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FRIEDMAN INDUSTRIES INC (FRD) Annual Reports

Q: Where can I read FRIEDMAN INDUSTRIES INC (FRD) annual reports?

Every year on this page links straight to the full text on SEC EDGAR. US annual reports are web pages (HTML) rather than PDFs, so you can read and search them in the browser. 4 filings are currently indexed.

Q: What is the difference between a 10-K and a 20-F?

A 10-K is the annual report of a US domestic issuer; a 20-F is filed by foreign private issuers (Taiwanese companies with US ADRs, such as TSMC, file 20-F). A 40-F applies to Canadian issuers under the MJDS.

FRIEDMAN INDUSTRIES INC is listed on Nasdaq, classified by the SEC under Steel Works, Blast Furnaces & Rolling & Finishing Mills (SIC 3310). This page indexes 4 annual reports, each linking to the full text on the SEC's EDGAR system.

Company profile

Exchange： Nasdaq
Fiscal year end： 03/31
SEC CIK： 39092 →

Financial Highlights

FY2027 Q1 (quarterly, ended 2026-06-30)
	Current	Prior year	YoY
Revenue	$240.0M	$134.8M	+78.1%
Operating income	$21.0M	$7.0M	+198.7%
Net income	$12.8M	$5.0M	+154.3%
EPS (diluted)	$1.79	$0.71	+152.1%

Source: SEC EDGAR (XBRL company facts)

Financial history

Revenue & profit

Quarterly · In mn (USD)

Revenue 240 mn Net income 12.8 mn

Periods follow the company’s fiscal year (Apple ends in September, Walmart in January), so they differ from calendar quarters.

Show table：Income statement

Item	2011Q1	2011Q2	2011Q3	2011Q4	2012Q1	2012Q2	2012Q3	2012Q4	2013Q1	2013Q2	2013Q3	2013Q4	2014Q1	2014Q2	2014Q3	2014Q4	2015Q1	2015Q2	2015Q3	2015Q4	2016Q1	2016Q2	2016Q3	2016Q4	2017Q1	2017Q2	2017Q3	2017Q4	2018Q1	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	2025Q4	2026Q1	2026Q2	2026Q3	2026Q4	2027Q1
Revenue	29.2	29.4	31.1	42.0	38.9	42.0	37.0	43.6	39.4	33.3	31.7	32.0	29.6	26.3	28.3	32.0	27.9	31.5	23.6	25.3	24.0	23.2	18.6	15.9	22.4	18.3	16.0	21.1	23.1	26.1	28.0	44.0	48.2	53.4	43.3	42.2	41.0	40.0	28.1	33.0	23.5	24.9	28.5	49.2	65.9	92.6	51.7	75.1	162	150	112	124	137	131	116	132	115	107	94.1	129	135	152	168	—	240
Gross profit	—	—	—	—	4.16	4.89	3.93	4.63	4.65	3.78	2.88	3.09	2.44	1.08	1.85	1.69	1.04	2.42	1.26	0.36	2.14	0.91	1.47	0.18	-1.25	-0.05	0.57	0.54	1.26	1.38	1.67	3.94	6.19	3.94	1.93	0.84	1.47	-0.78	0.05	1.87	0.26	1.09	4.50	17.7	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Operating income	—	—	—	12.1	3.59	4.20	3.12	1.22	4.04	3.01	2.12	-0.08	1.83	0.41	1.20	-0.96	—	—	—	0.62	0.79	—	—	-0.77	-2.35	—	—	-1.86	0.23	—	—	3.82	4.70	—	—	1.68	0.26	-2.04	-1.15	-3.93	-1.14	-0.32	2.76	15.7	14.0	24.3	-5.66	-4.37	11.9	-0.55	1.43	7.26	10.4	1.06	6.17	6.93	-1.40	-0.22	-1.19	5.85	7.04	2.88	3.90	—	21.0
Net income	1.44	1.78	1.73	3.20	1.83	2.31	1.80	2.20	2.09	1.64	1.15	1.25	0.81	0.03	0.49	0.39	-0.12	0.77	0.19	-0.45	0.53	-0.19	0.49	-0.52	-1.46	-0.6	-0.24	-0.38	0.17	0.31	0.12	2.16	3.60	2.00	0.66	-1.17	0.19	-1.54	-0.88	-3.02	-0.86	-0.25	2.13	10.4	11.3	13.2	-2.96	-7.46	11.2	2.47	1.38	6.31	7.69	3.51	1.18	4.96	2.57	-0.67	-1.15	5.35	5.03	2.24	3.04	9.22	12.8

Balance sheet

Quarterly · In mn (USD)

Total assets 373 mn Total liabilities 209 mn

Equity = assets − liabilities. Balance-sheet figures are period-end balances, not cumulative.

