Detailed financial statements for Finance of America Companies Inc. (FOA): 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.
Finance of America Companies Inc. a financial service holding company, through its subsidiaries, provides home equity-based financing solutions for a modern retirement in the United States. The company operates through two segments: Retirement Solutions and Portfolio Management. It offers home equity conversion and non-agency reverse mortgage loans; and product development, loan securitization, loan sales, risk management, servicing oversight, and asset management services.
Analysis Summary
Finance of America Companies Inc. reported revenue of $2.13B in the most recent fiscal year, growing at a 5-year CAGR of -2.3%. Net income reached $45.2M, with a -38.6% 5-year CAGR.
Trailing-twelve-month margins: gross margin 39.2%, operating margin 24.4%, net margin -0.0%.
At the current price of $14.53, FOA has negative trailing earnings (P/E not meaningful) and an ROE of 13.97%. Market capitalisation stands at $130M.
Balance sheet quality for FOA: current ratio of 8.0, net debt of $29.88B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of -$429.7M represents -950% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $778.5M | $789.3M | $1.51B | $2.39B | $1.32B | $687.0M | $1.57B | $1.95B | $2.13B |
| Cost of Revenue | 0 | 0 | $666.4M | $649.7M | $62.2M | $719.3M | $1.39B | $1.68B | $1.72B |
| Gross Profit | $778.5M | $789.3M | $847.6M | $1.74B | $1.26B | -$32.4M | $177.0M | $270.6M | $412.0M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $715.4M | $733.7M | $701.3M | $1.15B | $1.54B | $258.7M | $258.9M | $211.9M | $222.8M |
| Operating Expenses | $723.6M | $741.7M | $770.0M | $1.24B | $1.05B | $310.6M | $343.9M | $227.8M | $298.9M |
| Operating Income | $63.1M | $55.5M | $77.6M | $500.3M | $206.6M | -$343.0M | -$166.8M | $42.8M | $113.1M |
| EBITDA | $134.1M | $14.4M | $96.9M | $519.6M | -$1.13B | -$278.0M | -$119.3M | $81.8M | $151.7M |
| Interest Expense | 0 | 0 | $666.4M | $649.7M | $142.1M | $719.3M | $1.39B | $1.68B | $1.72B |
| Pre-tax Income | $54.9M | $47.5M | $77.6M | $500.3M | -$1.20B | -$343.0M | -$166.8M | $42.8M | $113.1M |
| Income Tax | $53000 | $286000 | $949000 | $2.3M | -$19.5M | -$17.1M | -$593000 | $2.4M | $3.5M |
| Net Income | $52.7M | $32.1M | $54.4M | $518.4M | -$251.9M | -$190.7M | -$80.1M | $15.5M | $45.2M |
| EPS | $14.66 | $8.92 | $23.69 | $86.57 | $-41.79 | $-30.61 | $-9.77 | $1.57 | $3.74 |
| EPS (Diluted) | $14.66 | $8.92 | $23.69 | $86.57 | $-13.30 | $-10.09 | $-9.77 | $1.56 | $3.74 |
| Shares Outstanding (Diluted) | $3.6M | $3.6M | $3.2M | $2.9M | $18.9M | $18.9M | $8.2M | $9.9M | $8.5M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $490.9M | $493.4M | $509.1M | $62.4M |
| Gross Profit | $438.0M | $57.8M | $95.0M | $19.7M |
| Operating Income | $395.3M | -$22.0M | $36.3M | -$29.9M |
| EBITDA | $399.6M | -$12.4M | $46.1M | $386.4M |
| Net Income | -$9.5M | -$10.4M | $17.5M | $2.1M |
| EPS | $-1.05 | $-1.34 | $1.93 | $0.10 |
| EPS (Diluted) | $-1.05 | $-1.34 | $1.77 | $0.26 |
