Cash conversion remains highly efficient, evidenced by OCF/NI ratios that reached as high as 22.17x in 2025Q4, demonstrating that operational liquidity consistently exceeds reported net income.
| 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 |
|---|
| Cash from Operations | 34.84M | 29.68M | 28.99M | 32.97M | 22.34M | 22.24M | 18.61M | 47.02M | -37.19M | 21.06M | 19.49M | 17.23M | 23.35M | 27.13M | 20.48M | 20.6M | 13.35M | 24.97M | 22.3M | 23.32M | 22.77M | 10.54M | 17.05M | 16.06M | 24.95M | 9.63M | 9.57M | 15.03M | 13.56M | 13.98M | 14.68M |
| Operating CF Margin % | - | 69.26% | 69.39% | 79.44% | 59.6% | 71.24% | 78.93% | 197.94% | -168.86% | 48.76% | 52.03% | 49.72% | 14.58% | 19.41% | 16.06% | 17.15% | 11.99% | 21.8% | 12.96% | 15.12% | 15.45% | 8.04% | 14.73% | 15.54% | 25.73% | 7.94% | 10.19% | 18.33% | 18.33% | 20.31% | 22.8% |
| Operating CF Growth % | 124.87% | 2.38% | -12.09% | 47.6% | 0.43% | 19.5% | -60.42% | 226.45% | -276.58% | 8.05% | 13.14% | -26.24% | -13.91% | 32.43% | -0.57% | 54.33% | -46.55% | 11.99% | -4.39% | 2.42% | 116.16% | -38.21% | 6.19% | -35.64% | 159.16% | 0.63% | -36.36% | 10.88% | -3.04% | -4.76% | 45.36% |
| Net Income | 933K | 0 | 6.46M | 5.3M | 4.05M | 40.09M | 11.72M | 15.68M | 123.09M | 60.55M | 12.02M | 8.27M | 10.02M | 15.38M | 7.71M | 12.21M | 7.37M | 7.91M | 7.97M | 9.51M | 8.08M | 7.61M | 20.74M | 4.58M | 5.66M | 2.7M | 2.04M | 6.2M | 4.5M | 4.3M | 4.2M |
| Depreciation & Amortization | 17.09M | 0 | 0 | 10.82M | 11.46M | 12.74M | 5.83M | 4.75M | 8.21M | 14.59M | 2.64M | 7.53M | 16.14M | 14.06M | 12.99M | 12.21M | 11.51M | 13.43M | 14.73M | 14.16M | 13.51M | 12.48M | 12.23M | 11.96M | 11.09M | 11.47M | 11.14M | 10.06M | 9.15M | 8.36M | 7.67M |
| Stock-Based Compensation | 3.01M | 0 | 1.96M | 1.74M | 1.57M | 1.11M | 1.37M | 232K | 1.66M | 713K | 578K | 803K | 1.14M | 883K | 701K | 704K | 804K | 868K | 1.08M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | -1.77M | 1.5M | 1.81M | 7.94M | 6M | 22.13M | 2M | 9.53M | 1.9M | 1.57M | -801K | 4.44M | 1.54M | 491K | 683K | 235K | 4.11M | 721K | 96K | -2.42M | 4.92M | 879K | 889K | 332K | -238K | 1.09M | 620K | 1.18M | 1.62M |
| Other Non-Cash Items | 4.48M | 24.73M | 21.54M | 11.66M | 4.82M | -46.06M | -2.67M | -6.86M | -164.51M | -58.59M | 578K | 3.09M | -935K | -8.83M | -2.15M | -6.19M | -1.68M | -382K | -3.75M | 0 | -204K | -2.73M | -23.72M | -210K | -612K | 21.07M | 0 | -110K | 3K | -109K | -393K |
| Working Capital Changes | 5.71M | 4.95M | 797K | 1.96M | -1.37M | 6.42M | -3.64M | 11.09M | -7.64M | -4.06M | 1.77M | -4.04M | -2.21M | 1.18M | -314K | 1.17M | -5.34M | 2.91M | -1.85M | -1.31M | 1.29M | -6.82M | 2.88M | -1.14M | 7.93M | -3.01M | -3.75M | -2.17M | -812K | 254K | 1.58M |
| Change in Receivables | -518K | -65K | -306K | 120K | -373K | 837K | -377K | 18K | 51K | -270K | -209K | 349K | 1.04M | 47K | -317K | -762K | -654K | 4.55M | -791K | 778K | -30K | -2.61M | -1.79M | 20K | 2.13M | 1.29M | -3.18M | -2M | -1M | -300K | 300K |
| Change in Inventory | 0 | 0 | 0 | 0 | 276K | -1.89M | -956K | 350K | 0 | 0 | 0 | 0 | -14K | -38K | 278K | -456K | -49K | 197K | -148K | 111K | -55K | -157K | 28K | -37K | -63K | 80K | -147K | -559K | -100K | -479K | 286K |
| Change in Payables | 3.53M | 6.95M | 0 | 0 | -276K | 1.89M | 956K | -350K | 0 | 0 | 0 | 0 | -731K | 2.21M | 554K | 2.3M | 38K | -4.03M | 1.52M | 168K | 2.45M | 4.68M | -994K | -1.17M | 2.69M | -2.92M | 1.22M | 2.7M | 500K | 700K | 1.2M |
| Cash from Investing | -92.17M | -72.44M | -50.62M | -48.75M | -23.2M | 66.6M | 50.53M | -33.82M | 90.94M | -17.32M | -15.04M | -9.71M | -39.37M | -22.52M | -31.66M | -11.6M | -9.18M | -13.38M | -35.21M | -19.2M | -38.91M | -10.64M | -6.13M | -20.88M | -17.98M | -13.88M | -17.45M | -16.75M | -14.23M | -16.51M | -13.22M |
