FRD
Friedman Industries, IncorporatedBasic Materials·Steel
$23.38
$166M market cap
Revenue
$584.4M
Free Cash Flow
$-7.5M
Rev Growth
+0.0%
FCF Margin
-1.3%
P/FCF
--
EV/FCF
--
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
Friedman Industries, Incorporated engages in steel processing, pipe manufacturing and processing, and the steel and pipe distribution businesses the United States. It operates in two segments, Coil and Tubular. The Coil segment is involved in the conversion of steel coils into flat sheet and plate steel cut to customer specifications and reselling steel coils. This segment also processes customer-owned coils on a fee basis. The company sells coil products and processing services to approximately
2-Year Price History
$20.68+28.4%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q3 | 168.0 | 4.9 | 3.9 | 3.0 | -4.8 | -6.4 | -1.6 | 3.0 | 97.1 | 7.0 | 8.0% | 3.8x | 9.0x |
| Act | 2026-Q2 | 152.4 | 4.7 | 2.9 | 2.2 | 0.4 | -2.0 | -2.5 | 4.6 | 91.5 | 7.0 | 6.1% | 6.2x | -- |
| Act | 2026-Q1 | 134.8 | 8.2 | 7.0 | 5.0 | 15.5 | 13.7 | -1.8 | 2.1 | 35.8 | 7.0 | 26.2% | 12.1x | -- |
| Act | 2025-Q4 | 129.2 | 8.5 | 5.9 | 5.3 | -11.8 | -12.8 | -1.0 | 3.7 | 50.5 | 7.0 | 18.6% | 11.0x | -- |
Historical Valuation
Multiples vs the company's own history — cheap or rich relative to itself? Historical fiscal years, then TTM, then forward projections (E). Forward rows hold today's price against projected earnings, so the multiple compresses if the company grows into it.
| Year | Price | Rev Gr | EBITDA % | EBITDA | EV/EBITDA | EV/FCF | P/E | P/S |
|---|---|---|---|---|---|---|---|---|
| TTM | 23.38 | 0.0% | 4.5% | 26 | 0.0× | 0.0× | 0.0× | 0.0× |
EBITDA in reporting-currency $M. Historical multiples use year-end market cap (split-adjusted price history); TTM & forward years use today's.
Valuation & Metrics
Market Stats
Price$23.38
Market Cap$166M
Enterprise Value$260M
P/S Ratio0.3x
P/FCF--
EV/FCF--
FCF Margin (TTM)-1.3%
FCF Yield-4.5%
Dividend Yield (TTM)0.9%
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$584.4M
Net Income$15.6M
Free Cash Flow$-7.5M
Revenue Growth (YoY)+0.0%
EBITDA Margin4.5%
Net Margin2.7%
FCF Margin-1.3%
CapEx % of Revenue1.2%
SBC % of Revenue0.1%
ROIC14.7%
WC Change % Rev-6.8%
Interest Coverage7.5x
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares0.2M
Days to Cover7.1
Change (vs Prior)+3.0%
Need at least 2 settlement dates for chart
Employees
Headcount268
Revenue / Employee$2,180,410
Gross Profit / Employee$186,563
Cash Runway
4.8months
CRITICAL
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
26.6%(+3.6% YoY)
53 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
18.7%(+8.2% YoY)
9 filers
Vanguard, iShares, SPDR
Market makers
0.0%(-0.3% YoY)
1 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| DIMENSIONAL FUND ADVISORS LPPassive | $9.6M | $14.50 | +$58K | −$275K | -0.4% | $480.92B |
| De Lisle Partners LLP | $7.4M | $18.28 | +$0 | +$0 | -0.6% | $836M |
| GENDELL JEFFREY L | $6.3M | $12.11 | +$0 | −$1.4M | +8.4% | $7.34B |
| RENAISSANCE TECHNOLOGIES LLC | $5.9M | $13.90 | +$184K | −$10K | +1.2% | $63.91B |
| BlackRock, Inc.Passive | $5.8M | $17.50 | −$82K | +$5.2M | -0.2% | $5.69T |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $5.1M | $17.68 | +$5.1M | +$5.1M | — | $4.04T |
| Mink Brook Asset Management LLC | $2.9M | $15.28 | +$209K | −$473K | -0.3% | $179M |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $2.8M | $15.97 | +$12K | +$1.5M | +2.3% | $1.61T |
| Truffle Hound Capital, LLC | $2.7M | $15.24 | +$0 | +$799K | +2.6% | $163M |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | $2.1M | $13.94 | −$214K | −$608K | -2.3% | $4.93B |
| ACADIAN ASSET MANAGEMENT LLC | $2.1M | $12.66 | +$89K | −$219K | -0.5% | $70.48B |
| MORGAN STANLEY | $1.7M | $17.03 | −$65K | +$54K | -0.3% | $1.65T |
| STATE STREET CORPPassive | $1.5M | $16.98 | +$70K | +$998K | -0.2% | $2.89T |
| Bank of New York Mellon Corp | $1.0M | $16.74 | +$18K | +$495K | -0.2% | $543.21B |
