Howard Hughes Holdings (HHH) AI Stock Analysis

• Market Cap: $4.86B
• Dividend Yield: N/A
• Average Volume (3M): 296.55K
• Price to Earnings (P/E): 15.9
• Beta (1Y): 0.97
• Revenue Growth: 59.27%
• EPS Growth: 240.63%
• Country: US
• Employees: 545
• Sector: Real Estate
• Sector Strength: 53
• Industry: Real Estate - Diversified
• EPS (TTM): 2.02
• Shares Outstanding: 59,390,960
• 10 Day Avg. Volume: 348,765
• 30 Day Avg. Volume: 296,549
• PEG Ratio: -0.14
• Price to Book (P/B): 1.39
• Price to Sales (P/S): 2.20
• P/FCF Ratio: 10.99
• Enterprise Value/Market Cap: 1.77
• Enterprise Value/Revenue: 4.68
• Enterprise Value/Gross Profit: 10.84
• Enterprise Value/Ebitda: 10.71
• 1Y Price Target: $96.33
• Price Target Upside: 19.58% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): 4.06
• Revenue Forecast (FY): $1.68B

• Rating: 64 Neutral
• Price Target: $86.00 ▲(6.75% Upside)

The score is driven by solid underlying profitability and a constructive earnings outlook (raised EBT and cash flow guidance), but it is held back by high leverage and weakening free cash flow, along with soft technical momentum. Valuation is moderate and corporate events add both opportunity (Vantage) and near-term uncertainty (refinancing alongside weaker preliminary revenue/net income).

Positive Factors

Profitability & Margins

Consistently high gross, net and EBITDA margins indicate durable development economics and pricing power across residential, commercial and mixed‑use assets. Strong margins support internal reinvestment and debt servicing capacity, improving resilience for multi‑quarter development cycles and value creation.

Upgraded Cash Flow & EBT Guidance

Management's upward revision of EBT and adjusted operating cash flow signals improving execution on land monetization and leasing. Higher guidance increases near‑term cash visibility and reduces execution uncertainty, supporting planned development funding and capital allocation over the coming quarters.

Strong MPC Land Sales & Condo Presales

Record master‑planned community land sales and substantial condo presales provide multi‑period cash inflows and validate pricing in core markets. These transactional backlogs and presales underpin predictable revenue conversion, support development pipelines, and reduce market timing risk over several quarters.

Negative Factors

High Leverage

Elevated leverage constrains financial flexibility and increases sensitivity to interest rates and refinancing conditions. With significant debt relative to equity, the company faces higher servicing needs and reduced ability to opportunistically invest or absorb shocks across the next several quarters.

Weakened Free Cash Flow & Cash Conversion

Declining free cash flow and poor operating cash conversion imply earnings are not fully translating into cash, limiting internal funding for development and debt reduction. This increases reliance on capital markets and heightens liquidity risk over the medium term if cash conversion doesn't improve.

Refinancing & Integration Execution Risk

Large new note issuance and near‑term redemptions, paired with preliminary declines in 2025 revenue/net income, raise refinancing and timing risk. The simultaneous Vantage acquisition adds execution and integration complexity, increasing the chance of funding, timing or operational disruption in coming quarters.

Howard Hughes Holdings Business Overview & Revenue Model

Company Description

Howard Hughes Holdings Inc., together with its subsidiaries, operates as a real estate development company in the United States. It operates in four segments: Operating Assets; Master Planned Communities (MPCs); Seaport; and Strategic Developments. The Operating Assets segment consists of developed or acquired retail, office, and multi-family properties along with other retail investments. Its MPCs segment develops, sells, and leases residential and commercial land designated for long-term community development projects in and around Las Vegas, Nevada; Houston, Texas; and Phoenix, Arizona. The Seaport segment is involved in the landlord operations, managed businesses, and events and sponsorships services of its restaurant, retail, and entertain properties in Pier 17, New York City; Historic Area/Uplands; and Tin Building, as well as in 250 Water Street and in the Jean-Georges restaurants. The Strategic Development segment develops and redevelops residential condominiums and commercial properties. It serves homebuilders. Howard Hughes Holdings Inc. was founded in 2010 and is headquartered in The Woodlands, Texas.

How the Company Makes Money

Howard Hughes Holdings generates revenue through several key streams, primarily from the sale and leasing of developed properties in its master-planned communities. The company earns income from residential sales, commercial leasing, and land sales. Additionally, HHH benefits from management fees associated with its property management services. Significant partnerships with local governments and other developers can also enhance its revenue potential by facilitating large-scale projects and community developments. The company’s strategic focus on high-demand markets allows it to capitalize on real estate trends and maximize earnings through effective development and management strategies.

