Basic Materials · Steel
Price
$34.43
Market Cap
$244.7M
Employees
268
Beta
1.63
Avg Volume
42,975
CEO
Michael J. Taylor
Business Description
Friedman Industries, Inc. (FRD) is a U.S.-based company primarily involved in the processing and manufacturing of steel and pipe, as well as their distribution. The firm operates through two distinct divisions: Coil and Tubular. The Coil segment specializes in converting steel coils into flat sheet and plate steel, cut precisely to client specifications. It also resells steel coils and offers processing services for materials owned by customers, for which it charges a fee. This division serves approximately 230 customers, predominantly located in the central and southern United States, including steel distributors and manufacturers. These manufacturers utilize the steel to produce a wide array of products, such as steel buildings, railway carriages, barges, storage tanks, shipping containers, trailers, various component parts, and other fabricated steel goods. Meanwhile, the Tubular segment is dedicated to producing different types of pipes, including those for line applications, oil country purposes (OCTG), and structural uses. This segment's products are primarily sold to steel and pipe distributors through Friedman Industries' internal sales force. Friedman Industries, Incorporated was founded in 1965 and is headquartered in Longview, Texas.
Business History
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
API Direct from provider
CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
CALCStock Price / EPS (Diluted)
12.47
Stock Price: $34.43
EPS (Diluted): 2.76
EPS (Diluted): 2.76
P/B Ratio (Price vs net asset value)
APIStock Price / Book Value Per Share
0.81
Stock Price: $34.43
Total Equity: $151.49M
Shares: 6,965,880
Total Equity: $151.49M
Shares: 6,965,880
EV/EBITDA (Total value vs operating profit)
APIEnterprise Value / EBITDA
6.47
Market Cap: $244.71M
Total Debt: $96.81M
Cash: $2.45M
EBITDA: $29.56M
Total Debt: $96.81M
Cash: $2.45M
EBITDA: $29.56M
Enterprise Value (Takeover price (cap + debt - cash))
APIMarket Cap + Total Debt - Cash
$221.9M
Market Cap: $244.71M
Total Debt: $96.81M
Cash: $2.45M
Total Debt: $96.81M
Cash: $2.45M
Gross Margin (Revenue left after direct costs)
APIGross Profit / Revenue
13.4%
Gross Profit: $54.27M
Revenue: $646.91M
Revenue: $646.91M
Operating Margin (Revenue left after all operations)
APIOperating Income / Revenue
4.0%
Operating Income: $25.65M
Revenue: $646.91M
Revenue: $646.91M
Net Margin (Revenue left as actual profit)
APINet Income / Revenue
3.0%
Net Income: $19.53M
Revenue: $646.91M
Revenue: $646.91M
ROE (Profit from shareholder equity)
CALCNet Income / Total Equity
12.9%
Net Income: $19.53M
Total Equity: $151.49M
Total Equity: $151.49M
ROIC (Profit from all invested capital)
CALCNOPAT / Invested Capital
7.7%
Operating Income: $25.65M
Tax Rate: 25.9%
Equity: $151.49M
Total Debt: $96.81M
Cash: $2.45M
Tax Rate: 25.9%
Equity: $151.49M
Total Debt: $96.81M
Cash: $2.45M
Current Ratio (Can it pay short-term bills)
APICurrent Assets / Current Liabilities
3.38
Current Assets: $257.04M
Current Liabilities: $76.15M
Current Liabilities: $76.15M
Debt/Equity (Leverage — debt vs equity)
CALCTotal Debt / Total Equity
0.64
Short-Term Debt: $756,000
Long-Term Debt: $96.05M
Total Debt: $96.81M
Total Equity: $151.49M
Long-Term Debt: $96.05M
Total Debt: $96.81M
Total Equity: $151.49M
Rev/Share (Top-line per share)
CALCRevenue / Shares Outstanding
$92.87
Revenue: $646.91M
Shares: 6,965,880
Shares: 6,965,880
Book Value/Share (Net assets per share)
CALC(Total Assets - Total Liabilities) / Shares
$21.75
Total Equity: $151.49M
Shares: 6,965,880
Shares: 6,965,880
FCF/Share (Real cash generated per share)
CALC(Operating Cash Flow + CapEx) / Shares
$0.20
Operating CF: $8.54M
CapEx: -$7.16M
Shares: 6,965,880
CapEx: -$7.16M
Shares: 6,965,880
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
APILast Annual Dividend / Stock Price
0.9%
Last Dividend: N/A
Stock Price: $34.43
Stock Price: $34.43
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: $19.53M
Net Income: $19.53M
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares FRD against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
0
Company Classification
— What type of company is this?
