Latest Ratios: P/E Ratio -3.1x · EV/EBITDA N/A · ROE -15.8%. (2011–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $489M | $508M | $407M | $546M | $810M | $1.1B | $898M | $781M | $547M | $655M | $477M |
| Enterprise Value | $468M | $487M | $990M | $802M | $1.5B | $205M | $537M | $1.5B | $1.2B | $1.2B | $1.1B |
| P/E Ratio → | -3.14 | — | — | — | 7.31 | 10.32 | 10.64 | 13.92 | 12.73 | 23.77 | 20.36 |
| P/S Ratio | 0.83 | 0.86 | 0.85 | 1.00 | 1.96 | 3.61 | 3.08 | 2.87 | 2.40 | 3.89 | 3.57 |
| P/B Ratio | 0.53 | 0.56 | 0.39 | 0.59 | 0.71 | 1.05 | 1.29 | 1.27 | 0.98 | 1.66 | 1.68 |
| P/FCF | — | — | — | — | 8.35 | 11.91 | 13.91 | 13.43 | 11.34 | 18.38 | 34.48 |
| P/OCF | — | — | — | 68.93 | 7.98 | 11.52 | 13.32 | 12.93 | 10.74 | 17.30 | 24.13 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.83 | 2.06 | 1.47 | 3.68 | 0.66 | 1.85 | 5.35 | 5.21 | 7.20 | 8.46 |
| EV / EBITDA | — | — | — | — | 9.61 | 1.29 | 4.28 | 16.95 | 18.01 | 22.48 | 27.80 |
| EV / EBIT | — | — | — | — | 10.17 | 1.35 | 4.52 | 18.35 | 19.77 | 23.97 | 29.45 |
| EV / FCF | — | — | — | — | 15.72 | 2.18 | 8.32 | 25.07 | 24.61 | 34.03 | 81.61 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 29.0% | 29.0% | 6.7% | 32.1% | 79.3% | 94.2% | 81.5% | 70.1% | 75.5% | 84.6% | 88.1% |
| Operating Margin | -12.2% | -12.2% | -28.5% | -36.6% | 36.2% | 49.1% | 40.8% | 29.2% | 26.4% | 30.0% | 28.7% |
| Net Profit Margin | -26.4% | -26.4% | -19.2% | -36.4% | 26.7% | 35.5% | 29.0% | 20.6% | 18.8% | 16.4% | 17.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -15.8% | -15.8% | -9.3% | -19.3% | 10.1% | 12.4% | 12.9% | 9.6% | 9.0% | 8.1% | 8.6% |
| ROA | -1.3% | -1.3% | -0.7% | -1.5% | 1.0% | 1.3% | 1.3% | 0.9% | 0.8% | 0.6% | 0.7% |
| ROIC | -2.1% | -2.1% | -4.0% | -6.0% | 5.9% | 10.2% | 7.7% | 4.5% | 3.9% | 2.9% | 2.2% |
| ROCE | -1.0% | -1.0% | -5.1% | -7.8% | 7.9% | 13.6% | 10.2% | 6.1% | 5.1% | 3.9% | 2.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.76 | 1.76 | 1.52 | 1.71 | 1.21 | 0.20 | 0.39 | 1.21 | 1.27 | 1.72 | 4.40 |
| Debt / EBITDA | — | — | — | — | 8.64 | 1.32 | 2.15 | 8.63 | 10.73 | 12.57 | 30.78 |
| Net Debt / Equity | — | -0.02 | 0.55 | 0.28 | 0.63 | -0.86 | -0.52 | 1.10 | 1.15 | 1.41 | 2.29 |
| Net Debt / EBITDA | — | — | — | — | 4.50 | -5.75 | -2.88 | 7.87 | 9.71 | 10.34 | 16.05 |
| Debt / FCF | — | — | — | — | 7.36 | -9.73 | -5.59 | 11.64 | 13.27 | 15.65 | 47.13 |
| Interest Coverage | -0.20 | -0.20 | -0.32 | -0.54 | 1.76 | 10.89 | 2.51 | 1.01 | 1.16 | 2.18 | 3.42 |
Net cash position: cash ($1.6B) exceeds total debt ($1.6B)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 165.47 | 165.47 | 0.24 | 0.20 | 0.09 | 0.26 | 0.24 | 0.22 | 0.19 | 0.18 | 0.45 |
| Quick Ratio | 165.47 | 165.47 | 0.24 | 0.20 | 0.09 | 0.26 | 0.24 | 0.22 | 0.19 | 0.18 | 0.45 |
| Cash Ratio | 65.55 | 65.55 | 0.10 | 0.12 | 0.06 | 0.13 | 0.11 | 0.01 | 0.01 | 0.03 | 0.24 |
| Asset Turnover | — | 0.05 | 0.04 | 0.04 | 0.03 | 0.03 | 0.04 | 0.04 | 0.04 | 0.04 | 0.03 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | 22.5% | 14.8% | 14.8% | 15.9% | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | 13.7% | 9.7% | 9.4% | 7.2% | 7.9% | 4.2% | 4.9% |
| FCF Yield | — | — | — | — | 12.0% | 8.4% | 7.2% | 7.4% | 8.8% | 5.4% | 2.9% |
| Buyback Yield | 0.0% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 0.0% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $83M | $66M | $56M | $56M | $45M | $45M | $45M | $43M | $35M | $33M |
Asset-Liability Duration Mismatch
