Friedman Industries, Incorporated
- Open
- 32.29
- Day high
- 36.66
- Day low
- 31.84
- Prev close
- 32.18
- Volume
- 153K
- Mkt cap
- $257M
- P/E (TTM)
- 13.1
- EPS (TTM)
- $2.76
- P/B
- 1.7
- P/S
- 0.4
- Yield
- 0.44%
- Per share
- $0.16
Friedman Industries, Incorporated (FRD) is a Basic Materials company listed on NASDAQ. The stock is up 95% over the past year.
Friedman Industries, Incorporated (FRD) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
FRD earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jun 11, 2026 | — | $1.30 | — | $192M | — |
| Aug 7, 2025 | — | $0.71 | — | $135M | — |
| Jun 12, 2025 | — | $0.76 | — | $129M | — |
| Feb 7, 2025 | — | $-0.17 | — | $94M | — |
| Aug 8, 2024 | — | $0.37 | — | $115M | — |
| Jun 11, 2024 | — | $0.71 | — | $132M | — |
| Feb 14, 2024 | — | $0.16 | — | $116M | — |
| Nov 14, 2023 | — | $0.48 | — | $131M | — |
| Aug 14, 2023 | — | $1.04 | — | $137M | — |
| Feb 9, 2023 | — | $0.19 | — | $112M | — |
| Oct 12, 2022 | — | $1.55 | — | $150M | — |
| Aug 22, 2022 | — | $1.58 | — | $162M | — |
FRD insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 22, 2026 | LaRue Alexofficer: Chief Financial Officer | Grant | 10,000 | — |
| Jun 22, 2026 | Chhibbar Gauravofficer: Chief Operating Officer | Grant | 15,000 | — |
| Jun 22, 2026 | Taylor Mike Jdirector, officer: President / CEO / Director | Grant | 30,000 | — |
| Mar 19, 2026 | Chhibbar Gauravofficer: Chief Operating Officer | Buy | 400 | $16.94 |
| Mar 11, 2026 | Taylor Mike Jdirector, officer: President / CEO / Director | Buy | 500 | $18.00 |
| Mar 5, 2026 | Taylor Mike Jdirector, officer: President / CEO / Director | Buy | 400 | $18.00 |
| Feb 25, 2026 | Taylor Mike Jdirector, officer: President / CEO / Director | Buy | 100 | $18.00 |
| Feb 23, 2026 | Chhibbar Gauravofficer: Chief Operating Officer | Buy | 1,000 | $18.35 |
| Feb 20, 2026 | Taylor Mike Jdirector, officer: President / CEO / Director | Buy | 600 | $18.75 |
| Dec 4, 2025 | Taylor Mike Jdirector, officer: President / CEO / Director | Buy | 500 | $18.74 |
| Dec 2, 2025 | Scott Sandra Kaydirector | Buy | 500 | $20.27 |
| Nov 25, 2025 | Taylor Mike Jdirector, officer: President / CEO / Director | Buy | 1,000 | $19.47 |
| Nov 4, 2025 | Chhibbar Gauravofficer: Chief Operating Officer | Grant | 50,000 | — |
| Oct 3, 2025 | Taylor Sharon Ldirector | Grant | 457 | $21.90 |
| Oct 3, 2025 | Stevenson Tim Scottdirector | Grant | 457 | $21.90 |
Source: FRD SEC Form 4 filings, latest Jun 22, 2026. For informational purposes only — not investment advice.
See the full FRD insider & 13F page →Friedman Industries, Incorporated company profile
Overview
Friedman Industries, Incorporated (NASDAQ:FRD) is a Texas-based steel processing and manufacturing company that has been operating since its incorporation in 1965. The company went public in 1980 and is headquartered in Longview, Texas. Friedman Industries serves as a critical intermediary in the steel supply chain, converting raw steel materials into finished products for various industrial applications across the United States.
