Five Point Holdings, LLC (FPH) 10-Year Financial Performance & Capital Metrics

FPH • • REIT / Real Estate

Real EstateReal Estate DevelopmentMixed-Use & Planned Community DevelopmentLarge-Scale Master Planned Communities

AboutFive Point Holdings, LLC, through its subsidiary, Five Point Operating Company, LP, owns and develops mixed-use and planned communities in Orange County, Los Angeles County, and San Francisco County. The company operates in four segments: Valencia, San Francisco, Great Park, and Commercial. It sells residential and commercial land sites to homebuilders, commercial developers, and commercial buyers; operates and owns a commercial office, medical campus, and other properties; and provides development and property management services. The company was formerly known as Newhall Holding Company, LLC and changed its name to Five Point Holdings, LLC in May 2016. Five Point Holdings, LLC was incorporated in 2009 and is headquartered in Irvine, California.Show more

Revenue $238M +12.4%
FFO $88M +16.4%
FFO/Share 0.60 +14.9%
FFO Payout 0%
FFO per Share 0.60 +14.9%
NOI Margin 49.94% +36.0%
FFO Margin 36.84% +3.6%
ROE 3.26% +14.8%
ROA 2.26% +19.4%
Debt/Assets 19.46% -16.5%
Net Debt/EBITDA 1.93 -73.6%
Book Value/Share 14.83 +7.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 49.9%
✓Strong Piotroski F-Score: 8/9
✓FFO growing 37.8% TTM
✓Trading at only 0.4x book value

✗Weaknesses

✗Weak 3Y average ROE of 1.8%

Price & Volume

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Growth Metrics

Revenue CAGR

10Y11.75%

5Y5.23%

3Y1.97%

TTM-1.52%

Profit (Net Income) CAGR

10Y15.27%

5Y49.87%

3Y118.27%

TTM82.64%

EPS CAGR

10Y7.87%

5Y44.96%

3Y120.13%

TTM84.41%

ROCE

10Y Avg-1.95%

5Y Avg0.12%

3Y Avg0.64%

Latest2.34%

Peer Comparison

Large-Scale Master Planned Communities

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
FPHFive Point Holdings, LLC	405.25M	5.71	5.95	12.37%	48.56%	4.28%	28.42%	0.27

