Friedman Industries Inc 2025年度报告

FORM 10-K ☒Annual report pursuant to Section13 or 15(d)of the Securities Exchange Act of 1934 for the fiscal year ended March 31, 2026 ☐Transition report pursuant to Section 13 or 15(d)of the Securities Exchange Act of 1934 for the transition period fromto Commission File No.1-7521 FRIEDMAN INDUSTRIES, INCORPORATED(Exact name of registrant as specified in its charter) Registrant’s telephone number, including area code:(903)758-3431 Securities registered pursuant to Section12(b)of the Act: NameofeachexchangeonwhichregisteredNasdaq Global Select Market Securities registered pursuant to Section12(g)of the Act:None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule405 of the Securities Act.Yes☐No☒ Indicate by check mark if the registrant is not required to file reports pursuant to Section13 or Section15(d)of the Act.Yes☐No☒ Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d)of the SecuritiesExchange Act of 1934 during the preceding 12months (or for such shorter period that the registrant was required to file such reports),and (2)has been subject to such filing requirements for the past 90days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule405 of RegulationS-T (§232.405 of this chapter) during the preceding 12months (or for such shorter period that theregistrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smallerreporting company or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smallerreporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Largeacceleratedfiler☐Acceleratedfiler☒Non-acceleratedfiler☐Smallerreportingcompany☒Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of theeffectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by theregistered public accounting firm that prepared or issued its audit report.Yes☒No☐ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of theregistrant included in the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-basedcompensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to § 240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Act).Yes☐No☒ The aggregate market value of the Common Stock held by non-affiliates of the registrant as of September 30, 2025 wasapproximately $146.7 million. The number of shares of the registrant’s Common Stock outstanding at June 11, 2026was 7,107,491shares. DOCUMENTS INCORPORATED BY REFERENCE Portions of the Annual Report to Shareholders of Friedman Industries, Incorporated for the fiscal year ended March 31, 2026,filed as Exhibit 13.1 to this Annual Report on Form 10-K,are incorporated by reference intoPart II and Part III of this Annual Reporton Form 10-K. Portions of the Company's definitive proxy statement relating to its 2026Annual Meeting of Shareholders to be filedwithin 120 days after March 31, 2026are incorporated by reference into Part III of this Annual Report on Form 10-K. PART I Item1.Business General Friedman Industries, Incorporated (the “Company”), a Texas corporation incorporated in 1965, is a manufacturer and processor ofmetals and operates in two reportable segments: flat-roll products and tubular products. Significant financial information relating to theCompany’s business segments for the last two years is contained in Note12of the Consolidated Financial Statements included in theCompany’s Annual Report to Shareholders for the fiscal year ended March 31, 2026, which financial statements are incorporated hereinby reference in Item8 hereof. Flat-RollProducts The flat-roll product segment consists of flat-roll processing facilities located in Hickman, Arkansas;Decatur, Alabama;Miami,Florida;East Chicago, Indiana;Granite City, Illinois and Sinton, Texas and a flat-roll distribution facility located in Orlando, Florida.The Hickman, Granite City and East Chicago facilities operate temper mills and cut-to-length lines. The Decatur and Sinton facilit