Show table：Balance sheet

Item	2011Q1	2011Q2	2011Q3	2011Q4	2012Q1	2012Q2	2012Q3	2012Q4	2013Q1	2013Q2	2013Q3	2013Q4	2014Q1	2014Q2	2014Q3	2014Q4	2015Q1	2015Q2	2015Q3	2015Q4	2016Q1	2016Q2	2016Q3	2016Q4	2017Q1	2017Q2	2017Q3	2017Q4	2018Q1	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	2025Q4	2026Q1	2026Q2	2026Q3	2026Q4	2027Q1
Current assets	—	—	—	54.6	58.2	58.3	60.7	65.0	60.4	63.5	57.0	64.3	58.1	61.4	60.3	59.9	57.8	55.7	63.1	50.1	49.7	49.7	52.7	49.7	48.0	46.6	45.6	45.4	51.6	52.4	56.0	60.0	81.7	76.8	79.9	74.5	70.9	69.4	69.3	65.2	58.0	58.4	64.2	77.5	131	112	122	125	209	156	148	144	156	165	171	170	162	148	149	166	158	231	231	257	291
Total assets	—	—	—	69.6	72.9	72.7	74.7	78.6	73.5	76.3	69.7	76.6	70.0	72.9	71.6	72.3	70.4	71.2	78.9	67.0	66.9	67.0	69.7	66.9	65.9	64.7	63.6	63.3	69.0	69.4	72.0	74.4	95.9	90.7	93.9	86.6	83.5	81.9	84.2	77.3	71.3	73.0	79.4	95.0	156	138	150	159	262	212	204	199	211	222	229	230	223	209	210	227	219	311	312	337	373
Current liabilities	—	—	—	9.47	11.8	10.2	11.3	13.8	7.60	9.60	6.18	12.3	5.50	9.01	7.37	7.77	6.13	6.34	14.0	2.65	2.11	2.43	5.08	2.87	3.65	3.10	2.31	2.36	8.17	8.22	10.8	11.0	21.7	15.0	17.9	12.4	9.26	9.51	12.9	9.65	3.57	6.50	8.53	29.1	80.2	39.4	43.8	60.8	55.3	66.9	48.5	45.1	43.0	35.3	54.6	54.1	38.8	36.4	42.3	38.3	40.5	71.4	64.4	76.2	100
Total liabilities	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	3.74	—	—	—	3.65	4.16	3.62	2.85	2.91	8.47	8.53	11.0	11.3	23.9	17.0	19.9	14.1	11.0	11.1	14.3	10.5	5.27	7.77	10.0	29.7	92.6	57.5	59.4	79.6	159	105	95.2	83.9	88.0	95.3	106	103	93.1	80.4	82.9	94.4	81.8	172	170	185	209
Equity	—	—	—	58.8	59.8	61.2	62.1	63.4	64.6	65.4	62.3	63.0	63.2	62.7	63.1	63.3	63.1	63.7	63.7	63.2	63.7	63.4	63.8	63.2	61.7	61.0	60.7	60.4	60.5	60.8	61.0	63.0	72.0	73.7	74.0	72.5	72.5	70.9	69.9	66.9	66.0	65.3	69.3	65.3	62.9	80.3	91.1	79.7	103	107	109	115	123	127	123	127	130	129	127	132	137	139	142	151	164

Cash flow

Quarterly · In mn (USD)

Operating 7.31 mn Investing -1.11 mn Financing -1.44 mn

Positive = cash in, negative = cash out.

