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FRP Holdings (FRP Holdings) Altman Z-Score : 2.38 (As of Apr. 28, 2024)


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What is FRP Holdings Altman Z-Score?

The Altman Z-Score is a model designed to predict the likelihood of a company going bankrupt within the next two years. Created by American finance professor Edward Altman in 1968, the model is specifically designed for publicly traded manufacturing companies with assets greater than $1 million.

Warning Sign:

Altman Z-score of 2.38 is in the grey area. This implies that the company is under some kind of financial stress. If it is below 1.8, the company may face bankruptcy risk.

FRP Holdings has a Altman Z-Score of 2.38, indicating it is in Grey Zones. This implies that FRP Holdings is in some kind of financial stress. If it is below 1.81, the company may face bankrupcy risk.

The zones of discrimination were as such:

When Altman Z-Score <= 1.8, it is in Distress Zones.
When Altman Z-Score >= 3, it is in Safe Zones.
When Altman Z-Score is between 1.8 and 3, it is in Grey Zones.

The historical rank and industry rank for FRP Holdings's Altman Z-Score or its related term are showing as below:

FRPH' s Altman Z-Score Range Over the Past 10 Years
Min: 2.27   Med: 3.13   Max: 3.79
Current: 2.38

During the past 13 years, FRP Holdings's highest Altman Z-Score was 3.79. The lowest was 2.27. And the median was 3.13.


FRP Holdings Altman Z-Score Historical Data

The historical data trend for FRP Holdings's Altman Z-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

FRP Holdings Altman Z-Score Chart

FRP Holdings Annual Data
Trend Sep14 Sep15 Sep16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Altman Z-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 3.31 2.96 2.58 2.27 2.42

FRP Holdings Quarterly Data
Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23
Altman Z-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 2.27 2.38 2.36 2.27 2.42

Competitive Comparison of FRP Holdings's Altman Z-Score

For the Real Estate Services subindustry, FRP Holdings's Altman Z-Score, along with its competitors' market caps and Altman Z-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


FRP Holdings's Altman Z-Score Distribution in the Real Estate Industry

For the Real Estate industry and Real Estate sector, FRP Holdings's Altman Z-Score distribution charts can be found below:

* The bar in red indicates where FRP Holdings's Altman Z-Score falls into.



FRP Holdings Altman Z-Score Calculation

Altman Z-Score model is an accurate forecaster of failure up to two years prior to distress. It can be considered the assessment of the distress of industrial corporations.

FRP Holdings's Altman Z-Score for today is calculated with this formula:

Z=1.2*X1+1.4*X2+3.3*X3+0.6*X4+1.0*X5
=1.2*0.2146+1.4*0.4877+3.3*0.0151+0.6*2.2137+1.0*0.0585
=2.38

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency. GuruFocus does not calculate Altman Z-Score when X4 or X5 value is 0.

Trailing Twelve Months (TTM) ended in Dec. 2023:
Total Assets was $709.17 Mil.
Total Current Assets was $161.44 Mil.
Total Current Liabilities was $9.26 Mil.
Retained Earnings was $345.88 Mil.
Pre-Tax Income was 3.503 + 1.566 + 0.714 + 0.615 = $6.40 Mil.
Interest Expense was -1.064 + -1.116 + -1.129 + -1.006 = $-4.32 Mil.
Revenue was 10.105 + 10.591 + 10.696 + 10.114 = $41.51 Mil.
Market Cap (Today) was $578.19 Mil.
Total Liabilities was $261.19 Mil.

* Note that for stock reported semi-annually or annually, GuruFocus uses latest annual data as the TTM data.

X1=Working Capital/Total Assets
=(Total Current Assets - Total Current Liabilities)/Total Assets
=(161.438 - 9.258)/709.166
=0.2146

X2=Retained Earnings/Total Assets
=345.882/709.166
=0.4877

X3=Earnings Before Interest and Taxes/Total Assets
=(Pre-Tax Income - Interest Expense)/Total Assets
=(6.398 - -4.315)/709.166
=0.0151

X4=Market Value Equity/Book Value of Total Liabilities
=Market Cap/Total Liabilities
=578.188/261.19
=2.2137

X5=Revenue/Total Assets
=41.506/709.166
=0.0585

The zones of discrimination were as such:

Distress Zones - 1.81 < Grey Zones < 2.99 - Safe Zones

FRP Holdings has a Altman Z-Score of 2.38 indicating it is in Grey Zones.

Study by Altman found that companies that are in Distress Zone have more than 80% of chances of bankruptcy in two years.


