First Foundation Financials

FFWM

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows First Foundation (FFWM) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 13 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Piotroski F-Score Weak

3/9

First Foundation passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Low Quality

0.10x

For every $1 of reported earnings, First Foundation generates $0.10 in operating cash flow (-$8.8M OCF vs -$92.4M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Revenue

$36.2M

YoY+2.7%

5Y CAGR+4.8%

10Y CAGR-2.7%

First Foundation generated $36.2M in revenue in fiscal year 2024. This represents an increase of 2.7% from the prior year.

EBITDA

N/A

Free Cash Flow

-$11.5M

YoY-3910.5%

First Foundation generated -$11.5M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 3910.5% from the prior year.

Net Income

-$92.4M

YoY+53.6%

First Foundation reported -$92.4M in net income in fiscal year 2024. This represents an increase of 53.6% from the prior year.

EPS (Diluted)

$-1.41

YoY+60.1%

First Foundation earned $-1.41 per diluted share (EPS) in fiscal year 2024. This represents an increase of 60.1% from the prior year.

Cash & Debt

$1.0B

YoY-23.4%

5Y CAGR+73.1%

10Y CAGR+42.4%

First Foundation held $1.0B in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

82M

YoY+45.9%

5Y CAGR+13.0%

First Foundation had 82M shares outstanding in fiscal year 2024. This represents an increase of 45.9% from the prior year.

Gross Margin

N/A

Operating Margin

N/A

Net Margin

-255.1%

YoY+309.3pp

5Y CAGR-451.3pp

10Y CAGR-272.8pp

First Foundation's net profit margin was -255.1% in fiscal year 2024, showing the share of revenue converted to profit. This is up 309.3 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

N/A

Share Buybacks

$149K

YoY-72.3%

5Y CAGR+45.3%

First Foundation spent $149K on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 72.3% from the prior year.

Capital Expenditures

$2.7M

YoY-66.8%

5Y CAGR+4.1%

10Y CAGR+32.1%

First Foundation invested $2.7M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 66.8% from the prior year.

FFWM Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$36.2M+2.7%	$35.3M-9.1%	$38.8M+7.7%	$36.0M+22.3%	$29.5M+2.8%	$28.7M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$428.4M+15.3%	$371.4M+336.0%	$85.2M+511.4%	$13.9M-70.5%	$47.2M-40.0%	$78.8M
Income Tax	-$45.0M-4397.3%	-$1.0M-102.5%	$39.3M-7.1%	$42.3M+22.9%	$34.4M+47.9%	$23.3M
Net Income	-$92.4M+53.6%	-$199.1M-280.1%	$110.5M+0.9%	$109.5M+29.8%	$84.4M+50.0%	$56.2M
EPS (Diluted)	$-1.41+60.1%	$-3.53-280.1%	$1.96-18.7%	$2.41+28.2%	$1.88+50.4%	$1.25

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Revenue	$8.6M+0.4%	$8.6M-3.6%	$8.9M-94.2%	$152.5M+1564.2%	$9.2M-0.2%	$9.2M+6.6%	$8.6M-94.1%	$146.6M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$88.7M+1.9%	$87.0M-3.2%	$89.9M-11.1%	$101.2M-6.4%	$108.0M+0.9%	$107.1M-4.4%	$112.1M+7.6%	$104.1M
Income Tax	$87.4M+2848.2%	-$3.2M-402.4%	-$633K+92.8%	-$8.8M+74.6%	-$34.8M-8164.6%	-$421K+53.7%	-$910K+60.4%	-$2.3M
Net Income	-$146.3M-1802.8%	-$7.7M-211.5%	$6.9M+148.9%	-$14.1M+82.8%	-$82.2M-2763.7%	$3.1M+289.0%	$793K-68.9%	$2.5M
EPS (Diluted)	$-1.78-1877.8%	$-0.09-212.5%	$0.08+147.1%	$-0.17+86.2%	$-1.23-2560.0%	$0.05+400.0%	$0.01-80.0%	$0.05