| NORTHERN TRUST CORPPassive | $1.0M | $16.04 | +$71K | +$542K | -0.2% | $755.34B |
| Callahan Advisors, LLC | $895K | $13.08 | +$102K | −$27K | -0.4% | $1.20B |
| Empowered Funds, LLC | $833K | $14.59 | +$0 | +$140K | +0.2% | $15.64B |
| O'SHAUGHNESSY ASSET MANAGEMENT, LLC | $800K | $18.84 | −$429K | +$325K | +0.1% | $19.92B |
| VANGUARD FIDUCIARY TRUST COPassive | $754K | $17.68 | +$752K | +$754K | — | $395.83B |
| VANGUARD PORTFOLIO MANAGEMENT LLCPassive | $689K | $17.68 | +$687K | +$689K | — | $1.91T |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)NEUTRAL
Holders
+1.40%
avg per quarter
Holders (ex-self)
+1.41%
excl. this stock
Buyers (this Q)
-0.19%
20 buyers · $0.01B in
Sellers (this Q)
-0.44%
16 sellers · $0.00B out
alpha coverage: 90% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
+1.2%
how holders react when this stock falls
On quiet Qs
+9.2%
−10% to +10% baseline
On rallies (+10%+)
-9.5%
how they react when this stock rises
Holders' portfolio flow this Q
+2.8%
inflows — adds are organic
Sellers' portfolio flow this Q
+3.2%
Sellers grew AUM elsewhere — opinionated cut of this stock.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-2.0%
Holder mid (any stock)
-4.3%
Holder rally (any stock)
-4.1%
Biggest decreases this quarter
SEGALL BRYANT & HAMILL, LLCexited−$554KO'SHAUGHNESSY ASSET MANAGEMENT, LLC−$429Kα+0.1BAILARD, INC.exited−$273KRITHOLTZ WEALTH MANAGEMENT−$254Kα+0.3BRIDGEWAY CAPITAL MANAGEMENT, LLC−$214Kα-2.3NewEdge Advisors, LLCexited−$214KBlackRock, Inc.−$82Kα-0.2MORGAN STANLEY−$65Kα-0.3CALIFORNIA STATE TEACHERS RETIREMENT SYSTEMexited−$8KAMALGAMATED BANKexited−$4K
New buyers this quarter
Top-5 holders · 52.9%
DIMENSIONAL FUND ADVISORS LP--
De Lisle Partners LLP--
GENDELL JEFFREY L--
RENAISSANCE TECHNOLOGIES LLC--
BlackRock, Inc.--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
De Lisle Partners LLP420KGENDELL JEFFREY L355KRENAISSANCE TECHNOLOGIES LLC331KMink Brook Asset Management LLC163KTruffle Hound Capital, LLC150KBRIDGEWAY CAPITAL MANAGEMENT, LLC120KACADIAN ASSET MANAGEMENT LLC117KMORGAN STANLEY97KInformed Momentum Co LLC—O'SHAUGHNESSY ASSET MANAGEMENT, LLC45K
Corporate
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Officers & directors
Buys ($, 12mo)
$123K
11 txns · 3 insiders · 6,500 sh
Sells ($, 12mo)
$0
0 txns · 0 insiders · 0 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-03-18 | BUY | Chhibbar Gaurav | officer: Chief Operating Officer | 400 | $16.94 | $7K | $871K |
| 2026-03-09 | BUY | Taylor Mike J | director, officer: President / CEO / Director | 500 | $18.00 | $9K | $4.02M |
| 2026-03-03 | BUY | Taylor Mike J | director, officer: President / CEO / Director | 400 | $18.00 | $7K | $4.01M |
| 2026-02-23 | BUY | Taylor Mike J | director, officer: President / CEO / Director | 100 | $18.00 | $2K | $4.00M |
| 2026-02-19 | BUY | Chhibbar Gaurav | officer: Chief Operating Officer | 1,000 | $18.35 | $18K | $936K |
| 2026-02-18 | BUY | Taylor Mike J | director, officer: President / CEO / Director | 600 | $18.75 | $11K | $4.17M |
| 2025-12-02 | BUY | Taylor Mike J | director, officer: President / CEO / Director | 500 | $18.74 | $9K | $4.15M |
| 2025-12-01 | BUY | Scott Sandra Kay | director | 500 | $20.27 | $10K | $214K |
| 2025-11-28 | BUY | Scott Sandra Kay | director | 500 | $20.05 | $10K | $202K |
| 2025-11-24 | BUY | Taylor Mike J | director, officer: President / CEO / Director | 1,000 | $19.47 | $19K | $4.30M |
| 2025-11-21 | BUY | Taylor Mike J | director, officer: President / CEO / Director | 1,000 | $19.28 | $19K | $4.24M |
Order Flow (FINRA, ~3w lag)
35.9%retail+0.4pp
13.8%dark+1.0pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
FRIEDMAN INDUSTRIES INC: Heavy Metal M&A and The Inventory Gamble
Overall Risk
5/10
Fraud
2/10
Dilution
4/10
Insolvency
3/10
Earnings Overstated
4/10
Hidden Liabilities
4/10
Legal
2/10
Audit Warnings
2/10
Hidden Upside
6/10
Contextually Acceptable
8/10