Five Point Holdings, LLC FPH
We are an owner and developer of mixed-use planned communities in California. Our three existing communities have the general plan and zoning approvals necessary for the construction of thousands of homesites and millions of square feet of commercial space, and they represent a significant portion of the real estate available for development in three major markets in California—Los Angeles County, San Francisco County and Orange County. In total, our communities consist of up to approximately 20 million square feet of built or planned commercial space and approximately 40,000 homes built or planned. We also operate a residential asset management platform providing capital solutions to the U.S. homebuilding industry.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $108.2M | $236.0M | $209.9M | $41.0M | $222.7M | $152.3M | $182.9M | $46.6M | $139.4M | $39.4M |
| SG&A | $60.6M | $51.2M | $51.5M | $54.6M | $77.1M | $83.5M | $103.6M | $99.0M | $122.4M | $120.7M |
| Total operating expenses | $117.4M | $170.3M | $185.5M | $101.5M | $221.4M | $194.9M | $234.8M | $127.9M | $229.3M | $142.6M |
| Interest expense | — | — | $0 | $0 | $0 | $0 | $0 | $0 | $0 | — |
| Pre-tax income | $212.5M | $205.1M | $109.3M | -$36.2M | $13.0M | $2.8M | $24.7M | -$58.8M | $24.2M | -$104.5M |
| Income tax | $28.9M | $27.5M | $4.4M | $1.5M | $325.0K | $1.7M | $2.4M | $9.2M | $0 | $7.9M |
| Net income | $183.5M | $177.6M | $113.7M | -$34.8M | $13.3M | -$428.0K | $9.0M | -$34.7M | $73.2M | -$33.3M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $425.5M | $430.9M | $353.8M | $132.8M | $266.8M | $299.5M | $348.6M | $497.1M | $849.9M | $64.6M |
| Property, plant and equipment | $29.3M | $29.5M | $29.1M | $30.2M | $31.5M | $32.8M | $32.3M | $31.7M | $29.7M | — |
| Goodwill | $69.8M | $0 | — | — | — | — | — | — | — | — |
| Other intangibles | $17.2M | $9.0M | $25.3M | $40.3M | $51.4M | $71.7M | $80.3M | $95.9M | $127.6M | — |
| Total assets | $3.25B | $3.08B | $2.97B | $2.89B | $2.94B | $2.96B | $3.00B | $2.92B | $2.98B | $2.11B |
| Total liabilities | $860.4M | $896.3M | $962.2M | $992.7M | $1.02B | $1.05B | $1.10B | $1.08B | $1.07B | — |
| Retained earnings | $228.0M | $157.1M | $88.8M | $33.4M | $48.8M | $42.2M | $42.8M | $33.8M | $57.8M | — |
| Total equity | $2.32B | $2.16B | $1.98B | $1.87B | $1.90B | $1.89B | $1.88B | $1.85B | $1.91B | $1.51B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $105.2M | $116.0M | $154.1M | -$188.3M | -$81.4M | -$78.5M | -$232.0M | -$343.3M | -$58.1M | -$124.6M |
| Depreciation and amortisation | $8.8M | $19.4M | $19.9M | $16.9M | $26.0M | $14.1M | $20.6M | $13.3M | $1.5M | $3.0M |
| Stock-based compensation | $7.6M | $4.3M | $3.7M | $6.2M | $7.9M | $11.6M | $13.6M | $11.5M | $18.4M | $27.7M |
| Capital expenditure | $217.0K | $808.0K | $23.0K | $75.0K | $154.0K | $2.1M | $1.7M | $3.1M | $242.0K | $1.1M |
| Investing cash flow | -$6.6M | $70.1M | $77.1M | $64.0M | $75.3M | $52.9M | $311.0K | $579.0K | -$56.8M | $81.8M |
| Financing cash flow | -$104.0M | -$109.0M | -$9.2M | -$9.7M | -$26.6M | -$23.5M | $83.2M | -$10.1M | $900.2M | -$5.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001574197-26-000016.
Others in SIC 6500
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|---|---|---|---|---|
| CBRE | CBRE GROUP, INC. | $42.81B | 38.4x | 13.4% |
| TRNO | Terreno Realty Corp | $7.15B | 16.8x | 24.5% |
| MRP | Millrose Properties, Inc. | $5.32B | 13.1x | — |
| CIGI | Colliers International Group Inc. | $5.03B | 49.0x | 15.3% |
| CWK | Cushman & Wakefield Ltd. | $3.21B | 35.9x | 8.9% |
| CURB | Curbline Properties Corp. | $3.11B | 79.6x | 51.3% |
| UE | Urban Edge Properties | $2.64B | 28.4x | 6.1% |
| GTY | GETTY REALTY CORP /MD/ | $2.01B | 24.1x | 9.0% |