The company maintains a conservative capital structure with a debt-to-equity ratio of 0.45 and a substantial cash reserve of $107.9 million as of 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'09 | Sep'08 | Sep'07 | Sep'06 | Sep'05 | Sep'04 | Sep'03 | Sep'02 | Sep'01 | Sep'00 | Sep'99 | Sep'98 | Sep'97 | Sep'96 |
|---|
| Total Current Assets | 109.81M | 108.31M | 152.67M | 161.44M | 180.32M | 169.11M | 0 | 165.76M | 201.66M | 13.15M | 5.27M | 11.23M | 24.82M | 21.68M | 26.92M | 34.69M | 31.77M | 29.88M | 28.86M | 44.49M | 17.41M | 19.57M | 30.07M | 14.88M | 11.49M | 18.41M | 15.09M | 16.05M | 10.07M | 8.55M | 8M |
| Cash & Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cash Only | 107.86M | 105.36M | 148.62M | 157.56M | 177.5M | 161.52M | 74.11M | 26.61M | 22.55M | 4.52M | 0 | 419K | 1.01M | 502K | 6.71M | 21.03M | 17.15M | 15.8M | 7.78M | 26.94M | 154K | 2.97M | 16.75M | 3.12M | 529K | 6.95M | 633K | 3.14M | 663K | 429K | 313K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 4.32M | 0 | 137.87M | 165.21M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 895K | 881K | 843K | 1.12M | 665K | 616K | 891K | 743K | 854K | 799K | 642K | 590K | 633K | 575K | 650K | 615K | 552K | 469K | 502K |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | 2.32 | 2.72 | 2.71 | 3.87 | 2.51 | 2.64 | 2.27 | 2.19 | 2.64 | 2.75 | 2.51 | 2.53 | 3.02 | 2.11 | 3.06 | 3.62 | 3.51 | 3.17 | 3.68 |
| Other Current Assets | 0 | 0 | 1.31M | 860K | 797K | 752K | -80.18M | 186K | 3.43M | 333K | 0 | 4.83M | 59.42M | 6.35M | 3.48M | 315K | 542K | 1.62M | 17.3M | 455K | 870K | 392K | 972K | -578K | 0 | -473K | 0 | -287K | 0 | 0 | 0 |
| Total Non-Current Assets | 73.79M | 626.84M | 575.82M | 547.73M | 520.77M | 509.08M | 0 | 372.39M | 303.83M | 405.58M | 261.29M | 241.39M | 288.25M | 265.42M | 248.79M | 231.7M | 225.94M | 226.97M | 233.18M | 209.04M | 201.8M | 174.15M | 155.33M | 149.36M | 143.97M | 135.28M | 132.92M | 128.72M | 113.89M | 108.03M | 99.03M |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 213.72M | 375.6M | 224.25M | 207.21M | 249.61M | 241.41M | 228.02M | 208.99M | 198.12M | 199.01M | 210.76M | 192.52M | 192.07M | 164.94M | 149.01M | 143.16M | 138.37M | 129.8M | 124.03M | 119.47M | 104.97M | 95.02M | 90.06M |
| Fixed Asset Turnover | - | - | - | - | - | - | - | - | 0.10x | 0.11x | 0.17x | 0.17x | 0.64x | 0.58x | 0.56x | 0.57x | 0.56x | 0.58x | 0.82x | 0.80x | 0.77x | 0.79x | 0.78x | 0.72x | 0.70x | 0.93x | 0.76x | 0.69x | 0.70x | 0.72x | 0.72x |
| Goodwill | 6.89M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.43M | 1.09M | 1.09M | 1.09M | 1.09M | 1.09M | 1.09M | 1.09M | 1.09M | 1.09M | 1.09M | 0 | 1.09M | 1.12M | 1.17M | 1.2M | 1.25M | 1.29M | 1.33M |
| Intangible Assets | 0 | 6.89M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Non-Current Assets | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Assets | 750.39M | 735.14M | 728.49M | 709.17M | 701.08M | 678.19M | 537.35M | 538.15M | 505.49M | 418.73M | 266.56M | 252.62M | 313.07M | 287.09M | 275.7M | 266.39M | 257.71M | 256.85M | 262.04M | 253.53M | 219.22M | 193.72M | 185.39M | 164.24M | 155.46M | 153.69M | 148.01M | 144.77M | 123.97M | 116.58M | 107.04M |
| Asset Turnover | 0.06x | 0.06x | 0.06x | 0.06x | 0.05x | 0.05x | 0.04x | 0.04x | 0.04x | 0.10x | 0.14x | 0.14x | 0.51x | 0.49x | 0.46x | 0.45x | 0.43x | 0.45x | 0.66x | 0.61x | 0.67x | 0.68x | 0.62x | 0.63x | 0.62x | 0.79x | 0.63x | 0.57x | 0.60x | 0.59x | 0.60x |