According to recent market data, FFWM trades at a P/B ratio of 0.53, a significant discount to regional peers that suggests investors are pricing in a permanent impairment of the bank's earning power rather than a temporary cyclical downturn in the broader multifamily real estate market.
The current valuation implies that the market has little confidence in a near-term recovery of the bank's return on tangible equity. Investors appear to be discounting the book value to account for potential credit losses and the ongoing drag of the legacy fixed-rate loan portfolio on future profitability.
Based on reported financial statements, the bank's ROE has plummeted to negative levels, including a -14.9% reading in 2025Q3, which highlights a fundamental breakdown in the DuPont decomposition where NIM compression has effectively neutralized the benefits of the bank's historical leverage and fee-based wealth management contributions.
The inability to generate positive returns on equity suggests that the cost of funding has structurally outpaced the yield on assets. This negative profitability trend indicates that the wealth management segment, while a source of recurring fees, is currently insufficient to offset the banking segment's operational losses.
As reported in quarterly filings, the NIM has remained stagnant at a negligible 0.3% to 0.4% range, indicating that the bank's funding costs are highly sensitive to rate environments while its asset base remains locked into lower-yielding, long-duration multifamily loans that fail to reprice effectively.
The efficiency ratio's extreme volatility, peaking at 126.5% in 2024Q3, demonstrates a lack of operating leverage and an inability to control non-interest expenses during periods of revenue contraction. This suggests that the bank's cost structure is currently misaligned with its diminished capacity to generate net interest income.
Based on the latest regulatory filings, the equity-to-assets ratio has hovered near 0.08, a level that warrants close monitoring as the bank's ongoing net losses continue to deplete the organic capital base and limit the institution's capacity for future growth or strategic capital deployment.
While the current capital ratios may appear adequate on a surface level, the persistent negative ROE suggests that the bank is consuming its capital buffer to absorb operational and credit-related shocks. Investors should monitor whether further capital preservation measures are required to maintain regulatory compliance.
Analysts frequently misapply the P/E ratio to FFWM, which obscures the bank's true financial health because the metric is rendered meaningless by the current net loss position and the massive, non-recurring credit provisions that distort the denominator of the valuation calculation.
Using P/E for a bank in a state of negative earnings leads to misleading conclusions about valuation and recovery potential. A more appropriate approach for this institution would be to focus on P/TBV and PPNR, which better capture the underlying value of the wealth management franchise and the core banking operations.
Includes 30+ ratios · 15 years · Updated daily
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying FFWM stock.
First Foundation Inc.'s current P/E ratio is -3.1x. The historical average is 15.2x.
First Foundation Inc.'s return on equity (ROE) is -15.8%. The historical average is 5.4%.
Based on historical data, First Foundation Inc. is trading at a P/E of -3.1x. Compare with industry peers and growth rates for a complete picture.
First Foundation Inc. has 29.0% gross margin and -12.2% operating margin.