A Business at a Glance
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Business Overview Howard Hughes Holdings Inc. (HHH or the Company) is a holding company that owns a real estate development subsidiary, The Howard Hughes Corporation (HHC). Through HHC, the Company operates a large‑scale, mixed‑use real estate platform focused on the development of master planned communities (MPCs), the investment in strategic real estate development opportunities, and the ownership and operation of income‑producing properties. Our award-winning assets include one of the nation's largest portfolios of MPCs, spanning approximately 101,000 gross acres across five states. We create some of the most sought-after communities in the country by curating an environment tailored to meet the needs of our residents and tenants. This unique business model allows us to seek attractive risk-adjusted returns while maintaining a sharp focus on sustainability to ensure our communities are equipped with the resources to last several decades.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 1.5B | 1.5B | 1.8B | 909M | 1.5B | 1.4B |
| Net Income | 124M | 124M | 198M | -552M | 185M | 56M |
| EPS | $2.21 | $2.21 | $3.96 | $-10.60 | $3.48 | $0.98 |
| Free Cash Flow | 418M | 418M | 349M | -299M | 282M | -320M |
| ROIC | 2.0% | 2.2% | 3.7% | -8.4% | 6.8% | 8.6% |
| Gross Margin | 63.8% | 63.8% | 57.5% | 47.3% | 39.3% | 29.8% |
| Debt/Equity | 2.71 | 2.71 | 3.69 | 1.77 | 0.35 | 10.45 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 332M | 332M | 560M | -528M | 424M | 242M |
| Operating Margin | 22.5% | 22.5% | 32.0% | -58.1% | 28.5% | 16.9% |
| ROE | 3.3% | 3.8% | 7.1% | -16.9% | 5.1% | 2.8% |
| Shares Outstanding | 56M | 56M | 50M | 52M | 53M | 57M |
| Metric | 2021 | 2022 | 2023 | |||
|---|---|---|---|---|---|---|
| Income Statement | ||||||
| Revenue | 1.4B | 1.5B | 909M | 1.8B | 1.5B | 1.5B |
| Gross Margin | 29.8% | 39.3% | 47.3% | 57.5% | 63.8% | 63.8% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 82M | 82M | 87M | 92M | 122M | 122M |
| EBIT | 242M | 424M | -528M | 560M | 332M | 332M |
| Op. Margin | 16.9% | 28.5% | -58.1% | 32.0% | 22.5% | 22.5% |
| Net Income | 56M | 185M | -552M | 198M | 124M | 124M |
| Net Margin | 3.9% | 12.4% | -60.7% | 11.3% | 8.4% | 8.4% |
| Non-Recurring | 15M | 0 | 672M | 0 | 0 | 0 |
| Returns on Capital | ||||||
| ROIC | 8.6% | 6.8% | -8.4% | 3.7% | 2.2% | 2.0% |
| ROE | 2.8% | 5.1% | -16.9% | 7.1% | 3.8% | 3.3% |
| ROA | 20.4% | 3.7% | -5.8% | 2.1% | 1.2% | 1.2% |
| Cash Flow | ||||||
| Op. Cash Flow | -284M | 325M | -258M | 397M | 462M | 462M |
| Free Cash Flow | -320M | 282M | -299M | 349M | 418M | 418M |
| Owner Earnings | -499M | 159M | -444M | 220M | 279M | 279M |
| CapEx | 36M | 43M | 40M | 48M | 45M | 45M |
| Maint. CapEx | 205M | 155M | 169M | 161M | 164M | 164M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 205M | 155M | 169M | 161M | 164M | 164M |
| CapEx/OCF | N/A | 13.3% | N/A | 12.1% | 9.7% | 9.7% |
| Capital Allocation | ||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 81M | 404M | 0 | 0 | 22K | 22K |
| Buyback Yield | 1.6% | 11.3% | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 9.9M | 12M | 16M | 16M | 20M | 20M |
| Debt Repayment | 2.1B | 1.1B | 148M | 808M | 782M | 782M |
| Balance Sheet | ||||||
| Net Debt | 1.6B | 626M | 4.7B | 9.1B | 7.3B | 8.8B |
| Cash & Equiv. | 843M | 610M | 630M | 596M | 1.5B | 1.5B |
| Long-Term Debt | 2.4B | 1.2B | 5.3B | 5.1B | 5.1B | 5.1B |
| Debt/Equity | 10.45 | 0.35 | 1.77 | 3.69 | 2.71 | 2.71 |
| Interest Coverage | 1.9 | 3.8 | -3.4 | 3.4 | 2.0 | 2.0 |
| Equity | 232M | 3.5B | 3.0B | 2.8B | 3.8B | 3.8B |
