Friedman Industries (FRD) Annual Balance Sheet

Balance Sheet Summary

Friedman Industries (FRD) annual balance sheet covering fiscal 2021 through 2026, as reported to the SEC.

Friedman Industries had total assets of $336.81M and total liabilities of $185.32M as of March 31, 2026. That leaves shareholders' equity of $151.49M.
Total assets were up 48.5% from $226.82M in fiscal 2025.
Total current assets of $257.04M were 3.4 times total current liabilities of $76.15M.
Cash was $2.45M, down 33.5% from $3.69M. That is 0.73% of total assets.
Friedman Industries has built up retained earnings of $119.65M.

Total assets have grown 28.8% a year on average since fiscal 2021, from $95.01M to $336.81M.

A balance sheet shows what a company owns and what it owes on a single date. The difference between the two belongs to shareholders.

Figures in USD thousands

						Mar'26	Mar'25	Mar'24	Mar'23	Mar'22	Mar'21
CURRENT ASSETS:
Cash
2,450	3,686	2,891	2,992	2,598	8,191	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Cash						2,450	3,686	2,891	2,992	2,598	8,191	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Accounts receivable, net of allowances for credit losses of $624 and $426 at June 30, and March 31, 2026, respectively
80,174	47,476	47,329	49,367	35,671	20,377	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Accounts receivable, net of allowances for credit losses of $624 and $426 at June 30, and March 31, 2026, respectively						80,174	47,476	47,329	49,367	35,671	20,377	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Inventories
172,223	113,689	115,804	86,246	67,946	36,016	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Inventories						172,223	113,689	115,804	86,246	67,946	36,016	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Current portion of derivative assets
153	636	74	536	4,241	622	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Current portion of derivative assets						153	636	74	536	4,241	622	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Income tax receivable
521	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Income tax receivable						521	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Other current assets
1,518	980	3,966	4,515	14,906	12,327	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Other current assets						1,518	980	3,966	4,515	14,906	12,327	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
TOTAL CURRENT ASSETS
257,039	166,467	170,064	143,656	125,362	77,534	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
TOTAL CURRENT ASSETS						257,039	166,467	170,064	143,656	125,362	77,534	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
PROPERTY, PLANT AND EQUIPMENT:
Land
11,642	1,572	1,670	1,670	1,180	1,179	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Land						11,642	1,572	1,670	1,670	1,180	1,179	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Buildings and yard improvements
32,667	30,393	30,900	28,550	8,582	9,199	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Buildings and yard improvements						32,667	30,393	30,900	28,550	8,582	9,199	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Machinery and equipment
65,512	57,970	53,607	51,001	30,422	35,253	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Machinery and equipment						65,512	57,970	53,607	51,001	30,422	35,253	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Construction in process
934	135	1,977	1,167	15,900	9	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Construction in process						934	135	1,977	1,167	15,900	9	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Less accumulated depreciation
37,137	33,819	31,396	28,455	26,003	30,180	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Less accumulated depreciation						37,137	33,819	31,396	28,455	26,003	30,180	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Total property, plant, and equipment
73,618	56,251	56,758	53,933	30,106	15,461	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Total property, plant, and equipment						73,618	56,251	56,758	53,933	30,106	15,461	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
OTHER ASSETS:
Cash value of officers’ life insurance and other assets
-	-	-	453	157	148	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Cash value of officers’ life insurance and other assets						-	-	-	453	157	148	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Operating Lease, Right-of-Use Asset
4,702	2,841	2,841	1,270	113	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Operating Lease, Right-of-Use Asset						4,702	2,841	2,841	1,270	113	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Other assets
1,451	1,263	356	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Other assets						1,451	1,263	356	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Deferred income tax asset
-	-	-	-	2,133	1,864	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Deferred income tax asset						-	-	-	-	2,133	1,864	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Deferred income tax asset
-	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Deferred income tax asset						-	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Income taxes recoverable
-	-	-	-	1,404	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Income taxes recoverable						-	-	-	-	1,404	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Cash value of officers' life insurance and other assets
-	-	-	453	157	148	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Cash value of officers' life insurance and other assets						-	-	-	453	157	148	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
TOTAL ASSETS
336,810	226,822	230,019	199,312	159,275	95,008	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
TOTAL ASSETS						336,810	226,822	230,019	199,312	159,275	95,008	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
CURRENT LIABILITIES:
Accounts payable and accrued expenses
67,169	35,304	43,886	36,847	44,804	15,185	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Accounts payable and accrued expenses						67,169	35,304	43,886	36,847	44,804	15,185	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Income taxes payable
-	647	2,213	774	-	1,455	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Income taxes payable						-	647	2,213	774	-	1,455	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Dividends payable
