olivLaw · US equity research
Friedman Industries, Incorporated FRD
Steel Works, Blast Furnaces & Rolling & Finishing Mills · SIC 3310 · Vertical: Steel Works, Blast Furnaces & Rolling & Finishing Mills (SIC 3310)
Friedman Industries, Incorporated is a Texas metals manufacturer and processor operating in two segments: flat-roll products and tubular products. In the first fiscal 2027 quarter ended June 30, 2026, net sales reached 239.971 million USD and the company reported record volumes, a context shaped by strong steel price trends.
At the close of 05 Nov 2026, Friedman Industries, Incorporated (FRD) stock was 35.50 USD (−8.48% on the day), with market capitalisation 256.1 m USD, P/E 40.8 on diluted EPS of 0.87 USD over the last 12 months, dividend yield 0.45%, beta 0.67, 52-week range 17.01–48.08 USD. Latest reported quarter (Q1 2027): revenue of 240.0 m USD (+78.1% YoY), net income of 12.8 m USD (+154.3% YoY), diluted EPS 1.79 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 28.9
- oversold (≤ 30)
- Bollinger (20, 2)
- 38.09 – 44.88
- below the lower band · %B -0.38 · band width 16.3%
- SMA 50 / 200
- 41.79 / 29.83
- mixed trend
- MACD (12, 26, 9)
- -0.59 / -0.02
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −16.0% | −1.1% | −14.9 pp | — |
| 3 months | −5.9% | −0.5% | −5.4 pp | — |
| 6 months | +68.8% | +4.4% | +64.4 pp | — |
| Year to date | +73.3% | +12.3% | +60.9 pp | — |
| 1 year | +63.7% | +13.5% | +50.2 pp | −2.8% |
| 3 years | +219.8% | +76.4% | +143.4 pp | −1.4% |
| 5 years | +167.9% | +63.7% | +104.3 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q1 2027 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q1 '27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 114.6 m | 106.8 m | 94.1 m | 129.2 m | 134.8 m | 152.4 m | 168.0 m | 240.0 m |
| Cost of revenue | 115.9 m | 107.0 m | 2.2 m | 434.5 m | 127.7 m | 149.5 m | 164.1 m | 218.9 m |
| SG&A | 4.5 m | 3.9 m | 3.9 m | 3.8 m | 5.5 m | 6.3 m | 7.2 m | 10.8 m |
| Operating income | -1.4 m | -224.0 k | -1.2 m | 5.9 m | 7.0 m | 2.9 m | 3.9 m | 21.0 m |
| Depreciation & amortisation | 795.0 k | 823.0 k | 827.0 k | 846.0 k | 847.0 k | 937.0 k | 1.0 m | 1.1 m |
| Interest expense | 681.0 k | 869.0 k | 632.0 k | 771.0 k | 678.0 k | 754.0 k | 1.3 m | 1.2 m |
| Pre-tax income | 3.3 m | -902.0 k | -1.6 m | 6.8 m | 6.6 m | 3.0 m | 4.0 m | 17.0 m |
| Income tax | 732.0 k | -227.0 k | -400.0 k | 1.5 m | 1.6 m | 737.0 k | 961.0 k | 4.2 m |
| Net income | 2.6 m | -675.0 k | -1.2 m | 5.3 m | 5.0 m | 2.2 m | 3.0 m | 12.8 m |
| Diluted EPS | 0.37 | -0.10 | -0.17 | — | 0.71 | 0.32 | 0.43 | 1.79 |
| Operating cash flow | -6.1 m | 10.8 m ≈ | 2.7 m ≈ | -11.8 m | 15.5 m | 437.0 k ≈ | -4.7 m ≈ | 7.3 m |
| Capex | 1.1 m | 846.0 k ≈ | 1.1 m ≈ | 957.0 k | 1.8 m | 2.5 m ≈ | 1.6 m ≈ | 2.2 m |
| Dividends paid | 279.0 k | 278.0 k ≈ | 279.0 k ≈ | 279.0 k | 282.0 k | 283.0 k ≈ | 281.0 k ≈ | 284.0 k |
