Detailed financial statements for First Foundation Inc. (FFWM): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
First Foundation Inc. delivers a comprehensive suite of financial services across the United States, catering to personal banking clients, businesses, and individuals requiring private wealth management. Its operations are distinctly divided into two primary segments: Banking and Wealth Management.
Analysis Summary
First Foundation Inc. reported revenue of $588.4M in the most recent fiscal year, growing at a 5-year CAGR of 15.1%.
Trailing-twelve-month margins: gross margin 24.2%, operating margin -13.0%, net margin -28.1%.
At the current price of $5.90, FFWM has negative trailing earnings (P/E not meaningful) and an ROE of -15.75%. Market capitalisation stands at $489M.
Balance sheet quality for FFWM: current ratio of 165.5, net cash position of $2.45B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $133.5M | $168.5M | $228.0M | $272.7M | $291.1M | $308.9M | $413.9M | $546.2M | $481.5M | $588.4M |
| Cost of Revenue | $15.9M | $25.9M | $55.9M | $81.4M | $54.0M | $17.8M | $85.7M | $370.9M | $449.1M | $417.9M |
| Gross Profit | $117.6M | $142.5M | $172.1M | $191.2M | $237.1M | $291.1M | $328.2M | $175.3M | $32.5M | $170.5M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $48.6M | $56.6M | $67.5M | $69.9M | $73.9M | $87.9M | $110.2M | $84.3M | $83.9M | $131.3M |
| Operating Expenses | $79.3M | $91.9M | $112.0M | $111.7M | $118.3M | $139.3M | $178.4M | $375.4M | $169.9M | $242.0M |
| Operating Income | $38.3M | $50.6M | $60.1M | $79.5M | $118.8M | $151.8M | $149.8M | -$200.1M | -$137.4M | -$71.5M |
| EBITDA | $40.6M | $53.9M | $66.0M | $86.1M | $125.4M | $158.6M | $158.5M | -$191.9M | -$129.4M | -$63.9M |
| Interest Expense | $11.2M | $23.2M | $51.7M | $78.8M | $47.2M | $13.9M | $85.2M | $371.4M | $428.4M | $353.6M |
| Pre-tax Income | $38.3M | $50.6M | $60.1M | $79.5M | $118.8M | $151.8M | $149.8M | -$200.1M | -$137.4M | -$71.5M |
| Income Tax | $15.0M | $23.0M | $17.1M | $23.3M | $34.4M | $42.3M | $39.3M | -$1.0M | -$45.0M | $83.6M |
| Net Income | $23.3M | $27.6M | $43.0M | $56.2M | $84.4M | $109.5M | $110.5M | -$199.1M | -$92.4M | -$155.2M |
| EPS | $0.72 | $0.80 | $1.02 | $1.26 | $1.89 | $2.42 | $1.96 | $-3.53 | $-1.41 | $-1.88 |
| EPS (Diluted) | $0.70 | $0.78 | $1.01 | $1.25 | $1.88 | $2.41 | $1.96 | $-3.53 | $-1.41 | $-1.88 |
| Shares Outstanding (Diluted) | $33.5M | $35.3M | $42.6M | $44.9M | $44.9M | $44.9M | $56.5M | $56.4M | $65.6M | $82.5M |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $597.9M | $120.4M | $67.3M | $65.4M | $629.7M | $1.12B | $656.5M | $1.33B | $1.02B | $1.62B |
| Short-term Investments | $509.6M | $519.4M | $809.6M | $1.01B | $807.4M | $1.19B | $226.2M | $703.2M | $1.31B | $2.43B |
