A Business at a Glance
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FRIEDMAN INDUSTRIES INC
FRD
$249M
Mkt Cap
$35.60
+4.52%
FRIEDMAN INDUSTRIES INC (FRD) has a current P/E ratio of 16.0, compared to its historical median P/E of 7.7. The stock is currently considered Expensive based on its historical valuation range.
FRIEDMAN INDUSTRIES INC (FRD) has a 5-year average return on invested capital (ROIC) of 14.1%. This indicates solid capital allocation.
FRIEDMAN INDUSTRIES INC (FRD) has a market capitalization of $321M. It is classified as a small-cap stock.
Yes, FRIEDMAN INDUSTRIES INC (FRD) pays a dividend with a trailing twelve-month yield of 0.35%. The company also returns capital through share buybacks, with a buyback yield of 0.00%.
Based on historical P/E analysis, FRIEDMAN INDUSTRIES INC (FRD) appears expensive. The current P/E of 16.0 is 108% above its historical median of 7.7. The estimated fair value CAGR (P/E method) is 20.9%.
FRIEDMAN INDUSTRIES INC (FRD) operates in the Steel Works, Blast Furnaces & Rolling & Finishing Mills industry, within the Materials sector.
FRIEDMAN INDUSTRIES INC (FRD) reported annual revenue of $445 million in its most recent fiscal year, based on SEC EDGAR filings.
Friedman Industries, Incorporated (the “ Company”), a Texas corporation incorporated in 1965, is a manufacturer and processor of steel products and operates in two reportable segments: flat-roll products and tubular products. Significant financial information relating to the Company’s business segments for the last two years is containedinNote 12 of the Consolidated Financial Statements included in the Company’s Annual Report to Shareholders for the fiscal year ended March 31, 2025, which financial statements are incorporated herein by reference in Item 8 hereof. Flat-Roll Products The flat-roll product segment consists of the operation of five hot-rolled coil processing facilities located in Hickman, Arkansas; Decatur, Alabama; East Chicago, Indiana; Granite City, Illinois and Sinton, Texas. The Hickman, Granite City and East Chicago facilities operate temper mills and cut-to-length lines. The Decatur and Sinton facilities operate stretcher leveler cut-to-length lines.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 584M | 445M | 516M | 548M | 285M | 126M |
| Net Income | 15M | 6.1M | 17M | 21M | 14M | 11M |
| EPS | $1.73 | $0.87 | $2.39 | $2.91 | $2.04 | $1.63 |
| Free Cash Flow | -7.5M | -8.4M | -813K | 47M | -21M | 3.8M |
| ROIC | 4.7% | 1.4% | 11.3% | 11.2% | 23.5% | 23.4% |
| Gross Margin | - | 0.6% | 4.7% | 16.6% | 14.4% | 18.7% |
| Debt/Equity | 1.25 | 0.36 | 0.32 | 0.29 | 0.23 | 0.02 |
| Dividends/Share | $0.12 | $0.16 | $0.10 | $0.08 | $0.08 | $0.08 |
| Operating Income | 20M | 3.0M | 25M | 21M | 29M | 16M |
| Operating Margin | 3.4% | 0.7% | 4.7% | 3.8% | 10.0% | 12.5% |
| ROE | 10.9% | 4.7% | 13.6% | 18.5% | 17.7% | 17.5% |
| Shares Outstanding | 9M | 7M | 7M | 7M | 7M | 7M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 116M | 108M | 82M | 78M | 121M | 187M | 142M | 126M | 285M | 548M | 516M | 445M | 584M |
| Gross Margin | 6.1% | 4.7% | 5.7% | -0.2% | 8.2% | 6.9% | 1.8% | 18.7% | 14.4% | 16.6% | 4.7% | 0.6% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 4.6M | 4.5M | 4.7M | 4.0M | 4.2M | 4.8M | 5.1M | 7.8M | 12M | 22M | 21M | 16M | 23M |
