Friedman Industries Inc (FRD)

Steel Works, Blast Furnaces & Rolling & Finishing Mills

Latest Price

$38.20

TTM P/E

Normalized P/E

21.73

Div Yield

0.31%

Book Value

23.51

P/B Ratio

1.63

Valuation metrics

EPS: $0.87

Book value / share: $19.07

Formula: √(22.5 × EPS × BVPS)

Graham Number

$19.32

49% downside

Norm. op. income: $18M (median of 6yr)

Tax rate: 24%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$20.59

46% downside

Base FCF: $26M (median of recent 5yr)

Growth: -15%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$16.25

57% downside

EPS: $0.87

Target P/E: 22×

Formula: EPS × P/E

P/E Fair Value

$19.14

50% downside

53.3% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
Dimensional Fund Advisors LP	543.6K	$17.0M	7.79%	+1.9K	2026-06-30
De Lisle Partners LLP	404.8K	$12.0M	5.80%	-15.0K	2026-06-30
BlackRock, Inc.	394.9K	$12.0M	5.66%	+66.4K	2026-06-30
Gendell Jeffrey L	354.6K	$11.0M	5.08%	--	2026-06-30
Vanguard Capital Management LLC	305.7K	$9.0M	4.38%	+17.2K	2026-06-30
Renaissance Technologies LLC	297.9K	$9.0M	4.27%	-33.4K	2026-06-30
Geode Capital Management, LLC	172.8K	$5.0M	2.48%	+13.3K	2026-06-30
Truffle Hound Capital, LLC	116.6K	$3.0M	1.67%	-33.4K	2026-06-30
State Street Corp	97.5K	$3.0M	1.40%	+14.2K	2026-06-30
Morgan Stanley	91.3K	$2.0M	1.31%	-5.5K	2026-06-30