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FPH Stock Analysis: Top Small-Cap Hold (Score 49.9/100) | Blank Capital Research | Blank Capital Research
FPH
Five Point Holdings, LLC
$4.95
+0.00 (+0.00%)
Score49.9
Data as of Apr 6, 2026
FPH
Five Point Holdings, LLC
Real EstateReal Estate
$4.95
+0.00 (+0.00%)
Open $4.96High $5.02Low $4.81Prev $4.95Vol ---52W: $4.58 – $6.64
Hold
Composite score
01234567890123456789.0123456789
Global rank
#1,005
Percentile
Top 23%
Business quality
70th
percentile
Exceptional capital efficiency and structural profitability. This enterprise generates superior returns on invested capital compared to industry peers.
Relative valuation derived from Real Estate sector median benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Multiples adjusted for extreme outliers and non-recurring volatility.
Auditing capital efficiency...
Quality Profile Audit
Score: 70.1GRADE B+
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation.
Return on Equity
Profit generated per dollar of shareholder equity
5.9%
Sector: 1.5%
Dividend Analysis audit
No Dividend
This company does not currently pay a dividend.
Analyst Projections
Analyst Consensus
Unlock Valuation Tools
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Based on our 6-factor quantitative model, Five Point Holdings, LLC (FPH) receives a "Hold" rating with a composite score of 49.9/100, ranked #1005 out of 4446 stocks. Key factor scores: Quality 70/100, Value 41/100, Momentum 35/100. This is quantitative analysis only — not investment advice.
Five Point Holdings, LLC (FPH) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does Five Point Holdings, LLC Do?
Five Point Holdings, LLC, through its subsidiary, Five Point Operating Company, LP, owns and develops mixed-use and planned communities in Orange County, Los Angeles County, and San Francisco County. The company operates in four segments: Valencia, San Francisco, Great Park, and Commercial. It sells residential and commercial land sites to homebuilders, commercial developers, and commercial buyers; operates and owns a commercial office, medical campus, and other properties; and provides development and property management services. The company was formerly known as Newhall Holding Company, LLC and changed its name to Five Point Holdings, LLC in May 2016. Five Point Holdings, LLC was incorporated in 2009 and is headquartered in Irvine, California. Five Point Holdings, LLC (FPH) is classified as a small-cap stock in the Real Estate sector. The company is led by CEO Daniel Hedigan and employs approximately 100 people. With a market capitalization of $347M, FPH is one of the notable companies in the Real Estate sector.
Five Point Holdings, LLC (FPH) Stock Rating — Hold (April 2026)
As of April 2026, Five Point Holdings, LLC receives a Hold rating with a composite score of 49.9/100 and 3 out of 5 stars from the Blank Capital Research quantitative model.FPH ranks #1,005 out of 4,446 stocks in our coverage universe. Within the Real Estate sector, Five Point Holdings, LLC ranks #10 of 57 stocks, placing it in the top quartile of its Real Estate peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).
FPH Stock Price and 52-Week Range
Five Point Holdings, LLC (FPH) currently trades at $4.95. The 52-week high for FPH is $6.64, which means the stock is currently trading -25.5% from its annual peak. The 52-week low is $4.58, putting the stock 8.1% above its annual trough. Recent trading volume was 175K shares, suggesting relatively thin trading activity.
Is FPH Overvalued or Undervalued? — Valuation Analysis
Five Point Holdings, LLC (FPH) carries a value factor score of 41/100 in the Blank Capital model, indicating fair valuation relative to historical norms. The trailing price-to-earnings ratio is 2.55x, compared to the Real Estate sector average of 32.31x — a discount of 92%. The price-to-book ratio stands at 0.15x, versus the sector average of 1.18x. The price-to-sales ratio is 6.84x, compared to 0.80x for the average Real Estate stock.
Overall, FPH's valuation appears roughly in line with sector benchmarks, suggesting the market is pricing the stock fairly given its current fundamentals and growth trajectory. Neither deep value nor significantly overpriced, the stock occupies a middle ground on valuation.
Five Point Holdings, LLC Profitability — ROE, Margins, and Quality Score
Five Point Holdings, LLC (FPH) earns a quality factor score of 70/100, indicating solid business quality with consistent operational execution. The return on equity (ROE) is 5.9%, compared to the Real Estate sector average of 1.5%, which is below typical expectations for high-quality companies. Return on assets (ROA) comes in at 4.2% versus the sector average of 0.8%.