Balance Sheet (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $25000 | $118.1M | $247.3M | $143.5M | $61.1M | $46.5M | $47.4M | $324.6M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | 0 | 0 | $115.5M | $109.1M | $120.2M | $104.1M | $62.9M | $26.4M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $91.9M | $118.1M | $386.2M | $287.1M | $192.0M | $162.9M | $122.3M | $324.6M |
| Property, Plant & Equipment | $30.5M | $84.1M | $71.1M | $91.8M | $37.1M | $29.4M | $24.4M | $22.0M |
| Goodwill | $119.3M | $121.1M | $121.2M | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | $24.7M | $21.3M | $197.6M | $1.03B | $392.2M | $260.0M | $216.3M | $179.6M |
| Total Assets | $13.73B | $16.58B | $19.57B | $21.79B | $20.87B | $27.11B | $29.16B | $30.73B |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Short-term Debt | 0 | 0 | $3.02B | $3.36B | $1.34B | $1.27B | $1.28B | $40.6M |
| Total Current Liabilities | $92.0M | $135.6M | $3.25B | $3.60B | $1.42B | $1.28B | $1.29B | $40.6M |
| Long-term Debt | $3.30B | $3.90B | $15.40B | $16.89B | $18.74B | $25.33B | $27.41B | $28.98B |
| Total Liabilities | $13.13B | $15.91B | $18.94B | $20.71B | $20.47B | $26.84B | $28.84B | $30.34B |
| Retained Earnings | 0 | 0 | 0 | -$443.6M | -$634.3M | -$714.4M | -$698.9M | -$653.7M |
| Total Equity | $114354 | $482.7M | $628.2M | $387.9M | $253.9M | $232.3M | $255.3M | $323.9M |
| Total Debt | $3.30B | $3.90B | $18.46B | $20.31B | $20.12B | $26.63B | $28.72B | $30.21B |
| Net Debt | $3.30B | $3.78B | $18.21B | $20.16B | $20.06B | $26.58B | $28.67B | $29.88B |
| Working Capital | -$95000 | -$17.5M | -$2.86B | -$3.31B | -$1.23B | -$1.12B | -$1.17B | $284.1M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $402.4M | $89.5M | $108.0M | $85.28B |
| Total Assets | $30.66B | $30.73B | $31.33B | $37.32B |
| Total Liabilities | $30.29B | $30.34B | $30.89B | $36.91B |
| Total Equity | $283.2M | $323.9M | $347.7M | $346.7M |
| Total Debt | $30.16B | $30.23B | $30.76B | $36.76B |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Net Income | $52.7M | $32.1M | $76.6M | $497.9M | -$251.9M | -$64.4M | -$218.2M | -$142.6M | $103.0M |
| Depreciation & Amortization | $8.0M | $14.4M | $19.3M | $19.3M | $62.2M | $42.0M | $47.5M | $38.9M | $38.6M |
| Stock-based Compensation | 0 | $341000 | $2.9M | 0 | 0 | 0 | $24.7M | $8.8M | $10.2M |
| Change in Working Capital | -$74.9M | $93.1M | -$34.3M | $21.9M | $841.6M | $2.12B | $1.9M | -$50.5M | -$5.2M |
| Operating Cash Flow | $260.2M | $605.9M | $101.1M | -$686.1M | -$96.6M | $1.41B | -$71.6M | -$423.8M | -$429.7M |
| Capital Expenditure | -$11.2M | -$15.4M | -$4.3M | -$23.1M | -$18.1M | 0 | 0 | 0 | 0 |
| Acquisitions | $31.1M | -$4.6M | 0 | -$197000 | -$29.2M | 0 | -$69.7M | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$40.1M |
| Dividends Paid | -$1.0M | 0 | -$2.7M | -$380.4M | -$75.0M | 0 | 0 | 0 | -$196000 |
| Free Cash Flow | $248.9M | $590.5M | $96.8M | -$709.2M | -$114.7M | $1.41B | -$71.6M | -$423.8M | -$429.7M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | -$149.7M | -$91.4M | -$130.9M | -$183.3M |
| Capital Expenditure | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$149.7M | -$91.4M | -$130.9M | -$183.3M |
