Friedman Inds Financials
This page shows Friedman Inds (FRD) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Thin-margin sales volume has replaced cash-backed profitability, leaving each FY2025 revenue dollar far less useful than earlier in the cycle.
High reported sales no longer translate into economic breathing room: from FY2023 to FY2025, revenue stayed above$400M , yet gross margin fell from7.9% to0.6% . With operating cash flow moving from a strong inflow to an outflow over the same span, the business appears increasingly constrained by thinner per-dollar spreads and working-capital demands rather than by simple lack of customer activity.
Liquidity looks stronger on paper than in cash. FY2025 current ratio was 4.3x, which suggests ample near-term coverage. But cash was only
Balance-sheet strain is not the main story: total liabilities fell to
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Friedman Inds's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Friedman Inds has an operating margin of 0.7%, meaning the company retains $1 of operating profit per $100 of revenue. This results in a moderate score of 44/100, indicating healthy but not exceptional operating efficiency. This is down from 4.8% the prior year.
Friedman Inds's revenue declined 13.9% year-over-year, from $516.3M to $444.6M. This contraction results in a growth score of 11/100.
Friedman Inds has a moderate D/E ratio of 0.71. This balance of debt and equity financing earns a leverage score of 53/100.
With a current ratio of 4.34, Friedman Inds holds $4.34 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 88/100.
While Friedman Inds generated -$4.4M in operating cash flow, capex of $4.0M consumed most of it, leaving -$8.4M in free cash flow. This results in a low score of 31/100, reflecting heavy capital investment rather than weak cash generation.
Friedman Inds's ROE of 4.6% shows moderate profitability relative to equity, earning a score of 55/100. This is down from 13.6% the prior year.
Friedman Inds scores 4.85, well above the 2.99 safe threshold. This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Friedman Inds passes 2 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 1 of 4 profitability signals pass, all 1 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Friedman Inds generates $-0.72 in operating cash flow (-$4.4M OCF vs $6.1M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Friedman Inds earns $1.0 in operating income for every $1 of interest expense ($3.0M vs $3.0M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Friedman Inds generated $444.6M in revenue in fiscal year 2025. This represents a decrease of 13.9% from the prior year.
Friedman Inds's EBITDA was $6.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 77.0% from the prior year.
Friedman Inds reported $6.1M in net income in fiscal year 2025. This represents a decrease of 64.9% from the prior year.
Friedman Inds earned $0.87 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 63.6% from the prior year.
Cash & Balance Sheet
Friedman Inds generated -$8.4M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 934.7% from the prior year.
Friedman Inds held $3.7M in cash against $0 in long-term debt as of fiscal year 2025.
Friedman Inds paid $0.16 per share in dividends in fiscal year 2025. This represents an increase of 60.0% from the prior year.
Margins & Returns
Friedman Inds's gross margin was 0.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 4.1 percentage points from the prior year.
Friedman Inds's operating margin was 0.7% in fiscal year 2025, reflecting core business profitability. This is down 4.1 percentage points from the prior year.
Friedman Inds's net profit margin was 1.4% in fiscal year 2025, showing the share of revenue converted to profit. This is down 2.0 percentage points from the prior year.
Friedman Inds's ROE was 4.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 9.0 percentage points from the prior year.
Capital Allocation
Friedman Inds spent $171K on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 96.7% from the prior year.
Friedman Inds invested $4.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 30.9% from the prior year.