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	35.58M	39.37M	139.43M	48.99M	184.38M	153.62M	224.39M	42.69M	211.73M	237.93M
Revenue Growth %	-0.55%	0.11%	2.54%	-0.65%	2.76%	-0.17%	0.46%	-0.81%	3.96%	0.12%
Property Operating Expenses	7.3M	20.13M	106.9M	28.87M	131.17M	111.37M	144.29M	27.5M	133.99M	119.09M
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	32.65M	122.38M	122.27M	98.68M	103.55M	83.15M	76.83M	54.35M	51.58M	51.28M
G&A Expenses	32.65M	122.38M	122.27M	98.68M	103.55M	83.15M	76.83M	54.35M	51.58M	51.28M
EBITDA+	-4.55M	39.37M	139.43M	49.3M	-29.71M	-26.75M	29.26M	-22.2M	46.1M	86.91M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	-179K	142.52M	229.17M	127.86M	20.63M	14.14M	25.99M	16.95M	19.93M	19.36M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	-4.37M	-103.15M	-89.74M	-78.56M	-50.34M	-40.9M	3.27M	-39.15M	26.17M	67.55M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	0	0	0	0	0	0	0	0	0	0
Interest Coverage	-	-	-	-	-	-	-	-	-	-
Non-Operating Income	0	0	0	0	0	0	0	0	0	0
Pretax Income+	-4.37M	-104.5M	24.2M	-58.76M	24.71M	2.84M	12.98M	-36.24M	109.3M	205.1M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	-546K	-7.89M	-53.12M	9.18M	2.44M	1.74M	-325K	-1.47M	-4.42M	27.46M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	-2.69M	-33.27M	73.23M	-34.71M	9.03M	-428K	6.57M	-15.4M	55.39M	68.3M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-1.16%	-11.39%	3.2%	-1.47%	1.26%	-1.05%	16.35%	-3.35%	4.6%	0.23%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	-1.17%	39.15%	1.77%	-0.69%	-0.68%	-0.54%	1.37%	-0.95%	47.82%	0.16%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	-0.07	-0.86	0.18	-0.53	0.15	-0.01	0.09	-0.10	0.76	0.96
EPS Growth %	-1.16%	-11.32%	1.21%	-3.94%	1.28%	-1.04%	-	-2.11%	8.6%	0.26%
EPS (Basic)	-0.07	-0.88	1.33	-0.53	0.34	-0.01	0.09	-0.22	1.53	0.98
Diluted Shares Outstanding	38.48M	38.48M	54.03M	65.03M	145.52M	66.72M	67.39M	143.51M	145.15M	146.97M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	441.85M	2.11B	2.98B	2.92B	3B	2.96B	2.94B	2.89B	2.97B	3.08B
Asset Growth %	-0.07%	3.79%	0.41%	-0.02%	0.03%	-0.01%	-0.01%	-0.02%	0.03%	0.04%
Real Estate & Other Assets+	10.65M	-2.08B	-2.97B	-4K	19.75M	17.95M	19.01M	12.87M	79.75M	8.86M
PP&E (Net)	33.76M	34.41M	29.66M	31.68M	64.89M	61.05M	55.24M	49.31M	43.19M	42.46M
Investment Securities	0	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Current Assets+	397.44M	1.48B	2.28B	2.25B	2.31B	2.37B	2.44B	2.45B	2.64B	2.83B
Cash & Equivalents	108.66M	62.3M	848.48M	495.69M	346.83M	298.14M	265.46M	131.77M	354.79M	430.88M
Receivables	0	1000K	0	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	3.92M	2.34M	5.99M	1.4M	1.74M	1.33M	1.33M	992K	0	992K
Intangible Assets	0	127.59M	127.59M	95.92M	80.35M	71.75M	51.41M	40.26M	25.27M	9.04M
Total Liabilities	93.42M	606.47M	1.07B	1.08B	1.1B	1.05B	1.02B	992.74M	962.18M	896.32M
Total Debt+	8.58M	172.08M	560.62M	557M	745.65M	730.36M	708.69M	699.35M	692.54M	598.77M
Net Debt	-100.08M	109.78M	-287.86M	61.31M	398.82M	432.22M	443.22M	567.58M	337.75M	167.9M
Long-Term Debt	8.58M	172.08M	663.31M	557M	718.45M	706.53M	688.65M	683.64M	681.56M	587.79M
Short-Term Borrowings	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	27.21M	23.83M	20.03M	15.71M	10.97M	10.98M
Total Current Liabilities+	67.74M	368.03M	512.13M	509.19M	39.29M	126.67M	108.74M	29.08M	261.41M	19.44M
Accounts Payable	67.74M	114.08M	167.62M	161.14M	30.29M	117.67M	100.37M	11.86M	81.65M	19.31M
Deferred Revenue	0	-172.08M	-663.31M	-659.7M	0	0	0	0	0	0
Other Liabilities	17.1M	-102.69M	-112.55M	346.65M	310.96M	194.85M	200.11M	264.31M	239.81M	278.11M
Total Equity+	348.43M	1.51B	1.91B	1.85B	1.91B	1.91B	1.93B	1.89B	2.01B	2.18B
Equity Growth %	-0.01%	3.33%	0.26%	-0.03%	0.03%	0%	0.01%	-0.02%	0.06%	0.09%
Shareholders Equity	260.92M	242.92M	585.4M	587.03M	611.69M	617.67M	634.42M	618.13M	678.05M	749.44M
Minority Interest	87.51M	1.27B	1.32B	1.26B	1.3B	1.29B	1.29B	1.27B	1.33B	1.43B
Common Stock	0	15.39M	0	0	0	0	0	0	0	0
Additional Paid-in Capital	245.83M	260.78M	530.01M	556.52M	571.53M	578.28M	587.59M	587.73M	591.61M	593.83M
Retained Earnings	17.87M	-15.39M	57.84M	33.81M	42.84M	42.22M	48.79M	33.39M	88.78M	157.08M
Preferred Stock	0	0	57.84M	33.81M	0	0	0	0	0	0
Return on Assets (ROA)	-0.01%	-0.03%	0.03%	-0.01%	0%	-0%	0%	-0.01%	0.02%	0.02%
Return on Equity (ROE)	-0.01%	-0.04%	0.04%	-0.02%	0%	-0%	0%	-0.01%	0.03%	0.03%
Debt / Assets	0.02%	0.08%	0.19%	0.19%	0.25%	0.25%	0.24%	0.24%	0.23%	0.19%
Debt / Equity	0.02x	0.11x	0.29x	0.30x	0.39x	0.38x	0.37x	0.37x	0.35x	0.27x
Net Debt / EBITDA	-	2.79x	-2.06x	1.24x	-	-	15.15x	-	7.33x	1.93x
Book Value per Share	9.06	39.19	35.27	28.43	13.12	28.63	28.57	13.19	13.83	14.83

