Revenue volatility remains extreme, with quarterly figures swinging from $159.8M in 2024Q4 to $13.6M in 2026Q1, while NOI margins compressed from 74.2% to 24.9% over the same period.
| 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 |
|---|
| Revenue | 110.44M | 110.02M | 237.93M | 211.73M | 42.69M | 224.39M | 153.62M | 184.38M | 48.99M | 139.43M | 39.37M | 35.58M | 78.35M | 89.51M |
| Revenue Growth % | -54.2% | -53.76% | 12.37% | 395.93% | -80.97% | 46.07% | -16.68% | 276.36% | -64.86% | 254.17% | 10.64% | -54.59% | -12.47% | - |
| Property Operating Expenses | 65.42M | 65.55M | 119.09M | 133.99M | 27.5M | 144.29M | 111.37M | 131.17M | 28.87M | 106.9M | 20.13M | 7.3M | 17M | 18.66M |
| Net Operating Income (NOI) | 45.02M | 44.47M | 118.83M | 77.74M | 15.2M | 80.1M | 42.25M | 53.21M | 20.12M | 32.53M | 19.23M | 28.28M | 61.35M | 70.86M |
| NOI Margin % | 40.76% | 40.42% | 49.94% | 36.72% | 35.6% | 35.7% | 27.51% | 28.86% | 41.06% | 23.33% | 48.86% | 79.49% | 78.3% | 79.16% |
| Operating Expenses | 53.4M | 51.86M | 51.28M | 51.58M | 54.35M | 76.83M | 83.15M | 103.55M | 98.68M | 122.27M | 122.38M | 32.65M | 26.68M | 28.43M |
| G&A Expenses | 15.59M | 0 | 51.28M | 51.58M | 54.35M | 76.83M | 83.15M | 103.55M | 98.68M | 122.27M | 122.38M | 32.65M | 26.68M | 28.43M |
| EBITDA | 93K | 1.37M | 86.91M | 46.1M | -22.2M | 29.26M | -26.75M | -29.71M | 49.3M | 139.43M | 39.37M | -4.55M | 35.38M | 43.02M |
| EBITDA Margin % | 0.08% | 1.24% | 36.53% | 21.77% | -52% | 13.04% | -17.42% | -16.11% | 100.63% | 100% | 100% | -12.78% | 45.16% | 48.06% |
| Depreciation & Amortization | 8.47M | 8.76M | 19.36M | 19.93M | 16.95M | 25.99M | 14.14M | 20.63M | 127.86M | 229.17M | 142.52M | -179K | 714K | 592K |
| D&A / Revenue % | 7.67% | 7.96% | 8.14% | 9.41% | 39.69% | 11.58% | 9.21% | 11.19% | 260.99% | 164.36% | 362.01% | -0.5% | 0.91% | 0.66% |
| Operating Income | -8.37M | -7.39M | 67.55M | 26.17M | -39.15M | 3.27M | -40.9M | -50.34M | -78.56M | -89.74M | -103.15M | -4.37M | 34.67M | 42.43M |
| Operating Margin % | -7.58% | -6.72% | 28.39% | 12.36% | -91.69% | 1.46% | -26.62% | -27.3% | -160.36% | -64.36% | -262.01% | -12.28% | 44.25% | 47.4% |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Coverage | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Non-Operating Income | -122.68M | -219.85M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pretax Income | 136.44M | 212.46M | 205.1M | 109.3M | -36.24M | 12.98M | 2.84M | 24.71M | -58.76M | 24.2M | -104.5M | -4.37M | 34.67M | 42.43M |
| Pretax Margin % | 123.54% | 193.11% | 86.2% | 51.62% | -84.89% | 5.79% | 1.85% | 13.4% | -119.95% | 17.35% | -265.46% | -12.28% | 44.25% | 47.4% |
| Income Tax | 18.46M | 28.93M | 27.46M | -4.42M | -1.47M | -325K | 1.74M | 2.44M | 9.18M | -53.12M | -7.89M | -546K | 9.17M | 0 |
| Effective Tax Rate % | 13.53% | 13.61% | 13.39% | -4.04% | 4.06% | -2.5% | 61.45% | 9.89% | -15.63% | -219.56% | 7.55% | 12.5% | 26.46% | 0% |
| Net Income | 45.45M | 70.97M | 68.3M | 55.39M | -15.4M | 6.57M | -428K | 9.03M | -34.71M | 73.23M | -33.27M | -2.69M | 16.5M | 33.21M |
| Net Margin % | 41.16% | 64.5% | 28.71% | 26.16% | -36.08% | 2.93% | -0.28% | 4.9% | -70.86% | 52.52% | -84.5% | -7.55% | 21.05% | 37.1% |
| Net Income Growth % | -49.07% | 3.91% | 23.29% | 459.63% | -334.52% | 1634.58% | -104.74% | 126.02% | -147.4% | 320.15% | -1138.96% | -116.28% | -50.33% | - |
| Funds From Operations (FFO) | 53.92M | 79.72M | 87.66M | 75.33M | 1.54M | 32.56M | 13.71M | 29.67M | 93.14M | 302.41M | 109.25M | -2.86M | 17.21M | 33.8M |
| FFO Margin % | 48.82% | 72.46% | 36.84% | 35.58% | 3.61% | 14.51% | 8.93% | 16.09% | 190.13% | 216.89% | 277.51% | -8.05% | 21.96% | 37.77% |
| FFO Growth % | -31.99% | -9.06% | 16.37% | 4781.92% | -95.26% | 137.39% | -53.77% | -68.15% | -69.2% | 176.8% | 3914.63% | -116.64% | -49.09% | - |