FFWM Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$12.6B-5.1%	$13.3B+2.4%	$13.0B+27.6%	$10.2B+46.6%	$7.0B+10.2%	$6.3B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$1.0B-23.4%	$1.3B+102.1%	$656.5M-41.5%	$1.1B+78.1%	$629.7M+863.0%	$65.4M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	$215.3M	N/A	N/A	N/A
Total Liabilities	$11.6B-6.5%	$12.4B+4.4%	$11.9B+30.1%	$9.1B+45.8%	$6.3B+9.8%	$5.7B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$1.1B+13.8%	$925.3M-18.4%	$1.1B+6.6%	$1.1B+52.9%	$695.7M+13.3%	$613.9M
Retained Earnings	$125.0M-42.8%	$218.6M-48.8%	$426.7M+25.1%	$341.0M+37.7%	$247.6M+40.9%	$175.8M

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Total Assets	$11.9B+2.8%	$11.6B-7.9%	$12.6B-0.4%	$12.6B-5.5%	$13.4B-2.5%	$13.7B+0.9%	$13.6B+1.9%	$13.3B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$1.7B+63.6%	$1.1B+4.1%	$1.0B-0.2%	$1.0B-8.2%	$1.1B-22.2%	$1.4B-10.5%	$1.6B+19.7%	$1.3B
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$11.0B+4.3%	$10.5B-8.6%	$11.5B-0.6%	$11.6B-5.8%	$12.3B-3.7%	$12.8B+1.0%	$12.7B+2.1%	$12.4B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$917.9M-12.6%	$1.1B-0.9%	$1.1B+0.7%	$1.1B-1.5%	$1.1B+14.6%	$933.2M+0.5%	$928.7M+0.4%	$925.3M
Retained Earnings	-$22.1M-117.8%	$124.2M-5.8%	$131.9M+5.5%	$125.0M-10.1%	$139.1M-37.1%	$221.3M+1.2%	$218.8M+0.1%	$218.6M

FFWM Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	-$8.8M-210.9%	$7.9M-92.2%	$101.5M+4.7%	$96.9M+43.7%	$67.4M+11.6%	$60.4M
Capital Expenditures	$2.7M-66.8%	$8.2M+79.2%	$4.6M+42.9%	$3.2M+12.1%	$2.9M+28.4%	$2.2M
Free Cash Flow	-$11.5M-3910.5%	-$287K-100.3%	$96.9M+3.4%	$93.7M+45.1%	$64.6M+10.9%	$58.2M
Investing Cash Flow	$287.4M+116.4%	$132.8M+104.1%	-$3.2B-3990.5%	-$79.4M-218.8%	-$24.9M+94.2%	-$427.0M
Financing Cash Flow	-$589.1M-211.3%	$529.4M-80.2%	$2.7B+464.8%	$474.5M-9.1%	$521.8M+43.1%	$364.7M
Dividends Paid	$1.1M-87.5%	$9.0M-63.7%	$24.8M+53.5%	$16.2M+29.3%	$12.5M+40.1%	$8.9M
Share Buybacks	$149K-72.3%	$538K-88.4%	$4.6M+168.5%	$1.7M-39.0%	$2.8M+12178.3%	$23K

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Operating Cash Flow	$9.2M+156.4%	-$16.3M-2844.9%	-$552K+97.4%	-$21.1M-248.3%	$14.2M+255.9%	-$9.1M-226.5%	$7.2M+121.0%	-$34.3M
Capital Expenditures	$620K+46.9%	$422K-78.5%	$2.0M+439.8%	$364K-55.9%	$826K+229.1%	$251K-80.5%	$1.3M-32.7%	$1.9M
Free Cash Flow	$8.6M+151.3%	-$16.7M-562.6%	-$2.5M+88.3%	-$21.5M-260.2%	$13.4M+242.9%	-$9.4M-258.2%	$5.9M+116.4%	-$36.2M
Investing Cash Flow	$210.0M-79.6%	$1.0B+1679.1%	$57.9M-90.8%	$631.2M+1042.9%	-$66.9M+76.5%	-$285.3M-3491.3%	$8.4M-96.5%	$241.4M
Financing Cash Flow	$452.1M+146.5%	-$972.9M-1530.4%	-$59.7M+91.5%	-$700.4M-167.0%	-$262.3M-305.1%	$127.9M-48.0%	$245.8M-18.3%	$301.0M
Dividends Paid	N/A	N/A	N/A	-$1K0.0%	-$1K-100.2%	$566K0.0%	$566K+0.4%	$564K
Share Buybacks	N/A	N/A	N/A	$7K	$0	$0-100.0%	$142K+7000.0%	$2K

