Cash flow conversion is highly inconsistent, evidenced by operating cash flow swinging from a $183.6M inflow in 2024Q4 to a $44.5M outflow in 2026Q1 due to the episodic nature of land sales.
| 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 |
|---|
| Cash from Operations | 4M | 105.23M | 115.99M | 154.12M | -188.3M | -81.42M | -78.5M | -232.04M | -343.3M | -58.14M | -124.64M | -41.37M | -24.75M | 54.92M |
| Operating CF Growth % | -118.16% | -9.27% | -24.74% | 181.85% | -131.27% | -3.72% | 66.17% | 32.41% | -490.43% | 53.35% | -201.25% | -67.16% | -145.06% | - |
| Operating CF / Revenue % | 3.62% | 95.65% | 48.75% | 72.79% | -441.05% | -36.28% | -51.1% | -125.85% | -700.75% | -41.7% | -316.59% | -116.28% | -31.59% | 61.36% |
| Net Income | 45.45M | 70.97M | 177.63M | 113.72M | -34.77M | 13.31M | 1.09M | 22.27M | -67.94M | 24.2M | -96.62M | -3.82M | 16.5M | 33.21M |
| Depreciation & Amortization | 4.97M | 0 | 19.36M | 19.93M | 16.95M | 25.99M | 14.14M | 20.63M | 13.26M | 1.51M | 3.04M | -179K | 714K | 592K |
| Stock-Based Compensation | 6.11M | 0 | 4.3M | 3.67M | 6.23M | 7.9M | 11.56M | 13.63M | 11.46M | 18.42M | 27.75M | 0 | 0 | 1.15M |
| Other Non-Cash Items | 51.35M | 151.95M | -3.4M | 1.6M | -21.16M | -7.17M | 36.6M | -67.2M | -8.03M | -5.78M | 1.36M | 6.32M | -10.68M | 30.22M |
| Working Capital Changes | -146.32M | -117.69M | -106.28M | 19.64M | -154.05M | -121.87M | -142.85M | -223.82M | -301.23M | 9.09M | -52.28M | -43.14M | -31.28M | -10.24M |
| Cash from Investing | -49.33M | -6.55M | 70.06M | 77.11M | 63.99M | 75.31M | 52.94M | 311K | 579K | -55.89M | 83.33M | 4.39M | 12.69M | -32.6M |
| Acquisitions (Net) | -58.61M | 0 | 0 | 0 | 64.06M | 74.45M | 53.37M | 30.54M | -10.2M | -76.5M | 78.61M | -346K | 0 | 0 |
| Purchase of Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -10.2M | -25.23M | -20.76M | -37.5M | 0 | 0 |
| Sale of Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 45.21M | 25M | 43M | 0 | 0 |
| Other Investing | 9.46M | -6.33M | 70.87M | 77.13M | 0 | 1.02M | 1.72M | -28.56M | 13.88M | 876K | 1.57M | 79K | 13.31M | -32.29M |
| Cash from Financing | -150.43M | -104.01M | -108.98M | -9.2M | -9.72M | -26.58M | -23.54M | 83.21M | -10.13M | 900.21M | -5.04M | -6.58M | -2.5M | 2.09M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Common Dividends | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt Issuance (Net) | -2M | -1000K | -1000K | 0 | 0 | 0 | 0 | 1000K | -1000K | 1000K | -1000K | 0 | -1000K | 0 |
| Share Repurchases | 0 | 0 | -823K | -202K | -2.74M | -2.05M | -5.52M | 0 | -5.13M | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -61.78M | -15.36M | -8.15M | -9M | -6.98M | -24.53M | -18.02M | 23.33M | -5.13M | 406.69M | -513K | -6.58M | 0 | 2.09M |
| Net Change in Cash | -195.76M | -5.33M | 77.07M | 222.03M | -134.03M | -32.68M | -49.1M | -148.52M | -352.85M | 786.17M | -46.35M | -43.56M | -14.56M | 24.41M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 426.54M | 431.87M | 354.79M | 132.76M | 266.79M | 299.47M | 348.57M | 497.1M | 849.95M | 62.3M | 108.66M | 152.22M | 166.78M | 142.37M |
| Cash at End | 333.56M | 426.54M | 431.87M | 354.79M | 132.76M | 266.79M | 299.47M | 348.57M | 497.1M | 848.48M | 62.3M | 108.66M | 152.22M | 166.78M |
| Free Cash Flow | 3.82M | 105.01M | 115.18M | 154.12M | -188.38M | -81.57M | -80.65M | -233.72M | -346.4M | -58.38M | -125.73M | -42.22M | -25.37M | 54.61M |
| FCF Growth % | -98.08% | -8.83% | -25.27% | 181.82% | -130.93% | -1.15% | 65.49% | 32.53% | -493.3% | 53.56% | -197.81% | -66.43% | -146.45% | - |
| FCF / Revenue % | 3.46% | 95.45% | 48.41% | 72.79% | -441.23% | -36.35% | -52.5% | -126.76% | -707.09% | -41.87% | -319.37% | -118.65% | -32.38% | 61.01% |
Cyclical Land Sales Volatility
As reported in recent financial filings, FPH exhibits significant volatility in FFO-to-OCF conversion, with FFO/NI ratios swinging from -21.58 in 2025Q2 to 3.95 in 2024Q4, illustrating that GAAP operating cash flow is frequently decoupled from the company's underlying earnings performance due to lumpy land development cycles.
The extreme variance in conversion metrics suggests that FFO is a more reliable, albeit still volatile, indicator of performance than GAAP operating cash flow. Investors should monitor these discrepancies, as they likely reflect the timing of large-scale land sales and the associated working capital requirements inherent in horizontal development.
Based on the provided financial statements, the company's net income frequently diverges from FFO, as evidenced by the 2026Q1 period where net income was -$2.2M while FFO was -$501K, suggesting that non-cash items and equity-method accounting significantly distort the perceived profitability of the core land development business.
The reliance on equity in earnings from unconsolidated joint ventures appears to create a disconnect between reported net income and actual cash generation. This accounting structure may obscure the true operational health of the company, necessitating a focus on FFO to strip away non-cash valuation adjustments and JV-related accounting noise.
According to the company's reported figures, maintenance capital expenditures remain negligible, with quarterly outlays consistently below $400K, which indicates that the firm's primary cash outflows are directed toward horizontal development and infrastructure rather than the recurring maintenance of existing, stabilized property assets.
The low level of recurring capex is consistent with a land-heavy development model where the primary value creation occurs through entitlement and site preparation. While this preserves cash, it also highlights that the company lacks a stabilized, income-producing portfolio that would typically require consistent reinvestment to maintain asset value.
As indicated by the historical data, FPH's cash flow statement hides the impact of episodic land take-downs, with OCF swinging from -$44.5M in 2026Q1 to $183.6M in 2024Q4, suggesting that the company's liquidity is highly sensitive to the specific timing of merchant builder contract closings.
The extreme swings in OCF suggest that the company's cash position is subject to significant event risk rather than steady operational inflow. Investors should be wary of interpreting short-term cash accumulation as a sign of permanent profitability, as these figures are likely driven by the lumpy realization of long-dated development projects.
Quick answers to the most common questions about buying FPH stock.
Five Point Holdings, LLC (FPH) generated $105.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Five Point Holdings, LLC (FPH) generated $105.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Five Point Holdings, LLC (FPH) spent $0.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.