The company maintains a disciplined capital structure with a debt-to-equity ratio of 0.20 and a substantial cash position of $333.6M as of 2026Q1, providing a defensive buffer against development cycle risks.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|
| Total Assets | 3.19B | 3.25B | 3.08B | 2.97B | 2.89B | 2.94B | 2.96B | 3B | 2.92B | 2.98B | 2.11B | 441.85M | 474.18M | 471.26M |
| Asset Growth % | 22.68% | 5.61% | 3.61% | 2.89% | -1.94% | -0.64% | -1.42% | 2.76% | -1.83% | 40.85% | 378.57% | -6.82% | 0.62% | - |
| Real Estate & Other Assets | 2.58B | 2.55B | 8.86M | 79.75M | 12.87M | 19.01M | 17.95M | 19.75M | -4K | -2.97B | -2.08B | 10.65M | 2.04M | 2M |
| PP&E (Net) | 39.69M | 29.26M | 42.46M | 43.19M | 49.31M | 55.24M | 61.05M | 64.89M | 31.68M | 29.66M | 34.41M | 33.76M | 33.65M | 33.86M |
| Investment Securities | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 0 | 1000K |
| Total Current Assets | 333.56M | 426.54M | 2.83B | 2.64B | 2.45B | 2.44B | 2.37B | 2.31B | 2.25B | 2.28B | 1.48B | 397.44M | 438.48M | 424.59M |
| Cash & Equivalents | 333.56M | 426.54M | 430.88M | 354.79M | 131.77M | 265.46M | 298.14M | 346.83M | 495.69M | 848.48M | 62.3M | 108.66M | 152.22M | 166.78M |
| Receivables | 1000K | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 1000K | 0 | 1000K | 1000K |
| Other Current Assets | -91.13M | -2.44B | 992K | 0 | 992K | 1.33M | 1.33M | 1.74M | 1.4M | 5.99M | 2.34M | 3.92M | 25.39M | 7.99M |
| Intangible Assets | 86.23M | 17.25M | 9.04M | 25.27M | 40.26M | 51.41M | 71.75M | 80.35M | 95.92M | 127.59M | 127.59M | 0 | 0 | 0 |
| Total Liabilities | 810.04M | 860.41M | 896.32M | 962.18M | 992.74M | 1.02B | 1.05B | 1.1B | 1.08B | 1.07B | 606.47M | 93.42M | 12.12M | 11.02M |
| Total Debt | 471.58M | 514.32M | 598.77M | 692.54M | 699.35M | 708.69M | 730.36M | 745.65M | 557M | 560.62M | 172.08M | 8.58M | 0 | 0 |
| Net Debt | 138.02M | 87.78M | 167.9M | 337.75M | 567.58M | 443.22M | 432.22M | 398.82M | 61.31M | -287.86M | 109.78M | -100.08M | -152.22M | -166.78M |
| Long-Term Debt | 462.27M | 514.32M | 587.79M | 681.56M | 683.64M | 688.65M | 706.53M | 718.45M | 557M | 663.31M | 172.08M | 8.58M | 0 | 0 |
| Short-Term Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 19.2M | 0 | 10.98M | 10.97M | 15.71M | 20.03M | 23.83M | 27.21M | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 309.07M | 106.2M | 19.44M | 261.41M | 29.08M | 108.74M | 126.67M | 39.29M | 509.19M | 512.13M | 368.03M | 67.74M | 12.12M | 11.02M |
| Accounts Payable | 105.5M | 106.2M | 19.31M | 81.65M | 11.86M | 100.37M | 117.67M | 30.29M | 161.14M | 167.62M | 114.08M | 67.74M | 0 | 0 |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -659.7M | -663.31M | -172.08M | 0 | 0 | 0 |
| Other Liabilities | 281.19M | 239.89M | 278.11M | 239.81M | 264.31M | 200.11M | 194.85M | 310.96M | 346.65M | -112.55M | -102.69M | 17.1M | 0 | 0 |
| Total Equity | 2.38B | 2.39B | 2.18B | 2.01B | 1.89B | 1.93B | 1.91B | 1.91B | 1.85B | 1.91B | 1.51B | 348.43M | 352.33M | 328.31M |
| Equity Growth % | 39.17% | 9.56% | 8.62% | 6.02% | -1.68% | 0.8% | 0.07% | 3.26% | -3% | 26.36% | 332.83% | -1.11% | 7.32% | - |
| Shareholders Equity | 842.05M | 843.25M | 749.44M | 678.05M | 618.13M | 634.42M | 617.67M | 611.69M | 587.03M | 585.4M | 242.92M | 260.92M | 263.44M | 247.85M |
| Minority Interest | 1.54B | 1.55B | 1.43B | 1.33B | 1.27B | 1.29B | 1.29B | 1.3B | 1.26B | 1.32B | 1.27B | 87.51M | 88.89M | 80.45M |
| Common Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 15.39M | 0 | 0 | 249.68M |
| Additional Paid-in Capital | 617.78M | 616.75M | 593.83M | 591.61M | 587.73M | 587.59M | 578.28M | 571.53M | 556.52M | 530.01M | 260.78M | 245.83M | 245.62M | 0 |
| Retained Earnings | 225.82M | 228.04M | 157.08M | 88.78M | 33.39M | 48.79M | 42.22M | 42.84M | 33.81M | 57.84M | -15.39M | 17.87M | 20.56M | 0 |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 33.81M | 57.84M | 0 | 0 | 0 | 0 |
| Return on Assets (ROA) | 1.42% | 2.24% | 2.26% | 1.89% | -0.53% | 0.22% | -0.01% | 0.3% | -1.18% | 2.88% | -2.6% | -0.59% | 3.49% | 7.05% |