Show table：Cash flow statement

Item	2011Q1	2011Q2	2011Q3	2011Q4	2012Q1	2012Q2	2012Q3	2012Q4	2013Q1	2013Q2	2013Q3	2013Q4	2014Q1	2014Q2	2014Q3	2014Q4	2015Q1	2015Q2	2015Q3	2015Q4	2016Q1	2016Q2	2016Q3	2016Q4	2017Q1	2017Q2	2017Q3	2017Q4	2018Q1	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	2025Q4	2026Q1	2026Q2	2026Q3	2026Q4	2027Q1
Operating	-5.03	5.94	0.55	-8.44	10.7	3.50	0.93	-6.71	2.92	7.77	0.55	0.25	2.25	-2.92	3.88	-0.32	-3.62	0	0.69	-3.44	2.52	-1.52	3.39	-1.36	-1.70	6.64	-0.91	-4.24	2.68	-0.6	-4.66	5.83	-0.42	0.61	-0.23	9.67	0.09	8.97	5.56	-3.40	-2.06	5.78	1.12	3.59	2.12	-26.7	1.65	9.54	-21.3	76.0	-10.6	19.8	-4.58	-15.7	21.3	3.96	-6.06	10.8	2.70	-11.8	15.5	0.43	-4.75	—	7.31
Investing	-0.44	-0.05	-0.03	-0.05	-0.18	-0.06	-0.12	-0.03	-0.06	-0.06	-0.35	-0.05	-0.03	-0.15	-0.23	-1.55	-0.54	-3.42	-0.82	-1.16	-0.85	-0.5	-0.59	-0.24	-0.21	-0.25	-0.23	-0.16	-0.16	-0.03	-0.1	-0.09	-0.19	-0.02	-0.45	-0.16	-0.68	-0.13	-2.43	-1.72	-1.38	-1.56	-1.30	-0.35	-2.76	0.01	-4.45	-0.72	-74.5	-4.39	-1.09	-8.18	-0.45	-2.44	-1.89	-1.02	-1.06	-1.84	-0.35	-0.18	-1.78	-48.0	-1.60	—	-1.11
Financing	-0.08	-0.27	-3.94	-0.75	-0.75	-0.88	-0.88	-0.88	-0.88	-0.88	-4.28	-0.88	-0.54	-0.54	-0.54	-0.14	-0.14	-0.14	-0.14	-0.14	-0.07	-0.07	-0.07	-0.07	-0.07	-0.07	-0.07	-0.07	-0.07	-0.07	3.68	-3.82	-0.14	-0.21	-0.42	-0.42	-0.28	-0.28	-0.16	-0.16	1.52	-0.58	-0.9	-0.75	10.7	3.55	0.34	2.65	83.5	-66.5	8.18	-11.6	6.01	14.9	-13.7	-5.84	5.37	-10.6	-3.66	14.9	-15.0	49.8	4.78	—	-1.44
Cash at period end	14.3	19.9	16.4	7.21	17.0	19.6	19.5	11.9	13.9	20.7	16.6	15.9	17.6	14.0	17.1	15.1	10.8	7.23	6.96	2.23	3.82	1.73	4.46	2.80	0.82	7.13	5.93	1.46	3.90	3.20	2.12	4.05	3.30	3.67	2.58	11.7	10.8	19.4	22.3	17.1	15.1	18.8	16.5	8.19	0.89	2.94	3.07	2.60	2.41	6.64	3.54	2.99	4.82	3.15	4.01	2.89	4.15	2.47	1.08	3.69	2.10	4.59	3.01	2.45	5.03

Profitability

Quarterly · %

Gross margin 36.0% Operating margin 8.8% Net margin 5.3%

Gross, operating and net margin = the respective profit ÷ revenue.