| Share repurchases | 123.0 k | 11.0 k ≈ | 37.0 k ≈ | 0 | 10.0 k | -1.0 k ≈ | 1.0 k ≈ | 82.0 k |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 92 percentile of its own 24-quarter history (min 2.0, median 7.7, max 615.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | ⚠ 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 121.2 m | 187.2 m | 142.1 m | 126.1 m | 285.2 m | 547.5 m | 516.3 m | 444.6 m |
| Revenue YoY | +55.8% | +54.5% | −24.1% | −11.3% | — | +92.0% | −5.7% | −13.9% |
| Net income | 3.9 m | 5.1 m | -5.2 m | 11.4 m | 14.1 m | 21.3 m | 17.3 m | 6.1 m |
| Net income YoY | unavailable | +29.6% | −202.9% | unavailable | — | +51.7% | −18.7% | −64.9% |
| Diluted EPS | 0.56 | 0.73 | -0.75 | 1.63 | 2.04 | 2.91 | 2.39 | 0.87 |
| Diluted EPS YoY | unavailable | +30.4% | −202.7% | unavailable | — | +42.6% | −17.9% | −63.6% |
| net % | 3.2% | 2.7% | -3.7% | 9.1% | 4.9% | 3.9% | 3.4% | 1.4% |
| Free cash flow | 2.9 m | 8.8 m | 6.3 m | 3.8 m | -21.5 m | 47.4 m | -813.0 k | -8.4 m |
The series breaks before 2022: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Mar 2025
- Cash
- 3.7 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 132.4 m USD
- Total assets
- 226.8 m USD
- Debt / equity
- unavailable
- Current ratio
- 4.34x
- ROE
- 4.7%
- ROA
- 2.7%
- FCF margin
- -1.9%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 142.1 m | 126.1 m | 285.2 m | 547.5 m | 516.3 m | 444.6 m | SEC (XBRL)· 12 Jun 2025verified |
| Cost of revenue | 139.5 m | 102.5 m | 244.2 m | 504.5 m | 491.7 m | 441.8 m | SEC (XBRL)· 12 Jun 2025verified |
| Gross profit | 2.6 m ≈ | 23.6 m ≈ | 41.0 m ≈ | 43.1 m ≈ | 24.5 m ≈ | 2.8 m ≈ | SEC (XBRL)· 12 Jun 2025derived |
| SG&A | 5.1 m | 7.8 m | 12.5 m | 21.9 m | 21.0 m | 16.2 m | SEC (XBRL)· 12 Jun 2025verified |
| Operating income | -6.9 m | 15.7 m | 28.5 m | 21.1 m | 24.5 m | 3.0 m | SEC (XBRL)· 12 Jun 2025verified |
| Depreciation & amortisation | — | — | — | 2.5 m | 3.1 m | 3.3 m | SEC (XBRL)· 12 Jun 2025verified |
| EBITDA | — | — | — | 23.6 m ≈ | 27.6 m ≈ | 6.3 m ≈ | SEC (XBRL)· 12 Jun 2025derived |
| Interest expense | 4.8 k | 24.6 k | 255.0 k | 2.2 m | 3.1 m | 3.0 m | SEC (XBRL)· 12 Jun 2025verified |
| Pre-tax income | -6.8 m | 15.2 m | 18.3 m | 28.2 m | 23.3 m | 7.7 m | SEC (XBRL)· 12 Jun 2025verified |
| Income tax | -1.6 m | 3.8 m | 4.3 m | 6.8 m | 6.0 m | 1.6 m | SEC (XBRL)· 12 Jun 2025verified |
| Net income | -5.2 m | 11.4 m | 14.1 m | 21.3 m | 17.3 m | 6.1 m | SEC (XBRL)· 12 Jun 2025verified |
| Diluted EPS | -0.75 | 1.63 | 2.04 | 2.91 | 2.39 | 0.87 | SEC (XBRL)· 12 Jun 2025verified |
| Weighted average diluted shares | 7.0 m | 6.7 m | 6.6 m | 7.2 m | 7.2 m | 6.9 m | SEC (XBRL)· 12 Jun 2025verified |
| Dividend per share | — | — | 0.08 | 0.08 | 0.10 | 0.16 | SEC (XBRL)· 12 Jun 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 17.1 m | 8.2 m | 2.6 m | 3.0 m | 2.9 m | 3.7 m | SEC (XBRL)· 12 Jun 2025verified |
| Receivables | 11.7 m | 20.4 m | 35.7 m | 49.4 m | 47.3 m | 47.5 m | SEC (XBRL)· 12 Jun 2025verified |
| Inventories | 35.7 m | 36.0 m | 67.9 m | 86.2 m | 115.8 m | 113.7 m | SEC (XBRL)· 12 Jun 2025verified |
| Current assets | 65.2 m | 77.5 m | 125.4 m | 143.7 m | 170.1 m | 166.5 m | SEC (XBRL)· 12 Jun 2025verified |