| FFO per Share | 0.36 | 0.53 | 0.60 | 0.52 | 0.01 | 0.48 | 0.21 | 0.20 | 1.43 | 5.60 | 2.84 | -0.07 | 0.47 | 0.93 |
| FFO Payout Ratio % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| EPS (Diluted) | 0.30 | 0.48 | 0.96 | 0.76 | -0.10 | 0.09 | -0.01 | 0.15 | -0.53 | 0.18 | -0.86 | -0.07 | 0.45 | 0.89 |
| EPS Growth % | -51.42% | -50% | 26.32% | 860% | -211.11% | - | -104.07% | 128.3% | -394.44% | 120.93% | -1132.09% | -115.51% | -49.44% | - |
| EPS (Basic) | - | 1.01 | 0.98 | 1.53 | -0.22 | 0.09 | -0.01 | 0.34 | -0.53 | 1.33 | -0.88 | -0.07 | 0.45 | 0.89 |
| Diluted Shares Outstanding | 150.31M | 149.3M | 146.97M | 145.15M | 143.51M | 67.39M | 66.72M | 145.52M | 65.03M | 54.03M | 38.48M | 38.48M | 36.59M | 36.51M |
Cyclical Land Sales Volatility
As reported in recent financial filings, FPH experienced extreme revenue volatility, with quarterly figures swinging from $159.8M in 2024Q4 to $13.6M in 2026Q1, reflecting the inherent lumpiness of land sales to merchant builders rather than a steady, recurring stream of operational income.
The reliance on transactional land sales creates significant quarterly variance that complicates trend analysis. Investors should monitor whether the current revenue contraction reflects a strategic pause in land releases or a broader softening in builder demand for large-scale master-planned community acreage.
Based on the provided income statement data, NOI margins have fluctuated significantly, peaking at 74.2% in 2024Q2 before compressing to 24.9% in 2026Q1, which suggests that the company's property-level profitability is highly dependent on the specific timing and scale of individual land take-downs.
The wide variance in NOI margins indicates that fixed overhead costs are not being consistently absorbed by current sales volume. This volatility implies that the company's profitability profile may remain strained until development milestones allow for more predictable and higher-margin land monetization events.
According to the company's reported figures, FFO per share dropped from $0.34 in 2024Q4 to a negative $0.00 in 2026Q1, highlighting the difficulty of maintaining consistent earnings in a business model driven by episodic land sales rather than recurring rental income streams.
The sharp decline in FFO suggests that the company's core earnings power is currently insufficient to cover corporate overhead during periods of low transactional activity. Analysts should investigate the extent to which these FFO fluctuations are mitigated by distributions from unconsolidated joint ventures.
As indicated by the discrepancy between negative operating margins and positive net income in certain periods, the company's bottom line appears heavily reliant on equity in earnings from unconsolidated joint ventures, which may not represent immediate, distributable cash flow for the parent entity.
The reliance on JV accounting warrants further investigation into the actual cash conversion cycle of these projects. Investors should be cautious of interpreting net income as a proxy for operational health, as it may be inflated by non-cash valuation adjustments or one-time gains.
Quick answers to the most common questions about buying FPH stock.
For fiscal year 2025, Five Point Holdings, LLC (FPH) reported total revenue of $110.0M. This represents a 22.9% increase compared to $89.5M in 2013.
Five Point Holdings, LLC (FPH) is profitable, generating $71.0M in net income for the fiscal year ending 2025 with a net profit margin of 64.5%.
Five Point Holdings, LLC (FPH) reported an operating income of $-7.4M, resulting in an operating profit margin of -6.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Five Point Holdings, LLC (FPH) generated $44.5M in gross profit for the year, representing a gross profit margin of 40.4%. This demonstrates the company's core pricing power and production efficiency.