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-41.37M	-124.64M	-58.14M	-343.3M	-232.04M	-78.5M	-81.42M	-188.3M	154.12M	115.99M
Operating CF Growth %	-0.67%	-2.01%	0.53%	-4.9%	0.32%	0.66%	-0.04%	-1.31%	1.82%	-0.25%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	-3.82M	-96.62M	24.2M	-67.94M	22.27M	1.09M	13.31M	-34.77M	113.72M	177.63M
Depreciation & Amortization	-179K	3.04M	1.51M	13.26M	20.63M	14.14M	25.99M	16.95M	19.93M	19.36M
Stock-Based Compensation	0	27.75M	18.42M	11.46M	13.63M	11.56M	7.9M	6.23M	3.67M	4.3M
Other Non-Cash Items	6.32M	1.36M	-5.78M	-8.03M	-67.2M	36.6M	-7.17M	-21.16M	1.6M	-3.4M
Working Capital Changes	-43.14M	-52.28M	9.09M	-301.23M	-223.82M	-142.85M	-121.87M	-154.05M	19.64M	-106.28M
Cash from Investing+	4.39M	83.33M	-55.89M	579K	311K	52.94M	75.31M	63.99M	77.11M	70.06M
Acquisitions (Net)	-346K	78.61M	-76.5M	-10.2M	30.54M	53.37M	74.45M	64.06M	0	0
Purchase of Investments	-37.5M	-20.76M	-25.23M	-10.2M	0	0	0	0	0	0
Sale of Investments	1000K	1000K	1000K	0	0	0	0	0	0	0
Other Investing	79K	1.57M	876K	13.88M	-28.56M	1.72M	1.02M	0	77.13M	70.87M
Cash from Financing+	-6.58M	-5.04M	900.21M	-10.13M	83.21M	-23.54M	-26.58M	-9.72M	-9.2M	-108.98M
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Common Dividends	0	0	0	0	0	0	0	0	0	0
Debt Issuance (Net)	0	-1000K	1000K	-1000K	1000K	0	0	0	0	-1000K
Share Repurchases	0	0	0	-5.13M	0	-5.52M	-2.05M	-2.74M	-202K	-823K
Other Financing	-6.58M	-513K	406.69M	-5.13M	23.33M	-18.02M	-24.53M	-6.98M	-9M	-8.15M
Net Change in Cash+	-43.56M	-46.35M	786.17M	-352.85M	-148.52M	-49.1M	-32.68M	-134.03M	222.03M	77.07M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	152.22M	108.66M	62.3M	849.95M	497.1M	348.57M	299.47M	266.79M	132.76M	354.79M
Cash at End	108.66M	62.3M	848.48M	497.1M	348.57M	299.47M	266.79M	132.76M	354.79M	431.87M
Free Cash Flow+	-42.22M	-125.73M	-58.38M	-346.4M	-233.72M	-80.65M	-81.57M	-188.38M	154.12M	115.18M
FCF Growth %	-0.66%	-1.98%	0.54%	-4.93%	0.33%	0.65%	-0.01%	-1.31%	1.82%	-0.25%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
FFO per Share	-0.07	2.84	5.6	1.43	0.2	0.21	0.48	0.01	0.52	0.6
FFO Payout Ratio	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
NOI Margin	79.49%	48.86%	23.33%	41.06%	28.86%	27.51%	35.7%	35.6%	36.72%	49.94%
Net Debt / EBITDA	-	2.79x	-2.06x	1.24x	-	-	15.15x	-	7.33x	1.93x
Debt / Assets	1.94%	8.14%	18.82%	19.05%	24.82%	24.66%	24.08%	24.23%	23.32%	19.46%
Book Value / Share	9.06	39.19	35.27	28.43	13.12	28.63	28.57	13.19	13.83	14.83
Revenue Growth	-54.59%	10.64%	254.17%	-64.86%	276.36%	-16.68%	46.07%	-80.97%	395.93%	12.37%