| Receivables | 0 | 0 | 0 | 0 | 0 | 0 | $51.4M | $54.2M | $54.8M | $45.8M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $1.11B | $639.8M | $876.9M | $1.08B | $1.44B | $2.31B | $934.0M | $2.09B | $2.38B | $4.10B |
| Property, Plant & Equipment | $6.7M | $6.6M | $9.1M | $8.4M | $8.0M | $37.9M | $36.1M | $39.9M | $35.8M | $34.7M |
| Goodwill | 0 | $27.3M | 0 | 0 | 0 | 0 | $215.3M | 0 | 0 | 0 |
| Intangible Assets | 0 | $6.3M | 0 | 0 | $95.3M | $222.1M | $6.6M | $4.9M | $3.6M | $2.4M |
| Total Assets | $3.98B | $4.54B | $5.84B | $6.31B | $6.96B | $10.20B | $13.01B | $13.33B | $12.65B | $11.90B |
| Accounts Payable | $14.3M | $24.7M | $40.3M | $66.4M | $79.0M | $110.1M | $147.3M | 0 | 0 | 0 |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | $173.1M | $1.18B | $515.8M | $431.8M | $24.8M |
| Total Current Liabilities | $2.44B | $3.47B | $4.57B | $4.96B | $5.99B | $8.92B | $10.51B | $10.69B | $9.87B | $24.8M |
| Long-term Debt | $1.25B | $678.0M | $708.0M | $743.0M | $269.0M | $210.1M | $1.37B | $1.58B | $1.60B | $1.60B |
| Total Liabilities | $3.69B | $4.15B | $5.28B | $5.70B | $6.26B | $9.13B | $11.88B | $12.40B | $11.59B | $10.99B |
| Retained Earnings | $57.1M | $85.5M | $128.5M | $175.8M | $247.6M | $341.0M | $426.7M | $218.6M | $125.0M | -$30.1M |
| Total Equity | $284.3M | $395.0M | $559.2M | $613.9M | $695.7M | $1.06B | $1.13B | $925.3M | $1.05B | $912.6M |
| Total Debt | $1.25B | $678.0M | $708.0M | $743.0M | $269.0M | $210.1M | $1.37B | $1.58B | $1.60B | $1.60B |
| Net Debt | $142.5M | $38.2M | -$168.9M | -$337.4M | -$1.17B | -$2.10B | $487.3M | -$447.4M | -$731.2M | -$2.45B |
| Working Capital | -$1.33B | -$2.83B | -$3.70B | -$3.88B | -$4.56B | -$6.61B | -$9.58B | -$8.60B | -$7.49B | $4.08B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $23.3M | $27.6M | $43.0M | $56.2M | $84.4M | $109.5M | $110.5M | -$199.1M | -$92.4M | -$155.2M |
| Depreciation & Amortization | $2.3M | $3.3M | $5.9M | $6.6M | $6.6M | $6.8M | $8.7M | $8.2M | $8.0M | $8.5M |
| Stock-based Compensation | $899000 | $1.8M | $2.6M | $1.6M | $2.1M | $2.8M | $3.5M | $1.7M | $2.0M | $5.3M |
| Change in Working Capital | -$2.4M | $5.6M | $1.2M | $4.6M | -$26.3M | -$15.8M | -$22.7M | -$6.7M | $2.9M | -$26.5M |
| Operating Cash Flow | $19.8M | $37.9M | $51.0M | $60.4M | $67.4M | $96.9M | $101.5M | $7.9M | -$8.8M | -$31.9M |
| Capital Expenditure | -$5.9M | -$2.2M | -$2.7M | -$2.2M | -$2.9M | -$3.2M | -$4.6M | -$8.2M | -$2.7M | -$3.3M |
| Acquisitions | 0 | $91.0M | $47.6M | 0 | 0 | $1.15B | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | -$497000 | -$23000 | -$2.8M | -$1.7M | -$4.6M | -$538000 | -$149000 | -$433000 |
| Dividends Paid | 0 | 0 | 0 | -$8.9M | -$12.5M | -$16.2M | -$24.8M | -$9.0M | -$1.1M | 0 |
| Free Cash Flow | $13.8M | $35.6M | $48.3M | $58.2M | $64.6M | $93.7M | $96.9M | -$287000 | -$11.5M | -$35.2M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +26.2% | +35.3% | +19.6% | +6.8% | +6.1% | +34.0% | +32.0% | -11.8% | +22.2% | |