Show table：Profitability

Item	2011Q1	2011Q2	2011Q3	2011Q4	2012Q1	2012Q2	2012Q3	2012Q4	2013Q1	2013Q2	2013Q3	2013Q4	2014Q1	2014Q2	2014Q3	2014Q4	2015Q1	2015Q2	2015Q3	2015Q4	2016Q1	2016Q2	2016Q3	2016Q4	2017Q1	2017Q2	2017Q3	2017Q4	2018Q1	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	2025Q4	2026Q1	2026Q2	2026Q3	2026Q4	2027Q1
Gross margin	—	—	—	—	10.7%	11.6%	10.6%	10.6%	11.8%	11.3%	9.1%	9.7%	8.3%	4.1%	6.5%	5.3%	3.7%	7.7%	5.3%	1.4%	8.9%	3.9%	7.9%	1.1%	-5.6%	-0.3%	3.6%	2.5%	5.5%	5.3%	6.0%	9.0%	12.8%	7.4%	4.5%	2.0%	3.6%	-2.0%	0.2%	5.7%	1.1%	4.4%	15.8%	36.0%	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	28.7%	9.2%	10.0%	8.4%	2.8%	10.2%	9.0%	6.7%	-0.3%	6.2%	1.6%	4.2%	-3.0%	—	—	—	2.5%	3.3%	—	—	-4.8%	-10.5%	—	—	-8.8%	1.0%	—	—	8.7%	9.8%	—	—	4.0%	0.6%	-5.1%	-4.1%	-11.9%	-4.8%	-1.3%	9.7%	31.9%	21.2%	26.3%	-10.9%	-5.8%	7.3%	-0.4%	1.3%	5.8%	7.5%	0.8%	5.3%	5.2%	-1.2%	-0.2%	-1.3%	4.5%	5.2%	1.9%	2.3%	—	8.8%
Net margin	4.9%	6.1%	5.6%	7.6%	4.7%	5.5%	4.9%	5.1%	5.3%	4.9%	3.6%	3.9%	2.7%	0.1%	1.7%	1.2%	-0.4%	2.4%	0.8%	-1.8%	2.2%	-0.8%	2.6%	-3.3%	-6.5%	-3.3%	-1.5%	-1.8%	0.7%	1.2%	0.4%	4.9%	7.5%	3.7%	1.5%	-2.8%	0.5%	-3.9%	-3.1%	-9.2%	-3.6%	-1.0%	7.5%	21.1%	17.2%	14.2%	-5.7%	-9.9%	6.9%	1.6%	1.2%	5.1%	5.6%	2.7%	1.0%	3.8%	2.2%	-0.6%	-1.2%	4.1%	3.7%	1.5%	1.8%	—	5.3%

Returns & leverage

Quarterly · %

ROE 18.1% ROA 9.2% Debt ratio 56.0%

ROE / ROA = trailing four-quarter net income ÷ average equity / total assets (annual mode: the year’s net income ÷ average of opening and closing). Not computed when the denominator is zero or negative.

Show table：Returns & leverage

Item	2011Q1	2011Q2	2011Q3	2011Q4	2012Q1	2012Q2	2012Q3	2012Q4	2013Q1	2013Q2	2013Q3	2013Q4	2014Q1	2014Q2	2014Q3	2014Q4	2015Q1	2015Q2	2015Q3	2015Q4	2016Q1	2016Q2	2016Q3	2016Q4	2017Q1	2017Q2	2017Q3	2017Q4	2018Q1	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	2025Q4	2026Q1	2026Q2	2026Q3	2026Q4	2027Q1
ROE	—	—	—	13.9%	14.3%	14.8%	14.7%	13.3%	13.5%	12.2%	11.4%	9.7%	7.6%	5.0%	4.1%	2.7%	1.3%	2.4%	1.9%	0.6%	1.6%	0.1%	0.6%	0.5%	-2.7%	-3.4%	-4.5%	-4.3%	-1.7%	-0.2%	0.4%	4.5%	9.3%	11.7%	12.5%	7.5%	2.4%	-2.6%	-4.7%	-7.5%	-9.1%	-7.4%	-2.9%	17.3%	36.6%	50.9%	39.8%	19.4%	16.8%	3.5%	7.6%	21.9%	15.8%	16.2%	16.2%	14.3%	9.7%	6.3%	4.6%	4.7%	6.4%	8.6%	11.6%	13.8%	18.1%
ROA	—	—	—	11.7%	11.7%	12.5%	12.2%	11.0%	11.5%	10.4%	9.8%	7.9%	6.8%	4.3%	3.6%	2.3%	1.1%	2.1%	1.6%	0.6%	1.5%	0.1%	0.5%	0.4%	-2.5%	-3.2%	-4.2%	-4.1%	-1.6%	-0.2%	0.3%	4.0%	7.5%	9.8%	10.2%	6.3%	1.9%	-2.1%	-3.8%	-6.4%	-8.2%	-6.5%	-2.4%	13.3%	20.8%	35.1%	27.8%	11.1%	6.7%	1.9%	4.3%	11.9%	7.5%	8.7%	8.6%	8.1%	5.6%	3.7%	2.6%	2.7%	3.9%	4.4%	6.0%	6.9%	9.2%
Debt ratio	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	5.6%	—	—	—	5.5%	6.3%	5.6%	4.5%	4.6%	12.3%	12.3%	15.3%	15.2%	24.9%	18.8%	21.1%	16.3%	13.2%	13.5%	17.0%	13.6%	7.4%	10.6%	12.6%	31.2%	59.5%	41.7%	39.5%	50.0%	60.8%	49.6%	46.7%	42.1%	41.6%	42.9%	46.4%	44.6%	41.8%	38.4%	39.4%	41.6%	37.3%	55.3%	54.4%	55.0%	56.0%