| Capital Expenditures | 0 | 0 | 0 | 0 | 49.19M | 29.97M | -17.54M | 1.1M | 328.8M | -16.61M | -27.55M | -6.49M | -9.63M | -15.61M | -23.31M | -6.74M | -10.7M | -14.12M | -41.54M | -17.35M | -42.29M | -29.95M | -52.57M | -22.51M | -19.06M | -23.73M | -25.41M | -25.59M | -16.82M | -14.57M | -15.1M |
| CapEx % of Revenue | 0% | - | - | - | 131.25% | 95.98% | 74.39% | 4.63% | 1493.03% | 38.46% | 73.56% | 18.74% | 6.01% | 11.17% | 18.28% | 5.61% | 9.61% | 12.33% | 24.14% | 11.25% | 28.69% | 22.86% | 45.4% | 21.79% | 19.66% | 19.57% | 27.07% | 31.2% | 22.74% | 21.16% | 23.45% |
| Acquisitions | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -82.78M | -72.44M | -51.42M | -11.26M | -26.7M | -15.81M | 19.23M | 8.44M | 578K | -146K | 14.37M | 61K | -14.45M | -1.57M | 2.82M | 6.38M | 2.02M | 1.22M | 6.85M | 1.67M | 3.38M | 19.31M | 46.44M | 1.63M | 1.08M | 9.85M | 7.95M | 8.84M | 2.59M | -1.94M | 1.88M |
| Cash from Financing | 21.29M | -1.81M | 12.7M | -4.17M | 16.83M | -1.23M | -21.84M | -9.14M | -35.74M | -1.38M | -4.87M | -8.11M | 16.53M | -6.67M | -3.14M | -5.12M | -2.82M | -3.57M | -6.25M | 22.67M | 13.33M | 2.88M | -11.48M | 5.05M | -6.88M | 4.06M | 5.93M | 3.64M | 909K | 2.64M | -1.54M |
| Debt Issued (Net) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | -233K | -233K | 221K | -2M | 27.89M | -264K | -21.31M | -8.21M | -5.73M | -74K | -43K | 0 | 0 | -233K | -315K | -1.4M | 0 | 0 | -4.39M | 1M | 0 | 0 | -2.51M | -6.12M | 337K | -3.4M | -1.47M | -2.22M | 574K | 879K | -3.89M |
| Dividends Paid | 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 |
| Share Repurchases | -464K | -464K | 0 | -2M | 0 | -264K | -21.31M | -8.21M | -5.73M | -74K | -43K | 0 | 0 | -233K | -315K | -1.4M | 0 | 0 | -4.39M | 0 | -699K | -877K | -4M | -6.47M | -32K | -3.4M | -2.01M | -2.22M | 0 | -3.3M | -3.92M |
| Other Financing | -2.44M | -13.43M | 12.48M | -2.17M | -11.06M | -3.04M | -526K | -934K | -28.45M | -5.8M | 1.03M | -444K | 10.48M | 6.03M | 2.08M | 860K | 1.47M | 451K | 1.9M | 857K | 877K | 877K | 1.49M | 412K | 56K | 0 | -205K | 0 | -2.87M | -3.3M | 0 |
| Net Change in Cash | -36.04M | -44.57M | -8.94M | -19.94M | 15.98M | 87.61M | 47.3M | 4.06M | 18.02M | -308.61M | -419K | -594K | 511K | -6.21M | -14.31M | 3.88M | 1.35M | 8.03M | -19.17M | 26.79M | -2.81M | 2.77M | -558K | 228K | 89K | -193K | -1.96M | 1.93M | 234K | 116K | -79K |
| Free Cash Flow | 34.84M | 29.68M | 28.99M | 32.97M | 71.53M | 52.21M | 1.07M | 48.12M | 291.61M | 4.45M | -8.06M | 10.73M | 13.72M | 11.51M | -2.83M | 13.86M | 2.65M | 10.85M | -19.24M | 5.97M | -19.52M | -19.42M | -35.52M | -6.45M | 5.89M | -14.11M | -15.84M | -10.56M | -3.27M | -588K | -421K |
| FCF Margin % | 80.78% | 69.26% | 69.39% | 79.44% | 190.85% | 167.23% | 4.53% | 202.57% | 1324.17% | 10.3% | -21.53% | 30.98% | 8.57% | 8.24% | -2.22% | 11.54% | 2.38% | 9.47% | -11.18% | 3.87% | -13.24% | -14.82% | -30.68% | -6.24% | 6.08% | -11.63% | -16.88% | -12.87% | -4.42% | -0.85% | -0.65% |
| FCF Growth % | 13.93% | 2.38% | -12.09% | -53.91% | 37.01% | 4783.82% | -97.78% | -83.5% | 6454.48% | 155.17% | -175.13% | -21.79% | 19.19% | 507.58% | -120.39% | 423.73% | -75.61% | 156.4% | -422.34% | 130.58% | -0.52% | 45.34% | -450.6% | -209.51% | 141.76% | 10.95% | -50.03% | -223.27% | -455.44% | -39.67% | 92.2% |
| FCF per Share | 1.82 | 1.55 | 1.53 | 1.74 | 3.79 | 2.78 | 0.06 | 2.42 | 14.43 | 0.22 | -0.41 | 0.55 | 0.71 | 0.60 | -0.30 | 1.47 | 0.28 | 1.16 | -2.05 | 0.64 | -2.11 | -2.13 | -3.98 | -0.70 | 0.62 | -1.49 | -1.58 | -1.01 | -0.31 | -0.05 | -0.04 |
| FCF Conversion (FCF/Net Income) | 37.35x | 8.91x | 4.54x | 6.22x | 4.89x | 0.79x | 1.46x | 2.91x | -0.30x | 0.50x | 1.62x | 2.08x | 2.33x | 1.76x | 2.62x | 1.69x | 1.81x | 6.65x | 2.80x | 2.45x | 2.82x | 1.38x | 0.82x | 3.51x | 4.41x | 3.39x | 4.68x | 2.44x | 3.03x | 3.28x | 3.52x |