FRD Income Statement
| Metric | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $168.0M+10.2% | $152.4M+13.1% | $134.8M+4.3% | $129.2M+37.4% | $94.1M-11.9% | $106.8M-6.8% | $114.6M-13.4% | $132.2M |
| Cost of Revenue | $164.1M+9.7% | $149.5M+17.0% | $127.7M-41.0% | $216.7M+9664.0% | $2.2M-97.9% | $107.0M-7.7% | $115.9M-17.4% | $140.3M |
| Gross Profit | $3.9M+35.4% | $2.9M-59.1% | $7.0M+108.1% | -$87.4M-195.2% | $91.9M+41106.7% | -$224K+84.0% | -$1.4M+82.7% | -$8.1M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $7.2M+13.7% | $6.3M+15.3% | $5.5M+42.1% | $3.8M-1.3% | $3.9M-1.2% | $3.9M-12.8% | $4.5M-26.5% | $6.1M |
| Operating Income | $3.9M+35.4% | $2.9M-59.1% | $7.0M+20.4% | $5.9M+593.0% | -$1.2M-429.9% | -$224K+84.0% | -$1.4M-120.2% | $6.9M |
| Interest Expense | $1.3M+69.5% | $754K+11.2% | $678K-12.1% | $771K+22.0% | $632K-27.3% | $869K+27.6% | $681K-27.3% | $937K |
| Income Tax | $961K+30.4% | $737K-54.4% | $1.6M+7.6% | $1.5M+475.8% | -$400K-76.2% | -$227K-131.0% | $732K-66.5% | $2.2M |
| Net Income | $3.0M+35.8% | $2.2M-55.4% | $5.0M-5.9% | $5.3M+564.0% | -$1.2M-70.7% | -$675K-126.3% | $2.6M-48.2% | $5.0M |
| EPS (Diluted) | $0.43+34.4% | $0.32-54.9% | $0.71 | N/A | $-0.17-70.0% | $-0.10-127.0% | $0.37 | N/A |
FRD Balance Sheet
| Metric | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $311.9M+0.2% | $311.3M+42.1% | $219.1M-3.4% | $226.8M+7.9% | $210.3M+0.5% | $209.2M-6.1% | $222.8M-3.1% | $230.0M |
| Current Assets | $231.5M+0.1% | $231.3M+46.5% | $157.9M-5.1% | $166.5M+11.5% | $149.3M+0.8% | $148.0M-8.8% | $162.4M-4.5% | $170.1M |
| Cash & Equivalents | $3.0M-34.5% | $4.6M+118.5% | $2.1M-43.1% | $3.7M+242.9% | $1.1M-56.5% | $2.5M-40.4% | $4.1M+43.4% | $2.9M |
| Inventory | $169.2M+4.7% | $161.6M+56.2% | $103.5M-9.0% | $113.7M-1.5% | $115.4M+9.8% | $105.1M-12.3% | $119.8M+3.5% | $115.8M |
| Accounts Receivable | $55.8M-10.4% | $62.3M+22.8% | $50.7M+6.8% | $47.5M+49.6% | $31.7M-19.9% | $39.6M+4.9% | $37.8M-20.2% | $47.3M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $169.6M-1.4% | $172.0M+110.3% | $81.8M-13.3% | $94.4M+13.8% | $82.9M+3.1% | $80.4M-13.6% | $93.1M-9.2% | $102.5M |
| Current Liabilities | $64.4M-9.8% | $71.4M+76.3% | $40.5M+5.6% | $38.3M-9.3% | $42.3M+16.3% | $36.4M-6.3% | $38.8M-28.3% | $54.1M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $142.2M+2.1% | $139.3M+1.5% | $137.3M+3.7% | $132.4M+4.0% | $127.3M-1.1% | $128.8M-0.7% | $129.7M+1.7% | $127.5M |
| Retained Earnings | $110.7M+2.6% | $108.0M+1.8% | $106.0M+4.7% | $101.3M+5.3% | $96.2M-1.5% | $97.6M-1.0% | $98.6M+2.4% | $96.3M |
FRD Cash Flow Statement
| Metric | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$4.7M-1194.0% | $434K-97.2% | $15.5M+230.9% | -$11.8M-538.4% | $2.7M-75.0% | $10.8M+278.0% | -$6.1M-252.9% | $4.0M |
| Capital Expenditures | $1.6M-34.8% | $2.5M+38.0% | $1.8M+86.1% | $957K-16.4% | $1.1M+35.3% | $846K-19.7% | $1.1M+3.5% | $1.0M |
| Free Cash Flow | -$6.3M-213.8% | -$2.0M-114.8% | $13.7M+207.2% | -$12.8M-923.0% | $1.6M-84.4% | $9.9M+239.7% | -$7.1M-341.6% | $2.9M |
| Investing Cash Flow | -$1.6M+96.7% | -$48.1M-2593.7% | -$1.8M-869.6% | -$184K+47.1% | -$348K+81.1% | -$1.8M-74.6% | -$1.1M-3.5% | -$1.0M |
| Financing Cash Flow | $4.8M-90.4% | $49.8M+432.6% | -$15.0M-200.3% | $14.9M+507.8% | -$3.7M+65.3% | -$10.5M-296.6% | $5.4M+191.9% | -$5.8M |
| Dividends Paid | $281K-0.7% | $283K+0.4% | $282K+1.1% | $279K0.0% | $279K+0.4% | $278K-0.4% | $279K+102.2% | $138K |
| Share Buybacks | $1K+200.0% | -$1K-110.0% | $10K | $0-100.0% | $37K+236.4% | $11K-91.1% | $123K | $0 |
FRD Financial Ratios
| Metric | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 2.3%+0.4pp | 1.9%-3.3pp | 5.2%+72.9pp | -67.7%-165.3pp | 97.6%+97.9pp | -0.2%+1.0pp | -1.2%+4.9pp | -6.1% |
| Operating Margin | 2.3%+0.4pp | 1.9%-3.3pp | 5.2%+0.7pp | 4.5%+5.8pp | -1.3%-1.1pp | -0.2%+1.0pp | -1.2%-6.5pp | 5.2% |
