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

First Foundation (FFWM) reported diluted earnings per share of -$1.88 for fiscal year 2025. This represents a -33.3% 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.

First Foundation Financials

FFWM

FY2025 annual

Revenue $34.4M -5.1% YoY

Net Income -$155.2M -67.9% YoY

EPS (Diluted) -$1.88 -33.3% YoY

Free Cash Flow -$35.2M -207.7% YoY

Source SEC Filings (10-K/10-Q) Data as of Dec 31, 2025 Currency USD FYE December

First Foundation (FFWM) reported $34.4M in revenue for fiscal year 2025, down 5.1% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 14 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).

Rhea AI FFWM FY2025 2026-08-15

First Foundation is using balance-sheet shrinkage to protect liquidity while earnings and cash generation remain under pressure.

Across FY2023-FY2025, total assets contracted by 10.7% while cash finished FY2025 at $1.6B. Because FY2025 operating cash flow was -$31.9M and financing cash flow was -$581.0M, that liquidity rebuild likely came from asset runoff or sales rather than from profits or fresh external funding.

With $11.9B of assets supported by only $912.6M of equity, the company still has a thin equity layer. That is why a -1.3% return on assets became a much larger -17.0% return on equity in FY2025; even after some deleveraging from FY2023, the structure still magnifies asset-level weakness.

Cash conversion has shifted materially since FY2021-FY2022, when operating cash flow stayed near reported earnings, to FY2024-FY2025, when both turned negative. Because FY2025 capital spending was just $3.3M versus free cash flow of -$35.2M, the shortfall reflects operating pressure rather than a business that simply needs heavy physical reinvestment.

Financial Health Signals

Financial Health Score 8/100

Scored as: Banks peer group

Scored against banks for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of First Foundation's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Earnings

Growth

Capital

Efficiency

Credit Quality

Stability

Piotroski F-Score Partial

2/6

First Foundation passes 2 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality No Cash Backing

N/A

First Foundation reported a net loss of $155.2M while operations used $31.9M of cash. With neither figure positive, the ratio between the two carries no quality signal.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

$34.4M

YoY-5.1%

5Y CAGR+3.1%

10Y CAGR-6.1%

First Foundation generated $34.4M in revenue in fiscal year 2025. This represents a decrease of 5.1% from the prior year.

Net Income

-$155.2M

YoY-67.9%

First Foundation reported -$155.2M in net income in fiscal year 2025. This represents a decrease of 67.9% from the prior year.

EPS (Diluted)

-$1.88

YoY-33.3%

First Foundation earned -$1.88 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 33.3% from the prior year.

EBITDA

Not reported for fiscal year 2025.

Cash & Balance Sheet

Free Cash Flow

-$35.2M

YoY-207.7%

First Foundation recorded an outflow of $35.2M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 207.7% from the prior year.

Cash & Debt

$1.6B

YoY+59.9%

5Y CAGR+20.9%

10Y CAGR+22.4%

First Foundation held $1.6B in cash as of fiscal year 2025; long-term debt is not reported for that period.

Shares Outstanding

83M

YoY+0.6%

First Foundation had 83M shares outstanding in fiscal year 2025. This represents an increase of 0.6% from the prior year.

Dividends Per Share

Not reported for fiscal year 2025.

Margins & Returns

Return on Equity

-17.0%

YoY-8.2pp

5Y CAGR-29.1pp

10Y CAGR-22.1pp

First Foundation's ROE was -17.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 8.2 percentage points from the prior year.

Gross Margin

Not reported for fiscal year 2025.

Operating Margin

Not reported for fiscal year 2025.

Net Margin

Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.

Capital Allocation

Share Buybacks

$433K

YoY+190.6%

5Y CAGR-31.3%

First Foundation spent $433K on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 190.6% from the prior year.

Capital Expenditures

$3.3M

YoY+21.6%

5Y CAGR+3.0%

10Y CAGR+6.6%

First Foundation invested $3.3M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 21.6% from the prior year.

R&D Spending

Not reported for fiscal year 2025.