| Total Assets | 275M | 9.6B | 9.6B | 9.2B | 10.6B | 10.6B |
| Total Liabilities | 43M | 6.0B | 6.5B | 6.4B | 6.8B | 6.8B |
| Intangibles | N/A | 157K | 157K | 157K | N/A | N/A |
| Retained Earnings | N/A | 168M | -384M | -186M | -62M | -62M |
| Working Capital | N/A | N/A | N/A | N/A | -889M | -889M |
| Current Assets | N/A | N/A | N/A | N/A | 629M | 629M |
| Current Liabilities | N/A | 945M | 1.1B | 1.1B | 1.5B | 1.5B |
| Per Share Data | ||||||
| EPS | 0.98 | 3.48 | -10.60 | 3.96 | 2.21 | 2.21 |
| Owner EPS | -8.73 | 2.99 | -8.52 | 4.41 | 4.97 | 4.97 |
| Book Value | 4.06 | 66.76 | 57.50 | 55.61 | 67.34 | 67.34 |
| Cash Flow/Share | -4.97 | 6.13 | -4.97 | 7.94 | 8.25 | 5.14 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 57.1M | 53.0M | 52.1M | 49.9M | 56.1M | 56.1M |
| Valuation | ||||||
| P/E Ratio | 93.1 | 19.4 | N/A | 19.4 | 35.7 | 29.1 |
| P/FCF | N/A | 13.3 | N/A | 11.0 | 10.6 | 8.6 |
| EV/EBIT | 28.1 | 9.9 | 40.5 | 23.0 | 35.3 | 37.3 |
| Price/Book | 22.5 | 1.0 | 1.4 | 1.4 | 1.2 | 1.0 |
| Price/Sales | 3.4 | 2.6 | 4.0 | 2.0 | 2.9 | 2.4 |
| FCF Yield | -6.1% | 7.9% | -7.3% | 9.1% | 9.4% | 11.6% |
| Market Cap | 5.2B | 3.6B | 4.1B | 3.8B | 4.4B | 3.6B |
| Avg. Price | 89.93 | 75.68 | 73.90 | 71.79 | 75.19 | 64.34 |
| Year-End Price | 95.89 | 70.93 | 82.51 | 76.66 | 78.90 | 64.34 |
Howard Hughes Holdings Inc. passes 3 of 9 quality checks, indicating weak fundamentals.
Howard Hughes Holdings Inc. trades at 29.1x trailing earnings, compared to its 15-year median P/E of 27.6x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 9.2x vs a median of 11.0x. The company's 5-year average ROIC is 2.6% with a gross margin of 47.6%. At current prices, the estimated annualized return to fair value is +18.6%.
Howard Hughes Holdings Inc. (HHH) has a current P/E ratio of 29.1, compared to its historical median P/E of 27.6. The stock is currently considered Fair based on its historical valuation range.
Howard Hughes Holdings Inc. (HHH) has a 5-year average return on invested capital (ROIC) of 2.6%. This is below average and may indicate limited pricing power.
Howard Hughes Holdings Inc. (HHH) has a market capitalization of $3.6B. It is classified as a mid-cap stock.
Howard Hughes Holdings Inc. (HHH) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 0.00%.
Based on historical P/E analysis, Howard Hughes Holdings Inc. (HHH) appears fair. The current P/E of 29.1 is 6% above its historical median of 27.6. The estimated fair value CAGR (P/E method) is 27.2%.
Howard Hughes Holdings Inc. (HHH) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
Howard Hughes Holdings Inc. (HHH) reported annual revenue of $1.5 billion in its most recent fiscal year, based on SEC EDGAR filings.
Howard Hughes Holdings Inc. (HHH) has a net profit margin of 8.4%. This is a modest margin.
Howard Hughes Holdings Inc. (HHH) generated $418 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Howard Hughes Holdings Inc. (HHH) has a debt-to-equity ratio of 2.71. This indicates higher leverage, which may increase financial risk.
Howard Hughes Holdings Inc. (HHH) reported earnings per share (EPS) of $2.21 in its most recent fiscal year.
Howard Hughes Holdings Inc. (HHH) has a return on equity (ROE) of 3.8%. This indicates moderate shareholder returns.
Howard Hughes Holdings Inc. (HHH) has a 5-year average gross margin of 47.6%. This indicates decent pricing power.
The Ledger Terminal provides 5 years of financial data for Howard Hughes Holdings Inc. (HHH), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Howard Hughes Holdings Inc. (HHH) has a book value per share of $67.34, based on its most recent annual SEC filing.