EPS

Quarterly · US$

EPS US$1.79

Show table：EPS

Item	2011Q1	2011Q2	2011Q3	2011Q4	2012Q1	2012Q2	2012Q3	2012Q4	2013Q1	2013Q2	2013Q3	2013Q4	2014Q1	2014Q2	2014Q3	2014Q4	2015Q1	2015Q2	2015Q3	2015Q4	2016Q1	2016Q2	2016Q3	2016Q4	2017Q1	2017Q2	2017Q3	2017Q4	2018Q1	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	2025Q4	2026Q1	2026Q2	2026Q3	2026Q4	2027Q1
EPS（US$）	0.21	0.26	0.25	0.47	0.27	0.34	0.26	0.32	0.31	0.24	0.17	0.18	0.12	0.00	0.07	0.06	-0.02	0.11	0.03	-0.07	0.08	-0.03	0.07	-0.08	-0.21	-0.09	-0.03	-0.06	0.02	0.04	0.02	0.31	0.51	0.29	0.09	-0.17	0.03	-0.22	-0.13	-0.43	-0.12	-0.04	0.30	1.49	1.64	1.91	-0.43	-1.08	1.55	0.34	0.19	0.85	1.04	0.48	0.16	0.70	0.37	-0.10	-0.17	0.76	0.71	0.32	0.43	—	1.79

Revenue & profit

Year-to-date · In mn (USD)

Revenue 240 mn Net income 12.8 mn

Year-to-date = summed from the first quarter of the fiscal year; balance-sheet items are period-end balances.

Balance sheet

Year-to-date · In mn (USD)

Total assets 373 mn Total liabilities 209 mn

Equity = assets − liabilities. Balance-sheet figures are period-end balances, not cumulative.

Cash flow

Year-to-date · In mn (USD)

Operating 7.31 mn Investing -1.11 mn Financing -1.44 mn

Positive = cash in, negative = cash out.

Profitability

Year-to-date · %

Gross margin 18.7% Operating margin 8.8% Net margin 5.3%

Gross, operating and net margin = the respective profit ÷ revenue.

Returns & leverage

Year-to-date · %

ROE 18.1% ROA 9.2% Debt ratio 56.0%

EPS

Year-to-date · US$

EPS US$1.79

Revenue & profit

Annual · In mn (USD)

Revenue 445 mn Net income 19.5 mn

Annual = sum of four quarters of a complete fiscal year (incomplete years are omitted); balance-sheet items are year-end balances.

Show table：Income statement

Item	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026
Revenue	132	162	136	116	108	81.6	77.8	121	187	142	126	285	548	516	445	—
Gross profit	—	17.6	14.4	7.06	5.08	4.69	-0.19	8.25	12.9	2.61	23.6	—	—	—	—	—
Operating income	—	12.1	9.09	2.47	—	—	—	—	—	-6.86	17.0	28.3	20.0	24.5	3.04	—
Net income	8.16	8.15	6.14	1.71	0.38	0.29	-2.68	2.76	5.10	-5.25	11.4	14.1	21.3	17.4	6.09	19.5

Balance sheet

Annual · In mn (USD)

Total assets 337 mn Total liabilities 185 mn

Equity = assets − liabilities. Balance-sheet figures are period-end balances, not cumulative.

Show table：Balance sheet

Item	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026
Current assets	54.6	65.0	64.3	59.9	50.1	49.7	45.4	60.0	74.5	65.2	77.5	125	144	170	166	257
Total assets	69.6	78.6	76.6	72.3	67.0	66.9	63.3	74.4	86.6	77.3	95.0	159	199	230	227	337
Current liabilities	9.47	13.8	12.3	7.77	2.65	2.87	2.36	11.0	12.4	9.65	29.1	60.8	45.1	54.1	38.3	76.2
Total liabilities	—	—	—	—	3.74	3.65	2.91	11.3	14.1	10.5	29.7	79.6	83.9	103	94.4	185
Equity	58.8	63.4	63.0	63.3	63.2	63.2	60.4	63.0	72.5	66.9	65.3	79.7	115	127	132	151

Cash flow

Annual · In mn (USD)

Operating -4.41 mn Investing -3.43 mn Financing 6.10 mn

Positive = cash in, negative = cash out.