On a margin basis, Five Point Holdings, LLC reports gross margins of 47.0%, compared to 26.0% for the sector. The operating margin is -67.8% (sector: 3.7%). Net profit margin stands at 265.2%, versus 1.8% for the average Real Estate stock. Revenue growth is running at -73.7% on a trailing basis, compared to 6.1% for the sector. The overall profitability profile is adequate, though there may be room for margin expansion.
FPH Debt, Balance Sheet, and Financial Health
Five Point Holdings, LLC has a debt-to-equity ratio of 37.0%, compared to the Real Estate sector average of 60.0%. The low leverage indicates a conservative balance sheet with significant financial flexibility. The current ratio is 3.78x, indicating strong short-term liquidity. Total debt on the balance sheet is $445M. Cash and equivalents stand at $351M.
FPH has a beta of 0.79, meaning it is less volatile than the S&P 500, making it a relatively defensive holding. The stability factor score for Five Point Holdings, LLC is 71/100, indicating low-volatility characteristics and consistent price behavior that appeals to risk-averse investors.
Five Point Holdings, LLC Revenue and Earnings History — Quarterly Trend
In TTM 2026, Five Point Holdings, LLC reported revenue of $51M. Net income for the quarter was $137M. Gross margin was 47.0%. Operating income came in at $-27M.
In FY 2025, Five Point Holdings, LLC reported revenue of $110M. Net income for the quarter was $184M. Revenue grew -53.8% year-over-year compared to FY 2024. Operating income came in at $-7M.
In Q3 2025, Five Point Holdings, LLC reported revenue of $13M. Net income for the quarter was $56M. Revenue grew -20.7% year-over-year compared to Q3 2024. Operating income came in at $-8M.
In Q2 2025, Five Point Holdings, LLC reported revenue of $7M. Net income for the quarter was $9M. Revenue grew -85.4% year-over-year compared to Q2 2024. Operating income came in at $-12M.
Over the past 8 quarters, Five Point Holdings, LLC has experienced revenue contraction from $51M to $51M. Investors analyzing FPH stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
FPH Dividend Yield and Income Analysis
Five Point Holdings, LLC (FPH) does not currently pay a dividend. This is common among smaller companies in the Real Estate industry that prefer to reinvest cash flows into business expansion rather than returning capital to shareholders. Income-focused investors looking for Real Estate dividend stocks may want to explore other Real Estate stocks or use the stock screener to filter by dividend yield.
FPH Momentum and Technical Analysis Profile
Five Point Holdings, LLC (FPH) has a momentum factor score of 35/100, signaling weak relative price performance. Stocks with low momentum scores have historically tended to continue underperforming in the near term. The investment factor score is 39/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 31/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.
FPH vs Competitors — Real Estate Sector Ranking and Peer Comparison
Comparing FPH against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full FPH vs S&P 500 (SPY) comparison to assess how Five Point Holdings, LLC stacks up against the broader market across all factor dimensions.
FPH Next Earnings Date
No upcoming earnings date has been announced for Five Point Holdings, LLC (FPH) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy FPH? — Investment Thesis Summary
Five Point Holdings, LLC presents a balanced picture with arguments on both sides. The quality score of 70/100 indicates above-average profitability and business fundamentals. Momentum is weak at 35/100, a headwind for near-term performance. Low volatility (stability score 71/100) reduces downside risk.
In summary, Five Point Holdings, LLC (FPH) earns a Hold rating with a composite score of 49.9/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on FPH stock.
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Institutional Research Dossier
Five Point Holdings, LLC (FPH) Deep Dive Analysis
Published on March 24, 2026
Action RatingHold
Sections
Executive Summary
Five Point Holdings, LLC (FPH) receives a Hold rating, reflecting a balanced view of its asset-rich balance sheet against its volatile profitability and revenue concentration. While the company's significant land holdings and potential for future development offer upside, the inconsistent financial performance and reliance on large, lumpy land sales create substantial uncertainty, justifying a neutral stance.
