Latest Ratios: P/E Ratio 10.6x · EV/EBITDA 622.8x · ROE 3.1%. (2013–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $764M | $835M | $556M | $446M | $334M | $441M | $364M | $1.0B | $451M | $762M | — |
| Enterprise Value | $851M | $922M | $723M | $783M | $902M | $884M | $797M | $1.4B | $513M | $474M | — |
| P/E Ratio → | 10.58 | 11.65 | 3.94 | 4.04 | — | 72.67 | — | 46.33 | — | 78.33 | — |
| P/S Ratio | 6.94 | 7.59 | 2.33 | 2.10 | 7.83 | 1.96 | 2.37 | 5.49 | 9.21 | 5.46 | — |
| P/B Ratio | 0.32 | 0.35 | 0.25 | 0.22 | 0.18 | 0.23 | 0.19 | 0.53 | 0.24 | 0.40 | — |
| P/FCF | 7.27 | 7.95 | 4.82 | 2.89 | — | — | — | — | — | — | — |
| P/OCF | 7.26 | 7.93 | 4.79 | 2.89 | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 8.38 | 3.04 | 3.70 | 21.13 | 3.94 | 5.19 | 7.65 | 10.46 | 3.40 | — |
| EV / EBITDA | 622.78 | 674.74 | 8.32 | 16.99 | — | 30.21 | — | — | 10.40 | 3.40 | — |
| EV / EBIT | — | 4.34 | 10.71 | 29.94 | — | 270.08 | — | — | — | — | — |
| EV / FCF | — | 8.78 | 6.28 | 5.08 | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 40.4% | 40.4% | 49.9% | 36.7% | 35.6% | 35.7% | 27.5% | 28.9% | 41.1% | 23.3% | 44.5% |
| Operating Margin | -6.7% | -6.7% | 28.4% | 12.4% | -91.7% | 1.5% | -26.6% | -27.3% | -160.4% | -64.4% | -262.0% |
| Net Profit Margin | 64.5% | 64.5% | 28.7% | 26.2% | -36.1% | 2.9% | -0.3% | 4.9% | -70.9% | 52.5% | -84.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 3.1% | 3.1% | 3.3% | 2.8% | -0.8% | 0.3% | -0.0% | 0.5% | -1.8% | 4.3% | -3.6% |
| ROA | 2.2% | 2.2% | 2.3% | 1.9% | -0.5% | 0.2% | -0.0% | 0.3% | -1.2% | 2.9% | -2.6% |
| ROIC | -0.2% | -0.2% | 2.2% | 0.8% | -1.2% | 0.1% | -1.3% | -1.8% | -3.3% | -4.2% | -8.3% |
| ROCE | -0.2% | -0.2% | 2.3% | 0.9% | -1.4% | 0.1% | -1.4% | -1.9% | -3.2% | -4.3% | -9.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.22 | 0.22 | 0.27 | 0.35 | 0.37 | 0.37 | 0.38 | 0.39 | 0.30 | 0.29 | 0.11 |
| Debt / EBITDA | 376.24 | 376.24 | 6.89 | 15.02 | — | 24.22 | — | — | 11.30 | 4.02 | 4.37 |
| Net Debt / Equity | — | 0.04 | 0.08 | 0.17 | 0.30 | 0.23 | 0.23 | 0.21 | 0.03 | -0.15 | 0.07 |
| Net Debt / EBITDA | 64.22 | 64.22 | 1.93 | 7.33 | — | 15.15 | — | — | 1.24 | -2.06 | 2.79 |
| Debt / FCF | — | 0.84 | 1.46 | 2.19 | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.02 | 4.02 | 145.64 | 10.09 | 84.31 | 22.46 | 18.70 | 58.71 | 4.43 | 4.46 | 4.01 |
| Quick Ratio | -18.99 | -18.99 | 27.40 | 1.62 | 7.31 | 3.18 | 2.98 | 10.61 | 1.10 | 1.67 | 0.31 |
| Cash Ratio | 4.02 | 4.02 | 22.17 | 1.36 | 4.53 | 2.44 | 2.35 | 8.83 | 0.97 | 1.66 | 0.17 |
| Asset Turnover | — | 0.03 | 0.08 | 0.07 | 0.01 | 0.08 | 0.05 | 0.06 | 0.02 | 0.05 | 0.02 |
| Inventory Turnover | 0.03 | 0.03 | 0.05 | 0.06 | 0.01 | 0.07 | 0.06 | 0.07 | 0.02 | 0.07 | 0.01 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 9.4% | 8.6% | 25.4% | 24.8% | — | 1.4% | — | 2.2% | — | 1.3% | — |
| FCF Yield | 13.8% | 12.6% | 20.7% | 34.6% | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.1% | 0.0% | 0.8% | 0.5% | 1.5% | 0.0% | 1.1% | 0.0% | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.1% | 0.0% | 0.8% | 0.5% | 1.5% | 0.0% | 1.1% | 0.0% | — |
| Shares Outstanding | — | $149M | $147M | $145M | $144M | $67M | $67M | $146M | $65M | $54M | $38M |
Cyclical Land Sales Volatility