FFWM Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

FFWM annual income statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12
Revenue	$34.4M-5.1%	$36.2M+2.7%	$35.3M-9.1%	$38.8M+7.7%	$36.0M+22.3%	$29.5M+2.8%	$28.7M-0.3%	$28.7M+7.6%	$26.7M+9.5%	$24.4M-62.2%	$64.5M+36.0%	$47.4M+21.0%	$39.2M+26.9%	$30.9M
SG&A Expenses	$96.7M+15.2%	$83.9M-0.5%	$84.3M-23.5%	$110.2M+25.4%	$87.9M+19.0%	$73.9M+5.6%	$69.9M+3.6%	$67.5M+19.4%	$56.6M+16.4%	$48.6M+20.1%	$40.5M+20.6%	$33.5M+16.7%	$28.8M+23.6%	$23.3M
Interest Expense	$353.6M-17.5%	$428.4M+15.3%	$371.4M+336.0%	$85.2M+511.4%	$13.9M-70.5%	$47.2M-40.0%	$78.8M+52.4%	$51.7M+123.0%	$23.2M+107.1%	$11.2M+78.2%	$6.3M+37.0%	$4.6M+30.7%	$3.5M+11.5%	$3.1M
Income Tax	$83.6M+285.9%	-$45.0M-4397.3%	-$1.0M-102.5%	$39.3M-7.1%	$42.3M+22.9%	$34.4M+47.9%	$23.3M+35.8%	$17.1M-25.6%	$23.0M+53.1%	$15.0M+59.0%	$9.5M+47.1%	$6.4M+294.3%	$1.6M-18.8%	$2.0M
Net Income	-$155.2M-67.9%	-$92.4M+53.6%	-$199.1M-280.1%	$110.5M+0.9%	$109.5M+29.8%	$84.4M+50.0%	$56.2M+30.9%	$43.0M+55.7%	$27.6M+18.4%	$23.3M+74.2%	$13.4M+59.4%	$8.4M+6.9%	$7.9M+35.3%	$5.8M
EPS (Diluted)	-$1.88-33.3%	-$1.41+60.1%	-$3.53-280.1%	$1.96-18.7%	$2.41+28.2%	$1.88+50.4%	$1.25+23.8%	$1.01+29.5%	$0.78+11.4%	$0.70+20.7%	$0.58	$0.51	$1.01+18.8%	$0.85

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$127.4M+1374.7%	$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
SG&A Expenses	$62.9M+165.2%	$23.7M+3.6%	$22.9M-8.8%	$25.1M-62.5%	$67.0M+234.8%	$20.0M+4.8%	$19.1M-1.6%	$19.4M
Interest Expense	$87.9M-0.8%	$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
Income Tax	$32K-100.0%	$87.4M+2848.2%	-$3.2M-402.4%	-$633K+92.8%	-$8.8M+74.6%	-$34.8M-8164.6%	-$421K+53.7%	-$910K
Net Income	-$8.0M+94.5%	-$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
EPS (Diluted)	-$0.10+94.4%	-$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

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, Operating Income.

FFWM Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

FFWM annual balance sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12
Total Assets	$11.9B-5.9%	$12.6B-5.1%	$13.3B+2.4%	$13.0B+27.6%	$10.2B+46.6%	$7.0B+10.2%	$6.3B+8.1%	$5.8B+28.6%	$4.5B+14.2%	$4.0B+53.3%	$2.6B+91.3%	$1.4B+30.7%	$1.0B	N/A
Cash & Equivalents	$1.6B+59.9%	$1.0B-23.4%	$1.3B+102.1%	$656.5M-41.5%	$1.1B+78.1%	$629.7M+863.0%	$65.4M-2.9%	$67.3M-44.1%	$120.4M-79.9%	$597.9M+177.2%	$215.7M+626.6%	$29.7M-47.9%	$57.0M-9.8%	$63.1M
Goodwill	N/A	N/A	N/A	$215.3M	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$11.0B-5.2%	$11.6B-6.5%	$12.4B+4.4%	$11.9B+30.1%	$9.1B+45.8%	$6.3B+9.8%	$5.7B+7.9%	$5.3B+27.4%	$4.1B+12.3%	$3.7B+58.2%	$2.3B+85.7%	$1.3B+32.1%	$950.6M	N/A
Total Equity	$912.6M-13.4%	$1.1B+13.8%	$925.3M-18.4%	$1.1B+6.6%	$1.1B+52.9%	$695.7M+13.3%	$613.9M+9.8%	$559.2M+41.6%	$395.0M+38.9%	$284.3M+9.4%	$259.7M+161.1%	$99.5M+14.7%	$86.8M+17.9%	$73.6M
Retained Earnings	-$30.1M-124.1%	$125.0M-42.8%	$218.6M-48.8%	$426.7M+25.1%	$341.0M+37.7%	$247.6M+40.9%	$175.8M+36.8%	$128.5M+50.2%	$85.5M+49.8%	$57.1M+69.0%	$33.8M+65.6%	$20.4M+70.0%	$12.0M	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$11.9B-0.1%	$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
Cash & Equivalents	$1.6B-5.9%	$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
Total Liabilities	$11.0B0.0%	$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
Total Equity	$912.6M-0.6%	$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
Retained Earnings	-$30.1M-36.4%	-$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

Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Current Liabilities, Long-Term Debt.

FFWM Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

FFWM annual cash flow statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12
Operating Cash Flow	-$31.9M-265.8%	-$8.7M-209.2%	$8.0M-92.1%	$101.5M+4.7%	$96.9M+43.7%	$67.4M+11.6%	$60.4M+18.5%	$51.0M+34.6%	$37.9M+91.6%	$19.8M+42.5%	$13.9M+48.3%	$9.4M+17.4%	$8.0M-5.5%	$8.4M
Capital Expenditures	$3.3M+21.6%	$2.7M-66.8%	$8.2M+79.2%	$4.6M+42.9%	$3.2M+12.1%	$2.9M+28.4%	$2.2M-17.7%	$2.7M+21.3%	$2.2M-62.3%	$5.9M+238.6%	$1.8M+937.3%	$169K-91.1%	$1.9M+39.1%	$1.4M
Free Cash Flow	-$35.2M-207.7%	-$11.4M-4988.0%	-$225K-100.2%	$96.9M+3.4%	$93.7M+45.1%	$64.6M+10.9%	$58.2M+20.6%	$48.3M+35.5%	$35.6M+157.6%	$13.8M+14.2%	$12.1M+31.9%	$9.2M+51.6%	$6.1M-14.1%	$7.1M
Investing Cash Flow	$1.2B+325.1%	$287.4M+116.4%	$132.8M+104.1%	-$3.2B-3990.5%	-$79.4M-218.8%	-$24.9M+94.2%	-$427.0M+37.2%	-$679.5M-19.4%	-$569.0M+43.1%	-$1.0B	N/A	N/A	N/A	N/A
Financing Cash Flow	-$581.0M+1.4%	-$589.1M-211.3%	$529.4M-80.2%	$2.7B+464.8%	$474.5M-9.1%	$521.8M+43.1%	$364.7M-36.6%	$575.5M+974.5%	$53.6M-96.1%	$1.4B	N/A	N/A	N/A	N/A
Dividends Paid	N/A	$1.1M-87.5%	$9.0M-63.7%	$24.8M+53.5%	$16.2M+29.3%	$12.5M+40.1%	$8.9M	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$433K+190.6%	$149K-72.3%	$538K-88.4%	$4.6M+168.5%	$1.7M-39.0%	$2.8M+12178.3%	$23K-95.4%	$497K	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	-$24.3M-364.5%	$9.2M+156.4%	-$16.3M-2844.9%	-$552K+97.4%	-$21.0M-247.9%	$14.2M+255.9%	-$9.1M-226.5%	$7.2M
Capital Expenditures	$309K-50.2%	$620K+46.9%	$422K-78.5%	$2.0M+439.8%	$364K-55.9%	$826K+229.1%	$251K-80.5%	$1.3M
Free Cash Flow	-$24.6M-387.3%	$8.6M+151.3%	-$16.7M-562.6%	-$2.5M+88.2%	-$21.4M-259.7%	$13.4M+242.9%	-$9.4M-258.2%	$5.9M
Investing Cash Flow	-$77.3M-136.8%	$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
Financing Cash Flow	-$526K-100.1%	$452.1M+146.5%	-$972.9M-1530.4%	-$59.7M+91.5%	-$700.5M-167.0%	-$262.3M-305.1%	$127.9M-48.0%	$245.8M
Dividends Paid	N/A	N/A	N/A	N/A	-$1K0.0%	-$1K-100.2%	$566K0.0%	$566K
Share Buybacks	N/A	N/A	N/A	N/A	$7K	$0	$0-100.0%	$142K

