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FRP Holdings (FRPH) Fair Value & Analysis

Real Estate · US · Market cap $455M

FH FRP Holdings logo FRP Holdings FRPH · US
Price$21.92
Fair Value$13.09
Upside-40.3%
Quality57/100
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Healthy Growth
Thin margins · 2.8% net margin
Low debt · generates free cash flow
Trails peers (2/14)
Narrow moat 26/100
Evidence: Medium Range $7.81 – $13.09 Share as image

Fair value as of: Jul 26, 2026

From 15 valuation models · updated 15 days ago

Share price −8.7% over the past month.

A solid business, but screening 40% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case ($13.09). The favourable scenario is already priced in.
  • Solid but not exceptional quality (57/100) and above fair value, neither a clear bargain nor a standout compounder.
  • As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
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Price vs Fair Value (5 years)

$32.50 $20.72 Fair Value $13.09 Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 26, 2026.

How to read this chart

60‑month range $20.72 – $32.50 · fair‑value band $7.81 – $13.09 · the $21.92 price screens above the $13.09 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 26, 2026.

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Analysis

FRP Holdings (FRPH) currently trades at $21.92, while our model-based Fair Value estimate is $13.09, implying the stock looks roughly 40.3% overvalued today. The Quality Score stands at 57/100 (solid quality), in the Real Estate sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).

Over the trailing twelve months, FRP Holdings generated revenue of $33.4M at a net margin of 2.8%. Revenue declined 3.6% year over year. It earns a return on equity of 0.1%. Net debt stands at $87.2M. Fundamentals as of Jul 26, 2026

Our scenario range runs from $7.81 (bear case) to $13.09 (bull case); at $21.92, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 21% below its 52-week high and 7% above its 52-week low, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at -2% fair-value upside, at -40%, FRPH screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF $9.13 $13.03 $17.64 80
Residual Income $14.18 $12.62 $8.30 76
Gordon GGM $0.1100 $0.1500 $0.1900 70
All 15 models by family
DCF Models
FCF DCF $8.85 $13.05 $18.23 38
5Y Revenue Exit $2.89 $4.64 $6.64 39
5Y EBITDA Exit $7.25 $12.22 $17.69 41
10Y Revenue Exit $5.27 $7.17 $9.20 36
10Y EBITDA Exit $7.82 $11.80 $16.39 37
Dividend Discount
Gordon GGM $0.1100 $0.1500 $0.1900 70
DDM Multi-Stage $0.1100 $0.1500 $0.1800 61
Multiples
P/S Multiple $2.21 $2.95 $3.69 58
P/B Multiple $2.21 $2.95 $3.69 55
EV/EBIT $1.50 $3.52 $5.53 53
EV/EBITDA $7.69 $11.77 $15.85 54
EV/Revenue $0.2200 $1.65 43
Asset-Based
NCAV (Graham) $11.18 $14.98 $22.35 50
Growth DCF
Growth DCF $9.13 $13.03 $17.64 80
Economic Profit
Residual Income $14.18 $12.62 $8.30 76

Widest divergence: Asset-Based ($14.98) versus Dividend Discount ($0.1500). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) $33.4M
Revenue growth (YoY) -3.6%
Net margin 2.8%
Return on equity 0.1%
Free cash flow $29.7M FY2025
P/E ratio 474.4
More key figures
Operating margin -26.4%
EPS (TTM) $0.0500
EPS growth (YoY) -77.8%
Net debt $87.2M FY2025

Figures from reported company fundamentals · as of Jul 26, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 57/100

Of which business quality 60 · Market factors (momentum, volatility) 46

Profitability 16
Margins and returns on capital today
Quality Growth 24
Are margins and returns improving?
Cashflow 100
Earnings quality: real cash, not paper profit
Fin. Strength 57
Balance sheet, leverage, solvency risk
Investment 97
Disciplined investing over empire-building
Low Volatility 86
Calm price path (market factor)
Momentum 37
Price trend over the last 3–12 months (market factor)
52W Momentum 17
Distance to the 52-week high (market factor)
Net Issuance 76
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

FRP Holdings, Inc. engages in the real estate business in the United States. The company operates through four segments: Industrial and Commercial, Mining Royalty Lands, Development, and Multifamily. Its Industrial and Commercial segment owns, leases, and manages commercial properties.