The company's valuation appears attractive based on P/E relative to the sector, but this is misleading due to the highly variable nature of its earnings and negative EBITDA. Investors should focus on the long-term development potential of its master-planned communities and the execution of its land sale strategy, while remaining cognizant of the inherent risks associated with real estate development and cyclicality.
Business Strategy & Overview
Five Point Holdings operates as a developer of large, mixed-use, master-planned communities in California. Its core strategy revolves around acquiring and entitling large tracts of land, developing infrastructure, and then selling finished lots to homebuilders and commercial developers. The company's primary assets are located in Valencia (Los Angeles County), San Francisco, and the Great Park (Orange County). These communities are designed to include residential, commercial, retail, and recreational spaces, creating self-contained ecosystems.
The revenue model is primarily driven by land sales, which are inherently lumpy and dependent on market conditions and the pace of development. Five Point also generates revenue from commercial property operations and development services, but these are secondary to the land sale business. The company's strategic positioning hinges on its ability to secure entitlements for large-scale developments in desirable California markets, a process that can be lengthy and complex.
Five Point's success is tied to its ability to navigate the regulatory environment, manage construction costs, and attract homebuilders and commercial developers to its communities. The company faces competition from other land developers, as well as from existing housing stock. Its competitive advantage, if any, lies in the scale and location of its projects, which offer the potential to create unique and highly desirable communities.
The company's future growth depends on the successful execution of its development plans and the ability to monetize its land holdings at attractive prices. This requires a favorable macroeconomic environment, strong demand for housing and commercial space, and effective management of development risks. The large size and long-term nature of its projects mean that Five Point's financial performance can be highly variable from year to year.
Execution Benchmarks audit
Revenue Growth
YOY expansion rate
-73.7%
Sector: 6.1%
-1308% VS SCTR
Economic Moat Analysis
Five Point Holdings' economic moat is, at best, narrow. The company does not possess significant network effects, as the value of its communities is not directly proportional to the number of residents or businesses beyond a certain threshold. Switching costs are also low, as homebuilders and commercial developers can easily choose to purchase land from other developers or build in existing communities.
The company's intangible assets, such as entitlements and brand reputation, offer some degree of competitive advantage. Securing entitlements for large-scale developments in California is a difficult and time-consuming process, creating a barrier to entry for new competitors. However, these entitlements are not exclusive and can be subject to legal challenges and regulatory changes.
Five Point does not appear to have significant cost advantages. The costs of land acquisition, infrastructure development, and construction are largely determined by market conditions and are similar for all developers. While the company may be able to achieve some economies of scale through its large projects, these are unlikely to be substantial enough to create a sustainable cost advantage.
Efficient scale is not a major factor in this industry. While there are some economies of scale associated with large-scale development, the market is not limited to a small number of players. Numerous developers operate in California, and there is no evidence that Five Point has a significant advantage in terms of scale.
Overall, Five Point's competitive advantage is primarily based on the scale and location of its projects, as well as its ability to secure entitlements. However, these advantages are not strong enough to create a wide economic moat. The company faces significant competition from other developers, and its financial performance is highly dependent on market conditions and execution.
Financial Health & Profitability
Five Point Holdings' financial health presents a mixed picture. The company's revenue has been highly volatile, with a significant decrease of 73.7% year-over-year. This is due to the lumpy nature of land sales, which can vary significantly from quarter to quarter and year to year. The company's gross margin of 47.0% is relatively high compared to the sector average of 30.5%, but its operating margin is significantly negative at -67.8%, compared to the sector average of 3.5%. This discrepancy is due to high operating expenses, which include development costs and administrative overhead.
The company's net income is positive at $183.53 million, resulting in a very high net margin of 265.2%. However, this is largely due to gains from land sales and other non-recurring items, and is not indicative of sustainable profitability. The company's EBITDA is negative at $-7.39 million, reflecting the underlying challenges in generating consistent operating profits. Free cash flow is also negative at $-127.13 million, indicating that the company is consuming cash.
Five Point's balance sheet is relatively strong, with total cash of $351.13 million and total debt of $444.53 million. The current ratio is high at 3.78, indicating that the company has ample liquidity to meet its short-term obligations. The debt-to-equity ratio is 37.00, which is lower than the sector average of 76.00, suggesting that the company is not excessively leveraged.
