his time at Patriot, Mr. McNulty was employed by Florida Rock Industries, Inc. and practiced as a corporate attorney. He holds a B.S. in Accounting from Florida State University and a J.D. from the University of Florida.
David H. deVilliers III, President and Chief Operating Officer
David H. deVilliers III serves as President and Chief Operating Officer of FRP Holdings, Inc. He was appointed Chief Operating Officer on May 8, 2024, and President effective January 1, 2025. He joined the company in 2001 as Vice President and later served as Executive Vice President from 2019. Mr. deVilliers III has been instrumental in the company's expansion and growth, including a significant $358 million, 41-building portfolio sale to an affiliate of Blackstone Real Estate Partners in 2018. He is the son of David H. deVilliers, Jr.
John D. Baker II, Executive Chairman
John D. Baker II is the Executive Chairman of FRP Holdings, Inc., having retired from his position as Chief Executive Officer on May 8, 2024. He previously served as CEO of FRP Holdings, Inc. (successor to Patriot Transportation Holding, Inc.) and as President and Chief Executive Officer of Florida Rock Industries, Inc. Mr. Baker is also involved as chairman of Panadero Aggregates Holdings, LLC and as a senior advisor for Brinkmere Capital Partners, LLC, a private equity firm.
Mark G. Levy, Chief Investment Officer
Mark G. Levy assumed the role of Chief Investment Officer of FRP Holdings, Inc. in 2025, following FRP's acquisition of Altman Logistics Properties, which he founded and led as President. Mr. Levy has a career dedicated to institutional industrial investment and development. His senior leadership positions include Chief Investment Officer at HRP Group and overseeing capital deployment across the Eastern United States for Prologis. He has also held senior roles at JLL, Duke Realty, and Opus Corporation, directing over $3 billion in major investment, development, and capital markets initiatives.
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The key risks to FRP Holdings, Inc. (FRPH) primarily stem from its exposure to the real estate market and its reliance on mining royalties.
- Real Estate Market Volatility and Interest Rate Sensitivity: FRP Holdings, Inc.'s Asset Management, Development, and Stabilized Joint Venture segments are directly exposed to fluctuations in the real estate market. This includes changes in property values, rental rates, occupancy levels for commercial and residential properties, and demand for developed land. Additionally, as a real estate company, FRP is sensitive to interest rate changes, which can impact borrowing costs for development projects, property valuations, and the overall attractiveness of real estate investments.
- Reliance on Mining Royalties and Commodity Market Fluctuations: The company's Mining Royalty Lands segment generates revenue from leasing approximately 15,000 acres for mining rents or royalties. This revenue stream is dependent on the activity and profitability of mining operations, which can be significantly impacted by fluctuations in commodity prices (e.g., for sand, gravel, or stone), demand for mined materials, and regulatory changes affecting the mining industry.
- Development and Construction Execution Risk: The Development segment, which involves monitoring and developing parcels of land, faces inherent risks associated with project execution. These risks include potential delays in permitting, cost overruns in construction, challenges in securing financing, and the ability to successfully attract tenants or buyers for newly developed properties in a timely manner.
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For FRP Holdings, Inc. (FRPH), the addressable markets for its main products and services in the United States are as follows:
- Commercial Real Estate: The U.S. commercial real estate sector, which includes properties managed by the Asset Management and Development segments, stood at approximately USD 22.5 trillion in the fourth quarter of 2023.
- Multifamily Residential Real Estate: The United States multifamily market, relevant to FRP's Stabilized Joint Venture and Development segments (specifically residential apartment buildings), was valued at USD 265 billion in 2022 and is projected to reach USD 466 billion by 2030.
- Mining Royalties (Aggregates): The U.S. aggregates market, pertinent to FRP's Mining Royalty Lands segment, was valued at USD 164.65 billion in 2024 and is anticipated to reach USD 170.26 billion in 2025.
- Retail Real Estate: A comprehensive market size for the entire U.S. retail real estate asset market (total value of all retail properties) is not readily available in the provided information. However, the total value of retail transactions in the U.S. in 2023 was approximately USD 57 billion.
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1. Expansion and Lease-up of Industrial and Commercial Properties: FRP Holdings recently acquired Altman Logistics Properties, adding approximately 1.3 million square feet of industrial space under development across Florida and New Jersey. Management anticipates having over 1.6 million square feet of industrial space available for lease within the next 12 months, with these new projects expected to contribute significantly to annual Net Operating Income (NOI) upon stabilization by 2026.
