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FRP Holdings

FRPH on Nasdaq. FRP Holdings leases warehouses, offices, land, and apartments to businesses and residents. Market value $385m.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.

Should I look at this?

Good business, but not cheap right now

Why it could be worth it

What to watch out for

See cheaper Real estate stocks on the list

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
annual report to December 2025
-5.5%low

For every $100 of what the whole company costs, it produced $-5.52 of spare cash last year. A savings account pays about $4.

Price to profit
past 12 months to June 2026
100.1×full

You pay 100.1 years of operating profit for the business. The average large US company costs around 18.

Return on capital
five annual reports to December 2025
1.5%five-year median

Each dollar kept in the business earns 2 cents a year. Above 10 is good.

Quality score: 70 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.

$20.25 a share, at its 1-year low

Over the past year the price has ranged from $20.00 to $25.74.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

0.0
-0.0
0.0
-0.0
-0.0
20212022202320242025
Revenue
$31m$37m$42m$42m$43m
Operating margin
7.3%21.3%28.2%28.0%16.4%
Debt to equity
0.450.440.430.420.45
Shares outstanding
0.01bn0.01bn0.02bn0.02bn0.02bn

Health checks

  • Free cash flow positive2 of 5 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)5 of 7 checks we could run
  • Profit backed by cash (accruals)Yes
  • Debt0.45× equity
  • Revenue growth, five yearsStrong, 12.7% a year
  • Buying back its own sharesNo, 103% more shares since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $11 million last quarter, about the same as a year ago.
  • A loss of $259,000, after a profit of $578,000 a year ago.
  • It keeps 12 cents of each $1 of sales as operating profit, down from 24 cents a year earlier.
  • About the same number of shares as a year ago.
  • Debt is $114 million more than cash, up from $27 million a year ago.
  • Sales grew on a year ago in each of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$11m
December 2024$11m
March 2025$10m
June 2025$11m
September 2025$11m
December 2025$11m
March 2026$11m
June 2026$11m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024$1m
December 2024$2m
March 2025$2m
June 2025$578,000
September 2025$662,000
December 2025$380,000
March 2026-$687,000
June 2026-$259,000

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
15 April 2026
Next quarterly (estimated, 10-Q)
5 November 2026

Who owns it

3 long-term investors we follow own it, up from 2 last quarter. 110 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

1 investor owns more than 5%.

  • John D. Baker II
    Insider or founder
    at least 17.8%
    (filed with 2 related holders)
    Since 23 March 2026
    What they said

    Item 4 is amended as follows: Each Reporting Person currently intends to hold the shares of Common Stock reported on this Schedule 13D for investment purposes. John D. Baker II serves as the Executive Chairman of the board of directors of the Issuer and will continue to…

    Read the filing
  • BlackRock, Inc.
    Passive investor
    Sold down below 5%
    Since 30 June 2025

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 3 insiders bought $11m of shares on the open market. 2 sold $278,355.

  • BAKER JOHN D II
    Director
    Bought
    under a preset trading plan
    Date
    18 August 2026
    Shares
    8,189
    Price
    $21.97
    Value
    $179,912
  • BAKER JOHN D II
    Director
    Bought
    under a preset trading plan
    Date
    17 August 2026
    Shares
    957
    Price
    $21.97
    Value
    $21,024
  • Baker John D. III
    CEO, Director
    Bought
    under a preset trading plan
    Date
    7 August 2026
    Shares
    6,800
    Price
    $21.91
    Value
    $148,988
  • BAKER JOHN D II
    Director
    Bought
    Date
    23 March 2026
    Shares
    478,468
    Price
    $20.90
    Value
    $10m
  • DEVILLIERS DAVID H JR
    Sr. Advisor to Pres. & COO, Director
    Sold
    Date
    1 January 2026
    Shares
    4,060
    Price
    $22.75
    Value
    $92,365
  • deVilliers David H III
    President & COO
    Sold
    Date
    31 December 2025
    Shares
    4,589
    Price
    $22.75
    Value
    $104,400
  • deVilliers David H III
    President & COO
    Sold
    Date
    11 December 2025
    Shares
    1,500
    Price
    $23.42
    Value
    $35,130
  • DEVILLIERS DAVID H JR
    Sr. Advisor to Pres. & COO, Director
    Sold
    Date
    21 November 2025
    Shares
    2,000
    Price
    $23.23
    Value
    $46,460
  • BAKER JOHN D II
    Director
    Bought
    Date
    13 November 2025
    Shares
    854
    Price
    $23.85
    Value
    $20,368
  • McNulty Matthew C.
    CFO
    Bought
    Date
    13 November 2025
    Shares
    1,000
    Price
    $23.94
    Value
    $23,940

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the serious warning signs we check for were found. 2 things worth knowing.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 15 Apr 2026, plus the 10-Q filed 6 Aug 2026 and 4 later 8-Ks.

  • Changed auditor

    Worth knowing

    The company changed its auditor (the firm that checks its books) in the last two years.

    “In light of the appointment of Forvis Mazars, Baker Tilly was dismissed as the Company's independent registered public accounting firm, effective as of May 15, 2026.”

    From an 8-K filed 15 May 2026: Change of auditor. Read it in the filing

  • One big customer

    Worth knowing

    One customer brings in a big share of sales: 26% last year. Losing that customer would hurt.

    “Customers. In the Mining Royalty Lands Segment, we have a total of five tenants currently leasing our mining locations, one of which, Vulcan Materials Company (“Vulcan” or “Vulcan Materials”), accounted for 26% of the Company’s consolidated revenues in 2025.”

    From the 10-K filed 15 April 2026, Item 1. Business. Read it in the filing

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

  • It isn't cheap on profits: 100.1× operating profit.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.