FRPHFRP Holdings, Inc.
Is it safe?
Nothing alarming, nothing pristine: comfortable debt (A) and steady price behavior.
Investment-grade balance sheet. A rule of thumb on leverage, not a credit rating.
Relatively steady, low volatility. Worst drawdown -54% · now 22% below its 52-week high.
Where this answer is blind. Altman sits structurally low for utilities and pipelines; Beneish runs high for fast growers, since sales growth alone lifts it; banks and REITs are excluded.
Can FRPH take a bad year?
FRP Holdings, Inc. carries $114M of net debt at 6.72× EBITDA: a heavy load to carry through a bad year.
Net debt · as at Q2 2026 · over four years of earnings before interest, tax and depreciation, heavy
- Net debt / EBITDA
- 6.72×
Net debt / EBITDA · 1.31× a year ago · the load is going up
- Cash runway
- 2.5 years
Cash runway · burning $10M a quarter at the current rate
- Annualised volatility
- 25%
Annualised volatility · about as steady as the market itself
Details›
- Total debtQ2 2026
- $215M
- Cash and short-term investments
- $101M
- Net debt
- $114M
- EBITDA, trailing twelve months
- $17M
- Operating profit, trailing twelve months
- $5.0M
- Debt / equity
- 0.50×
- Total debt / EBITDA
- 12.7×
- Annualised volatilitytwo years of daily moves
- 25%
- Worst drawdown on file
- −54%
- Below its 52-week high
- 22%
Balance sheet from SEC filings; drawdown and volatility from end-of-day closes; Altman Z from the filed statements.
Real Estate Services
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