2. Stabilization and Continued Lease-up of New Multifamily Projects: The company expects revenue growth from the continued stabilization and lease-up of its recently completed multifamily assets. Projects such as Bryant Street, 408 Jackson, and The Verge have transitioned from the Development segment to the Stabilized Joint Venture segment, contributing to increased NOI as occupancy rates improve.
3. Strategic Investment in Development Pipeline: FRP Holdings plans to invest approximately $71 million in equity capital in 2025. This investment is earmarked for the construction of two industrial joint ventures in Florida and the entitlement of existing industrial land, which are designed to fuel future revenue streams once these projects are developed and stabilized.
4. Growth in Mining Royalties from Increased Tonnage and Pricing: Revenue from the Mining Royalty Lands segment is structured to benefit from increases in both the tonnage of aggregates mined and the average sales price of these materials, offering a recurring source of revenue that can grow with market demand and pricing trends.
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Share Repurchases
- During the first three months of 2021, FRP Holdings, Inc. repurchased 6,004 shares at an average cost of $43.95 per share.
- No further significant share repurchases were identified within the 2022-2025 timeframe in the available information.
Share Issuance
- The number of common shares outstanding significantly increased from 19,087,334 as of March 17, 2025, to 22,066,667 at the end of 2025.
- In March 2022 and March 2021, the company granted 865 and 1,098 shares of stock, respectively, to employees as part of compensation plans.
Outbound Investments
- On October 21, 2025, FRP Holdings, Inc. completed the acquisition of the business operations and development pipeline of Altman Logistics Properties, LLC for a purchase price of $33.5 million.
- The net cash requirement for the Altman Logistics acquisition was $23.6 million, after a $10 million reimbursement to Altman for the assignment of a bank account.
- This acquisition provided FRP with 100% ownership of its Lakeland and Davie, Florida industrial projects by acquiring Altman's minority interests.
Capital Expenditures
- FRP Holdings, Inc. plans to deploy approximately $71 million in equity into industrial and two new multifamily projects in 2025, aiming to add 810 units and an estimated $6 million in Net Operating Income (NOI) upon stabilization.
- In 2025, the company closed on construction loans for two industrial joint ventures with Altman Logistics (Lakeland and Broward) and anticipates breaking ground in the second quarter.
- For the remainder of 2023, capital expenditures were approximately $38.2 million, allocated for investments in existing real estate holdings, partnerships, and new real estate assets and joint ventures.
Peer Outperformance in Real Estate Services
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care REITs | 15 | 18.7% | 67.8% | 68.5% | WELL 225% · OHI 152% · CTRE 134% |
| Retail REITs | 23 | 17.3% | 43.0% | 35.7% | SKT 139% · SPG 81% · IVT 55% |
| Hotel & Resort REITs | 16 | 52.0% | 54.7% | 13.4% | HST 77% · RHP 76% · APLE 65% |
| Other Specialized REITs | 11 | 0.5% | 24.6% | 12.3% | IRM 182% · EPR 68% · LAMR 67% |
| Real Estate Development | 6 | -0.9% | 29.7% | 10.6% | JOE 52% |
| Industrial REITs | 11 | 14.3% | 36.8% | 1.9% | EGP 17% · STAG 8% · CUBE 5% |
