FFWM

MKT CAP:$489M

First Foundation Inc.

Market Cap

$489M

Financial Services·Banks - Regional·🇺🇸 United States·NYSE

Financials·Banks - Regional·🇺🇸·NYSE

Stock Price

$5.90-$0.28 (-4.53%)

Mar 31, 2026

Company Details

First Foundation Inc., through its subsidiaries, provides personal banking, business banking, and private wealth management services in the United States. It operates through two segments, Banking and Wealth Management. The company offers a...

CEO

Thomas C. Shafer

IPO Date

Nov 3, 2014

Website

www.firstfoundationinc.com

Key Metrics TTM

Revenue

$551M

+14.5% YoY

Net Income

-$155M

EPS (Diluted)

-$1.89

Free Cash Flow

-$39M

Revenue / Share

$6.65

Gross Margin

24.2%

Operating Margin

-13.0%

Net Margin

-28.1%

FCF Margin

-7.1%

P/S

0.9x

P/E

—

Earnings Reports

Q1 2026

Apr 29, 2026

PENDING

FY 2025

Mar 16, 2026

$588M+22.2%EPS -$1.88

Q4 2025

Mar 16, 2026

$136M-7.9%EPS -$0.10

Q3 2025

Nov 10, 2025

$143M+338.9%EPS -$1.78

Q2 2025

Aug 11, 2025

$125M-15.5%EPS -$0.09

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$93M	$89M	$43M
Q2 22	$99M	$90M	$46M
Q3 22	$107M	$86M	$40M
Q4 22	$115M	$63M	$21M
Q1 23	$132M	$53M	$11M
Q2 23	$138M	$41M	-$213M
Q3 23	$132M	$41M	$2M
Q4 23	$144M	$40M	$248.0K
Q1 24	$152M	$40M	-$117.0K
Q2 24	$148M	$42M	$3M
Q3 24	$33M	-$76M	-$117M
Q4 24	$148M	$26M	-$23M
Q1 25	$146M	$53M	$6M
Q2 25	$125M	$36M	-$11M
Q3 25	$143M	-$11M	-$59M
Q4 25	$136M	$55M	-$8M

Valuation

Quarter	P/S	P/E
Q1 22	4.2x	11.8x
Q2 22	3.3x	9.5x
Q3 22	2.8x	8.8x
Q4 22	2.0x	7.5x
Q1 23	0.9x	4.7x
Q2 23	0.5x	—
Q3 23	0.6x	—
Q4 23	1.0x	—
Q1 24	0.7x	—
Q2 24	0.6x	42.5x
Q3 24	0.7x	—
Q4 24	0.8x	—
Q1 25	0.7x	—
Q2 25	0.9x	—
Q3 25	0.8x	—
Q4 25	0.9x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$40M	$39M
Q2 22	$30M	$28M
Q3 22	$30M	$29M
Q4 22	$813.0K	$237.0K
Q1 23	$10M	$7M
Q2 23	$17M	$16M
Q3 23	$16M	$12M
Q4 23	-$35M	-$37M
Q1 24	$7M	$6M
Q2 24	-$9M	-$9M
Q3 24	$14M	$13M
Q4 24	-$21M	-$21M
Q1 25	-$552.0K	-$3M
Q2 25	-$16M	-$17M
Q3 25	$9M	$9M
Q4 25	-$24M	-$29M