| Net Income Growth (YoY) | +18.4% | +55.7% | +30.9% | +50.0% | +29.8% | +0.9% | -280.1% | +53.6% | -67.9% | |
| EPS Growth (YoY) | +11.1% | +27.5% | +23.5% | +50.0% | +28.0% | -19.0% | -280.1% | +60.1% | -33.3% | |
| Shares Change (YoY) | +5.6% | +20.5% | +5.5% | -0.0% | +0.0% | +25.8% | -0.1% | +16.3% | +25.8% | |
| FCF Growth (YoY) | +157.6% | +35.5% | +20.6% | +10.9% | +45.1% | +3.4% | -100.3% | -3910.5% | -206.0% | |
| Gross Margin | 88.1% | 84.6% | 75.5% | 70.1% | 81.5% | 94.2% | 79.3% | 32.1% | 6.7% | 29.0% |
| Operating Margin | 28.7% | 30.0% | 26.4% | 29.2% | 40.8% | 49.1% | 36.2% | -36.6% | -28.5% | -12.2% |
| EBITDA Margin | 30.4% | 32.0% | 28.9% | 31.6% | 43.1% | 51.4% | 38.3% | -35.1% | -26.9% | -10.9% |
| Net Margin | 17.5% | 16.4% | 18.8% | 20.6% | 29.0% | 35.5% | 26.7% | -36.4% | -19.2% | -26.4% |
| FCF Margin | 10.4% | 21.2% | 21.2% | 21.3% | 22.2% | 30.3% | 23.4% | -0.1% | -2.4% | -6.0% |
| Effective Tax Rate | 39.2% | 45.5% | 28.5% | 29.3% | 29.0% | 27.9% | 26.2% | 0.5% | 32.7% | -116.9% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $0.41 | $1.01 | $1.13 | $1.30 | $1.44 | $2.09 | $1.72 | $-0.01 | $-0.18 | $-0.43 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.20 | $0.28 | $0.36 | $0.44 | $0.16 | $0.02 | $0.00 |
| Shares Outstanding (Basic) | $32.4M | $34.5M | $42.1M | $44.6M | $44.6M | $44.6M | $56.4M | $56.4M | $65.6M | $82.5M |
What to look at in Banking companies
- Efficiency Ratio (<=55%) — Operating expenses / revenue. Top banks below 55%.
- ROA (>=1%) — How much they earn per dollar of assets. ROE misleads in banks due to leverage.
- ROTCE (>=12%) — Return on Tangible Common Equity. Strips goodwill and intangibles.
- Equity / Assets (Tier 1 proxy) (>=8%) — Capital ratio proxy. FMP does not expose regulatory Tier 1 directly.
- P/B (1.0-1.5x) — Classic banking metric. <1x can be opportunity or distress.
- Sustainable dividend yield (>=2%, <8%) — EU banks pay 5-7% normally. >8% is distress signal.
Profitability
| Return on Equity | -15.75% |
| Return on Invested Capital | -1.73% |
| Return on Assets | -1.30% |
| Gross Margin | 24.19% |
| Operating Margin | -12.98% |
| Net Margin | -28.15% |
Financial Health
| Debt / Equity | 1.76 |
| Current Ratio | 165.47 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 19.79 | 23.17 | 12.61 | 13.81 | 10.58 | 10.27 | 7.31 | -2.74 | -4.40 | -3.28 |
| P/B | 1.62 | 1.62 | 0.97 | 1.26 | 1.28 | 1.04 | 0.71 | 0.59 | 0.39 | 0.56 |
| P/S | 3.45 | 3.79 | 2.37 | 2.85 | 3.07 | 3.59 | 1.95 | 1.00 | 0.85 | 0.86 |
| Gross Margin | 88.1% | 84.6% | 75.5% | 70.1% | 81.5% | 94.2% | 79.3% | 32.1% | 6.7% | 29.0% |
| Operating Margin | 28.7% | 30.0% | 26.4% | 29.2% | 40.8% | 49.1% | 36.2% | -36.6% | -28.5% | -12.2% |
| Net Margin | 17.5% | 16.4% | 18.8% | 20.6% | 29.0% | 35.5% | 26.7% | -36.4% | -19.2% | -26.4% |
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