| Single-Family Residential REITs | 4 | 1.5% | 4.7% | -17.4% | AMH -6% · ELS -14% · INVH -21% |
| Multi-Family Residential REITs | 12 | -0.8% | 19.5% | -26.4% | ESS -3% · VMRK -6% · UDR -19% |
| Diversified REITs | 12 | 3.3% | 16.1% | -28.9% | EPRT 20% · WPC 16% |
| Office REITs | 19 | 3.0% | 51.4% | -31.4% | CDP 47% · CUZ -4% · HIW -4% |
| Real Estate Services ← | 27 | -21.5% | -18.3% | -35.4% | JLL 41% · CBRE 30% · COMP -14% |
| Telecom Tower REITs | 3 | 3.1% | 7.9% | -37.8% | AMT -21% · CCI -38% · SBAC -41% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| FRP Earnings Notes | 12/16/2025 | |
| How Low Can FRP Stock Really Go? | 10/17/2025 | |
| FRP Total Shareholder Return (TSR): -2.6% in 2024 and 2.0% 3-yr compounded annual returns (above peer average) | 03/07/2025 | |
| FRP (FRPH) Operating Cash Flow Comparison | 02/17/2025 | |
| FRP (FRPH) Net Income Comparison | 02/15/2025 | |
| FRP (FRPH) Operating Income Comparison | 02/14/2025 | |
| FRP (FRPH) Revenue Comparison | 02/13/2025 |
| Title | |
|---|---|
| ARTICLES |
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Peer Comparisons
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Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 2.71 |
| Mkt Cap | 0.1 |
| Rev LTM | 32 |
| Op Inc LTM | -2 |
| FCF LTM | -3 |
| FCF 3Y Avg | -1 |
| CFO LTM | -1 |
| CFO 3Y Avg | 1 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 0.6% |
| Rev Chg 3Y Avg | -0.0% |
| Rev Chg Q | 0.2% |
| QoQ Delta Rev Chg LTM | 0.2% |
| Op Inc Chg LTM | -48.3% |
| Op Inc Chg 3Y Avg | -260.8% |
| Op Mgn LTM | -18.3% |
| Op Mgn 3Y Avg | -13.0% |
| QoQ Delta Op Mgn LTM | -0.8% |
| CFO/Rev LTM | -19.1% |
| CFO/Rev 3Y Avg | 1.7% |
| FCF/Rev LTM | -28.2% |
| FCF/Rev 3Y Avg | -7.2% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Multifamily | 22 | 22 | 22 | 21 | 18 |
| Mining royalty lands | 14 | 13 | 13 | 11 | 9 |
| Industrial and Commercial | 5 | 6 | 5 | 4 | 3 |
| Development | 1 | 1 | 2 | 2 | 2 |
| Total | 43 | 42 | 42 | 37 | 31 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Mining royalty lands | 13 | 12 | 12 | 10 | 8 |
| Multifamily | 5 | 6 | 5 | 4 | -2 |
| Industrial and Commercial | 2 | 3 | 3 | 2 | -0 |
| Development | -2 | 0 | 1 | -1 | -4 |
| General and administrative expenses | -11 | -9 | -8 | -7 | |
| Total | 7 | 12 | 12 | 8 | 2 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Multifamily | 329 | 347 | 250 | 258 | 266 |
| Development | 187 | 145 | 212 | 189 | 176 |
| Cash items | 105 | 150 | 158 | 178 | 162 |
| Industrial and Commercial | 62 | 38 | 39 | 26 | 24 |
| Mining royalty lands | 48 | 48 | 48 | 48 | 38 |
| Unallocated corporate assets | 3 | 1 | 2 | 2 | 7 |
| Investments available for sale at fair value | 0 | 0 | 0 | 4 | |
| Total | 735 | 728 | 709 | 701 | 678 |
Price Behavior
| Market Price | $19.84 | |
| Market Cap ($ Bil) | 0.4 | |
| First Trading Date | 03/26/1990 | |
| Distance from 52W High | -22.4% | |
| 50 Days | 200 Days | |
| DMA Price | $20.33 | $22.27 |
| DMA Trend | down | down |
| Distance from DMA | -2.4% | -10.9% |
| 3M | 1YR | |
| Volatility | 24.8% | 25.8% |
| Downside Capture | 88.58 | 57.16 |
| Upside Capture | 9.01 | 26.33 |
| Correlation (S&P 500) | 29.4% | 16.1% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.05 | 0.38 | 0.50 | 0.14 | 0.28 | 0.56 |
| Up Beta | 0.47 | 1.58 | 0.93 | -0.05 | -0.05 | 0.54 |
| Down Beta | 0.23 | 0.17 | -0.06 | 0.20 | 0.40 | 0.39 |
| Up Capture | -109% | -29% | 8% | 2% | 13% | 20% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 7 | 15 | 25 | 57 | 117 | 360 |