| Property, plant & equipment, net | 11.5 m | 15.5 m | 30.1 m | 53.9 m | 56.8 m | 56.3 m | SEC (XBRL)· 12 Jun 2025verified |
| Total assets | 77.3 m | 95.0 m | 159.3 m | 199.3 m | 230.0 m | 226.8 m | SEC (XBRL)· 12 Jun 2025verified |
| Accounts payable | 8.9 m | 15.2 m | 44.8 m | 36.8 m | 43.9 m | 35.3 m | SEC (XBRL)· 12 Jun 2025verified |
| Current liabilities | 9.6 m | 29.1 m | 60.8 m | 45.1 m | 54.1 m | 38.3 m | SEC (XBRL)· 12 Jun 2025verified |
| Total liabilities | 10.5 m | 29.7 m | 79.6 m | 83.9 m | 102.5 m | 94.4 m | SEC (XBRL)· 12 Jun 2025verified |
| Equity | 66.9 m † | 65.3 m † | 79.7 m † | 115.4 m † | 127.5 m † | 132.4 m † | SEC (XBRL)· 12 Jun 2025verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 11.2 m | 8.4 m | -13.4 m | 63.9 m | 5.0 m | -4.4 m | SEC (XBRL)· 12 Jun 2025verified |
| Capex | 4.9 m | 4.6 m | 8.1 m | 16.5 m | 5.8 m | 4.0 m | SEC (XBRL)· 12 Jun 2025verified |
| Free cash flow | 6.3 m ≈ | 3.8 m ≈ | -21.5 m ≈ | 47.4 m ≈ | -813.0 k ≈ | -8.4 m ≈ | SEC (XBRL)· 12 Jun 2025derived |
| Investing cash flow | -5.0 m | -4.6 m | -7.9 m | -88.2 m | -5.8 m | -3.4 m | SEC (XBRL)· 12 Jun 2025verified |
| Financing cash flow | -889.6 k | -701.9 k | 17.2 m | 13.6 m | 1.3 m | 6.1 m | SEC (XBRL)· 12 Jun 2025verified |
| Dividends paid | 839.9 k | 564.2 k | 551.0 k | 589.0 k | 581.0 k | 1.1 m | SEC (XBRL)· 12 Jun 2025verified |
| Share repurchases | — | 1.7 m | 538.0 k | 37.0 k | 5.2 m | 171.0 k | SEC (XBRL)· 12 Jun 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 43 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 256.1 m USD
Key indicators
Coverage and freshness
Score by group
- Returns6
- Growth50
- Balance sheet78
- Valuation34
- Quality33
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 2.10 – 2.83 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · not enough peers
- Dividend discount (DDM)2.10 – 2.83 (Mid 2.41)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 43/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 2.7% | 67 (vs peers) | 10% |
| FCF conversion · Quality | -47.6% | 0 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | 15.9% | 100 (on a fixed band) | 13% |
| EPS CAGR 3Y · Growth | -24.7% | 0 (on a fixed band) | 13% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 5.7x | 64 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 2.9x | 100 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 16.4x | 62 (on a fixed band) | 16% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -2.9% | 0 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 0.4% | 6 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet78/100 · 2/3 factors with a value
- Growth50/100 · 2/2 factors with a value
- Quality33/100 · 2/3 factors with a value
- Returns· partial6/100 · 1/2 factors with a value
- Valuation34/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
FRIEDMAN INDUSTRIES INC (FRD). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 444.6 m USD in 2025; YoY growth -13.9%; net margin 2.7%; ROE 10.4%.
