A Business at a Glance
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First Foundation Inc.
FFWM
First Foundation Inc. (FFWM) has a 5-year average return on invested capital (ROIC) of -4.3%. This is below average and may indicate limited pricing power.
First Foundation Inc. (FFWM) has a market capitalization of $508M. It is classified as a small-cap stock.
First Foundation Inc. (FFWM) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 0.09%.
First Foundation Inc. (FFWM) operates in the State Commercial Banks industry, within the Financials sector.
First Foundation Inc. (FFWM) reported annual revenue of $588 million in its most recent fiscal year, based on SEC EDGAR filings.
First Foundation Inc. (FFWM) has a net profit margin of -26.4%. The company is currently unprofitable.
First Foundation Inc. (FFWM) generated $-35 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
Unless we state otherwise or the context otherwise requires, references in this Annual Report on Form 10-K to “we,” “our,” and “us” refer to First Foundation Inc., a Delaware corporation, (“FFI” or the “Company”) and its consolidated subsidiaries, First Foundation Advisors (“FFA”) and First Foundation Bank (“FFB” or “Bank”), and FFB’s wholly owned subsidiaries, First Foundation Public Finance (“FFPF”), and Blue Moon Management, LLC. We are a financial services company that provides a comprehensive platform of financial services to individuals, businesses and other organizations. We currently conduct our operations in California, Nevada, Florida, Texas, and Hawaii. Our integrated platform provides banking products and services, investment advisory and wealth management services and trust services to effectively and efficiently meet the financial needs of our clients.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 588M | 588M | 545M | 623M | 452M | 318M |
| Net Income | -155M | -155M | -92M | -199M | 111M | 110M |
| EPS | $-1.88 | $-1.88 | $-1.41 | $-3.53 | $1.96 | $2.41 |
| Free Cash Flow | -35M | -35M | -11M | -225K | 97M | 94M |
| ROIC | 0.1% | -15.8% | -9.3% | -18.0% | 9.4% | 12.4% |
| Gross Margin | 40.8% | 40.8% | 30.4% | 50.0% | 81.0% | 94.4% |
| Debt/Equity | 0.26 | 0.26 | 0.23 | 1.52 | 1.05 | 0.20 |
| Dividends/Share | $0.00 | - | $0.02 | $0.16 | $0.44 | $0.36 |
| Operating Income | 10M | 10M | 10M | 12M | 9.4M | 13M |
| Operating Margin | 1.8% | 1.8% | 1.9% | 1.9% | 2.1% | 4.1% |
| ROE | -17.0% | -15.8% | -9.3% | -19.3% | 10.1% | 12.4% |
| Shares Outstanding | 83M | 83M | 66M | 56M | 56M | 45M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 72M | 93M | 135M | 176M | 243M | 291M | 299M | 318M | 452M | 623M | 545M | 588M | 588M |
| Gross Margin | 93.3% | 90.4% | 88.3% | 85.2% | 77.0% | 72.0% | 81.9% | 94.4% | 81.0% | 50.0% | 30.4% | 40.8% | 40.8% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 34M | 40M | 49M | 57M | 68M | 70M | 74M | 88M | 110M | 84M | 84M | 97M | 97M |