| Asset Growth % | 7.69% | 0.91% | 2.72% | 1.15% | 3.38% | 26.21% | -0.15% | 6.46% | 20.72% | 57.09% | 5.52% | -19.31% | 9.05% | 4.13% | 3.5% | 3.37% | 0.33% | -1.98% | 3.36% | 15.65% | 13.16% | 4.49% | 12.88% | 5.64% | 1.16% | 3.83% | 2.24% | 16.78% | 6.33% | 8.92% | 5.56% |
| Total Current Liabilities | 3.4M | 0 | 9.88M | 10.13M | 7.12M | 7.3M | 0 | 4.05M | 3.91M | 9.91M | 17.2M | 17.19M | 21.93M | 20.98M | 20.16M | 18.23M | 18.09M | 22.37M | 23.26M | 20.23M | 18.19M | 16.22M | 23.1M | 9.59M | 11.97M | 6.65M | 17.5M | 14.63M | 9.48M | 11.06M | 9.6M |
| Accounts Payable | 0 | 0 | 6.03M | 8.33M | 5.97M | 6.14M | 0 | 2.43M | 3.54M | 4.37M | 3.75M | 3.46M | 3.95M | 7.29M | 5.27M | 3.95M | 3.38M | 2.82M | 6.93M | 5.41M | 5.67M | 5.67M | 3.07M | 3.44M | 5.77M | 1.89M | 5.57M | 3.82M | 2.78M | 2.43M | 1.78M |
| Days Payables Outstanding | 46.8 | - | 639.94 | 833.3 | 528.34 | 597.18 | - | 301.71 | 492.92 | 317.49 | 305.62 | 283.92 | 10.24 | 22.53 | 16.95 | 13.63 | 12.76 | 12.09 | 17.7 | 15.93 | 17.51 | 19.53 | 12.02 | 14.74 | 27.57 | 6.92 | 26.2 | 22.47 | 17.63 | 16.42 | 13.04 |
| Short-Term Debt | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Deferred Revenue (Current) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 288K | 29.99M | 0 | 0 | 21.05M | 127K | 58K | -4.9M | 0 | -4.29M | 2.46M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Current Ratio | 32.29x | - | 15.45x | 15.93x | 25.34x | 23.18x | - | 40.90x | 51.53x | 1.33x | 0.31x | 0.65x | 1.13x | 1.03x | 1.33x | 1.90x | 1.76x | 1.34x | 1.24x | 2.20x | 0.96x | 1.21x | 1.30x | 1.55x | 0.96x | 2.77x | 0.86x | 1.10x | 1.06x | 0.77x | 0.83x |
| Quick Ratio | 32.29x | - | 15.45x | 15.93x | 25.34x | 23.18x | - | 40.90x | 51.53x | 1.33x | 0.31x | 0.65x | 1.09x | 0.99x | 1.29x | 1.84x | 1.72x | 1.31x | 1.20x | 2.16x | 0.91x | 1.16x | 1.27x | 1.49x | 0.91x | 2.68x | 0.83x | 1.06x | 1.00x | 0.73x | 0.78x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 292.59M | 279.49M | 249.49M | 251.06M | 249.76M | 245.64M | 0 | 142.45M | 118.37M | 119.5M | 49.53M | 52.05M | 57.15M | 73.47M | 80.82M | 83.71M | 88.89M | 92.08M | 101.42M | 102.84M | 82.97M | 69.59M | 64.21M | 75.27M | 64.33M | 72.61M | 56.7M | 57.17M | 45.73M | 41.78M | 35.55M |
| Long-Term Debt | 203.92M | 192.55M | 178.85M | 178.71M | 178.56M | 178.41M | 89.96M | 88.92M | 88.79M | 90.03M | 29.55M | 44.51M | 51.42M | 45.59M | 57.13M | 62.37M | 67.27M | 71.86M | 76.15M | 80.17M | 60.55M | 48.47M | 41.19M | 57.1M | 47.29M | 56.8M | 42.02M | 42.67M | 33.3M | 30.65M | 26.17M |
| Capital Lease Obligations | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Deferred Tax Liabilities | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | 295.99M | 279.49M | 259.37M | 261.19M | 256.87M | 252.94M | 154.7M | 146.5M | 122.23M | 154.15M | 67.74M | 70.28M | 106.76M | 94.45M | 100.99M | 101.94M | 105.66M | 114.45M | 124.69M | 123.07M | 101.16M | 85.81M | 87.31M | 84.86M | 76.3M | 79.26M | 74.2M | 71.8M | 55.21M | 52.85M | 45.14M |
| Total Debt | 203.92M | 192.55M | 178.85M | 178.71M | 178.56M | 178.41M | 89.96M | 88.92M | 88.79M | 118.32M | 41M | 48.69M | 64.17M | 49.9M | 62.37M | 67.27M | 71.86M | 76.15M | 80.17M | 83.93M | 63.12M | 50.9M | 48.9M | 59.05M | 48.6M | 58.03M | 48.41M | 48.91M | 35.43M | 35.06M | 30M |