| Down Capture | 53% | 101% | 113% | 39% | 62% | 94% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 15 | 27 | 37 | 66 | 131 | 382 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FRPH | |
|---|---|---|---|---|
| FRPH | -13.4% | 25.8% | -0.60 | - |
| Sector ETF (XLRE) | 12.6% | 14.7% | 0.57 | 44.6% |
| Equity (SPY) | 13.3% | 13.7% | 0.65 | 19.5% |
| Gold (GLD) | 3.7% | 28.8% | 0.12 | 0.4% |
| Commodities (DBC) | 38.2% | 21.3% | 1.42 | -21.5% |
| Real Estate (VNQ) | 13.7% | 14.3% | 0.65 | 46.8% |
| Bitcoin (BTCUSD) | -25.3% | 43.6% | -0.55 | 8.9% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FRPH | |
|---|---|---|---|---|
| FRPH | -6.3% | 26.6% | -0.25 | - |
| Sector ETF (XLRE) | 1.8% | 19.2% | -0.01 | 43.7% |
| Equity (SPY) | 11.8% | 17.3% | 0.51 | 36.7% |
| Gold (GLD) | 17.8% | 19.1% | 0.75 | 6.8% |
| Commodities (DBC) | 8.0% | 19.6% | 0.29 | -0.0% |
| Real Estate (VNQ) | 1.5% | 18.9% | -0.03 | 46.4% |
| Bitcoin (BTCUSD) | 4.4% | 51.6% | 0.27 | 18.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FRPH | |
|---|---|---|---|---|
| FRPH | 2.3% | 31.4% | 0.13 | - |
| Sector ETF (XLRE) | 7.4% | 20.4% | 0.31 | 43.4% |
| Equity (SPY) | 15.3% | 18.0% | 0.72 | 43.7% |
| Gold (GLD) | 12.1% | 16.5% | 0.60 | 5.6% |
| Commodities (DBC) | 7.6% | 18.1% | 0.33 | 10.0% |
| Real Estate (VNQ) | 6.1% | 20.7% | 0.25 | 46.2% |
| Bitcoin (BTCUSD) | 60.0% | 66.3% | 1.00 | 14.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 11/9/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/4/2026 | -2.6% | ||
| 8/4/2026 | -2.4% | -1.5% | -1.3% |
| 5/12/2026 | -4.6% | 0.6% | 5.5% |
| 11/5/2025 | -4.7% | -0.7% | -3.3% |
| 8/6/2025 | -7.0% | 0.0% | -4.2% |
| 5/12/2025 | -2.9% | -1.8% | -0.2% |
| 3/5/2025 | -3.6% | -7.6% | -9.1% |
| 11/6/2024 | -0.9% | -0.6% | 3.1% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 11 | 11 |
| # Negative | 13 | 12 | 12 |
| Median Positive | 1.5% | 2.3% | 3.3% |
| Median Negative | -2.6% | -1.6% | -2.4% |
| Max Positive | 5.1% | 10.1% | 9.2% |
| Max Negative | -7.0% | -7.6% | -9.1% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/4/2026 | -2.6% | ||
| 8/4/2026 | -2.4% | -1.5% | -1.3% |
| 5/12/2026 | -4.6% | 0.6% | 5.5% |
| 11/5/2025 | -4.7% | -0.7% | -3.3% |
| 8/6/2025 | -7.0% | 0.0% | -4.2% |
| 5/12/2025 | -2.9% | -1.8% | -0.2% |
| 3/5/2025 | -3.6% | -7.6% | -9.1% |
| 11/6/2024 | -0.9% | -0.6% | 3.1% |
| 8/7/2024 | 4.8% | 2.3% | 0.7% |
| 5/9/2024 | -1.0% | -2.9% | -3.2% |
| 3/6/2024 | 1.1% | 3.0% | 0.1% |
| 11/8/2023 | 2.5% | 10.1% | 9.2% |
| 8/10/2023 | 0.5% | -1.1% | -1.7% |
| 5/11/2023 | -4.4% | -5.7% | 4.0% |
| 3/8/2023 | 5.1% | -0.2% | 2.4% |
| 11/9/2022 | -1.4% | 4.1% | 4.1% |
| 8/11/2022 | 2.0% | 1.6% | 0.5% |
| 5/12/2022 | -0.0% | -3.1% | -0.0% |
| 3/3/2022 | 0.2% | -1.1% | -0.4% |
| 11/3/2021 | 2.5% | 0.8% | -4.2% |
| 8/3/2021 | 0.0% | 0.9% | -1.3% |
| 5/3/2021 | 0.2% | 4.1% | 7.3% |
| 3/8/2021 | -2.3% | -2.8% | -7.5% |
| 11/12/2020 | 1.5% | 3.8% | 3.3% |
| SUMMARY STATS | |||
| # Positive | 11 | 11 | 11 |
| # Negative | 13 | 12 | 12 |
| Median Positive | 1.5% | 2.3% | 3.3% |
| Median Negative | -2.6% | -1.6% | -2.4% |
| Max Positive | 5.1% | 10.1% | 9.2% |
| Max Negative | -7.0% | -7.6% | -9.1% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/14/2026 | 10-Q |
| 12/31/2025 | 04/15/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/13/2025 | 10-Q |
| 12/31/2024 | 03/18/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/14/2024 | 10-Q |
