MeritValue

Five Point Holdings, LLC

FPHdata completeness 75%11 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'dilutedShares'; no data for concept 'epsDiluted'

The thesis, from the filings

Five Point Holdings, LLC earns about 5% on invested capital. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$222.7M1$41M2$209.9M3$236M3$108.2M3
Net income$6.57M4−$15.4M5$55.4M6$68.3M6$71M6
Operating cash flow−$81.4M7−$188.3M8$154.1M9$116M9$105.2M9
Capital expenditure$154,00010$75,00011$23,00012$808,00012$217,00012
Free cash flow (derived)−$81.6M7−$188.4M8$154.1M9$115.2M9$105M9
Total debt—————
Cash & equivalents$265.5M13$131.8M14$353.8M15$430.9M15$425.5M15
Diluted shares—————

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

iii. Is this a good business?
Moat signal · return on invested capital
5% avg · 5y
FY21 1%FY22 -2%FY23 7%FY24 10%FY25 10%

It earned an average 5% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
— shares · 5y

Not enough history to read capital allocation.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
no diluted share count — cannot compute per-share value
DCF · Growth Exit 5Y
not applicable
no diluted share count — cannot compute per-share value
Earnings Power Value
not applicable
no diluted share count
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001574197-24-000018 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001574197-25-000006 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001574197-26-000005 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001574197-24-000018 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001574197-25-000006 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001574197-26-000005 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001574197-24-000018 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001574197-25-000006 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001574197-26-000005 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001574197-24-000018 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001574197-25-000006 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001574197-26-000005 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001574197-24-000018 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0001574197-25-000006 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0001574197-26-000005 (CashAndCashEquivalentsAtCarryingValue)