FRP Holdings  (NAS:FRPH) Altman Z-Score Explanation

X1: The Working Capital/Total Assets (WC/TA) ratio is a measure of the net liquid assets of the firm relative to the total capitalization. Working capital is defined as the difference between current assets and current liabilities. Ordinarily, a firm experiencing consistent operating losses will have shrinking current assets in relation to total assets. Altman found this one proved to be the most valuable liquidity ratio comparing with the current ratio and the quick ratio. This is however the least significant of the five factors.

X2: Retained Earnings/Total Assets: the RE/TA ratio measures the leverage of a firm. Retained earnings is the account which reports the total amount of reinvested earnings and/or losses of a firm over its entire life. Those firms with high RE, relative to TA, have financed their assets through retention of profits and have not utilized as much debt.

X3, Earnings Before Interest and Taxes/Total Assets (EBIT/TA): This ratio is a measure of the true productivity of the firm's assets, independent of any tax or leverage factors. Since a firm's ultimate existence is based on the earning power of its assets, this ratio appears to be particularly appropriate for studies dealing with corporate failure. This ratio continually outperforms other profitability measures, including cash flow.

X4, Market Value of Equity/Book Value of Total Liabilities (MVE/TL): The measure shows how much the firm's assets can decline in value (measured by market value of equity plus debt) before the liabilities exceed the assets and the firm becomes insolvent.

X5, Revenue/Total Assets (S/TA): The capital-turnover ratio is a standard financial ratio illustrating the sales generating ability of the firm's assets.

Read more about Altman Z-Score and the original research.


Be Aware

Altman Z-Score does not apply to financial companies.


FRP Holdings Altman Z-Score Related Terms

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FRP Holdings (FRP Holdings) Business Description

Traded in Other Exchanges
N/A
Address
200 West Forsyth Street, 7th Floor, Jacksonville, FL, USA, 32202
FRP Holdings Inc is a holding company engaged in various real estate businesses. The company's business segments are Leasing and management of commercial properties owned by the company (the Asset Management Segment); Leasing and management of mining royalty land owned by the company (the Mining Royalty Lands Segment); real property acquisition, entitlement, development and construction for apartment, retail, warehouse, and office buildings either alone or through joint ventures (the Development Segment); ownership, leasing and management of buildings through joint ventures (the Stabilized Joint Venture Segment).
Executives
Devilliers David H Iii officer: Executive Vice President 200 WEST FORSYTH STREET, 7TH FLOOR, JACKSONVILLE FL 32202
Milton John D Jr officer: Executive VP and CFO 200 W. FORSYTH STREET, 7TH FLOOR, JACKSONVILLE FL 32202
Devilliers David H Jr officer: President of Real Estate Group 200 W. FORSYTH STREET, 7TH FLOOR, JACKSONVILLE FL 32202
Baker John D Ii director, 10 percent owner 200 W. FORSYTH STREET, 7TH FLOOR, JACKSONVILLE FL 32202
Nicole B. Thomas director 200 W. FORSYTH ST, 7TH FLOOR, JACKSONVILLE FL 32202
John S Surface director 200 W. FORSYTH STREET, 7TH FLOOR, JACKSONVILLE FL 32202
Baker John D. Iii officer: Chief Financial Officer FRP HOLDINGS, INC., 200 WEST FORSYTH STREET, 7TH FLOOR, JACKSONVILLE FL 32202
John D Klopfenstein officer: Controller and CAO 200 W. FORSYTH STREET, 7TH FLOOR, JACKSONVILLE FL 32202
Margaret B. Wetherbee director FRP HOLDINGS, INC., 200 WEST FORSYTH STREET, JACKSONVILLE FL 32202
Commander Charles E Iii director 200 W. FORSYTH STREET, 7TH FLOOR, JACKSONVILLE FL 32202
James H Winston director C/O STEIN MORT INC, 1200 RIVERPLACE BLVD, JACKSONVILLE FL 32207
Walton William H Iii director ONE INDEPENDENT DRIVE, SUITE 1600, JACKSONVILLE FL 32202
Baker Thompson S Ii director, 10 percent owner 200 W. FORSYTH STREET, 7TH FLOOR, JACKSONVILLE FL 32202
Robert E Sandlin officer: President & CEO of FRTL 200 W. FORSYTH STREET, 7TH FLOOR, JACKSONVILLE FL 32202
Fichthorn Luke E Iii director 200 W. FORSYTH STREET, 7TH FLOOR, JACKSONVILLE FL 32202

FRP Holdings (FRP Holdings) Headlines

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