FFWM Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	-255.1%+309.3pp	-564.4%-849.3pp	284.9%-19.1pp	304.0%+17.7pp	286.3%+90.1pp	196.2%
Return on Equity	N/A	N/A	9.7%-0.6pp	10.3%-1.8pp	12.1%+3.0pp	9.2%
Return on Assets	-0.7%+0.8pp	-1.5%-2.3pp	0.9%-0.2pp	1.1%-0.1pp	1.2%+0.3pp	0.9%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	11.00-2.4	13.40+2.9	10.47+1.9	8.58-0.4	9.00-0.3	9.29
FCF Margin	-31.8%-31.0pp	-0.8%-250.7pp	249.8%-10.4pp	260.2%+41.0pp	219.2%+16.1pp	203.1%

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	-1693.9%-1604.5pp	-89.4%-166.7pp	77.3%+86.6pp	-9.3%+887.6pp	-896.9%-930.5pp	33.6%+24.4pp	9.2%+7.5pp	1.7%
Return on Equity	N/A	N/A	0.7%	N/A	N/A	0.3%+0.2pp	0.1%-0.2pp	0.3%
Return on Assets	-1.2%-1.2pp	-0.1%-0.1pp	0.1%+0.2pp	-0.1%+0.5pp	-0.6%-0.6pp	0.0%+0.0pp	0.0%-0.0pp	0.0%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	11.98+1.9	10.03-0.8	10.87-0.1	11.00-0.5	11.50-2.2	13.70+0.1	13.63+0.2	13.40
FCF Margin	99.0%+292.9pp	-193.9%-165.7pp	-28.2%-14.2pp	-14.1%-160.2pp	146.2%+248.2pp	-102.1%-170.9pp	68.8%+93.5pp	-24.7%

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Frequently Asked Questions

What is First Foundation's annual revenue?

First Foundation (FFWM) reported $36.2M in total revenue for fiscal year 2024. This represents a 2.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is First Foundation's revenue growing?

First Foundation (FFWM) revenue grew by 2.7% year-over-year, from $35.3M to $36.2M in fiscal year 2024.

Is First Foundation profitable?

No, First Foundation (FFWM) reported a net income of -$92.4M in fiscal year 2024, with a net profit margin of -255.1%.

What is First Foundation's earnings per share (EPS)?

First Foundation (FFWM) reported diluted earnings per share of $-1.41 for fiscal year 2024. This represents a 60.1% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is First Foundation's net profit margin?

First Foundation (FFWM) had a net profit margin of -255.1% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is First Foundation's free cash flow?

First Foundation (FFWM) generated -$11.5M in free cash flow during fiscal year 2024. This represents a -3910.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is First Foundation's operating cash flow?

First Foundation (FFWM) generated -$8.8M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are First Foundation's total assets?

First Foundation (FFWM) had $12.6B in total assets as of fiscal year 2024, including both current and long-term assets.

What are First Foundation's capital expenditures?

First Foundation (FFWM) invested $2.7M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

Does First Foundation buy back shares?

Yes, First Foundation (FFWM) spent $149K on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.

How many shares does First Foundation have outstanding?

First Foundation (FFWM) had 82M shares outstanding as of fiscal year 2024.

What is First Foundation's debt-to-equity ratio?

First Foundation (FFWM) had a debt-to-equity ratio of 11.00 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is First Foundation's return on assets (ROA)?

First Foundation (FFWM) had a return on assets of -0.7% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is First Foundation's cash runway?

Based on fiscal year 2024 data, First Foundation (FFWM) had $1.0B in cash against an annual operating cash burn of $8.8M. This gives an estimated cash runway of approximately 1388 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is First Foundation's Piotroski F-Score?

First Foundation (FFWM) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are First Foundation's earnings high quality?

First Foundation (FFWM) has an earnings quality ratio of 0.10x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.