| EBIT | 2.5M | 625K | -4.2M | -4.2M | 5.7M | 6.4M | -6.9M | 16M | 29M | 21M | 25M | 3.0M | 20M |
| Op. Margin | 2.1% | 0.6% | -5.2% | -5.4% | 4.7% | 3.4% | -4.8% | 12.5% | 10.0% | 3.8% | 4.7% | 0.7% | 3.4% |
| Net Income | 1.7M | 382K | -2.7M | -2.7M | 3.9M | 5.1M | -5.2M | 11M | 14M | 21M | 17M | 6.1M | 15M |
| Net Margin | 1.5% | 0.4% | -3.3% | -3.4% | 3.2% | 2.7% | -3.7% | 9.1% | 4.9% | 3.9% | 3.4% | 1.4% | 2.6% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 1.7M | 4.3M | 4.3M | 0 | 0 | 0 | 258K | 258K |
| Returns on Capital | |||||||||||||
| ROIC | 5.0% | 0.6% | -4.2% | -6.7% | 6.3% | 9.7% | -7.9% | 23.4% | 23.5% | 11.2% | 11.3% | 1.4% | 4.7% |
| ROE | 2.7% | 0.6% | -4.2% | N/A | 6.1% | 7.0% | -7.9% | 17.5% | 17.7% | 18.5% | 13.6% | 4.7% | 10.9% |
| ROA | 2.4% | 0.6% | -4.0% | -4.1% | 5.4% | 5.9% | -6.8% | 12.0% | 8.8% | 10.7% | 7.5% | 2.7% | 5.0% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 2.9M | -6.4M | 3.0M | -203K | 3.2M | 9.6M | 11M | 8.4M | -13M | 64M | 5.0M | -4.4M | -658K |
| Free Cash Flow | 988K | -12M | 902K | -1.0M | 2.9M | 4.7M | 6.3M | 3.8M | -21M | 47M | -813K | -8.4M | -7.5M |
| Owner Earnings | 1.1M | -8.1M | 1.4M | -1.8M | 1.9M | 8.3M | 9.7M | 7.4M | -15M | 61M | 1.9M | -7.7M | -4.6M |
| CapEx | 1.9M | 5.9M | 2.1M | 799K | 349K | 4.9M | 4.9M | 4.6M | 8.1M | 16M | 5.8M | 4.0M | 6.8M |
| Maint. CapEx | 1.8M | 1.7M | 1.7M | 1.6M | 1.4M | 1.3M | 1.5M | 1.0M | 1.3M | 2.5M | 3.1M | 3.3M | 3.6M |
| Growth CapEx | 84K | 4.2M | 451K | 0 | 0 | 3.6M | 3.4M | 3.6M | 6.7M | 14M | 2.7M | 711K | 3.2M |
| D&A | 1.8M | 1.7M | 1.7M | 1.6M | 1.4M | 1.3M | 1.5M | 1.0M | 1.3M | 2.5M | 3.1M | 3.3M | 3.6M |
| CapEx/OCF | N/A | N/A | N/A | N/A | 10.8% | 8.4% | 43.9% | 54.7% | N/A | 25.8% | 116.3% | N/A | 0.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 1.8M | 544K | 272K | 274K | 280K | 1.2M | 840K | 564K | 551K | 589K | 581K | 1.1M | 1.1M |
| Dividend Yield | N/A | N/A | N/A | N/A | 0.8% | 2.3% | 2.0% | 1.4% | 0.7% | 0.9% | 0.6% | 1.0% | 0.4% |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.7M | 538K | 37K | 5.2M | 171K | 10K |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | N/A | N/A | N/A | 3.2% | 0.9% | 0.0% | 3.9% | 0.2% | 0.0% |
| Stock-Based Comp | N/A | 0 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 301K |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 393K | 824M | 642M | 642M |
| Balance Sheet | |||||||||||||
| Net Debt | N/A | N/A | N/A | N/A | N/A | -23M | -34M | -15M | 13M | 27M | 35M | 40M | 174M |
| Cash & Equiv. | 15M | 2.2M | 2.8M | 1.5M | 4.1M | 12M | 17M | 8.2M | 2.6M | 3.0M | 2.9M | 3.7M | 3.0M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 172K | 18M | 33M | 40M | 48M | 89M |
| Debt/Equity | 0.14 | 0.06 | 0.06 | N/A | 0.19 | 0.00 | 0.00 | 0.02 | 0.23 | 0.29 | 0.32 | 0.36 | 1.25 |
| Interest Coverage | N/A | N/A | N/A | N/A | 206.1 | 363.8 | -1426.9 | 638.8 | 111.8 | 9.5 | 8.0 | 1.0 | 5.7 |
| Equity | 63M | 63M | 63M | N/A | 69M | 72M | 67M | 65M | 80M | 115M | 127M | 132M | 142M |
| Total Assets | 72M | 67M | 67M | 63M | 82M | 87M | 77M | 95M | 159M | 199M | 230M | 227M | 312M |
| Total Liabilities | 9.0M | 3.7M | 3.7M | N/A | 13M | 14M | 10M | 30M | 80M | 84M | 103M | 94M | 170M |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | 32M | 32M | 32M | 29M | 37M | 40M | 35M | 45M | 59M | 80M | 96M | 101M | 111M |
