FPHFive Point Holdings, LLC
Is it safe?
Mostly sound, with a caveat: comfortable debt (AA), but big price swings.
Rock-solid balance sheet, low leverage. A rule of thumb on leverage, not a credit rating.
Large price swings, high volatility. Worst drawdown -88% · now 29% below its 52-week high.
Where this answer is blind. Altman sits structurally low for utilities and pipelines; Beneish runs high for fast growers, since sales growth alone lifts it; banks and REITs are excluded.
Can FPH take a bad year?
Five Point Holdings, LLC carries $96M of net debt at 344× EBITDA: a heavy load to carry through a bad year.
Net debt · as at Q2 2026 · over four years of earnings before interest, tax and depreciation, heavy
- Net debt / EBITDA
- 344×
Net debt / EBITDA · 1.80× a year ago · the load is going up
- Cash runway
- 4.8 years
Cash runway · burning $18M a quarter at the current rate
- Annualised volatility
- 46%
Annualised volatility · roughly twice as jumpy as the market
Details›
- Total debtQ2 2026
- $444M
- Cash and short-term investments
- $348M
- Net debt
- $96M
- EBITDA, trailing twelve months
- $278K
- Operating profit, trailing twelve months
- −$6.2M
- Debt / equity
- 0.19×
- Total debt / EBITDA
- 1597×
- Annualised volatilitytwo years of daily moves
- 46%
- Worst drawdown on file
- −88%
- Below its 52-week high
- 29%
Balance sheet from SEC filings; drawdown and volatility from end-of-day closes; Altman Z from the filed statements.
Real Estate, Development
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