FRP Holdings, Inc. (FRPH) vs The RMR Group Inc. (RMR)

FRP Holdings, Inc. and The RMR Group Inc. are both Real Estate Services companies. The RMR Group Inc. is the larger, with a market value of $602.5M against $404.7M — 1.5× the size. FRP Holdings, Inc. has negative trailing earnings, so its P/E is not meaningful; The RMR Group Inc. trades at 16.3×. FRP Holdings, Inc. grew revenue faster over the last twelve months: 2.47% against −15.2%. The RMR Group Inc. has the higher net margin (3.01% vs 0.22%) and the higher return on invested capital (6.96% vs 0.55%). Across the 20 metrics below, The RMR Group Inc. leads on 13 and FRP Holdings, Inc. on 7.

Valuation

Metric FRPH RMR Real Estate Services median
P/E n/m 16.25 16.25
P/S 9.27 0.49 1.12
P/B 0.88 0.78 1.32
Price to free cash flow 14.21 n/m 13.29
EV/EBITDA 30.76 4.54 10.22
EV/Sales 11.99 0.48 1.16
Earnings yield 0.00% 6.15% 0.99%
Free cash flow yield 7.04% (16.66%) (0.97%)

Profitability

Metric FRPH RMR Real Estate Services median
Gross margin 11.57% 98.95% 26.81%
Operating margin 11.57% 6.37% 0.00%
Net margin 0.22% 3.01% 0.11%
Free cash flow margin 65.22% (8.11%) 0.00%
Return on equity 0.02% 4.77% 0.94%
Return on assets 0.01% 2.83% 0.00%
Return on invested capital 0.55% 6.96% 0.00%

Growth

Metric FRPH RMR Real Estate Services median
Revenue growth (TTM) 2.47% (15.16%) 4.33%
EPS growth (last fiscal year) (47.06%) (22.06%) —
Revenue growth, 5-year CAGR 12.68% 3.50% 4.05%
Net income growth, 5-year CAGR (23.51%) (9.66%) 0.00%

Health

Metric FRPH RMR Real Estate Services median
Debt to equity 0.47 0.06 0.08
Current ratio 1.19 0.24 1.95
Net debt to EBITDA (5.73) (0.28) 0.54

Dividend

Metric FRPH RMR Real Estate Services median
Dividend yield — 6.25% 1.33%
Payout ratio 0.00 0.43 0.00

Size

Metric FRPH RMR Real Estate Services median
Market cap 404.70m 602.47m 218.52m

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