| 12/31/2023 | 03/26/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/10/2023 | 10-Q |
| 03/31/2023 | 05/15/2023 | 10-Q |
| 12/31/2022 | 03/23/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/14/2026 | 10-Q |
| 12/31/2025 | 04/15/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/13/2025 | 10-Q |
| 12/31/2024 | 03/18/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/14/2024 | 10-Q |
| 12/31/2023 | 03/26/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/10/2023 | 10-Q |
| 03/31/2023 | 05/15/2023 | 10-Q |
| 12/31/2022 | 03/23/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| 06/30/2022 | 08/12/2022 | 10-Q |
| 03/31/2022 | 05/16/2022 | 10-Q |
| 12/31/2021 | 03/30/2022 | 10-K |
| 09/30/2021 | 11/10/2021 | 10-Q |
| 06/30/2021 | 08/16/2021 | 10-Q |
| 03/31/2021 | 05/12/2021 | 10-Q |
| 12/31/2020 | 03/19/2021 | 10-K |
| 09/30/2020 | 11/12/2020 | 10-Q |
| 06/30/2020 | 08/14/2020 | 10-Q |
| 03/31/2020 | 05/14/2020 | 10-Q |
| 12/31/2019 | 03/12/2020 | 10-K |
| 09/30/2019 | 11/08/2019 | 10-Q |
Insider Activity
Updated 8/18/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Baker, John D II | See footnote | Buy | 8182026 | 21.97 | 8,189 | 179,912 | 67,214,776 | Form | |
| 2 | Baker, John D II | See footnote | Buy | 8182026 | 21.97 | 957 | 21,024 | 67,030,897 | Form | |
| 3 | Baker, John D Iii | CEO | Held in Living Trust | Buy | 8112026 | 21.91 | 6,800 | 148,988 | 6,651,679 | Form |
| 4 | Baker, John D II | See footnote | Buy | 3252026 | 20.90 | 478,468 | 9,999,981 | 63,750,079 | Form | |
| 5 | Devilliers, David H Iii | President & COO | Direct | Sell | 1052026 | 22.75 | 4,589 | 104,400 | 1,173,218 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Baker, John D II | See footnote | Buy | 8182026 | 21.97 | 8,189 | 179,912 | 67,214,776 | Form | |
| 2 | Baker, John D II | See footnote | Buy | 8182026 | 21.97 | 957 | 21,024 | 67,030,897 | Form | |
| 3 | Baker, John D Iii | CEO | Held in Living Trust | Buy | 8112026 | 21.91 | 6,800 | 148,988 | 6,651,679 | Form |
| 4 | Baker, John D II | See footnote | Buy | 3252026 | 20.90 | 478,468 | 9,999,981 | 63,750,079 | Form | |
| 5 | Devilliers, David H Iii | President & COO | Direct | Sell | 1052026 | 22.75 | 4,589 | 104,400 | 1,173,218 | Form |
| 6 | Devilliers, David H Iii | President & COO | Direct | Sell | 12152025 | 23.42 | 1,500 | 35,130 | 1,315,244 | Form |
| 7 | Devilliers, David H JR | Sr. Advisor to Pres. & COO | Direct | Sell | 11252025 | 23.23 | 2,000 | 46,460 | 1,837,121 | Form |
| 8 | Baker, John D II | Held in Living Trust | Buy | 11142025 | 23.85 | 854 | 20,368 | 4,767,114 | Form | |
| 9 | McNulty, Matthew C | CFO | Direct | Buy | 11132025 | 23.94 | 1,000 | 23,940 | 601,038 | Form |
| 10 | McNulty, Matthew C | CFO | Direct | Buy | 11132025 | 23.84 | 1,000 | 23,840 | 574,687 | Form |
| 11 | Baker, John D II | Held in Living Trust | Buy | 11132025 | 23.85 | 7,175 | 171,124 | 4,746,746 | Form | |
| 12 | Baker, John D Iii | CEO | Held in Living Trust | Buy | 11122025 | 23.70 | 4,166 | 98,734 | 5,243,720 | Form |
| 13 | Baker, John D II | Held in Living Trust | Buy | 11122025 | 23.50 | 334 | 7,849 | 4,508,475 | Form |
Industry Resources
| Real Estate Resources |
| The Real Deal |
| Commercial Observer |
| Inman |
| Real Estate Services Resources |
| CBRE Research |
| JLL Trends & Insights |
| Cushman & Wakefield Insights |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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