Full company description

FRP Holdings, Inc. engages in the real estate business in the United States. The company operates through four segments: Industrial and Commercial, Mining Royalty Lands, Development, and Multifamily. Its Industrial and Commercial segment owns, leases, and manages commercial properties. The Mining Royalty Lands segment owns, leases, and manages mining royalties in Florida, Georgia, and Virginia. Its Development segment owns and assesses the use of parcels of land that are in various stages of development; and constructs new buildings own and operate. The Multifamily segment owns, leases, and manages buildings through joint ventures. FRP Holdings, Inc. was founded in 1988 and is based in Jacksonville, Florida.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

FRP Holdings reported revenue of $42.8M in FY2025 versus $31.2M in FY2021, a compound +8.2%/yr. Reported net income was $3.3M in FY2025, compounding −41.4%/yr from FY2021.

Growth Quality 87/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
$42.8M
Latest YoY
+2.6%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+4.6%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+12.7%
Avg. growth/yr (40Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+0.9%
Revenue +8.2%/yr
FY21 $31.2M
FY22 $37.5M
FY23 $41.5M
FY24 $41.8M
FY25 $42.8M
Net income −41.4%/yr
FY21 $28.2M
FY22 $4.6M
FY23 $5.3M
FY24 $6.4M
FY25 $3.3M
Character of growth · EPS growth decomposed (2014-2025) −7.2 % p.a.
Revenue per share −6.2 pp

of which total revenue −6.6 pp · buybacks/dilution +0.3 pp

EBIT margin +4.3 pp
Tax rate +2.5 pp
Residual (interest, one-offs) −7.7 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

FRPH screens 40% overvalued. Compare with Vingroup Joint Stock Company →

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Cite: Fair Value Calculator (2026). "FRP Holdings Fair Value". https://www.fairvalue-calculator.com/stock/FRPH

Peer Group

Real Estate Services · 520 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 57 · Above median
Fair Value upside −40% · Bottom 25%
Return on equity (TTM) 0% · Below median
Return on assets -0% · Bottom 25%
Net margin (TTM) 3% · Below median
Operating margin (TTM) -26% · Bottom 25%
Revenue growth -4% · Below median
Debt / equity 0.45× · Higher than median

Valuation Multiples vs Real Estate Services median · lower = cheaper

P/E (TTM) 474.4× · Pricier than 75% of peers
P/B 1.06× · Pricier than median
P/S (TTM) 13.60× · Pricier than 75% of peers
P/FCF 15.3× · Pricier than 75% of peers
EV/EBITDA 55.8× · Pricier than 75% of peers
PEG 1.12× · Cheaper than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0 · sector 37
FUTURE 0 · sector 10
PAST 0 · sector 16
HEALTH 78 · sector 85
DIVIDEND 0 · sector 49

VALUE 0: the price sits above our fair-value range.

Insider activity: 35/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Real Estate Services stocks, each showing price versus our Fair Value estimate (as of Jul 26, 2026).

Stock Price Fair Value vs Fair Value
Vingroup Joint Stock Company VIC 223,000 VND 25,731 VND -88%
KE Holdings 2423 HK$44.76 HK$18.03 -60%
Swire Properties Limited 1972 HK$23.90 HK$18.75 -22%
Plaza S.A MALLPLAZA 3,725 CLP 5,571 CLP +50%
SAGAA SAGAA kr 170.00 kr 75.55 -56%
Cencosud Shopping S.A CENCOMALLS 2,324 CLP 2,976 CLP +28%
PT Sarana Menara Nusantara Tbk. owns and TOWR 372.00 IDR 1,208 IDR +225%
PT Metropolitan Kentjana Tbk MKPI 20,975 IDR 19,160 IDR -9%
PT Bangun Kosambi Sukses Tbk, CBDK 3,530 IDR 3,464 IDR -2%
IRSA Inversiones y Representaciones Sociedad Anónima, IRSA 2,495 ARS 3,998 ARS +60%

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Frequently asked questions

Is FRP Holdings (FRPH) overvalued or undervalued?
As of Jul 26, 2026, our model estimates a fair value of $13.09 versus a price of $21.92, about −40% (overvalued).
What is the fair value of FRPH?
Our model-based fair value for FRP Holdings is $13.09 (as of Jul 26, 2026), built from audited fundamentals. The current price is $21.92.
What is the quality score of FRPH?
FRP Holdings has a Quality Score of 57/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of FRP Holdings (FRPH)?
FRP Holdings reported trailing-twelve-month revenue of about $33.4M (latest available figure, as of Jul 26, 2026).
What is the net profit margin of FRPH?
The net profit margin of FRP Holdings is about 2.8%, meaning it keeps roughly 2.8% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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