Revenue by Segment

	2017	2018	2019	2020	2021	2022	2023	2024
Land	-	-	-	-	139.5M	913K	161.39M	139.1M
Land Growth	-	-	-	-	-	-99.35%	17577.00%	-13.81%
Management Service	-	-	-	-	-	-	47.62M	96.4M
Management Service Growth	-	-	-	-	-	-	-	102.44%
Operating Properties	-	-	-	2.87M	2.53M	2.84M	840K	483K
Operating Properties Growth	-	-	-	-	-11.95%	12.23%	-70.38%	-42.50%
Management Services, Affiliated Entity	-	-	-	-	39.08M	31.43M	-	-
Management Services, Affiliated Entity Growth	-	-	-	-	-	-19.57%	-	-
Land Sales, Affiliated Entity	-	-	-	-	43.29M	7.51M	-	-
Land Sales, Affiliated Entity Growth	-	-	-	-	-	-82.65%	-	-
Homesites Sold	-	-	31M	-	-	-	-	-
Homesites Sold Growth	-	-	-	-	-	-	-	-
Great Park Venture	497.17M	35.09M	-	-	-	-	-	-
Great Park Venture Growth	-	-92.94%	-	-	-	-	-	-
Newhall	31.57M	6.4M	-	-	-	-	-	-
Newhall Growth	-	-79.72%	-	-	-	-	-	-
San Francisco	91.19M	6.01M	-	-	-	-	-	-
San Francisco Growth	-	-93.41%	-	-	-	-	-	-
Commercial Leasing	9.68M	1.49M	-	-	-	-	-	-
Commercial Leasing Growth	-	-84.62%	-	-	-	-	-	-

Revenue by Geography

	2017	2018	2019	2020	2021	2022	2023	2024
San Francisco	91.19M	6.01M	4M	1.43M	548K	690K	654K	678K
San Francisco Growth	-	-93.41%	-33.53%	-64.21%	-61.68%	25.91%	-5.22%	3.67%

Frequently Asked Questions

Valuation & Price

Five Point Holdings, LLC (FPH) has a price-to-earnings (P/E) ratio of 5.9x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Five Point Holdings, LLC (FPH) reported $193.9M in revenue for fiscal year 2024. This represents a 117% increase from $89.5M in 2013.

Five Point Holdings, LLC (FPH) grew revenue by 12.4% over the past year. This is steady growth.

Yes, Five Point Holdings, LLC (FPH) is profitable, generating $94.2M in net income for fiscal year 2024 (28.7% net margin).

Dividend & Returns

Five Point Holdings, LLC (FPH) has a return on equity (ROE) of 3.3%. This is below average, suggesting room for improvement.

Industry Metrics

Five Point Holdings, LLC (FPH) generated Funds From Operations (FFO) of $102.7M in the trailing twelve months. FFO is the primary profitability metric for REITs.

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