Capital Expenditures

Quarter	CapEx
Q1 22	$1M
Q2 22	$2M
Q3 22	$484.0K
Q4 22	$576.0K
Q1 23	$2M
Q2 23	$109.0K
Q3 23	$4M
Q4 23	$2M
Q1 24	$1M
Q2 24	$251.0K
Q3 24	$826.0K
Q4 24	$364.0K
Q1 25	$2M
Q2 25	$422.0K
Q3 25	$620.0K
Q4 25	$4M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+33.9%	+30.7%
Q2 22	+35.1%	+42.7%
Q3 22	+19.1%	+77.3%
Q4 22	+50.6%	+113.6%
Q1 23	+42.2%	+144.1%
Q2 23	+40.1%	+568.1%
Q3 23	+22.7%	+91.9%
Q4 23	+25.3%	+52.9%
Q1 24	+15.5%	+25.7%
Q2 24	+7.3%	-58.5%
Q3 24	-75.2%	+14.9%
Q4 24	+2.8%	+18.9%
Q1 25	-4.0%	-8.2%
Q2 25	-15.5%	-6.5%
Q3 25	+338.9%	+35.1%
Q4 25	-7.9%	-15.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$1M	1.3%
Q2 22	$833.0K	0.8%
Q3 22	$733.0K	0.7%
Q4 22	$697.0K	0.6%
Q1 23	$32.0K	0.0%
Q2 23	$518.0K	0.4%
Q3 23	$579.0K	0.4%
Q4 23	$545.0K	0.4%
Q1 24	$605.0K	0.4%
Q2 24	$452.0K	0.3%
Q3 24	-$212.0K	-0.6%
Q4 24	$1M	0.7%
Q1 25	$2M	1.1%
Q2 25	$2M	1.5%
Q3 25	$1M	0.7%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A
Q1 22	$30M
Q2 22	$28M
Q3 22	$30M
Q4 22	$23M
Q1 23	$25M
Q2 23	$21M
Q3 23	$20M
Q4 23	$18M
Q1 24	$19M
Q2 24	$19M
Q3 24	$20M
Q4 24	$25M
Q1 25	$25M
Q2 25	$23M
Q3 25	$24M
Q4 25	$34M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$932M	$258M	$1.2B
Q2 22	$174M	$240M	$414M
Q3 22	$318M	$227M	$545M
Q4 22	$656M	$226M	$883M
Q1 23	$1.3B	$211M	$1.5B
Q2 23	$926M	$201M	$1.1B
Q3 23	$819M	$822M	$1.6B
Q4 23	$1.3B	$703M	$2.0B
Q1 24	$1.6B	$797M	$2.4B
Q2 24	$1.4B	$1.1B	$2.5B
Q3 24	$1.1B	$1.3B	$2.4B
Q4 24	$1.0B	$1.3B	$2.3B
Q1 25	$1.0B	$1.5B	$2.5B
Q2 25	$1.1B	$1.5B	$2.5B
Q3 25	$1.7B	$1.6B	$3.3B
Q4 25	$1.6B	$2.4B	$4.1B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	57M	+20.7%	+25.7%
Q2 22	57M	-0.1%	+25.3%
Q3 22	56M	-0.1%	+25.4%
Q4 22	56M	-0.0%	+20.4%
Q1 23	56M	-0.0%	-0.3%
Q2 23	56M	+0.0%	-0.2%
Q3 23	56M	+0.0%	+0.0%
Q4 23	56M	+0.0%	+0.1%
Q1 24	57M	+0.0%	+0.2%
Q2 24	57M	+0.1%	+0.2%
Q3 24	67M	+18.5%	+18.7%
Q4 24	82M	+22.7%	+45.5%
Q1 25	83M	+1.6%	+47.8%
Q2 25	82M	-1.3%	+45.7%
Q3 25	82M	0.0%	+23.0%
Q4 25	83M	+0.5%	+0.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$137.7K	674
Q2 22	$146.5K	674
Q3 22	$159.3K	674
Q4 22	$161.3K	713
Q1 23	$185.1K	713
Q2 23	$194.1K	713
Q3 23	$184.8K	713
Q4 23	$254.1K	567
Q1 24	$268.8K	567
Q2 24	$261.8K	567
Q3 24	$57.5K	567
Q4 24	$268.7K	551
Q1 25	$265.5K	551
Q2 25	$227.7K	551
Q3 25	$259.9K	551
Q4 25	$239.1K	570

Revenue / Employee