Friedman Industries Inc. (FRD) intrinsic value & 10-year financials
Friedman Industries Inc. (FRD) has a Graham intrinsic value of $28.90 per share. At $40.48 on Oct 17, 2026, the stock trades 40% above that value. Over the last 10 fiscal years revenue grew 20.7% a year to $444.6M, with an average return on invested capital of 7.8%.
- Graham intrinsic value
- $28.90
- Share price (Oct 17, 2026)
- $40.48
- Price vs Graham value
- 40% above
- Market cap
- $281.1M
- Revenue (FY2025)
- $444.6M
- Revenue growth (10-yr CAGR)
- 20.7%
- ROIC (10-yr avg)
- 7.8%
- Free cash flow (FY2025)
- -$8.4M
FRD 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $444.6M | $6.1M | $0.87 | -$8.4M | 0.7% | 1.9% |
| FY2024 | $516.3M | $17.3M | $2.39 | -$813.0K | 4.7% | 15.1% |
| FY2023 | $547.5M | $21.3M | $2.91 | $47.4M | 3.8% | 14.0% |
| FY2022 | $285.2M | $14.1M | $2.04 | -$21.5M | 9.9% | 29.9% |
| FY2021 | $126.1M | $11.4M | $1.63 | $3.8M | 12.5% | 17.9% |
| FY2020 | $142.1M | -$5.2M | -$0.75 | $6.3M | -4.8% | -7.6% |
| FY2019 | $187.2M | $5.1M | $0.73 | $8.8M | 3.4% | 7.0% |
| FY2018 | $121.2M | $2.8M | $0.39 | $2.9M | 3.3% | 4.4% |
| FY2017 | $77.8M | -$2.7M | -$0.39 | -$1.0M | -5.4% | -4.4% |
| FY2016 | $81.6M | $294.0K | $0.04 | $901.8K | 0.0% | 0.0% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
FRIEDMAN INDUSTRIES INC is a consistent compounder, expanding top-line revenue at 20.7% annually over the past decade.
FRIEDMAN INDUSTRIES INC has historically struggled to out-earn its cost of capital, averaging just 7.8% ROIC.
FRIEDMAN INDUSTRIES INC has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, FRIEDMAN INDUSTRIES INC is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $28.90 per share.