| Dividends Paid | 0 | 0 | -$1.1M | -$1.1M |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +1.4% | +91.8% | +57.8% | -44.8% | -47.9% | +128.4% | +24.2% | +9.2% | |
| Net Income Growth (YoY) | -39.1% | +69.7% | +852.7% | -148.6% | +24.3% | +58.0% | +119.3% | +192.1% | |
| EPS Growth (YoY) | -39.2% | +165.6% | +265.4% | -148.3% | +26.8% | +68.1% | +116.1% | +138.2% | |
| Shares Change (YoY) | +0.0% | -10.0% | -11.1% | +558.9% | -0.2% | -56.6% | +21.1% | -14.6% | |
| FCF Growth (YoY) | +137.2% | -83.6% | -832.4% | +83.8% | +1327.2% | -105.1% | -492.2% | -1.4% | |
| Gross Margin | 100.0% | 100.0% | 56.0% | 72.8% | 95.3% | -4.7% | 11.3% | 13.9% | 19.4% |
| Operating Margin | 8.1% | 7.0% | 5.1% | 20.9% | 15.7% | -49.9% | -10.6% | 2.2% | 5.3% |
| EBITDA Margin | 17.2% | 1.8% | 6.4% | 21.8% | -86.1% | -40.5% | -7.6% | 4.2% | 7.1% |
| Net Margin | 6.8% | 4.1% | 3.6% | 21.7% | -19.1% | -27.8% | -5.1% | 0.8% | 2.1% |
| FCF Margin | 32.0% | 74.8% | 6.4% | -29.7% | -8.7% | 204.9% | -4.6% | -21.7% | -20.2% |
| Effective Tax Rate | 0.1% | 0.6% | 1.2% | 0.5% | 1.6% | 5.0% | 0.4% | 5.6% | 3.1% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $69.26 | $164.31 | $29.94 | $-246.68 | $-6.06 | $74.46 | $-8.73 | $-42.68 | $-50.68 |
| Dividends Per Share | $0.28 | $0.00 | $0.83 | $132.32 | $3.96 | $0.00 | $0.00 | $0.00 | $0.02 |
| Shares Outstanding (Basic) | $3.6M | $3.6M | $3.2M | $2.9M | $6.0M | $6.2M | $8.2M | $9.9M | $8.5M |
What to look at in Financial Services
Asset managers, brokers, fintech, exchanges. They are not banks — look at AUM, fees and FCF quality.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — Good asset managers have >30% margins thanks to scalability
- ROE — Quality financial services have a consistent ROE >15%
- FCF / Net Income — Earnings quality — >90% expected in capital-light businesses
- Debt / Equity — Fintech and brokers with high D/E are time bombs in crises
- P/E vs own 5y — Asset managers have stable multiples in well-known ranges
- Dividend yield + buybacks — These businesses return a lot of capital — look at total yield (div + buybacks)
Profitability
| Return on Equity | 13.97% |
| Return on Invested Capital | 0.36% |
| Return on Assets | 0.15% |
| Gross Margin | 39.24% |
| Operating Margin | 24.40% |
| Net Margin | -0.02% |
Financial Health
| Debt / Equity | 106.04 |
| Current Ratio | 0.11 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| P/E | 6.61 | 10.86 | 4.23 | 1.20 | -0.95 | -0.41 | -1.13 | 17.91 | 6.47 |
| P/B | 0.00 | 3043.87 | 0.67 | 0.48 | 0.62 | 0.31 | 0.39 | 1.09 | 0.63 |
| P/S | 0.45 | 0.44 | 0.21 | 0.13 | 0.18 | 0.12 | 0.06 | 0.14 | 0.10 |
| Gross Margin | 100.0% | 100.0% | 56.0% | 72.8% | 95.3% | -4.7% | 11.3% | 13.9% | 19.4% |
| Operating Margin | 8.1% | 7.0% | 5.1% | 20.9% | 15.7% | -49.9% | -10.6% | 2.2% | 5.3% |
| Net Margin | 6.8% | 4.1% | 3.6% | 21.7% | -19.1% | -27.8% | -5.1% | 0.8% | 2.1% |
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Explore sector: Financial Services · Financial - Credit Services
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