The estimated value range is 2.10–2.83 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 2.41 USD, the price of 35.50 USD leaves a potential of -93.2% (value / price − 1) and a margin of safety of -1,372.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 43/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 15.9%
- Current ratio: 2.9x
What contradicts it
- FCF conversion: -47.6%
- EPS CAGR 3Y: -24.7%
- FCF yield: -2.9%
- Shareholder yield (distributions): 0.4%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Steel Works, Blast Furnaces & Rolling & Finishing Mills (SIC 3310) · same industry (4-digit SIC) · compared with 6 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| WORWorthington Enterprises, Inc | 3.0 bn | 18.5 | 16.3% | 11.5% | +19.7% | +12% / +38% |
| WSWorthington Steel, Inc. | 1.8 bn | — | -3.6% | -0.7% | +11.3% | +6% / +31% |
| ROCKGibraltar Industries, Inc. | 940.7 m | — | -15.6% | -10.4% | +11.0% | −37% / −53% |
| IIINInsteel Industries Inc. | 521.4 m | 17.8 | 7.9% | 4.0% | +14.2% | −12% / −21% |
| FRDFriedman Industries Inc | 256.1 m | 16.4 | 10.4% | 2.7% | −13.9% | +64% / +220% |
| GGBGerdau S.A. | — | — | 2.5% | 2.0% | +4.2% | +22% / +18% |
| SIDNational Steel Co | — | — | -17.4% | -5.9% | −3.9% | −51% / −76% |
1- and 3-year price returns: for FRD from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 23.20 Total return -35% · Per year -35% | 40.83 Total return 15% · Per year 15% | 61.24 Total return 73% · Per year 73% |
| 3 years | 27.52 Total return -22% · Per year -8% | 53.99 Total return 52% · Per year 15% | 88.18 Total return 148% · Per year 35% |
| 5 years | 32.64 Total return -8% · Per year -2% | 71.40 Total return 101% · Per year 15% | 126.98 Total return 258% · Per year 29% |
- Exit P/E± 13.50
- Net margin± 9.45
- Annual revenue growth± 7.05
- Annual dilution± 0.79
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Friedman Industries, Incorporated is a Texas metals manufacturer and processor operating in two segments: flat-roll products and tubular products. In the first fiscal 2027 quarter ended June 30, 2026, net sales reached 239.971 million USD and the company reported record volumes, a context shaped by strong steel price trends.
SWOT
Strengths
- The company has a solid balance sheet, with total assets and stockholders' equity both rising in the recent quarter 3. Diversification across two segments and a broad processing capability are strengths 1.
- Rapid delivery and a wide range of processed gauges and widths are advantages against other processors 1.
Weaknesses
- Margins depend heavily on HRC price movements, which makes results volatile 2.
- The company relies on a limited number of raw material suppliers, and losing one could have a material adverse effect 1.
- Sales concentration in the flat-roll segment, with one major customer, exposes the company to losing an important relationship 1.
Opportunities
Risks
- Raw material price volatilityhigh
HRC prices directly influence margins, and a reversal of the cycle could reduce quarterly results 2. Hedging with derivatives only partly reduces this exposure.
- Supplier dependencemedium
Purchasing from a limited number of suppliers means losing one could have a material adverse effect on the business 1.
- Customer concentrationmedium
One major flat-roll customer accounts for a significant share of sales, and its loss could affect revenue 1.