284	279	279	148	137	138	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Dividends payable						284	279	279	148	137	138	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Contribution to retirement plan
-	-	-	350	250	50	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Contribution to retirement plan						-	-	-	350	250	50	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Employee compensation and related expenses
8,270	1,807	5,989	4,650	1,086	2,643	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Employee compensation and related expenses						8,270	1,807	5,989	4,650	1,086	2,643	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Current portion of financing lease
-	-	54	107	105	102	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Current portion of financing lease						-	-	54	107	105	102	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Current portion of derivative liability
426	287	1,686	2,212	14,429	7,979	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Current portion of derivative liability						426	287	1,686	2,212	14,429	7,979	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Current portion of Paycheck Protection Program loan
-	-	-	-	-	1,518	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Current portion of Paycheck Protection Program loan						-	-	-	-	-	1,518	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
TOTAL CURRENT LIABILITIES
76,149	38,324	54,107	45,088	60,811	29,072	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
TOTAL CURRENT LIABILITIES						76,149	38,324	54,107	45,088	60,811	29,072	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
POSTRETIREMENT BENEFITS OTHER THAN PENSIONS
96	115	105	96	119	108	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
POSTRETIREMENT BENEFITS OTHER THAN PENSIONS						96	115	105	96	119	108	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
DEFERRED INCOME TAX LIABILITY
6,761	5,478	5,257	4,357	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
DEFERRED INCOME TAX LIABILITY						6,761	5,478	5,257	4,357	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
NON-CURRENT LEASE LIABILITIES
4,097	2,752	2,782	1,222	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
NON-CURRENT LEASE LIABILITIES						4,097	2,752	2,782	1,222	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
SELLER NOTE PAYABLE, NET
3,489	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
SELLER NOTE PAYABLE, NET						3,489	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
NON-CURRENT CONTINGENT CONSIDERATION LIABILITY
2,160	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
NON-CURRENT CONTINGENT CONSIDERATION LIABILITY						2,160	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
DEFERRED INCOME TAX LIABILITY
-	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
DEFERRED INCOME TAX LIABILITY						-	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
OTHER NON-CURRENT LIABILITIES
-	-	-	-	222	315	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
OTHER NON-CURRENT LIABILITIES						-	-	-	-	222	315	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
ASSET BASED LENDING FACILITY
92,564	47,728	40,293	33,117	18,436	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
ASSET BASED LENDING FACILITY						92,564	47,728	40,293	33,117	18,436	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
LONG TERM PORTION OF PAYCHECK PROTECTION PROGRAM LOAN
-	-	-	-	-	171	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
LONG TERM PORTION OF PAYCHECK PROTECTION PROGRAM LOAN						-	-	-	-	-	171	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
TOTAL LIABILITIES
185,316	94,397	102,544	83,880	79,588	29,668	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
TOTAL LIABILITIES						185,316	94,397	102,544	83,880	79,588	29,668	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
COMMITMENTS AND CONTINGENCIES (SEE NOTE 2)
-	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
COMMITMENTS AND CONTINGENCIES (SEE NOTE 2)						-	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
STOCKHOLDERS’ EQUITY:
Common stock, par value $1: Authorized shares — 10,000,000; Issued shares — 9,124,805 and 9,019,505 shares at June 30, and March 31, 2026
9,020	8,877	8,873	8,869	8,345	8,334	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Common stock, par value $1: Authorized shares — 10,000,000; Issued shares — 9,124,805 and 9,019,505 shares at June 30, and March 31, 2026						9,020	8,877	8,873	8,869	8,345	8,334	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Additional paid-in capital
35,934	35,394	35,247	35,005	30,442	30,003	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Additional paid-in capital						35,934	35,394	35,247	35,005	30,442	30,003	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Accumulated other comprehensive loss
-	-	-	-317	-10,268	-11,187	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Accumulated other comprehensive loss						-	-	-	-317	-10,268	-11,187	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Treasury stock at cost (shares 1,912,014 and 1,907,323 shares at June 30, and March 31, 2026, respectively)
13,110	13,100	12,929	7,778	7,741	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Treasury stock at cost (shares 1,912,014 and 1,907,323 shares at June 30, and March 31, 2026, respectively)						13,110	13,100	12,929	7,778	7,741	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Treasury stock at cost (1,493,128 shares and 1,488,966 shares at December 31, and March 31, 2022, respectively)
-	-	-	-	-	7,203	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Treasury stock at cost (1,493,128 shares and 1,488,966 shares at December 31, and March 31, 2022, respectively)						-	-	-	-	-	7,203	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Retained earnings
119,650	101,254	96,284	79,653	58,909	45,392	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Retained earnings						119,650	101,254	96,284	79,653	58,909	45,392	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
TOTAL STOCKHOLDERS’ EQUITY
151,494	132,425	127,475	115,432	79,687	65,339	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
TOTAL STOCKHOLDERS’ EQUITY						151,494	132,425	127,475	115,432	79,687	65,339	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
336,810	226,822	230,019	199,312	159,275	95,008	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY						336,810	226,822	230,019	199,312	159,275	95,008	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx