MeritValue

FRP HOLDINGS, INC.

FRPHdata completeness 100%17 fiscal years on file
The thesis, from the filings

FRP HOLDINGS, INC. earns about 2% on equity, but has diluted owners by 102% over 5 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $2.89 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$31.2M1$37.5M2$41.5M3$41.8M3$42.8M3
Net income$28.2M4$4.57M5$5.3M6$6.39M6$3.33M6
Operating cash flow$22.2M7$22.3M8$33M9$29M9$29.7M9
Capital expenditure$16.5M10$27.6M11$11.2M12$51.2M12$51.1M12
Free cash flow (derived)$5.71M7−$5.28M8$21.8M9−$22.2M9−$21.5M9
Total debt$178.4M13$178.6M14$178.7M15$178.9M16$192.6M16
Cash & equivalents$161.5M17$177.5M18$157.6M19$148.6M19$105.4M20
Diluted shares9.4M18.9M18.9M19.0M19.0M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$225.36
your share of equity
Profit it earned you last year
$1.75
Free cash flow it threw off
−$11.29
Debt you’d be carrying
$101.26

10 shares is a claim on $225.36 of net worth that earned you $1.75 and generated −$11.29 of cash last year, against $101.26 of debt.

iii. Is this a good business?
Moat signal · return on equity
2% avg · 5y
FY21 7%FY22 1%FY23 1%FY24 2%FY25 1%

It earned an average 2% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+102% shares · 5y

Share count is up 102% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
$2.89
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$5.3M
  • growthAssumed0.0%
Graham Number
$9.55
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000844059-24-000018 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0000844059-25-000009 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0000844059-26-000037 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0000844059-24-000018 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000844059-25-000009 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0000844059-26-000037 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000844059-24-000018 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000844059-25-000009 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0000844059-26-000037 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000844059-24-000018 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0000844059-25-000009 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0000844059-26-000037 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0000844059-23-000014 (LongTermDebt)
  14. 10-K · period ending 2022-12-31 · accession 0000844059-24-000018 (LongTermDebt)
  15. 10-K · period ending 2023-12-31 · accession 0000844059-25-000009 (LongTermDebt)
  16. 10-K · period ending 2024-12-31 · accession 0000844059-26-000037 (LongTermDebt)
  17. 10-K · period ending 2021-12-31 · accession 0000844059-23-000014 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0000844059-24-000018 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0000844059-25-000009 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2025-12-31 · accession 0000844059-26-000037 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)