- Acquisition integrationlow
Integrating Century Metals carries added costs and the risk that expected benefits are not fully realized 23.
- Hedging losseslow
Losses on commodity hedges can reduce net earnings in a given quarter even when operations perform well 2.
Investment thesis
What would need to be true (bull case)
- Record volumes, a significant part of them from existing operations, suggest that demand and capacity utilization are improving 3.
- Margins improved markedly in the recent quarter, and management expects sequential margin improvement in the next quarter 23.
- Diversification across two segments and acquisition-led expansion could support long-term growth if execution holds 13.
What would break the thesis
- Recent results depend on a favorable HRC price cycle, and a reversal could erase the margin benefit 2.
- Processing, delivery and personnel costs have risen with volume, which could limit profitability gains 2.
- Dependence on a few suppliers and one major customer could expose the company to operational shocks 1.
What to watch
- Movement in volumes and average selling price versus the prior quarterQ2 2027
- Adjusted gross profit as a percentage of salesQ2 2027
- Century Metals contribution to revenue and profitnext 10-Q
- HRC price trend and hedging results2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Friedman Industries, Incorporated is a Texas corporation incorporated in 1965 that manufactures and processes metals. Its business runs through two reportable segments: flat-roll products and tubular products, with facilities in Arkansas, Alabama, Florida, Indiana, Illinois and Texas plus a distribution facility in Orlando 1. It had 381 full-time employees, all in the United States, at March 31, 2026 1. In August 2025 it acquired Century Metals & Supplies, which added volume and geographic reach 23.
Flat-roll processing includes cut-to-length, leveling, temper rolling and slitting, plus a fiber laser at Granite City that turns sheet and plate into customer parts 1. Customers are mainly metals distributors and makers of metal buildings, railcars, heavy equipment and containers 1. The tubular segment operates in Lone Star, Texas, with two API-licensed electric resistance welded pipe mills producing line pipe, oil country pipe and structural pipe 1.
The company is not reliant on a single customer, though sales to O'Neal Steel accounted for about 15% of total sales in fiscal 2026 1. Inventory is purchased from a limited number of suppliers, and the loss of any one could have a material adverse effect on the business 1.
Segments
Market context
The business is non-seasonal and highly competitive, competing with metal service centers, tubular manufacturers, metals distributors and brokers 1. Demand from the Midwest, Southwest and Southeast of the United States has been a key driver of recent growth 13. HRC prices rose about 28% in the preceding quarter and a further 10% during the quarter ended June 30, 2026, which directly shapes margins 2.
The company uses HRC futures, options and swaps to partly manage commodity exposure, recording hedging losses of about 2.8 million USD in the quarter versus a 0.3 million USD gain a year earlier 2. For the second fiscal 2027 quarter it expects volumes comparable to the first, with sequential margin improvement if average selling prices rise 3.
Trends
- HRC price cyclemixed
Hot-rolled coil prices rose sharply, which compressed purchase margins and lifted selling margins, a positive for recent profitability 23. If prices were to correct downward, margins could return toward weaker past levels.
- Record volumes and demandtailwind
Record volumes reflect both stronger customer demand and higher utilization of capacity, with a meaningful part coming from existing operations rather than acquisitions alone 3. This supports organic growth.
- Integration of Century Metalsmixed
The Century Metals & Supplies acquisition brought extra volume but also added operating costs, notably incentive pay and running expenses 23. Integration appears to be progressing well, though long-term effects depend on execution.
- Processing and delivery costsheadwind
Processing, warehousing and delivery costs rose with volume, partly offsetting the benefit of higher sales 2. If these costs kept rising faster than revenue, margins could come under pressure.
Competitive position
The company competes with other metal service centers, tubular manufacturers, metals distributors and brokers, mainly on price and on the ability to deliver to customer specifications on a rapid-delivery basis 1. Its edge rests on rapid delivery across several regional markets in the United States 1.
The market is fragmented, and rivals are largely private firms or divisions of industrial groups, so the sources do not provide a full list of listed competitors 1. The filings analyzed do not give a comparative market share 1.
