Start here if you're new
what it is
FRP buys land, builds on it, leases it, and waits for value to show up.
how it gets paid
Last year Frp made $42M in revenue. Asset Management was the main engine at $17M, or 40% of sales.
what just happened
FRPH posted $32M of quarterly revenue and $0.16 EPS, both far above the prior year.
At a glance
B+ balance sheet — decent shape, but not bulletproof
30/100 earnings predictability — expect surprises
96.2x trailing p/e — you're paying up for this one
1.3% return on capital — nothing to write home about
$0.34 fy2024 eps est
xvary composite: 52/100 — below average
What they do
FRP buys land, builds on it, leases it, and waits for value to show up.
Asset Management → leased warehouses and offices → rent from buildings. Mining Royalty Lands → lease payments for digging on 15,000 acres → cash without laying concrete. For you, that mix beats a pure land flipper, because rent arrives while land waits.
How they make money
$42M
annual revenue
Asset Management
$17M
Mining Royalty Lands
$11M
Land Development
$8M
Construction Services
$4M
Other Investment Property
$2M
The products that matter
warehouse and commercial leasing
industrial & commercial
$23M · 55% of revenue
it is the largest segment at $23M and grew 5% from last year, so this is still the rent roll carrying the company.
largest segment
collects mineral royalties
mining royalty lands
$10M · 24% of revenue
this $10M revenue stream grew 2% and monetizes land without requiring much new operating spend. that makes it small, steady cash flow.
steady income
apartment development and rental
multifamily
$6M · +15% growth
at $6M, this is only 14% of revenue, but it grew 15% from last year. if returns ever improve, this is where you are most likely to see it first.
fastest growth
Key numbers
$42M
annual revenue
That is the whole sales base. It is small enough that a single deal or delay can move the stock.
28.0%
operating margin
FRPH keeps 28 cents of operating profit from every revenue dollar before interest and taxes. That is the efficiency story.
1.3%
return on capital
For every $100 invested in the business, FRPH earns about $1.30. That is thin for a 96.2x stock.
$185M
long-term debt
Debt is 30% of capital. That matters because a small company feels rate changes faster than a big one.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 2 — safer than 80% of stocks
- price stability 95 / 100
- long-term debt $185M (30% of capital)
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for FRPH right now.
source: institutional data · return history unavailable
What just happened
beat estimates
FRPH posted $32M of quarterly revenue and $0.16 EPS, both far above the prior year.
EDGAR shows revenue up 196% vs. prior year and EPS up 433% vs. prior year. That is a lumpy land and royalty quarter, not a smooth rent machine.
$32M
revenue
$0.16
eps
28.0%
operating margin
what moved the quarter
The number that mattered was $32M, because it shows how hard FRPH can swing when development and royalties line up.
source: EDGAR quarterly filing and
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What could go wrong
the top risk is florida real estate concentration.
high
geographic concentration
most of the story sits inside a $422M property and equity base tied to florida. if that market cools, land values, rents, and development math can all weaken at once.
this risk reaches across the company, not just one segment.
high
thin returns against real leverage
FRPH carries $185M of long-term debt, or 30% of capital, while earning just 1.3% on capital. that is a narrow cushion if projects take longer to monetize than expected.
low returns leave less room for delays, cost overruns, or weak leasing conditions.
med
development timing risk
development contributes just $3M of revenue today. that means each project carries outsized importance, and delays in permitting, construction, or lease-up can push the payoff further out.
the patient model only works if the patience eventually converts into better earnings.
med
earnings volatility
a 30/100 predictability score and a recent miss against a $0.20 estimate tell you profits are lumpy. at 96.2x trailing earnings, volatility is not a small detail.
multiple compression can happen faster than asset value closes the gap.
a florida slowdown would pressure most of the $422M asset base, and with returns on capital at 1.3%, there is not much operating cushion.
source: institutional data · regulatory filings · risk analysis
Pay attention to
the key metric
return on capital above 1.3%
this is the whole game. if FRPH cannot lift returns from the current 1.3%, the asset story stays a story.
calendar
next earnings report
watch whether management gives any clearer read on development timing after the recent EPS miss versus the $0.20 estimate.
trend
multifamily growth holding near 15%
multifamily is still small at $6M, but it grew 15% from last year. if that slows, one of the few visible growth engines loses momentum.
risk
debt versus project payoff
$185M of long-term debt is manageable on paper. it matters more if new development stays delayed and earnings remain thin.
Analyst rankings
earnings predictability
30 / 100
earnings are hard to model here. in human-speak: analysts do not trust quarter-to-quarter profit consistency.
risk rank
2
the balance sheet is safer than most small caps. that lowers blow-up risk, but it does not solve the return problem.
price stability
95 / 100
the stock has traded quietly. that is comforting if you own it, but quiet stocks can still be dead money.
source: institutional data
Institutional activity
institutional ownership data for FRPH is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$23
current price
n/a
target midpoint · n/a from current
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