Business
Friedman Industries operates in the steel processing and manufacturing industry, functioning as a vital link between steel producers and end-users who require customized steel products. The company operates through two primary business segments that serve different market needs. The Coil segment represents the company's core steel processing operations, where Friedman converts large steel coils (which are essentially massive rolls of flat steel) into custom-cut flat sheets and plates according to customer specifications. This segment also provides toll processing services, where customers bring their own steel coils to Friedman's facilities for custom cutting and processing on a fee-for-service basis. The steel processing industry exists because most steel mills produce standardized products in large quantities, while end-users often need specific sizes, thicknesses, and configurations for their manufacturing processes. The Tubular segment focuses on manufacturing various types of pipes, including line pipes used in oil and gas transportation, oil country tubular goods for drilling operations, and structural pipes for construction applications. This segment transforms raw steel into hollow cylindrical products that are essential for energy infrastructure and construction projects. While specific revenue breakdowns between segments are not consistently disclosed in recent filings, the Coil segment historically represents the larger portion of the business, serving approximately 230 customers primarily located in the midwestern, southwestern, and southeastern United States. The company's customer base includes steel distributors and manufacturers who produce steel buildings, railroad cars, barges, tanks, trailers, and other fabricated steel products.
Competitive moat
Friedman Industries operates in a highly competitive and commoditized industry with limited sustainable competitive advantages. The company's primary moat consists of operational efficiency and regional market positioning rather than unique technology or brand differentiation. The steel processing business is essentially a service industry where success depends on maintaining competitive processing costs, reliable delivery schedules, and strong customer relationships. The company's established customer relationships provide some protection, as switching costs exist for customers who have integrated Friedman's products into their supply chains and manufacturing processes. The company's geographic positioning in Texas provides logistical advantages for serving customers in the southwestern United States, where transportation costs for heavy steel products create natural barriers for distant competitors. However, the moat is relatively weak overall. The steel processing industry faces significant competitive pressures from larger integrated steel companies that can offer both production and processing services, other regional processors with similar capabilities, and direct sales from steel mills to large customers who can bypass processors entirely. Additionally, economic downturns in key end markets like construction and energy can quickly erode demand and pricing power. The company's dependence on commodity steel prices and cyclical end markets makes it vulnerable to margin compression during unfavorable market conditions.
Risks & safety
The company presents a moderate margin of safety with some concerning recent trends but reasonable financial stability overall. **Cash and Debt Position:** - Cash position has declined from $5.9 million in Q4 2024 to $1.1 million in Q3 2025 - Debt-to-equity ratio of 0.28 indicates manageable leverage - Strong current ratio of 3.53 suggests good short-term liquidity despite low cash levels **Profitability and Cash Flow:** - Recent quarters show losses: -$1.2 million in Q3 2025 and -$0.7 million in Q2 2025 - Positive free cash flow of $1.6 million in Q3 2025 despite net losses - Historical profitability demonstrated with $17.3 million net income in FY 2024 **Valuation Metrics:** - Price-to-book ratio of 0.83 suggests trading below book value - Negative recent earnings make P/E ratios less meaningful - Enterprise value reflects recent operational challenges **Other Considerations:** - Cyclical industry exposure creates earnings volatility risk - Strong balance sheet provides cushion during downturns - Asset-heavy business model offers some downside protection
Recent development
Based on the available financial data, Friedman Industries has navigated significant challenges over recent quarters following a strong fiscal year 2024. The company generated solid profitability in FY 2024 with $17.3 million in net income on $516.3 million in revenue, demonstrating the cyclical nature of its business model. However, recent quarters have shown deteriorating performance, with the company reporting losses in both Q2 and Q3 of fiscal 2025. Revenue has declined from $132.2 million in Q4 2024 to $94.1 million in Q3 2025, reflecting challenging market conditions in the steel processing industry. Despite these headwinds, the company has maintained positive free cash flow generation, indicating effective working capital management during the downturn. The company's balance sheet has remained relatively stable, though cash levels have decreased significantly from nearly $6 million to approximately $1 million over the past year. This cash decline, combined with recent losses, suggests the company is working through a challenging period typical of cyclical steel industry downturns. The maintenance of strong current ratios above 3.5 indicates the company retains financial flexibility to weather the current difficult operating environment.
FRD company profile · for informational purposes only — not investment advice.
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