1
Industry Landscape
— Where is the industry headed?
2
Company Momentum
— Where is this company trending?
3
Forward Projection
— 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a
DCF Valuation
— Present value of future cash flows
4b
Earnings Power Value
— Floor value — worth with zero growth
4c
Anchored PE
— Industry PE adjusted for growth differential
4d
Reverse DCF
— What growth is the market pricing in?
4e
Revenue-Based DCF
— For growth/narrative companies (skip if mature earner)
4f
Anchored P/S
— Price-to-Sales peer comparison (skip if mature earner)
4g
Scenario Analysis
— Bull / Base / Bear (skip if mature earner)
4h
Dividend Discount Model
— For dividend/income stocks only
4i
Book Value Analysis
— For deep value / turnaround stocks only
4j
Insider Activity
— Are insiders buying or selling?
4f
Cash Flow Quality
— How trustworthy is the FCF?
4g
Debt Maturity Risk
— Can it handle its debt?
4h
Macro Environment
— Rates, market valuation, volatility
4i
Sector Intelligence
— How does this company compare within its sector?
4j
Revenue Confidence
— How reliable is the growth projection?
4k
Sensitivity Analysis
— How fragile is the fair value estimate?
4l
Sector Demand Cycle
— Is the sector in a boom, steady state, or contraction?
5
AI Investigation
— Adaptive research engine (Claude)
5b
Thesis Evaluation
— What does the market believe? (narrative/platform stocks only)
6
Valuation Synthesis
— Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Last updated: Jun 22, 2026 12:54am (5d ago)| Metric | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| Revenue | $285.2M | $547.5M | $516.3M | $444.6M | $646.9M |
| Cost of Revenue | $244.2M | $477.6M | $443.8M | $399.1M | $592.6M |
| Gross Profit | $41.0M | $70.0M | $72.4M | $45.5M | $54.3M |
| Operating Expenses | $12.5M | $48.9M | $47.9M | $42.4M | $28.6M |
| Operating Income | $28.5M | $21.1M | $24.5M | $3.0M | $25.7M |
| Net Income | $14.1M | $21.3M | $17.3M | $6.1M | $19.5M |
| EBITDA | $19.9M | $32.9M | $29.5M | $13.9M | $29.6M |
| EPS | $2.04 | $2.91 | $2.39 | $0.87 | $2.76 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jun 22, 2026 12:54am (5d ago)| Metric | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| Cash & Equivalents | $2.6M | $3.0M | $2.9M | $3.7M | $2.5M |
| Total Current Assets | $125.4M | $143.7M | $170.1M | $166.5M | $257.0M |
| Total Assets | $159.3M | $199.3M | $230.0M | $226.8M | $336.8M |
| Current Liabilities | $60.8M | $45.1M | $54.1M | $38.3M | $76.1M |
| Long-Term Debt | $18.4M | $33.1M | $40.3M | $47.7M | $96.1M |
| Total Liabilities | $79.6M | $83.9M | $102.5M | $94.4M | $185.3M |
| Total Equity | $79.7M | $115.4M | $127.5M | $132.4M | $151.5M |
| Retained Earnings | $58.9M | $79.7M | $96.3M | $101.3M | $119.7M |
Cash Flow (Annual)
Last updated: Jun 22, 2026 12:54am (5d ago)| Metric | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| Operating Cash Flow | -$13.4M | $63.9M | $5.0M | -$4.4M | $8.5M |