| Working Capital | 52M | 47M | 47M | 43M | 56M | 62M | 56M | 48M | 65M | 99M | 116M | 128M | 167M |
| Current Assets | 60M | 50M | 50M | 45M | 67M | 74M | 65M | 78M | 125M | 144M | 170M | 166M | 231M |
| Current Liabilities | 7.8M | 2.7M | 2.9M | 2.4M | 11M | 12M | 9.6M | 29M | 61M | 45M | 54M | 38M | 64M |
| Per Share Data | |||||||||||||
| EPS | 0.25 | 0.06 | -0.39 | -0.39 | 0.56 | 0.73 | -0.75 | 1.63 | 2.04 | 2.91 | 2.39 | 0.87 | 1.73 |
| Owner EPS | 0.16 | -1.27 | 0.20 | -0.26 | 0.27 | 1.19 | 1.39 | 1.06 | -2.13 | 8.37 | 0.26 | -1.10 | -0.51 |
| Book Value | 9.24 | 9.92 | 9.21 | N/A | 9.76 | 10.37 | 9.55 | 9.32 | 11.56 | 15.74 | 17.57 | 18.93 | 15.77 |
| Cash Flow/Share | 0.42 | -1.00 | 0.44 | -0.03 | 0.46 | 1.38 | 1.60 | 1.20 | -1.94 | 8.71 | 0.69 | -0.63 | 2.12 |
| Dividends/Share | 0.26 | 0.09 | 0.04 | 0.04 | 0.04 | 0.17 | 0.12 | 0.08 | 0.08 | 0.08 | 0.10 | 0.16 | 0.12 |
| Shares Out. | 6.9M | 6.4M | 6.9M | 6.9M | 7.0M | 7.0M | 7.0M | 7.0M | 6.9M | 7.3M | 7.3M | 7.0M | 9.0M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | 9.4 | 9.6 | N/A | 4.8 | 4.3 | 3.9 | 7.7 | 17.2 | 20.6 |
| P/FCF | N/A | N/A | N/A | N/A | 12.8 | 10.4 | 4.3 | 14.3 | N/A | 1.7 | N/A | N/A | N/A |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 3.0 | 2.7 | 5.4 | 7.0 | 48.8 | 25.2 |
| Price/Book | N/A | N/A | N/A | N/A | 0.5 | 0.7 | 0.4 | 0.8 | 0.8 | 0.7 | 1.0 | 0.8 | 2.3 |
| Price/Sales | N/A | N/A | N/A | N/A | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.1 | 0.2 | 0.3 | 0.5 |
| FCF Yield | N/A | N/A | N/A | N/A | 7.8% | 9.6% | 23.1% | 7.0% | -35.7% | 57.3% | -0.6% | -8.0% | -2.3% |
| Market Cap | 0 | 0 | 0 | 0 | 37M | 49M | 27M | 55M | 60M | 83M | 133M | 105M | 321M |
| Avg. Price | 0.00 | 0.00 | 0.00 | 0.00 | 5.22 | 7.33 | 5.97 | 5.69 | 10.76 | 9.27 | 13.35 | 15.89 | 35.60 |
| Year-End Price | 0.00 | 0.00 | 0.00 | 0.00 | 5.29 | 7.00 | 3.90 | 7.82 | 8.71 | 11.29 | 18.39 | 14.95 | 35.60 |
FRIEDMAN INDUSTRIES INC passes 3 of 9 quality checks, indicating weak fundamentals.
FRIEDMAN INDUSTRIES INC trades at 16.0x trailing earnings, compared to its 15-year median P/E of 7.7x, suggesting it is currently Expensive relative to its historical range. The company's 5-year average ROIC is 14.1% with a gross margin of 11.0%. Total shareholder yield (dividends) is 0.4%. At current prices, the estimated annualized return to fair value is +9.1%.
FRIEDMAN INDUSTRIES INC (FRD) has a net profit margin of 1.4%. This is a modest margin.
FRIEDMAN INDUSTRIES INC (FRD) generated $-8 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
FRIEDMAN INDUSTRIES INC (FRD) has a debt-to-equity ratio of 0.36. This indicates a conservatively financed balance sheet.
FRIEDMAN INDUSTRIES INC (FRD) reported earnings per share (EPS) of $0.87 in its most recent fiscal year.
FRIEDMAN INDUSTRIES INC (FRD) has a return on equity (ROE) of 4.7%. This indicates moderate shareholder returns.
FRIEDMAN INDUSTRIES INC (FRD) has a 5-year average gross margin of 11.0%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 15 years of financial data for FRIEDMAN INDUSTRIES INC (FRD), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
FRIEDMAN INDUSTRIES INC (FRD) has a book value per share of $18.93, based on its most recent annual SEC filing.