A Business at a Glance
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ITEM 1. BUSINESS Seaport Entertainment Group Inc. (“Seaport Entertainment,” the “Company,” “we,” “our” and “us”) is a Delaware corporation and was incorporated in 2024 in connection with, and anticipation of, Howard Hughes Holdings Inc.’s (“HHH”) spin-off of its entertainment-related assets in New York City and Las Vegas (the “Spin-Off”). The separation of Seaport Entertainment from HHH, which was effected through HHH’s pro rata distribution of 100% of the outstanding shares of common stock of Seaport Entertainment to holders of HHH common stock, was completed on July 31, 2024. Following the completion of the separation, Seaport Entertainment became an independent, publicly traded company. On August 1, 2024, the Company’s common stock began trading on the NYSE American LLC (the “NYSE American”) under the symbol “SEG”.
| Metric | TTM | FY2024 | FY2023 |
|---|---|---|---|
| Revenue | 124M | 111M | - |
| Net Income | -122M | -153M | -838M |
| EPS | $-2.90 | $-16.82 | $-151.77 |
| Free Cash Flow | 0 | -53M | -51M |
| ROIC | -20.3% | -23.1% | -110.9% |
| Gross Margin | - | - | - |
| Debt/Equity | 0.08 | 0.18 | 0.40 |
| Dividends/Share | $0.00 | - | - |
| Operating Income | -108M | -102M | -756M |
| Operating Margin | -87.1% | -91.5% | - |
| ROE | -25.0% | -32.4% | -217.7% |
| Shares Outstanding | 13M | 9M | 6M |
| Metric | 2023 | ||
|---|---|---|---|
| Income Statement | |||
| Revenue | N/A | 111M | 124M |
| Gross Margin | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A |
| SG&A | N/A | N/A | N/A |
| EBIT | -756M | -102M | -108M |
| Op. Margin | N/A | -91.5% | -87.1% |
| Net Income | -838M | -153M | -122M |
| Net Margin | N/A | -137.9% | -98.2% |
| Non-Recurring | 672M | 0 | 0 |
| Returns on Capital | |||
| ROIC | -110.9% | -23.1% | -20.3% |
| ROE | -217.7% | -32.4% | -25.0% |
| ROA | -135.9% | -22.5% | -349.3% |
| Cash Flow | |||
| Op. Cash Flow | -51M | -53M | -31M |
| Free Cash Flow | -51M | -53M | 0 |
| Owner Earnings | -97M | -87M | -66M |
| CapEx | 0 | 0 | 0 |
| Maint. CapEx | 45M | 31M | 31M |
| Growth CapEx | N/A | N/A | 0 |
| D&A | 45M | 31M | 31M |
| CapEx/OCF | N/A | N/A | 0.0% |
| Capital Allocation | |||
| Dividends Paid | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | 0.0% |
| Stock-Based Comp | 1.5M | 3.3M | 3.3M |
| Debt Repayment | 0 | 0 | 0 |
| Balance Sheet | |||
| Net Debt | 154M | -64M | -67M |
| Cash & Equiv. | N/A | N/A | 106M |
| Long-Term Debt | 156M | 102M | 102M |
| Debt/Equity | 0.40 | 0.18 | 0.08 |
| Interest Coverage | -238.9 | -15.1 | -15.1 |
| Equity | 385M | 561M | 486M |
| Total Assets | 617M | 744M | 35M |
| Total Liabilities | 232M | 172M | 203M |
| Intangibles | N/A | N/A | N/A |
| Retained Earnings | N/A | -52M | -52M |
| Working Capital | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A |
| Current Liabilities | 28M | 23M | 23M |
| Per Share Data | |||
| EPS | -151.77 | -16.82 | -2.90 |
| Owner EPS | -17.62 | -9.58 | -5.17 |
| Book Value | 69.70 | 61.64 | 38.15 |
| Cash Flow/Share | -9.20 | -5.79 | -7.09 |
| Dividends/Share | N/A | N/A | 0.00 |
| Shares Out. | 5.5M | 9.1M | 12.7M |
| Valuation | |||
| P/E Ratio | N/A | N/A | -7.8 |
| P/FCF | N/A | N/A | N/A |
| EV/EBIT | N/A | N/A | N/A |
| Price/Book | N/A | 0.4 | 0.6 |
| Price/Sales | N/A | 2.3 | 2.3 |
| FCF Yield | N/A | -21.0% | N/A |
| Market Cap | N/A | 251M | 289M |
| Avg. Price | N/A | 28.65 | 22.68 |
| Year-End Price | N/A | 27.52 | 22.68 |
Seaport Entertainment Group Inc. passes 0 of 9 quality checks, indicating weak fundamentals.
Seaport Entertainment Group Inc. (SEG) has a 5-year average return on invested capital (ROIC) of -67.0%. This is below average and may indicate limited pricing power.
Seaport Entertainment Group Inc. (SEG) has a market capitalization of $289M. It is classified as a small-cap stock.
Seaport Entertainment Group Inc. (SEG) does not currently pay a regular dividend.
Seaport Entertainment Group Inc. (SEG) operates in the Services-Miscellaneous Amusement & Recreation industry, within the Consumer Cyclical sector.
Seaport Entertainment Group Inc. (SEG) reported annual revenue of $111 million in its most recent fiscal year, based on SEC EDGAR filings.
Seaport Entertainment Group Inc. (SEG) has a net profit margin of -137.9%. The company is currently unprofitable.
Seaport Entertainment Group Inc. (SEG) generated $-53 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
Seaport Entertainment Group Inc. (SEG) has a debt-to-equity ratio of 0.18. This indicates a conservatively financed balance sheet.
Seaport Entertainment Group Inc. (SEG) reported earnings per share (EPS) of $-16.82 in its most recent fiscal year.
Seaport Entertainment Group Inc. (SEG) has a return on equity (ROE) of -32.4%. A negative ROE may indicate losses or negative equity.
The Ledger Terminal provides 2 years of financial data for Seaport Entertainment Group Inc. (SEG), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Seaport Entertainment Group Inc. (SEG) has a book value per share of $61.64, based on its most recent annual SEC filing.