| Capital Expenditure | -$8.1M | -$16.5M | -$5.8M | -$5.0M | -$7.2M |
| Free Cash Flow | -$21.5M | $47.4M | $-813,000 | -$9.4M | $1.4M |
| Acquisitions (net) | $0 | -$71.7M | $0 | $0 | $0 |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | $-538,000 | $-37,000 | -$5.2M | $-171,000 | $-10,000 |
| Net Change in Cash | -$4.1M | -$10.7M | $511,000 | -$1.7M | $-918,000 |
Growth Trends (YoY %)
Last updated: Jun 22, 2026 12:54am (5d ago)| Metric | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|
| Revenue Growth | +92.0% | -5.7% | -13.9% | +45.5% |
| Gross Profit Growth | +70.7% | +3.5% | -37.2% | +19.3% |
| Operating Income Growth | -26.1% | +16.3% | -87.6% | +743.0% |
| Net Income Growth | +51.7% | -18.7% | -64.9% | +221.0% |
| EBITDA Growth | +65.4% | -10.6% | -52.7% | +112.1% |
Dividend History (Last 20)
Last updated: Jun 22, 2026 12:54am (5d ago)| Date | Dividend | Declaration | Record | Payment |
|---|---|---|---|---|
| 2026-04-24 | $0.04 | 2026-03-31 | 2026-04-24 | 2026-05-22 |
| 2026-01-16 | $0.04 | 2025-12-16 | 2026-01-16 | 2026-02-13 |
| 2025-10-24 | $0.04 | 2025-09-18 | 2025-10-24 | 2025-11-14 |
| 2025-07-18 | $0.04 | 2025-06-25 | 2025-07-18 | 2025-08-08 |
| 2025-04-25 | $0.04 | 2025-03-19 | 2025-04-25 | 2025-05-23 |
| 2025-01-17 | $0.04 | 2024-12-03 | 2025-01-17 | 2025-02-14 |
| 2024-10-25 | $0.04 | 2024-09-18 | 2024-10-25 | 2024-11-15 |
| 2024-07-26 | $0.04 | 2024-06-26 | 2024-07-26 | 2024-08-16 |
| 2024-04-25 | $0.04 | 2024-03-20 | 2024-04-26 | 2024-05-24 |
| 2024-01-18 | $0.02 | 2023-12-13 | 2024-01-19 | 2024-02-16 |
| 2023-10-19 | $0.02 | 2023-09-13 | 2023-10-20 | 2023-11-10 |
| 2023-07-20 | $0.02 | 2023-06-20 | 2023-07-21 | 2023-08-11 |
| 2023-04-27 | $0.02 | 2023-03-21 | 2023-04-28 | 2023-05-26 |
| 2023-01-12 | $0.02 | 2022-12-06 | 2023-01-13 | 2023-02-10 |
| 2022-10-13 | $0.02 | 2022-09-13 | 2022-10-14 | 2022-11-18 |
| 2022-07-21 | $0.02 | 2022-06-28 | 2022-07-22 | 2022-08-12 |
| 2022-04-28 | $0.02 | 2022-03-31 | 2022-04-29 | 2022-05-27 |
| 2022-01-13 | $0.02 | 2021-12-14 | 2022-01-14 | 2022-02-11 |
| 2021-10-07 | $0.02 | 2021-09-10 | 2021-10-08 | 2021-11-12 |
| 2021-07-15 | $0.02 | 2021-06-28 | 2021-07-16 | 2021-08-06 |
Narrative Economics
The story the market is telling about this stock — the intangible X-factor
(founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond
what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for FRD — it's generated by the pipeline (
market-narrative step).
No community reviews yet for FRD.
Be the first — hit How to Contribute, have any AI review this page, and paste its take back here.
My Notes
personal — only you see this
Sign in to save personal notes and rate your interest in this stock.
Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.352 · d1100787 · 2026-06-26 11:39:30