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FPH

Five Point Holdings, LLC

FPH

Five Point Holdings, LLC • NYSE
$6.20 ▲ 0.65% (+0.04)
Market Cap $431.67 M
52w High $6.71
52w Low $3.42
Dividend Yield 0%
P/E 4.77
Volume 59.06K
Outstanding Shares 69.62M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $13.488M ▲ $14.294M ▼ $21.071M ▲ 156.22% ▲ $0.28 ▲ $-5.906M ▲
Q2-2025 $7.473M ▼ $15.565M ▲ $3.32M ▼ 44.427% ▼ $0.048 ▼ $-10.934M ▼
Q1-2025 $13.157M ▼ $14.744M ▲ $23.284M ▼ 176.97% ▲ $0.33 ▼ $-4.121M ▼
Q4-2024 $159.786M ▲ $14.34M ▲ $46.493M ▲ 29.097% ▲ $0.67 ▲ $53.192M ▲
Q3-2024 $17.013M $11.887M $4.756M 27.955% $0.069 $2.625M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $351.127M ▼ $2.968B ▼ $835.773M ▼ $2.132B ▲
Q2-2025 $456.64M ▼ $3.159B ▼ $908.685M ▼ $779.392M ▲
Q1-2025 $528.329M ▲ $3.159B ▲ $919.135M ▲ $774.334M ▲
Q4-2024 $430.875M ▲ $3.076B ▲ $896.32M ▲ $749.436M ▲
Q3-2024 $224.521M $2.949B $885.395M $702.475M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $55.714M ▲ $40.424M ▲ $-58.332M ▼ $-87.605M ▼ $-105.513M ▼ $40.424M ▲
Q2-2025 $8.576M ▼ $-71.631M ▼ $-58K ▼ $0 ▲ $-71.689M ▼ $-71.689M ▼
Q1-2025 $60.586M ▼ $56.729M ▼ $42.501M ▲ $-1.776M ▲ $97.454M ▼ $56.689M ▼
Q4-2024 $120.989M ▲ $183.598M ▲ $28.856M ▲ $-6.1M ▼ $206.354M ▲ $183.598M ▲
Q3-2024 $12.335M $-17.953M $26.686M $-1.599M $7.134M $-17.953M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Land
Land
 $140.00M ▲$0 ▼$0 ▲$0 ▲
Management Service
Management Service
 $20.00M ▲$10.00M ▼$10.00M ▲$10.00M ▲
Operating Properties
Operating Properties
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue and profit have been gradually improving after a weak stretch a few years ago. The business has shifted from small losses to consistent, if modest, profitability, with healthier margins than in the past. Results are still quite “lumpy,” which is typical for a land developer that recognizes income when key parcels close rather than on a smooth, recurring schedule. Overall, the income statement now shows a business that is earning money more reliably than before, but is still very dependent on timing of major projects and land sales.

Balance Sheet

Balance Sheet The balance sheet looks sturdier than it did a few years ago. Total assets have stayed fairly steady, reflecting a large base of land and development assets, while the cash cushion has noticeably grown. Debt has inched down and equity has built up, which means leverage has eased and the financial structure is more conservative than it used to be. In plain language, the company appears better capitalized, with more liquidity and a bit less reliance on borrowing, though it still uses debt as a normal part of large-scale real estate development.

Cash Flow

Cash Flow Cash generation has improved meaningfully. After several years of cash outflows from operations, the company is now producing positive operating and free cash flow. That suggests recent profits are backed by actual cash, not just accounting gains, and that project execution and collections have improved. There is little shown in traditional capital spending, which fits a model where most investment flows through land development rather than classic equipment purchases. While cash flows will likely remain uneven due to the project nature of the business, current trends point to more financial flexibility than in the past.

Competitive Edge

Competitive Edge Five Point operates in a niche with high barriers to entry: very large, entitled land positions in tightly constrained coastal California markets. Its expertise in navigating complex local approvals, building vast master-planned communities, and acting as a master developer for homebuilders gives it a meaningful edge that is not easy to replicate. The company is effectively selling fully prepared communities and lots rather than competing directly as a homebuilder. On the other hand, its heavy concentration in California, long project timelines, exposure to housing cycles, and dependence on public partnerships create notable strategic and political risks alongside its strengths.

Innovation and R&D

Innovation and R&D Innovation for Five Point is less about lab research and more about how it designs and delivers communities. The company is pushing hard into sustainable, low-carbon, “net zero” style developments, advanced water reuse, and energy-efficient infrastructure, all wrapped into large-scale live‑work‑play environments. It also experiments with new revenue models, such as recurring fees and investment management through acquisitions like Hearthstone. If executed well, these efforts could deepen its differentiation as a sustainable community developer and diversify its earnings base, but they require strong execution, regulatory coordination, and sustained demand for greener, higher‑amenity living.

Summary

Overall, Five Point has moved from a more fragile, cash‑consuming phase into a period of modest profitability, stronger liquidity, and positive cash flow, while maintaining a large, hard‑to‑replace land footprint in prime California markets. Its strategy centers on massive, integrated, and sustainability‑focused communities that create a clear competitive moat but also tie the company’s fate to a small number of complex, long‑dated projects in one state. The story is one of improving financial health and a distinct strategic niche, balanced against cyclical housing demand, regulatory complexity, and execution risk on a few flagship developments that will largely determine long‑term outcomes.

NEWS

October 29, 2025 · 4:10 PM UTC

Five Point Holdings, LLC Reports Third Quarter 2025 Results

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October 21, 2025 · 4:10 PM UTC

Five Point Holdings, LLC Sets Date for Third Quarter 2025 Earnings Announcement and Investor Conference Call

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September 19, 2025 · 8:09 PM UTC

Five Point Announces Expiration and Results of Cash Tender Offer for Any and All Outstanding 10.500% Initial Rate Senior Notes Due 2028

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September 19, 2025 · 3:38 PM UTC

Five Point Announces Pricing Terms of Cash Tender Offer for Any and All Outstanding 10.500% Initial Rate Senior Notes Due 2028

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September 15, 2025 · 9:00 PM UTC

Five Point Announces Pricing of $450 Million of Senior Notes by Five Point Operating Company, LP

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