| Net Margin | 1.8%+0.3pp | 1.5%-2.3pp | 3.7%-0.4pp | 4.1%+5.4pp | -1.2%-0.6pp | -0.6%-2.9pp | 2.2%-1.5pp | 3.8% |
| Return on Equity | 2.1%+0.5pp | 1.6%-2.1pp | 3.7%-0.4pp | 4.0%+4.9pp | -0.9%-0.4pp | -0.5%-2.5pp | 2.0%-1.9pp | 3.9% |
| Return on Assets | 1.0%+0.3pp | 0.7%-1.6pp | 2.3%-0.1pp | 2.4%+2.9pp | -0.5%-0.2pp | -0.3%-1.5pp | 1.1%-1.0pp | 2.2% |
| Current Ratio | 3.59+0.4 | 3.24-0.7 | 3.90-0.4 | 4.34+0.8 | 3.53-0.5 | 4.07-0.1 | 4.19+1.0 | 3.14 |
| Debt-to-Equity | 1.19-0.0 | 1.24+0.6 | 0.60-0.1 | 0.71+0.1 | 0.65+0.0 | 0.62-0.1 | 0.72-0.1 | 0.80 |
| FCF Margin | -3.8%-2.5pp | -1.3%-11.5pp | 10.2%+20.1pp | -9.9%-11.6pp | 1.7%-7.7pp | 9.3%+15.5pp | -6.2%-8.4pp | 2.2% |
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Frequently Asked Questions
What is Friedman Inds's annual revenue?
Friedman Inds (FRD) reported $444.6M in total revenue for fiscal year 2025. This represents a -13.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Friedman Inds's revenue growing?
Friedman Inds (FRD) revenue declined by 13.9% year-over-year, from $516.3M to $444.6M in fiscal year 2025.
Is Friedman Inds profitable?
Yes, Friedman Inds (FRD) reported a net income of $6.1M in fiscal year 2025, with a net profit margin of 1.4%.
What is Friedman Inds's EBITDA?
Friedman Inds (FRD) had EBITDA of $6.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Friedman Inds's gross margin?
Friedman Inds (FRD) had a gross margin of 0.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Friedman Inds's operating margin?
Friedman Inds (FRD) had an operating margin of 0.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Friedman Inds's net profit margin?
Friedman Inds (FRD) had a net profit margin of 1.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Friedman Inds pay dividends?
Yes, Friedman Inds (FRD) paid $0.16 per share in dividends during fiscal year 2025.
What is Friedman Inds's return on equity (ROE)?
Friedman Inds (FRD) has a return on equity of 4.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Friedman Inds's free cash flow?
Friedman Inds (FRD) generated -$8.4M in free cash flow during fiscal year 2025. This represents a -934.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Friedman Inds's operating cash flow?
Friedman Inds (FRD) generated -$4.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Friedman Inds's total assets?
Friedman Inds (FRD) had $226.8M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Friedman Inds's capital expenditures?
Friedman Inds (FRD) invested $4.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Friedman Inds's current ratio?
Friedman Inds (FRD) had a current ratio of 4.34 as of fiscal year 2025, which is generally considered healthy.
What is Friedman Inds's debt-to-equity ratio?
Friedman Inds (FRD) had a debt-to-equity ratio of 0.71 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Friedman Inds's return on assets (ROA)?
Friedman Inds (FRD) had a return on assets of 2.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Friedman Inds's cash runway?
Based on fiscal year 2025 data, Friedman Inds (FRD) had $3.7M in cash against an annual operating cash burn of $4.4M. This gives an estimated cash runway of approximately 10 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Friedman Inds's Altman Z-Score?
Friedman Inds (FRD) has an Altman Z-Score of 4.85, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Friedman Inds's Piotroski F-Score?
Friedman Inds (FRD) has a Piotroski F-Score of 2 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Friedman Inds's earnings high quality?
Friedman Inds (FRD) has an earnings quality ratio of -0.72x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Friedman Inds cover its interest payments?
Friedman Inds (FRD) has an interest coverage ratio of 1.0x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Friedman Inds?
Friedman Inds (FRD) scores 47 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.