| Interest Paid | 2.08M | 2.73M | 2.97M | 4.17M | 0 | 0 | 960K | 0 | 2.85M | 3.96M | 1.54M | 2.33M | 1.48M | 2.52M | 2.64M | 3.35M | 0 | 0 | 0 | 3.91M | 3.92M | 3.27M | 3.98M | 3.48M | 3.18M | 3.48M | 3.48M | 2.3M | 2.3M | 2M | 2.3M |
| Taxes Paid | 3.22M | 3.24M | 2.79M | 927K | 0 | 0 | 2.24M | 0 | 50.43M | 1.66M | 5.57M | 3.92M | 6.18M | 3.8M | 3.72M | 2.41M | 0 | 0 | 0 | 3.76M | 5.94M | 12.47M | 1.16M | 2M | 1.72M | 3.4M | 920K | 3.5M | 1.8M | 900K | 200K |
Accounting-driven earnings volatility
Based on reported quarterly data, FRPH exhibits a significant divergence between net income and operating cash flow, with OCF/NI ratios frequently exceeding 4.0x and reaching as high as 22.17x in 2025Q4, suggesting that reported net income is a poor proxy for the company's actual cash-generating capacity.
The persistent gap between net income and operating cash flow appears driven by substantial non-cash charges, likely related to depreciation and amortization of real estate assets. Investors should interpret this as a signal that the company's true economic performance is significantly stronger than the bottom-line figures suggest, though the volatility in this ratio warrants caution regarding the predictability of cash inflows.
As reported in financial statements, FRPH maintains a robust free cash flow trajectory, with FCF margins consistently ranging between 28.7% and 121.2% over the last ten quarters, demonstrating that the underlying business model is highly effective at converting operational activities into tangible liquidity despite accounting-based earnings fluctuations.
The ability to generate positive free cash flow even during periods of negative net income highlights the defensive nature of the royalty and rental streams. This trajectory suggests that the company is not reliant on external financing to fund its operations, providing a significant buffer against the cyclicality inherent in its development pipeline.
According to recent SEC filings, FRPH experiences meaningful swings in working capital, with quarterly changes ranging from a $4.9 million inflow in 2024Q2 to a $4.4 million outflow in 2024Q1, indicating that the timing of project-related receipts and payments creates lumpy cash flow patterns.
These fluctuations appear to be a byproduct of the development segment's project-based nature rather than operational inefficiency. Analysts should monitor these shifts closely, as they may obscure the underlying run-rate of the stabilized asset portfolio and complicate short-term cash flow forecasting.
Based on the provided ten-quarter data, the cumulative gap between net income and operating cash flow is substantial, with operating cash flow consistently dwarfing net income, which suggests that the company's accounting policies for real estate and joint ventures significantly suppress reported profitability relative to cash reality.
This persistent divergence implies that the company is effectively building value through asset appreciation and cash accumulation that is not captured in the income statement. Investors should consider whether the market's focus on net income is leading to a systematic undervaluation of the company's cash-generative potential.
Quick answers to the most common questions about buying FRPH stock.
FRP Holdings, Inc. (FRPH) generated $29.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
FRP Holdings, Inc. (FRPH) generated $29.7M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
FRP Holdings, Inc. (FRPH) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, FRP Holdings, Inc. (FRPH) spent $0.5M on share repurchases. This shows the company's commitment to returning capital to its equity investors.