| Return on Equity (ROE) | 1.94% | 3.11% | 3.26% | 2.84% | -0.81% | 0.34% | -0.02% | 0.48% | -1.85% | 4.29% | -3.58% | -0.77% | 4.85% | 10.12% |
| Debt / Assets | 14.79% | 15.83% | 19.46% | 23.32% | 24.23% | 24.08% | 24.66% | 24.82% | 19.05% | 18.82% | 8.14% | 1.94% | - | - |
| Debt / Equity | 0.20x | 0.22x | 0.27x | 0.35x | 0.37x | 0.37x | 0.38x | 0.39x | 0.30x | 0.29x | 0.11x | 0.02x | - | - |
| Net Debt / EBITDA | 1484.13x | 64.22x | 1.93x | 7.33x | - | 15.15x | - | - | 1.24x | -2.06x | 2.79x | - | -4.30x | -3.88x |
| Book Value per Share | 15.82 | 16.00 | 14.83 | 13.83 | 13.19 | 28.57 | 28.63 | 13.12 | 28.43 | 35.27 | 39.19 | 9.06 | 9.63 | 8.99 |
Regulatory and Entitlement Stagnation
According to the company's reported financial statements, FPH maintains a stable asset base of approximately $3.2B, yet the trajectory of equity growth remains muted, as the firm balances significant land holdings against the cyclical nature of horizontal development and the ongoing challenges of project monetization.
The company's asset base has remained remarkably flat over the last ten quarters, suggesting a strategic pivot toward preserving existing land value rather than aggressive expansion. This stagnation in asset growth appears to reflect the difficulty of advancing large-scale entitlements in California, which may limit the firm's ability to scale its development pipeline in the near term.
Based on the provided balance sheet data, FPH maintains a disciplined capital structure with a debt-to-equity ratio that has fluctuated between 0.19 and 0.35, indicating a conservative approach to leverage that provides a necessary buffer against the inherent volatility of the land development business cycle.
The company's reliance on low leverage appears to be a deliberate strategy to navigate the long lead times associated with master-planned community development. By keeping debt levels modest, the firm avoids the interest rate sensitivity that often plagues more highly levered developers, though this conservative posture may also limit the speed at which it can pursue new infrastructure investments.
As reported in recent filings, FPH holds a substantial cash position of $333.6M as of 2026Q1, which serves as a critical liquidity cushion to fund ongoing horizontal development costs and corporate overhead during periods of reduced land sales to merchant builders.
The company's ability to maintain significant cash balances despite lumpy revenue cycles suggests a focus on liquidity preservation. This cash-heavy balance sheet appears essential for managing the high fixed costs of land carry and infrastructure, providing the firm with the flexibility to wait for more favorable market conditions before executing major land take-downs.
Based on the provided financial data, the company's net asset value appears heavily concentrated in long-dated projects, with the San Francisco portfolio representing a potential valuation risk if regulatory or environmental hurdles continue to delay the realization of these assets into cash-generating developments.
The discrepancy between the company's total assets and its ability to generate consistent FFO suggests that a significant portion of the balance sheet is tied up in non-performing or slow-moving land assets. Investors should monitor whether these assets remain viable or if future impairments may be necessary if the entitlement process remains stalled.
Quick answers to the most common questions about buying FPH stock.
As of 2025, Five Point Holdings, LLC (FPH) had total assets of $3.25B including $426.5M in current assets.
Five Point Holdings, LLC (FPH) carries total debt of $514.3M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Five Point Holdings, LLC (FPH) has total shareholders' equity (book value) of $843.2M ($16.00 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Five Point Holdings, LLC (FPH) reported a current ratio of 4.02x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.