| Net Debt | 96.06M | 87.19M | 30.23M | 21.15M | 1.06M | 16.89M | 15.86M | 62.32M | 66.24M | 113.79M | 41M | 48.27M | 62.23M | 49.4M | 55.66M | 46.25M | 50.12M | 60.35M | 72.39M | 56.99M | 62.97M | 47.93M | 32.15M | 55.93M | 48.07M | 51.08M | 47.78M | 45.78M | 34.77M | 34.64M | 29.69M |
| Debt / Equity | 0.45x | 0.42x | 0.38x | 0.40x | 0.40x | 0.42x | 0.24x | 0.23x | 0.23x | 0.45x | 0.21x | 0.27x | 0.31x | 0.26x | 0.36x | 0.41x | 0.47x | 0.53x | 0.58x | 0.64x | 0.53x | 0.47x | 0.50x | 0.74x | 0.61x | 0.78x | 0.66x | 0.67x | 0.52x | 0.55x | 0.48x |
| Debt / EBITDA | 12.43x | 10.71x | 8.10x | 7.88x | 9.18x | 11.72x | 8.04x | 7.46x | 3.53x | 16.86x | 1.68x | 2.47x | 2.48x | 1.45x | 2.30x | 2.53x | 2.76x | 2.58x | 2.69x | 2.58x | 2.07x | 1.84x | 1.91x | 2.76x | 2.12x | 3.15x | 2.69x | 2.18x | 1.89x | 2.02x | 1.80x |
| Net Debt / EBITDA | 5.85x | 4.85x | 1.37x | 0.93x | 0.05x | 1.11x | 1.42x | 5.23x | 2.64x | 16.21x | 1.68x | 2.45x | 2.40x | 1.43x | 2.05x | 1.74x | 1.93x | 2.04x | 2.43x | 1.75x | 2.06x | 1.73x | 1.25x | 2.61x | 2.09x | 2.78x | 2.66x | 2.04x | 1.85x | 2.00x | 1.78x |
| Interest Coverage | - | 2.27x | 3.69x | 2.48x | 2.83x | 22.86x | 14.57x | 12.18x | 1.48x | 21.76x | 9.50x | 5.96x | 11.93x | 7.26x | 5.75x | 4.37x | 3.81x | 4.66x | 33.69x | 4.77x | 4.31x | 4.68x | - | 2.70x | -20.23x | -26.79x | 1.99x | 5.25x | 4.18x | 4.55x | 4.04x |
| Total Equity | 454.4M | 455.66M | 469.11M | 447.98M | 444.21M | 425.25M | 382.65M | 391.64M | 383.25M | 264.58M | 198.82M | 182.34M | 206.31M | 192.65M | 174.72M | 164.45M | 152.06M | 142.41M | 137.35M | 130.46M | 118.05M | 107.9M | 98.09M | 79.38M | 79.16M | 74.43M | 73.81M | 72.97M | 68.75M | 63.73M | 61.89M |
| Equity Growth % | -2.97% | -2.87% | 4.72% | 0.85% | 4.46% | 11.13% | -2.3% | 2.19% | 44.85% | 33.08% | 9.04% | -11.62% | 7.1% | 10.26% | 6.25% | 8.15% | 6.77% | 3.68% | 5.28% | 10.51% | 9.41% | 10.01% | 23.56% | 0.28% | 6.35% | 0.84% | 1.15% | 6.13% | 7.88% | 2.97% | 0.48% |
| Book Value per Share | 23.80 | 23.85 | 24.73 | 23.67 | 23.54 | 22.63 | 19.91 | 19.73 | 18.96 | 13.18 | 10.03 | 9.28 | 10.62 | 10.03 | 18.44 | 17.40 | 16.14 | 15.23 | 14.65 | 13.89 | 12.75 | 11.84 | 10.99 | 8.63 | 8.34 | 7.86 | 7.35 | 7.01 | 6.56 | 5.95 | 5.56 |
| Total Shareholders' Equity | 428.18M | 428.51M | 423.1M | 414.52M | 407.14M | 396.42M | 367.65M | 374.89M | 364.61M | 243.53M | 198.82M | 182.34M | 206.31M | 192.65M | 174.72M | 164.45M | 152.06M | 142.41M | 137.35M | 130.46M | 118.05M | 107.9M | 98.09M | 79.38M | 79.97M | 74.43M | 73.81M | 72.97M | 68.75M | 63.73M | 61.89M |
| Common Stock | 1.92M | 1.91M | 1.91M | 1.9M | 946K | 941K | 936K | 982K | 997K | 1M | 991K | 979K | 970K | 956K | 944K | 929K | 309K | 305K | 304K | 305K | 301K | 297K | 293K | 293K | 316K | 314K | 335K | 336K | 347K | 344K | 349K |
| Retained Earnings | 354.52M | 355.21M | 352.27M | 345.88M | 342.32M | 337.75M | 309.76M | 315.28M | 306.31M | 186.85M | 145.17M | 131.5M | 157.41M | 147.39M | 132.2M | 124.64M | 113.6M | 106.23M | 102.47M | 98.09M | 88.58M | 80.5M | 72.01M | 72.99M | 67.1M | 62.79M | 58.74M | 57.24M | 50.54M | 46.06M | 41.8M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 8K | 24K | 55K | 35K | -1.28M | 113K | 675K | 923K | -701K | 38K | 14K | -6K | 40K | 38K | 32K | 31K | 20K | 19K | -99.76M | -85K | -85.56M | -81.79M | -75.22M | -78.52M | -70.91M | -68.18M | -60.56M | -58.78M | -53.11M | -47.65M | -43.02M |
