Five Point Holdings, LLC
- Open
- 5.20
- Day high
- 5.24
- Day low
- 5.16
- Prev close
- 5.24
- Volume
- 74K
- Mkt cap
- $374M
- P/E (TTM)
- 8.0
- EPS (TTM)
- $0.65
- P/B
- 0.4
- P/S
- 3.4
- Yield
- —
- Per share
- —
Five Point Holdings, LLC (FPH) is a Real Estate company listed on NYSE. The stock is down 15% over the past year.
Five Point Holdings, LLC (FPH) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
FPH earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 23, 2026 | $-0.04 | $-0.03 | +25.0% | $14M | +57.7% |
| Mar 6, 2026 | — | $0.15 | — | $76M | — |
| Oct 29, 2025 | — | $0.28 | — | $13M | — |
| Jul 24, 2025 | — | $0.05 | — | $7M | — |
| Apr 24, 2025 | — | $0.32 | — | $13M | — |
| Jan 23, 2025 | — | $0.65 | — | $160M | — |
| Oct 17, 2024 | — | $0.07 | — | $17M | — |
| Jul 18, 2024 | — | $0.21 | — | $51M | — |
| Apr 18, 2024 | — | $0.03 | — | $10M | — |
| Jan 18, 2024 | — | $0.39 | — | $119M | — |
| Oct 19, 2023 | — | $0.09 | — | $66M | — |
| Jul 20, 2023 | — | $0.34 | — | $21M | — |
FPH insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Apr 10, 2026 | Hedigan Danielofficer: See Remarks | Tax | 32,903 | $5.00 |
| Apr 10, 2026 | McWilliams Gregofficer: See Remarks | Grant | 90,000 | — |
| Apr 10, 2026 | Hedigan Danielofficer: See Remarks | Grant | 186,000 | — |
| Apr 10, 2026 | Alvarado Michaelofficer: See Remarks | Grant | 135,000 | — |
| Apr 10, 2026 | Tobler Kimofficer: See Remarks | Grant | 80,000 | — |
| Apr 10, 2026 | Alvarado Michaelofficer: See Remarks | Tax | 23,802 | $5.00 |
| Apr 10, 2026 | Tobler Kimofficer: See Remarks | Tax | 16,802 | $5.00 |
| Apr 10, 2026 | Alvarado Michaelofficer: See Remarks | Grant | 120,000 | — |
| Apr 10, 2026 | McWilliams Gregofficer: See Remarks | Grant | 120,000 | — |
| Apr 10, 2026 | Tobler Kimofficer: See Remarks | Grant | 94,500 | — |
| Apr 10, 2026 | Tobler Kimofficer: See Remarks | Grant | 126,000 | — |
| Apr 10, 2026 | Alvarado Michaelofficer: See Remarks | Grant | 180,000 | — |
| Apr 10, 2026 | Tobler Kimofficer: See Remarks | Option | 33,021 | — |
| Apr 10, 2026 | Hedigan Danielofficer: See Remarks | Grant | 248,000 | — |
| Apr 10, 2026 | Hedigan Danielofficer: See Remarks | Grant | 200,000 | — |
Source: FPH SEC Form 4 filings, latest Apr 10, 2026. For informational purposes only — not investment advice.
See the full FPH insider & 13F page →Five Point Holdings, LLC company profile
Overview
Five Point Holdings, LLC (NYSE:FPH) is a California-based real estate development company that was founded in 2009 and went public in May 2017. Originally known as Newhall Holding Company, the company changed its name to Five Point Holdings in 2016. Five Point specializes in developing large-scale, mixed-use master-planned communities across three major California markets: Orange County, Los Angeles County, and San Francisco County. The company operates through four primary segments and has established itself as a significant player in California's chronically undersupplied residential land market.
Business
Five Point Holdings operates in the real estate development industry, specifically focusing on master-planned communities - large residential and commercial developments that integrate housing, retail, office space, and community amenities into cohesive neighborhoods. Master-planned communities are comprehensive developments that can span thousands of acres and take decades to fully build out, requiring extensive upfront planning, infrastructure development, and regulatory approvals. The company operates through four main business segments: 1. **Great Park Neighborhoods (Orange County)** - This is Five Point's flagship development located in Irvine, California, built on the former El Toro Marine Corps Air Station. This segment represents the company's largest revenue generator, contributing approximately 60-70% of total revenues. The development features multiple residential neighborhoods with homes ranging from affordable to luxury price points, along with commercial and retail spaces. 2. **Valencia (Los Angeles County)** - Located in Santa Clarita, this master-planned community development contributes roughly 20-25% of revenues. Valencia represents one of California's most established master-planned communities, where Five Point continues to develop remaining land parcels. 3. **San Francisco** - This segment includes two major development projects: Candlestick Point and The Shipyard, both located on former military sites in San Francisco. These projects are still in early development phases and currently contribute minimal revenue, representing less than 5% of total revenues. 4. **Commercial** - This segment involves the development and management of commercial properties, including office buildings, medical campuses, and retail spaces across all three geographic markets, contributing approximately 5-10% of revenues. The company's developments typically feature a mix of residential housing (from affordable to luxury), commercial office space, retail centers, educational facilities, parks, and recreational amenities, creating self-contained communities designed to accommodate diverse demographics and income levels.