| EBIT | 3.0M | 2.4M | 3.4M | 5.0M | 6.6M | 8.9M | 10M | 13M | 9.4M | 12M | 10M | 10M | 10M |
| Op. Margin | 4.1% | 2.5% | 2.5% | 2.8% | 2.7% | 3.1% | 3.4% | 4.1% | 2.1% | 1.9% | 1.9% | 1.8% | 1.8% |
| Net Income | 8.4M | 13M | 23M | 28M | 43M | 56M | 84M | 110M | 111M | -199M | -92M | -155M | -155M |
| Net Margin | 11.6% | 14.3% | 17.2% | 15.7% | 17.7% | 19.4% | 28.3% | 34.5% | 24.4% | -32.0% | -17.0% | -26.4% | -26.4% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 215M | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 7.9% | 7.2% | 8.4% | 8.1% | 9.0% | 9.6% | 12.9% | 12.4% | 9.4% | -18.0% | -9.3% | -15.8% | 0.1% |
| ROE | 9.0% | 7.4% | 8.6% | 8.1% | 9.0% | 9.6% | 12.9% | 12.4% | 10.1% | -19.3% | -9.3% | -15.8% | -17.0% |
| ROA | 0.7% | 0.7% | 0.7% | 0.6% | 0.8% | 0.9% | 1.3% | 1.3% | 1.0% | -1.5% | -0.7% | -1.3% | -1.3% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 9.4M | 14M | 20M | 38M | 51M | 60M | 67M | 97M | 101M | 8.0M | -8.7M | -32M | -32M |
| Free Cash Flow | 9.2M | 12M | 14M | 36M | 48M | 58M | 65M | 94M | 97M | -225K | -11M | -35M | -35M |
| Owner Earnings | 7.7M | 12M | 17M | 34M | 46M | 56M | 62M | 91M | 94M | 1.9M | -15M | -42M | -42M |
| CapEx | 169K | 1.8M | 5.9M | 2.2M | 2.7M | 2.2M | 2.9M | 3.2M | 4.6M | 8.2M | 2.7M | 3.3M | 3.3M |
| Maint. CapEx | 1.2M | 1.4M | 1.9M | 2.4M | 2.8M | 3.0M | 3.2M | 3.3M | 4.0M | 4.4M | 4.8M | 4.4M | 4.4M |
| Growth CapEx | 0 | 403K | 4.1M | 0 | 0 | 0 | 0 | 0 | 547K | 3.8M | 0 | 0 | 0 |
| D&A | 1.2M | 1.4M | 1.9M | 2.4M | 2.8M | 3.0M | 3.2M | 3.3M | 4.0M | 4.4M | 4.8M | 4.4M | 4.4M |
| CapEx/OCF | 1.8% | 12.6% | 30.0% | 5.9% | 5.3% | 3.7% | 4.2% | 3.3% | 4.5% | 103.6% | N/A | N/A | 0.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 8.9M | 13M | 16M | 25M | 9.0M | 1.1M | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | 1.5% | 2.0% | 1.5% | 2.2% | 2.0% | 0.2% | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 497K | 23K | 2.8M | 1.7M | 4.6M | 538K | 149K | 433K | 433K |
| Buyback Yield | N/A | N/A | N/A | N/A | 0.1% | 0.0% | 0.3% | 0.2% | 0.6% | 0.1% | 0.0% | 0.0% | 0.1% |
| Stock-Based Comp | 451K | 613K | 899K | 1.8M | 2.6M | 1.6M | 2.1M | 2.8M | 3.5M | 1.7M | 2.0M | 5.3M | 5.3M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | 243M | 564M | 652M | 38M | -169M | -337M | -1.2B | -2.1B | 540M | 82M | -776M | -1.4B | -1.4B |
| Cash & Equiv. | 30M | 216M | 598M | 120M | 67M | 65M | 630M | 1.1B | 656M | 1.3B | 1.0B | 1.6B | 1.6B |
| Long-Term Debt | 20M | 10M | N/A | N/A | N/A | N/A | N/A | N/A | 148M | 62K | 62K | N/A | 240M |
| Debt/Equity | 2.84 | 3.06 | 4.40 | 1.72 | 1.27 | 1.21 | 0.39 | 0.20 | 1.05 | 1.52 | 0.23 | 0.26 | 0.26 |
| Interest Coverage | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0 |
| Equity | 99M | 260M | 284M | 395M | 559M | 614M | 696M | 1.1B | 1.1B | 925M | 1.1B | 913M | 913M |
| Total Assets | 1.4B | 2.6B | 4.0B | 4.5B | 5.8B | 6.3B | 7.0B | 10.2B | 13.0B | 13.3B | 12.6B | 11.9B | 11.9B |