As reported in recent financial filings, FPH trades at a P/B of 0.34, suggesting that the market heavily discounts the company's land bank value, likely due to the persistent regulatory stagnation and the inherent difficulty in predicting the timing of future land sales to merchant builders.
The absence of meaningful P/FFO or P/AFFO multiples reflects the company's status as a land developer rather than a stabilized income-producing REIT. Investors appear to be pricing the equity as a collection of long-dated options on California real estate, where the current valuation is disconnected from the lumpy, episodic earnings profile.
Based on the provided financial data, NOI margins have exhibited extreme variance, ranging from a high of 74.2% in 2024Q2 to a low of 24.9% in 2026Q1, which underscores the company's vulnerability to the timing of specific land take-downs rather than consistent, recurring operational profitability.
The wide swings in property-level profitability suggest that FPH lacks the stable cash flow profile typical of traditional REITs. The reliance on equity in earnings from joint ventures further complicates the assessment of core operational efficiency, as these gains often mask the underlying costs of horizontal development.
According to the company's reported figures, the debt-to-equity ratio has remained disciplined, fluctuating between 0.19 and 0.35 over the last ten quarters, which provides a necessary buffer against the significant capital requirements of long-term infrastructure development in supply-constrained California markets.
This conservative capital structure appears intentional, allowing the firm to maintain liquidity during periods of reduced merchant builder activity. While the low leverage is a positive indicator of financial health, it also reflects the company's limited ability to utilize debt for aggressive expansion given the regulatory risks surrounding its core assets.
As indicated by the company's financial statements, the use of a standard P/E ratio is deeply misleading for FPH, as it fails to account for the significant non-cash items and equity-method accounting that distort the bottom line in a land-heavy development business model.
Investors should instead focus on Net Asset Value (NAV) and the progress of entitlement milestones, as P/E ignores the massive upfront capital expenditures required for horizontal development. Relying on earnings-based multiples obscures the true value of the land bank and the potential for non-linear catalysts in the San Francisco portfolio.
Includes 30+ ratios · 13 years · Updated daily
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Quick answers to the most common questions about buying FPH stock.
Five Point Holdings, LLC's current P/E ratio is 10.6x. The historical average is 36.2x. This places it at the 33th percentile of its historical range.
Five Point Holdings, LLC's current EV/EBITDA is 622.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.9x.
Five Point Holdings, LLC's return on equity (ROE) is 3.1%. The historical average is 1.7%.
Based on historical data, Five Point Holdings, LLC is trading at a P/E of 10.6x. This is at the 33th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Five Point Holdings, LLC has 40.4% gross margin and -6.7% operating margin.
Five Point Holdings, LLC's Debt/EBITDA ratio is 376.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.