Revenue model
Five Point Holdings generates revenue through multiple streams within its real estate development business model. The primary revenue source is **land sales** to homebuilders and commercial developers, where the company sells entitled, infrastructure-ready parcels at significant premiums to raw land costs. This represents approximately 80-85% of total revenues. The company purchases raw land, navigates complex entitlement processes to secure development approvals, installs necessary infrastructure (roads, utilities, drainage), and then sells finished lots to builders like Lennar, KB Home, and other major homebuilders. The customers are primarily large-scale residential builders for housing lots and commercial developers for retail, office, and mixed-use projects. Secondary revenue streams include **property management and development services** (10-15% of revenues), where Five Point earns management fees for overseeing development projects, particularly through ventures like the Great Park Venture partnership. The company also generates **rental income** from commercial properties it owns and operates. A unique aspect of Five Point's model is its **joint venture structure**, particularly the Great Park Venture with Lennar, where Five Point contributes land and receives both upfront payments and ongoing distributions based on home sales performance. This model allows the company to monetize land assets while sharing development risks. Factors that increase margins include California's chronic housing shortage, which supports premium land pricing, successful navigation of complex entitlement processes that create significant barriers to entry, and the company's focus on high-demand coastal California markets. Margin pressures come from lengthy development timelines, regulatory delays, infrastructure development costs, interest rate fluctuations affecting builder demand, and California's increasingly stringent environmental and fire safety regulations that can impact product mix and development costs.
Competitive moat
Five Point Holdings possesses a **moderate but defensible moat** built primarily around its strategic land holdings and regulatory expertise, though this moat faces meaningful challenges. The company's primary competitive advantage lies in its ownership of large, entitled land parcels in highly desirable California markets where new development opportunities are extremely limited due to geographic constraints, environmental regulations, and local opposition to new housing. The company's **regulatory expertise** represents a significant moat component, as navigating California's complex entitlement process requires specialized knowledge, established relationships with local governments, and substantial capital to sustain multi-year approval processes. This creates meaningful barriers to entry for potential competitors. Five Point's experience in converting former military bases (El Toro, Candlestick Point, The Shipyard) into residential communities provides specialized expertise that few competitors possess. However, the moat has notable vulnerabilities. The company is **heavily dependent on California's regulatory environment**, making it susceptible to policy changes, environmental regulations, and local political shifts. The business model requires substantial upfront capital investment with uncertain timelines for returns, limiting the pool of potential competitors but also constraining Five Point's own growth opportunities. **Competition** comes from other large-scale developers like Irvine Company, as well as homebuilders who increasingly develop their own land. The threat of **disruption** is relatively low given the physical nature of land development, but changes in housing preferences (such as increased remote work reducing demand for California housing) or major regulatory reforms could impact the company's value proposition. The moat is further strengthened by California's chronic housing undersupply, which supports premium pricing, but weakened by the company's limited ability to replicate its model in new markets due to capital constraints and the unique nature of its current land holdings.
Risks & safety
Five Point Holdings demonstrates a **strong margin of safety** from a balance sheet perspective, though valuation metrics present mixed signals. **Cash and Liquidity Position:** - Strong cash position of $528 million as of Q1 2025 - Total liquidity of $653 million including credit facilities - Minimal cash burn with positive free cash flow of $57 million in Q1 2025 - Current ratio of 69.3x indicating excellent short-term liquidity **Debt and Solvency:** - Total debt of approximately $400-500 million (based on debt-to-equity ratio of 0.70) - Manageable debt load relative to asset base of $3.16 billion - S&P credit rating upgraded from B- to B in 2025 - No immediate refinancing pressures **Valuation Metrics:** - Extremely low P/E ratio of 3.99x suggesting potential undervaluation - Price-to-book ratio of 0.35x indicating trading below book value - Graham Net-Net value of 3.49x current price suggesting significant asset backing - EV/EBITDA of negative infinity due to strong cash position **Other Considerations:** - Asset-heavy business model provides substantial tangible value backing - California land holdings in prime markets offer intrinsic value support - Cyclical nature of real estate development creates earnings volatility risk - Regulatory and environmental risks specific to California operations
Recent development
Over the past few years, Five Point Holdings has undergone significant strategic evolution, shifting from a growth-focused land developer to a more capital-efficient, partnership-oriented model. The most significant development has been the **Great Park Venture partnership with Lennar**, which has become the company's primary revenue engine and strategic template for future growth. The company has successfully **optimized its existing communities** rather than pursuing aggressive expansion, focusing on maximizing value from its Valencia and Great Park holdings through careful phasing and premium pricing strategies. In 2024, Great Park Neighborhoods achieved record performance with land sales generating 75% gross margins, while Valencia continues steady development with multiple active selling programs. A major strategic pivot has been the adoption of an **asset-light growth model**, where Five Point seeks to partner with builders and investors using joint venture structures that reduce capital requirements while maintaining development management roles. This approach allows the company to leverage its regulatory expertise and land development capabilities without the substantial capital investments traditionally required for master-planned community development. The company has also made significant progress on its **San Francisco projects**, receiving final approval to rebalance entitlements between Candlestick and The Shipyard communities, with infrastructure construction expected to begin in early 2026. Additionally, Five Point is exploring **commercial-to-residential conversions**, particularly examining the potential to convert 100 acres of commercial land in Irvine to residential use, responding to changing market demands. Recent initiatives include engaging former CEO Emile Haddad as a consultant to accelerate growth strategy implementation and actively pursuing strategic partnerships and acquisition opportunities that fit the new capital-efficient model. The company has also focused heavily on **cost management**, successfully controlling SG&A expenses while maintaining operational capabilities across its development portfolio.
FPH company profile · for informational purposes only — not investment advice.
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