- Other metal service centers
Direct competition in processing and rapid delivery of sheet and coil, described generically in the annual report 1.
- Tubular and pipe manufacturers
Rivals in the tubular segment, particularly ERW pipe for line pipe and structural uses 1.
- Metals distributors and brokers
Rivals selling similar products to construction and equipment customers 1.
- Hot-rolled coil suppliers and large distributors
Supply-chain participants whose access and pricing can influence raw material availability 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Introducing the Leadership in Geopolitics with George Friedman Executive Education ProgramGeopolitical Futures · 03 Nov 2026 · EN
- Opinion: Is Milton Friedman to blame for America’s health care woes?STAT News · 16 Oct 2026 · EN
- Middle East Security, Long-Term US Strategy, and the Big Picture | Q&A with George FriedmanGeopolitical Futures · 09 Oct 2026 · EN
- Middle East Security, Long-Term US Strategy, and the Big Picture | Q&A with George FriedmanGeopolitical Futures · 09 Oct 2026 · EN
- Nasdaq CEO Friedman on IPO OutlookBloomberg Markets · 09 Oct 2026 · EN
- Russia’s Failure, Poland’s Rise, and the End of an Era | ClubGPF Clip with George FriedmanGeopolitical Futures · 08 Oct 2026 · EN
- Oligarhul rus Friedman, luat prin surprindere de ridicarea sancțiunilor europene (Bloomberg)G4Media · 24 Sept 2026 · RO
- Exclusive-Hellman & Friedman explores sale of Applied Systems at up to $10 billion, sources sayCNA (Channel NewsAsia) · 23 Sept 2026 · EN
- Is Russia Escalating? George Friedman Breaks Down the ThreatGeopolitical Futures · 04 Sept 2026 · EN
- Is Russia Escalating? George Friedman Breaks Down the ThreatGeopolitical Futures · 04 Sept 2026 · EN
- Information Warfare in the AI Age | ClubGPF Clip with George FriedmanGeopolitical Futures · 10 Aug 2026 · EN
- Hellman & Friedman’s Baker Tilly Calls Off $3 Billion Debt DealBloomberg Markets · 04 Aug 2026 · EN
- Is Trump Trapped in Iran? George Friedman on Stalemate StrategyGeopolitical Futures · 30 Jul 2026 · RO
- Hellman & Friedman’s Hub International Seeks $3 Billion in IPOBloomberg Markets · 06 Jul 2026 · EN
- Putin is Running Out of Options: George Friedman on Negotiation vs. EscalationGeopolitical Futures · 30 Jun 2026 · RO
- Hellman & Friedman-Backed Hub Files Confidentially for IPOBloomberg Markets · 26 Jun 2026 · EN
- US-Israel Alliance in Crisis: George Friedman ExplainsGeopolitical Futures · 04 Jun 2026 · RO
- US-Israel Alliance in Crisis: George Friedman ExplainsGeopolitical Futures · 04 Jun 2026 · RO
- Crisis in Cuba: George Friedman on the Return of US PressureGeopolitical Futures · 22 May 2026 · RO
SEC filings
- Current report28 Sept 2026Shareholder vote
- Current report10 Sept 2026Material agreement · Creation of a direct financial obligation
- Current report06 Aug 2026Results of operations · Financial statements and exhibits
- Quarterly report06 Aug 2026
- Proxy statement28 Jul 2026
- Current report11 Jun 2026Results of operations · Financial statements and exhibits
- Annual report11 Jun 2026
- Current report17 Mar 2026Regulation FD disclosure · Financial statements and exhibits
- Current report09 Feb 2026Results of operations · Financial statements and exhibits
- Quarterly report09 Feb 2026
Sources
- [1] Form 10-K, fiscal year ended 2026-03-31 · SEC / Friedman Industries, Incorporated · 11 Jun 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Friedman Industries, Incorporated · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Friedman Industries, Incorporated · 06 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.