# FRP Holdings, Inc. (FRPH)

> Source: Nexqual · https://nexqual.com/FRPH · data as of 2026-10-29 20:00 UTC · cite as "Nexqual, FRP Holdings, Inc. (FRPH), nexqual.com/FRPH" · informational, not investment advice.

**Price:** USD 18.94 (+1.88% on the day) · last close of Oct 29, 2026; US market closed, not a live price. Prev close 18.59 · day 18.58–18.99 · 52w 18.27–25.74 · market cap $364M · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $43.4M, net income $96K (0.2% margin), free cash flow -$41.2M (SEC filings).
- Valuation: P/E 3787.7x (avg 111.1x at the last 3 fiscal year-ends), EV/EBITDA 28.2x, net debt $114M.
- 1 of 80 tracked superinvestors hold FRPH (13F, Q2 2026): 0 new, 0 added, 0 reduced, 1 unchanged.
- Insider open-market purchases, last ~7 months: 2 Form 4 filings, $350K; 1 by opportunistic insiders, 0 by routine insiders.
- Analysts: None.
- Total return with dividends: 1Y -21.2% vs S&P 500 +14.8%; 5Y -33.8% vs S&P 500 +79.1%.
- Next earnings: 2026-11-04, EPS estimate USD —, revenue estimate $0K. All companies reporting that day: https://nexqual.com/earnings/2026-11-04
- Dividend: FRPH paid no cash dividend in the last five years.
- Short interest: 4.33% of float (as of 2026-10-15), 6.3 days to cover.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $31.2M | $37.5M | $41.5M | $41.8M | $42.8M | $43.4M |
| Operating income | $2.3M | $8.0M | $11.7M | $11.7M | $7.0M | $5.0M |
| Net income | $28.2M | $4.6M | $5.3M | $6.4M | $3.3M | $96K |
| EPS (diluted) | $1.50 | $0.24 | $0.28 | $0.34 | $0.18 | — |
| Free cash flow | $5.7M | -$5.3M | $21.8M | -$22.2M | -$21.5M | -$41.2M |
| Operating margin | 7.3% | 21.3% | 28.2% | 28.0% | 16.4% | 11.6% |
| Net margin | 90.4% | 12.2% | 12.8% | 15.3% | 7.8% | 0.2% |
| Revenue growth | +32.4% | +20.1% | +10.7% | +0.6% | +2.6% | — |
| Cash + short-term investments | $162M | $177M | $158M | $149M | $105M | — |
| Total debt | $178M | $179M | $179M | $179M | $193M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 3787.7x · P/S 8.4x · EV/EBITDA 28.2x · EV/Sales 11.0x · P/B 0.8x · FCF yield -11.34% · Earnings yield 0.03% · Net debt $114M · EV $477M
P/E at fiscal year-ends: Dec 2025 130.1x, Dec 2024 91.0x, Dec 2023 112.2x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold FRPH. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Third Avenue Management |  | 0.43% | $2.7M | Unchanged |

## Insider purchases (SEC Form 4, open-market, last ~7 months)
2 purchases, $350K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-08-17…2026-08-18 | Baker John D Ii | Director | 9,146 | $201K | 21.97 | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-07 | Baker John D. Iii | CEO | 6,800 | $149K | 21.91 | Too little history (no open-market trades in 2023 or 2024) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus None.

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-30) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -21.2% | -33.8% |
| S&P 500 (SPY) | +14.8% | +79.1% |
| Per year | -21.3% | -7.9% |
| Volatility (annualized) | 25.3% | 22.3% |
| Max drawdown | -27.3% (Jun 2026→Oct 2026) | -42.8% (Nov 2021→Oct 2026) |

## Dividends
FRPH paid no cash dividend in the last five years.

## Short interest
636,263 shares sold short, 4.33% of the float, as of Oct 15, 2026 (exchange short-interest report, published about twice a month). Prior report (Sep 15, 2026): 620,613 shares (+2.5%). Days to cover: 6.3 (short shares ÷ average daily volume).

## Peers (Real Estate Services)
OPEN (Opendoor Technologies Inc) USD 1.9 -0.52% · IHS (IHS Holding Limited) USD 8.48 +0.24% · NMRK (Newmark Group, Inc.) USD 11.38 -5.64% · CWK (Cushman & Wakefield Ltd.) USD 13.11 +3.88% · CIGI (Colliers International Group In) USD 96.07 +2.46% · FSV (FirstService Corporation) USD 144.5 +3.99%

## More
Full page: https://nexqual.com/FRPH · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Multifamily | $5.4M | 49.1% | -2.3% |
| Mining royalty lands | $4.1M | 36.7% | +12.7% |
| Industrial and commercial | $983,000 | 8.9% | -28.5% |
| Development | $595,000 | 5.4% | +98.3% |
| Total revenue | $11.1M | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2018-03-31) | — | — | — | $0 | — |
| Next quarter | — | — | — | $0 | — |
| Current fiscal year (ends 2018-12-31) | — | — | — | $0 | — |
| Next fiscal year | — | — | — | $0 | — |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Dec 31, 2017 | $0.06 | $0.05 | Beat +20.0% | — |
| — | Quarter ended Sep 30, 2017 | $1.26 | — | — | — |
| — | Quarter ended Dec 31, 2016 | $0.12 | $0.10 | Beat +20.0% | — |
| — | Quarter ended Sep 30, 2016 | $0.09 | $0.09 | In line | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-08-06 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/844059/000084405926000086/0000844059-26-000086-index.htm |
| 2026-08-04 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/844059/000084405926000083/0000844059-26-000083-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.