FRD

MKT CAP:$145M

Friedman Industries, Incorporated

Market Cap

$145M

Basic Materials·Steel·🇺🇸 United States·NASDAQ

Materials·Steel·🇺🇸·NASDAQ

Stock Price

$20.13-$0.11 (-0.54%)

Apr 23, 2026

Company Details

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 ...

CEO

Michael J. Taylor

IPO Date

Mar 17, 1980

Website

www.friedmanindustries.com

Key Metrics TTM

Revenue

$510M

+8.7% YoY

Net Income

$11M

EPS (Diluted)

$1.62

Free Cash Flow

$449.0K

Revenue / Share

$73.28

Gross Margin

9.2%

Operating Margin

2.9%

Net Margin

2.2%

FCF Margin

0.1%

P/S

0.3x

P/E

12.7x

Earnings Reports

Q2 2026

Nov 10, 2025

$152M+42.7%EPS $0.32

Q1 2026

Aug 7, 2025

$135M+17.7%EPS $0.71

FY 2025

Jun 12, 2025

$445M-13.9%EPS $0.87

Q4 2025

Jun 12, 2025

$129M-2.3%EPS $0.76

Q3 2025

Feb 7, 2025

$94M-18.9%EPS -$0.17

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 22	$93M	$30M	$24M
Q3 22	$52M	-$4M	-$6M
Q4 22	$75M	-$2M	-$4M
Q1 23	$162M	$19M	$12M
Q2 23	$150M	$5M	$71.0K
Q3 23	$112M	$6M	$1M
Q1 24	$137M	$22M	$10M
Q2 24	$131M	$13M	$1M
Q3 24	$116M	$10M	$6M
Q4 24	$132M	$40M	$7M
Q1 25	$115M	$10M	-$1M
Q2 25	$107M	$10M	-$224.0K
Q3 25	$94M	$8M	-$1M
Q4 25	$129M	$17M	$6M
Q1 26	$135M	$12M	$7M
Q2 26	$152M	$9M	$3M

Valuation

Quarter	P/S	P/E
Q2 22	0.6x	3.9x
Q3 22	0.6x	4.5x
Q4 22	0.5x	10.3x
Q1 23	0.4x	10.4x
Q2 23	0.3x	44.8x
Q3 23	0.3x	19.1x
Q1 24	0.3x	6.4x
Q2 24	0.3x	9.6x
Q3 24	0.3x	10.5x
Q4 24	0.3x	8.3x
Q1 25	0.3x	11.8x
Q2 25	0.3x	18.0x
Q3 25	0.3x	25.4x
Q4 25	0.3x	23.8x
Q1 26	0.3x	16.9x
Q2 26	0.3x	12.7x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 22	-$27M	-$27M
Q3 22	$2M	-$3M
Q4 22	$10M	$9M
Q1 23	-$21M	-$24M
Q2 23	$76M	$72M
Q3 23	-$11M	-$12M
Q1 24	-$5M	-$5M
Q2 24	-$16M	-$18M
Q3 24	$21M	$19M
Q4 24	$4M	$3M
Q1 25	-$6M	-$7M
Q2 25	$11M	$9M
Q3 25	$3M	$2M
Q4 25	-$12M	-$13M
Q1 26	$15M	$14M
Q2 26	$434.0K	-$2M

Capital Expenditures

Quarter	CapEx
Q2 22	$149.5K
Q3 22	$4M
Q4 22	$714.5K
Q1 23	$3M
Q2 23	$4M
Q3 23	$1M
Q1 24	$450.0K
Q2 24	$2M
Q3 24	$2M
Q4 24	$1M
Q1 25	$1M
Q2 25	$2M
Q3 25	$1M
Q4 25	$957.0K
Q1 26	$2M
Q2 26	$2M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 22	+272.3%	+171.0%
Q3 22	+81.2%	+122.5%
Q4 22	+52.6%	+128.1%
Q1 23	+145.5%	+187.7%
Q2 23	+61.7%	+119.3%
Q3 23	+116.5%	+92.9%
Q1 24	+82.8%	+60.0%
Q2 24	-19.2%	-13.2%
Q3 24	-22.5%	-26.6%
Q4 24	+18.2%	+13.5%
Q1 25	-16.6%	-8.7%
Q2 25	-18.3%	-17.5%
Q3 25	-18.9%	-13.2%
Q4 25	-2.3%	-1.5%
Q1 26	+17.7%	+10.2%
Q2 26	+42.7%	+39.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 22	$126.0K	0.1%
Q3 22	$128.2K	0.2%
Q4 22	$73.2K	0.1%
Q1 23	$73.0K	0.0%
Q2 23	$73.0K	0.0%
Q3 23	$78.0K	0.1%
Q1 24	$78.0K	0.1%
Q2 24	$78.0K	0.1%
Q3 24	$37.0K	0.0%
Q4 24	$53.0K	0.0%
Q1 25	$47.0K	0.0%
Q2 25	$42.0K	0.0%
Q3 25	$32.0K	0.0%
Q4 25	$30.0K	0.0%
Q1 26	$123.0K	0.1%
Q2 26	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M	SG&A
Q1 24	$6M	$5M	—
Q2 24	—	—	$5M
Q4 24	$6M	$24M	—
Q1 25	$5M	$6M	—
Q2 25	$4M	$5M	—
Q3 25	—	—	$4M
Q4 25	—	—	$4M
Q1 26	$5M	—	—
Q2 26	—	—	$6M

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 22	$3M	$0	$3M
Q1 23	$2M	$0	$2M
Q2 23	$7M	$0	$7M
Q3 23	$4M	$0	$4M
Q4 23	$3M	$0	$3M
Q1 24	$5M	$0	$5M
Q2 24	$3M	$0	$3M
Q3 24	$4M	$0	$4M
Q4 24	$3M	$0	$3M
Q1 25	$4M	$0	$4M
Q2 25	$2M	$0	$2M
Q3 25	$1M	$0	$1M
Q4 25	$4M	$0	$4M
Q1 26	$2M	$0	$2M
Q2 26	$5M	$0	$5M
Q3 26	$3M	$0	$3M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 22	7M	0.0%	-6.8%
Q3 22	7M	+4.9%	-1.9%
Q4 22	7M	-2.8%	-3.0%
Q1 23	7M	+5.3%	+7.4%
Q2 23	7M	+2.4%	+10.0%
Q3 23	7M	+0.4%	+5.3%
Q1 24	7M	+0.2%	+8.5%
Q2 24	7M	0.0%	+3.1%
Q3 24	7M	-0.6%	+0.0%
Q4 24	7M	-3.7%	-4.1%
Q1 25	7M	-0.5%	-4.8%
Q2 25	7M	+0.0%	-4.8%
Q3 25	7M	+0.1%	-4.1%
Q4 25	7M	+1.2%	+0.8%
Q1 26	7M	-1.0%	+0.4%
Q2 26	7M	0.0%	+0.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 22	$995.4K	93
Q3 22	$555.4K	93
Q4 22	$766.2K	98
Q1 23	$2M	98
Q2 23	$2M	98
Q3 23	$1M	98
Q1 24	$586.7K	234
Q2 24	$558.8K	234
Q3 24	$495.6K	234
Q4 24	$493.4K	268
Q1 25	$427.4K	268
Q2 25	$398.4K	268
Q3 25	$351.0K	268
Q4 25	$476.8K	271
Q1 26	$497.3K	271
Q2 26	$562.3K	271

Revenue / Employee