| Minority Interest | 26.22M | 27.14M | 46.01M | 33.46M | 37.07M | 28.83M | 15M | 16.76M | 18.65M | 21.05M | 42.83M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Capital allocation inefficiency
According to recent SEC filings, FRPH has maintained a stable asset base of approximately $750 million, supported by a conservative debt-to-equity ratio of 0.45, which suggests that the company’s balance sheet trajectory remains anchored in financial prudence despite the ongoing transition of its development pipeline into joint ventures.
The consistent growth in total assets alongside minimal fluctuations in equity indicates a disciplined approach to capital preservation. This trajectory suggests that management prioritizes long-term solvency over aggressive expansion, which may provide a significant buffer against the cyclical volatility inherent in the Mid-Atlantic real estate market.
Based on reported financial statements, FRPH maintains a debt-to-equity ratio of 0.45, a figure that remains remarkably low compared to industry peers, suggesting that the company’s reliance on external financing is minimal and its interest coverage capacity is likely robust even in a high-rate environment.
The company’s debt structure appears strategic rather than necessity-driven, allowing it to navigate interest rate cycles without the refinancing risks that plague more leveraged real estate entities. Investors should monitor whether this low leverage is a permanent feature of the business model or a temporary state awaiting deployment into new development opportunities.
As reported in quarterly filings, FRPH holds $107.9 million in cash and equivalents, representing a substantial liquidity buffer that, while providing immense safety, may be dragging on overall return on equity due to the lack of immediate, high-yield reinvestment opportunities within the current development cycle.
The current ratio of 32.29 highlights an extreme liquidity position that far exceeds operational requirements, suggesting that the company is effectively operating as a cash-rich land bank. While this provides a fortress-like defense against market shocks, it warrants investigation into whether management can deploy this capital more effectively to drive NAV growth.
Analysis of the balance sheet reveals that the absence of significant PPE and goodwill, coupled with the reliance on joint venture structures, suggests that the company’s true economic value may be obscured by accounting treatments that do not fully capture the underlying worth of its permitted mining royalty lands.
The shift of assets into joint ventures may mask the true performance of the development pipeline, making headline balance sheet figures potentially misleading regarding the company's actual earning power. Investors should be cautious, as the lack of transparency in JV-level asset quality could hide potential impairments or valuation mismatches that are not immediately apparent in the consolidated statements.
Quick answers to the most common questions about buying FRPH stock.
As of 2025, FRP Holdings, Inc. (FRPH) had total assets of $735.1M including $108.3M in current assets.
FRP Holdings, Inc. (FRPH) carries total debt of $192.6M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
FRP Holdings, Inc. (FRPH) has total shareholders' equity (book value) of $428.5M ($23.85 book value per share). Book value represents the net worth of the company belonging to common stock holders.