Five Point Holdings, LLC (FPH) vs Belpointe PREP, LLC (OZ)

Five Point Holdings, LLC and Belpointe PREP, LLC are both Real Estate Development companies. Five Point Holdings, LLC is the larger, with a market value of $507.8M against $178.4M — 2.8× the size. Belpointe PREP, LLC has negative trailing earnings, so its P/E is not meaningful; Five Point Holdings, LLC trades at 6.3×. Belpointe PREP, LLC grew revenue faster over the last twelve months: 164.2% against −40.8%. Five Point Holdings, LLC has the higher net margin (45.3% vs −290.5%) and the higher return on invested capital (−0.20% vs −5.01%). Across the 18 metrics below, Five Point Holdings, LLC leads on 15 and Belpointe PREP, LLC on 3.

Valuation

Metric FPH OZ Real Estate Development median
P/E 6.33 n/m 7.17
P/S 6.02 11.49 1.63
P/B 0.30 0.67 0.70
Price to free cash flow 10.81 n/m 7.76
EV/EBITDA 122.45 n/m 11.00
EV/Sales 3.04 29.17 2.43
Earnings yield 15.79% (25.76%) 7.33%
Free cash flow yield 9.25% (31.80%) (1.59%)

Profitability

Metric FPH OZ Real Estate Development median
Gross margin 70.83% (21.25%) 29.60%
Operating margin (5.34%) (277.35%) (2.67%)
Net margin 45.34% (290.46%) 3.36%
Free cash flow margin 55.72% (365.36%) (0.89%)
Return on equity 2.32% (15.92%) 0.56%
Return on assets 1.66% (7.81%) 1.11%
Return on invested capital (0.20%) (5.01%) 0.00%

Growth

Metric FPH OZ Real Estate Development median
Revenue growth (TTM) (40.80%) 164.23% 11.77%
EPS growth (last fiscal year) 0.00% (63.41%) —
Revenue growth, 5-year CAGR (6.46%) 146.47% 5.69%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric FPH OZ Real Estate Development median
Debt to equity 0.00 1.08 0.37
Current ratio 0.63 1.45 0.63
Net debt to EBITDA (312.02) (8.65) 1.81

Dividend

Metric FPH OZ Real Estate Development median
Dividend yield — — —
Payout ratio 0.00 0.00 0.00

Size

Metric FPH OZ Real Estate Development median
Market cap 507.80m 178.40m 178.40m

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