FFWM Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

FFWM annual financial ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12
Net Margin	-451.4%	-255.1%	-564.4%	284.9%	304.0%	286.3%	196.2%	149.4%	103.3%	95.6%+74.8pp	20.8%+3.0pp	17.7%-2.3pp	20.0%+1.2pp	18.8%
Return on Equity	-17.0%-8.2pp	-8.8%+12.7pp	-21.5%-31.3pp	9.7%-0.6pp	10.3%-1.8pp	12.1%+3.0pp	9.2%+1.5pp	7.7%+0.7pp	7.0%-1.2pp	8.2%+3.1pp	5.1%-3.3pp	8.4%-0.6pp	9.0%+1.2pp	7.9%
Return on Assets	-1.3%-0.6pp	-0.7%+0.8pp	-1.5%-2.3pp	0.9%-0.2pp	1.1%-0.1pp	1.2%+0.3pp	0.9%+0.1pp	0.7%+0.1pp	0.6%0.0pp	0.6%+0.1pp	0.5%-0.1pp	0.6%-0.1pp	0.8%	N/A
Debt-to-Equity	12.04+1.0x	11.00-2.4x	13.40+2.9x	10.47+1.9x	8.58-0.4x	9.00-0.3x	9.29-0.2x	9.44-1.1x	10.50-2.5x	12.98+4.0x	8.98-3.6x	12.62+1.7x	10.96	N/A
FCF Margin	-102.5%	-31.6%-31.0pp	-0.6%	249.8%	260.2%	219.2%	203.1%	167.9%	133.4%	56.7%+38.0pp	18.8%-0.6pp	19.4%+3.9pp	15.5%-7.4pp	22.9%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Net Margin	-6.3%	-1693.9%	-89.4%-166.7pp	77.3%+86.6pp	-9.3%	-896.9%	33.6%+24.4pp	9.2%
Return on Equity	-0.9%+15.1pp	-15.9%-15.2pp	-0.7%-1.4pp	0.7%+2.0pp	-1.3%+6.3pp	-7.7%-8.0pp	0.3%+0.2pp	0.1%
Return on Assets	-0.1%+1.2pp	-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%
Debt-to-Equity	12.04+0.1x	11.98+1.9x	10.03-0.8x	10.87-0.1x	11.00-0.5x	11.50-2.2x	13.70+0.1x	13.63
FCF Margin	-19.3%-118.3pp	99.0%	-193.9%	-28.2%-14.2pp	-14.0%	146.2%	-102.1%	68.8%

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Current Ratio.

Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Net Margin, FCF Margin.

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Where First Foundation Ranks

Frequently Asked Questions

What is First Foundation's annual revenue?

First Foundation (FFWM) reported $34.4M in total revenue for fiscal year 2025. This represents a -5.1% 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 declined by 5.1% year-over-year, from $36.2M to $34.4M in fiscal year 2025.

Is First Foundation profitable?

No, First Foundation (FFWM) reported a net income of -$155.2M in fiscal year 2025.

What is First Foundation's return on equity (ROE)?

First Foundation (FFWM) has a return on equity of -17.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is First Foundation's free cash flow?

First Foundation (FFWM) recorded an outflow of $35.2M in free cash flow during fiscal year 2025. This represents a -207.7% 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) recorded an outflow of $31.9M in operating cash flow during fiscal year 2025, representing cash used by core business activities.

What are First Foundation's total assets?

First Foundation (FFWM) had $11.9B in total assets as of fiscal year 2025, including both current and long-term assets.

What are First Foundation's capital expenditures?

First Foundation (FFWM) invested $3.3M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Does First Foundation buy back shares?

Yes, First Foundation (FFWM) spent $433K on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does First Foundation have outstanding?

First Foundation (FFWM) had 83M shares outstanding as of fiscal year 2025.

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

First Foundation (FFWM) had a debt-to-equity ratio of 12.04 as of fiscal year 2025, 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 -1.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is First Foundation's Piotroski F-Score?

First Foundation (FFWM) has a Piotroski F-Score of 2 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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) reported a net loss of $155.2M while operations used $31.9M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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.

How financially healthy is First Foundation?

First Foundation (FFWM) scores 8 out of 100 on our Financial Health Score, indicating weak standing within its banks peer group. The score is a 0-100 composite of six dimensions (Earnings, Growth, Capital, Efficiency, Credit Quality, Stability), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.