FRP Holdings shows strong cash conversion and balance-sheet quality metrics, but declining revenue, an exhausted-upside signal, and a rich valuation cap the near-term reward.
Thesis pillars
- Cash Conversion Piotroski Quality→Stable
- Declining Revenue→Stable
- Momentum Stalling Exhausted Upside→Stable
- +1 more pillar — see the Why tab for full reasoning
FRP Holdings, Inc. (FRPH) Stock Analysis
Real Estate · Real Estate Services
Sell if holding. Multiple concerning factors at $22.59: V7 low-quality RISK_OFF penalty: -0.5 (Q=4.5); Sector modifier (Real Estate): -1.2.
FRP Holdings, Inc. is a Florida-based real estate company operating through four segments: leasing ten warehouses and other in-service industrial and commercial properties, leasing approximately 16,640 acres of mining royalty land in Florida and Georgia, developing land parcels... Read more
Sell if holding. Multiple concerning factors at $22.59: V7 low-quality RISK_OFF penalty: -0.5 (Q=4.5); Sector modifier (Real Estate): -1.2. Chart setup: No clear chart pattern; technical signals are mixed. Score 4.6/10, high confidence.
Passes 6/8 gates (positive momentum, clean insider activity, news events none recent, earnings proximity 60d clear, semi cycle peak clear, materials cycle peak clear). Fails on SEC filing concern. Suitability: aggressive.
About FRP Holdings, Inc.
About FRP Holdings, Inc.
Vulcan Materials Company, one of just five tenants in FRP Holdings' Mining Royalty Lands segment, accounted for 26% of the company's consolidated revenue in 2025. Beyond mining royalties on roughly 16,640 acres of Florida and Georgia land, FRP Holdings owns ten warehouses across three business parks in its Industrial and Commercial segment, develops apartment, retail, industrial, and office land through its Development segment, and holds multifamily joint ventures including Dock 79 and The Maren along the Anacostia River in Washington, D.C.
FRP Holdings earns royalty income tied to construction aggregate mining -- crushed stone, sand, and similar materials extracted from its Florida and Georgia land -- making that segment's results sensitive to residential, commercial, and infrastructure construction activity, which the company describes as cyclical. Its Industrial and Commercial segment generates lease income from warehouses and office space, while the Development segment converts raw land into income-producing buildings, either building and holding them or selling to or partnering with third parties; in October 2025 the company acquired the business operations and development pipeline of Altman Logistics Properties, adding industrial projects in Lakeland and Broward County, Florida. As of December 31, 2025, the company had $193,958,000 of consolidated debt secured by developed properties carrying a book value of $276,460,000, and it also operates an uncollateralized revolving credit facility carrying customary covenants limiting additional debt and dividends.
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Beyond the Vulcan relationship, FRP's stabilized property base is itself geographically concentrated: the majority of stabilized assets sit in just three metro areas -- Baltimore, Washington, D.C., and Greenville, South Carolina -- leaving the company more exposed to local economic swings, government-job relocation, or oversupply from competing development than a nationally diversified landlord. Governance is similarly concentrated: as of December 31, 2025, Executive Chairman John D. Baker II and his family beneficially owned approximately 35.1% of outstanding common stock in aggregate, giving them effective influence over board elections and major corporate decisions such as mergers or asset sales.
See also: Real Estate · Real Estate Services
From FRP Holdings, Inc.'s most recent 10-K filing, extracted July 6, 2026.
Recent developments
updated 2026-09-05Recent Developments — FRP Holdings, Inc.
Latest news
- NEWS FRPH|FRP Holdings Inc|Price:22.360|Chg%:-0.250 - TradingKey — TradingKey neutral
- NEWS FRP Holdings Inc (FRPH) Valuation: PE, PB & Fair Value Analysis - TradingKey — TradingKey neutral
- NEWS FRPH|FRP Holdings Inc|Price:22.360|Chg%:-0.250 - tradingkey.com — tradingkey.com neutral
- NEWS FRP Holdings Inc (FRPH) Valuation: PE, PB & Fair Value Analysis - tradingkey.com — tradingkey.com neutral
- NEWS FRPH|FRP Holdings Inc|Price:23.540|Chg%:+0.120 - TradingKey — TradingKey neutral
Generated 2026-09-05T19:46:59Z.
Upcoming dated catalysts
Thesis
Key Metrics
Quality Signals
Concentration Risks(10-K Item 1A)
- MEDIUMTenantVulcan Materials Company26%10-K Item 1: 'one of which, Vulcan Materials Company (“Vulcan” or “Vulcan Materials”), accounted for 26% of the Company’s consolidated revenues in 2025'
- MEDIUMGeographicBaltimore, Washington D.C., and Greenville SC10-K Item 1A: 'The majority of our stabilized properties are located in the Baltimore area, Washington, D.C., and Greenville, South Carolina'
Material Events(8-K, last 90d)
- 2026-05-15Item 4.01HIGHOn May 12, 2026, the Audit Committee replaced Baker Tilly US, LLP with Forvis Mazars, LLP as independent registered public accounting firm effective May 15, 2026, following a competitive selection process; Baker Tilly's prior audit opinion contained no adverse opinion, disclaimer, or qualification, and no disagreements were reported.SEC filing →
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Rating Breakdown
2 floor-breakers
Ranks in the bottom of its industry peers on the composite signal. Better names in the same sector exist.static
Growth below the gate floor. Component breakdown shows what dragged the score down.static
Price Targets
Position Sizing
Risk Alerts
Earnings
Verdict History
Frequently Asked Questions
Sell if holding. Multiple concerning factors at $22.59: V7 low-quality RISK_OFF penalty: -0.5 (Q=4.5); Sector modifier (Real Estate): -1.2. Chart setup: No clear chart pattern; technical signals are mixed. Prior stop was $21.57. Score 4.6/10, high confidence.
Take-profit target: $25.98 (+15.0% upside). Prior stop was $21.57. Stop-loss: $21.57.
V7 low-quality RISK_OFF penalty: -0.5 (Q=4.5); Sector modifier (Real Estate): -1.2; Weak overall score: 4.6/10.
FRP Holdings, Inc. trades at a P/E of 2259.0 (forward 53.8). TrendMatrix value score: 4.2/10. Verdict: Sell.
6 analysts cover FRPH with a consensus score of 2.2/5.
What does FRP Holdings, Inc. do?FRP Holdings, Inc. is a Florida-based real estate company operating through four segments: leasing ten warehouses and...
FRP Holdings, Inc. is a Florida-based real estate company operating through four segments: leasing ten warehouses and other in-service industrial and commercial properties, leasing approximately 16,640 acres of mining royalty land in Florida and Georgia, developing land parcels for apartment, retail, industrial, and office use, and managing mixed-use residential/retail joint ventures. Vulcan Materials Company, one of five tenants in the Mining Royalty Lands segment, accounted for 26% of the company's consolidated revenue in 2025, and the company employed 25 people as of December 31, 2025.