Five Point Holdings
FPH on NYSE. Five Point Holdings develops and sells homes and land to homebuyers and builders. Market value $325m.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Real estate stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $9.42 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 39 of 100. Price score: 83 of 100. Our list needs 70 on quality and 60 on price.
$4.68 a share, 5% above its 1-year low
Over the past year the price has ranged from $4.45 to $6.47.
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: $65 million in the past 12 months, $105 million in the year to December 2025.
| Revenue | |||||
| Revenue | $224m | $43m | $212m | $238m | $110m |
| Operating margin | |||||
| Operating margin | 5.8% | -84.9% | 51.6% | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | n/a | n/a | n/a | n/a | n/a |
Health checks
- Free cash flow positive3 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)Not enough data
- Profit backed by cash (accruals)Yes
- DebtUnknown
- Revenue growth, five yearsShrinking, 6.5% a year
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $14 million last quarter, up 86% on a year ago.
- Profit: $11 million, up 227% on a year ago.
- Spare cash over the past 12 months: $65 million, down from $150 million.
- Sales grew on a year ago in 2 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $17m |
| December 2024 | $160m |
| March 2025 | $13m |
| June 2025 | $7m |
| September 2025 | $13m |
| December 2025 | $76m |
| March 2026 | $14m |
| June 2026 | $14m |
| Quarter to | Amount |
|---|---|
| September 2024 | $5m |
| December 2024 | $46m |
| March 2025 | $23m |
| June 2025 | $3m |
| September 2025 | $21m |
| December 2025 | $23m |
| March 2026 | -$2m |
| June 2026 | $11m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 6 March 2026
- Next quarterly (estimated, 10-Q)
- 23 October 2026
Who owns it
3 long-term investors we follow own it, unchanged from 3 last quarter. 86 funds in all.
- First Manhattan Co.First Manhattan partners
- Value
- $522,521
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Third Avenue ManagementMatthew Fine | $19m | 3.1% | Cut |
| Saber Capital ManagementJohn Huber | $3m | 2.4% | Added |
| First Manhattan Co.First Manhattan partners | $522,521 | <0.1% |
Largest holders overall
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
No one has reported a stake above 5% since December 2024.
- Manulife Investment Management (US) LLCPassive investorSold down below 5%Since 31 March 2025
| Holder | Stake | Since | |
|---|---|---|---|
Manulife Investment Management (US) LLC Passive investor | Sold down below 5% | 31 March 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 2 sold $693,195.
- McWilliams GregSee RemarksSold
- Date
- 9 March 2026
- Shares
- 111,037
- Price
- $5.23
- Value
- $580,724
- Tobler KimSee RemarksSold
- Date
- 4 December 2025
- Shares
- 18,714
- Price
- $6.01
- Value
- $112,471
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 9 March 2026 | McWilliams Greg See Remarks | Sold | 111,037 | $5.23 | $580,724 |
| 4 December 2025 | Tobler Kim See Remarks | Sold | 18,714 | $6.01 | $112,471 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the serious warning signs we check for were found. 1 thing worth knowing.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 6 Mar 2026, plus the 10-Q filed 24 Jul 2026 and 4 later 8-Ks.
One big customer
Worth knowingOne customer brings in a big share of sales: 49% last year. Losing that customer would hurt.
“The Great Park Venture represented another of the Company’s major customers for the years ended December 31, 2025, 2024 and 2023, and accounted for approximately $ 53.5 million, or 49 %, $ 96.0 million, or 40 %, and $ 47.2 million, or 22 %, of total consolidated revenues, respectively.”
From the 10-K filed 6 March 2026, Item 8. Financial Statements and Notes. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- Sales have shrunk: 6.5% a year.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.