| Total Liabilities | 1.3B | 2.3B | 3.7B | 4.1B | 5.3B | 5.7B | 6.3B | 9.1B | 11.9B | 12.4B | 11.6B | 11.0B | 11.0B |
| Intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6.6M | 4.9M | 3.6M | 2.4M | 2.4M |
| Retained Earnings | 20M | 34M | 57M | 86M | 128M | 176M | 248M | 341M | 427M | 219M | 125M | -30M | -30M |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 0.27 | 0.29 | 0.35 | 0.78 | 1.01 | 1.25 | 1.88 | 2.41 | 1.96 | -3.53 | -1.41 | -1.88 | -1.88 |
| Owner EPS | 0.24 | 0.26 | 0.26 | 0.95 | 1.07 | 1.24 | 1.39 | 2.00 | 1.67 | 0.03 | -0.24 | -0.50 | -0.50 |
| Book Value | 3.17 | 5.63 | 4.27 | 11.17 | 13.15 | 13.64 | 15.50 | 23.42 | 20.12 | 16.41 | 16.07 | 11.06 | 11.06 |
| Cash Flow/Share | 0.30 | 0.30 | 0.30 | 1.07 | 1.20 | 1.34 | 1.50 | 2.13 | 1.80 | 0.14 | -0.13 | -0.39 | -1.83 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | 0.20 | 0.28 | 0.36 | 0.44 | 0.16 | 0.02 | N/A | 0.00 |
| Shares Out. | 31.4M | 46.1M | 66.6M | 35.4M | 42.5M | 45.0M | 44.9M | 45.4M | 56.4M | 56.4M | 65.5M | 82.5M | 82.5M |
| Valuation | |||||||||||||
| P/E Ratio | 16.0 | 18.3 | 18.8 | 22.0 | 11.6 | 12.9 | 10.2 | 10.1 | 7.0 | N/A | N/A | N/A | -3.3 |
| P/FCF | 28.1 | 40.4 | 63.2 | 17.1 | 10.3 | 12.4 | 13.3 | 11.8 | 7.9 | N/A | N/A | N/A | N/A |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -83.9 |
| Price/Book | 1.3 | 0.9 | 1.5 | 1.5 | 0.9 | 1.2 | 1.2 | 1.0 | 0.7 | 0.6 | 0.4 | N/A | 0.6 |
| Price/Sales | 2.1 | 2.5 | 2.9 | 20.2 | 23.6 | 21.2 | N/A | N/A | N/A | N/A | N/A | N/A | 0.9 |
| FCF Yield | 6.8% | 4.9% | 3.2% | 5.9% | 9.7% | 8.0% | 7.5% | 8.5% | 12.6% | -0.0% | -2.9% | N/A | -6.9% |
| Market Cap | 134M | 245M | 437M | 608M | 497M | 724M | 862M | 1.1B | 769M | 556M | 392M | 0 | 508M |
| Avg. Price | 8.52 | 9.36 | 10.81 | 15.22 | 15.95 | 13.49 | 14.13 | 23.04 | 20.28 | 7.85 | 7.07 | 0.00 | 6.16 |
| Year-End Price | 8.24 | 10.61 | 13.13 | 17.20 | 11.69 | 16.09 | 19.21 | 24.26 | 13.65 | 9.86 | 5.98 | 0.00 | 6.16 |
First Foundation Inc. passes 3 of 9 quality checks, indicating weak fundamentals.
The company's 5-year average gross margin is 59.3%. At current prices, the estimated annualized return to fair value is -15.4%.
First Foundation Inc. (FFWM) has a debt-to-equity ratio of 0.26. This indicates a conservatively financed balance sheet.
First Foundation Inc. (FFWM) reported earnings per share (EPS) of $-1.88 in its most recent fiscal year.
First Foundation Inc. (FFWM) has a return on equity (ROE) of -15.8%. A negative ROE may indicate losses or negative equity.
First Foundation Inc. (FFWM) has a 5-year average gross margin of 59.3%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 14 years of financial data for First Foundation Inc. (FFWM), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
First Foundation Inc. (FFWM) has a book value per share of $11.06, based on its most recent annual SEC filing.