Show table：Cash flow statement

Item	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026
Operating	-6.99	8.45	11.5	2.89	-6.37	3.03	-0.2	3.25	9.63	11.2	8.43	-13.4	63.9	4.98	-4.41	—
Investing	-0.57	-0.38	-0.52	-1.97	-5.94	-2.18	-0.86	-0.37	-0.83	-4.95	-4.59	-7.92	-88.2	-5.80	-3.43	—
Financing	-5.05	-3.40	-6.94	-1.77	-0.54	-0.27	-0.27	-0.28	-1.19	-0.89	-0.7	17.2	13.6	1.34	6.10	—
Cash at period end	7.21	11.9	15.9	15.1	2.23	2.80	1.46	4.05	11.7	17.1	8.19	2.60	2.99	2.89	3.69	2.45

Profitability

Annual · %

Gross margin 18.7% Operating margin 0.7% Net margin 1.4%

Gross, operating and net margin = the respective profit ÷ revenue.

Show table：Profitability

Item	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026
Gross margin	—	10.9%	10.6%	6.1%	4.7%	5.8%	-0.3%	6.8%	6.9%	1.8%	18.7%	—	—	—	—	—
Operating margin	—	7.5%	6.7%	2.1%	—	—	—	—	—	-4.8%	13.5%	9.9%	3.7%	4.8%	0.7%	—
Net margin	6.2%	5.0%	4.5%	1.5%	0.3%	0.4%	-3.4%	2.3%	2.7%	-3.7%	9.1%	4.9%	3.9%	3.4%	1.4%	—

Returns & leverage

Annual · %

ROE 13.8% ROA 6.9% Debt ratio 55.0%

Show table：Returns & leverage

Item	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026
ROE	13.9%	13.3%	9.7%	2.7%	0.6%	0.5%	-4.3%	4.5%	7.5%	-7.5%	17.3%	19.4%	21.9%	14.3%	4.7%	13.8%
ROA	11.7%	11.0%	7.9%	2.3%	0.6%	0.4%	-4.1%	4.0%	6.3%	-6.4%	13.3%	11.1%	11.9%	8.1%	2.7%	6.9%
Debt ratio	—	—	—	—	5.6%	5.5%	4.6%	15.2%	16.3%	13.6%	31.2%	50.0%	42.1%	44.6%	41.6%	55.0%

EPS

Annual · US$

EPS US$0.86

Show table：EPS

Item	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026
EPS（US$）	1.19	1.19	0.90	0.25	0.05	0.04	-0.39	0.39	0.72	-0.75	1.63	2.04	2.93	2.38	0.86	—

Source: SEC EDGAR (XBRL company facts)

Annual reports by year

	10-K
2026	Open full text →
2025	Open full text →
2024	Open full text →
2023	Open full text →

10-K: annual report of a US domestic issuer. Filings are the original documents hosted on SEC EDGAR — this site neither mirrors nor edits them.

FAQ

Where can I read FRIEDMAN INDUSTRIES INC (FRD) annual reports?

Every year in the table above links straight to the full text on SEC EDGAR. US annual reports are web pages (HTML) rather than PDFs, so you can read and search them in the browser without downloading anything. 4 filings are currently indexed.

What is the difference between a 10-K and a 20-F?

A 10-K is the annual report of a US domestic issuer, with sections fixed by law: Item 1 Business, Item 1A Risk Factors, Item 7 Management's Discussion and Analysis. A 20-F is filed by foreign private issuers — Taiwanese companies with US ADRs, such as TSMC, file 20-F rather than 10-K. A 40-F applies to Canadian issuers under the MJDS.

Are earnings call materials available here?

No. Earnings calls are not SEC filings, so US pages on this site cover annual reports only. Taiwan has a mandatory investor-conference disclosure regime, and those materials are indexed under Annual Reports.

Source: US Securities and Exchange Commission (SEC) EDGAR. This site indexes public filings and links to them; it hosts no copies, offers no investment advice, and makes no warranty as to timeliness or completeness.
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