Looking at the quarterly financial history, the volatility in revenue and net income is evident. Revenue fluctuates significantly from quarter to quarter, and net income is often driven by large, one-time gains. The operating margin is consistently negative in several quarters, highlighting the challenges in achieving sustainable profitability. The company's financial performance is highly dependent on the timing and size of land sales, making it difficult to predict future results.
Valuation Assessment
Five Point Holdings' valuation is complex and requires careful consideration of its unique business model and volatile financial performance. The company's P/E ratio of 2.6x appears attractive compared to the sector average of 31.0x. However, this is misleading due to the large, non-recurring gains that have inflated the company's net income. The negative EBITDA renders the EV/EBITDA metric meaningless.
A more appropriate valuation approach would be to focus on the company's net asset value (NAV) and the potential for future land sales. However, this requires detailed information about the value of the company's land holdings and the expected timing and pricing of future sales, which is not readily available. The market capitalization of $354.20 million provides a starting point, but it is important to consider the company's debt and cash positions.
Given the company's volatile financial performance and reliance on large, lumpy land sales, it is difficult to assign a precise fair value to the stock. The current valuation may appear cheap based on P/E, but this is not a reliable indicator of value. Investors should focus on the long-term development potential of the company's master-planned communities and the execution of its land sale strategy.
The company's negative free cash flow and inconsistent profitability raise concerns about its ability to generate sustainable returns. While the company has a strong balance sheet with ample cash, it is important to monitor its cash burn rate and ensure that it can continue to fund its development activities. The valuation is highly sensitive to assumptions about future land sales and development costs, making it difficult to assess with certainty.
Risk & Uncertainty
Five Point Holdings faces several significant risks. The most prominent is the cyclicality of the real estate market. A downturn in the housing market or a recession could significantly reduce demand for land and depress prices, impacting the company's ability to sell lots and generate revenue. This risk is amplified by the company's concentration in California, which is a relatively expensive and volatile real estate market.
Another key risk is the regulatory environment. Securing entitlements for large-scale developments in California is a complex and time-consuming process, and changes in regulations or political opposition could delay or prevent the company from developing its land holdings. Environmental regulations, in particular, can be stringent and costly to comply with.
Execution risk is also a concern. The company's success depends on its ability to effectively manage construction costs, attract homebuilders and commercial developers to its communities, and execute its development plans on time and within budget. Delays or cost overruns could negatively impact the company's financial performance.
Revenue concentration is a significant risk. The company's revenue is highly dependent on a small number of large land sales, which can vary significantly from year to year. A delay or cancellation of a major land sale could have a material impact on the company's financial results. The company's reliance on a few key projects also increases its vulnerability to local market conditions and competition.
Bulls Say / Bears Say
The Bull Case
BULL VIEWFive Point's large land holdings in desirable California markets represent a valuable asset base that will appreciate over time, providing significant upside potential as these communities are developed.
BULL VIEWThe company's strong balance sheet and ample cash position provide financial flexibility to weather economic downturns and continue investing in its development projects, positioning it for long-term growth.
The Bear Case
BEAR VIEWFive Point's reliance on lumpy land sales and negative EBITDA create significant earnings volatility and make it difficult to predict future financial performance, justifying a discounted valuation.
BEAR VIEWThe company's concentration in the California real estate market exposes it to significant regulatory and economic risks, potentially hindering its ability to develop its land holdings and generate sustainable profits.
About the Author
Marques Blank
Founder & Chief Investment Officer, Blank Capital
Marques brings 15 years of institutional finance and investing experience, having overseen financial planning for a $1.6B defense business unit. He developed the proprietary 6-factor quantitative model used to score FPH and 4,400+ other equities.
Five Point Holdings, LLC exhibits a 194% valuation premium relative to institutional benchmarks. This represents a potential valuation overextension based on current multiples.
Return on Assets
Efficiency of asset utilization
4.2%
Sector: 0.8%
Gross Margin
Pricing power and cost efficiency
47.0%
Sector: 26.0%
Operating Margin
Core business profitability
-67.8%
Sector: 3.7%
Net Margin
Bottom-line profitability
265.2%
Sector: 1.8%
Factor Methodology
The Quality factor evaluates the persistence and magnitude of cash flows. Companies with scores >70 exhibit superior competitive moats and financial resilience through economic cycles.