Howard Hughes Holdings Financial Statement Overview

Summary

Strong profitability (TTM gross margin ~39.99%, net margin ~14.95%, EBITDA margin ~41.45%) and modest revenue growth (3.56%) are positives, but leverage is elevated (debt-to-equity 1.40) and free cash flow declined (-17.07%) with weak cash conversion (operating cash flow to net income 0.26).

Income Statement

Howard Hughes Holdings shows a solid revenue growth rate of 3.56% in the TTM, with a strong gross profit margin of 39.99% and a net profit margin of 14.95%. The EBIT and EBITDA margins are also robust at 31.59% and 41.45%, respectively. However, the gross profit margin has slightly decreased from the previous year, indicating some pressure on cost management.

Balance Sheet

The company has a high debt-to-equity ratio of 1.40, which is a concern for financial stability. However, the return on equity has improved to 8.45%, indicating better profitability. The equity ratio stands at 35.22%, suggesting a moderate level of financial leverage.

Cash Flow

Free cash flow has decreased by 17.07% in the TTM, which is a negative indicator. The operating cash flow to net income ratio is 0.26, showing limited cash flow generation relative to net income. However, the free cash flow to net income ratio is nearly 1, indicating that free cash flow is closely aligned with net income.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	1.83B	1.75B	1.02B	1.49B	1.43B	699.49M
Gross Profit	792.34M	731.95M	433.97M	642.06M	510.68M	210.15M
EBITDA	802.07M	710.44M	-342.20M	602.23M	399.26M	358.20M
Net Income	274.21M	197.70M	-551.77M	184.53M	56.10M	-26.15M
Balance Sheet
Total Assets	10.70B	9.21B	9.58B	9.60B	9.58B	9.14B
Cash, Cash Equivalents and Short-Term Investments	1.46B	596.08M	629.71M	626.65M	843.21M	1.24B
Total Debt	5.29B	5.13B	5.15B	4.80B	4.66B	4.36B
Total Liabilities	6.86B	6.37B	6.52B	6.00B	5.85B	5.43B
Stockholders Equity	3.77B	2.78B	2.99B	3.54B	3.71B	3.71B
Cash Flow
Free Cash Flow	436.83M	350.85M	-295.73M	323.25M	-285.77M	-74.48M
Operating Cash Flow	439.20M	400.94M	-248.18M	325.25M	-283.96M	-72.87M
Investing Cash Flow	-216.55M	-307.25M	-348.92M	-220.69M	101.46M	-428.55M
Financing Cash Flow	830.54M	-148.25M	551.22M	-222.26M	156.14M	1.12B

Howard Hughes Holdings Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 80.56
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HHH, the sentiment is Positive. The current price of 80.56 is below the 20-day moving average (MA) of 81.77, below the 50-day MA of 82.85, and above the 200-day MA of 76.38, indicating a neutral trend. The MACD of -0.30 indicates Positive momentum. The RSI at 50.60 is Neutral, neither overbought nor oversold. The STOCH value of 31.04 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HHH.

Howard Hughes Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
JOE	78 Outperform	$3.86B	36.21	14.16%	0.98%	26.89%	53.54%
SBRA	74 Outperform	$4.59B	25.24	6.29%	6.47%	8.12%	75.95%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
HHH	64 Neutral	$4.86B	15.92	8.79%	―	59.27%	240.63%
NSA	61 Neutral	$4.38B	52.18	6.89%	8.28%	-4.98%	-65.45%
MAC	55 Neutral	$5.15B	―	-18.43%	3.61%	8.06%	74.26%
SLG	51 Neutral	$3.22B	―	-2.24%	6.95%	8.60%	―

Howard Hughes Holdings Corporate Events

Howard Hughes announces major debt refinancing and 2025 update

On February 4, 2026, Howard Hughes Holdings announced that HHC plans to issue $1 billion of senior notes due 2032 and 2034 in a private, unregistered offering, and simultaneously disclosed that it will redeem $750 million of its 5.375% senior notes due 2028 on February 19, 2026, at a redemption price of 100.896% of par plus accrued interest, with the redemption to be funded by the new notes. In connection with the debt transaction, HHC released preliminary, unaudited estimates for 2025 showing a decline in total revenues and net income from continuing operations for both the fourth quarter and full year versus 2024, while reporting higher MPC EBT and Operating Assets NOI, indicating softer top-line and earnings performance but improved profitability metrics in key operating and master-planned community segments as the company actively refinances and extends its debt profile.

The most recent analyst rating on (HHH) stock is a Hold with a $90.00 price target. To see the full list of analyst forecasts on Howard Hughes Holdings stock, see the HHH Stock Forecast page.

Howard Hughes to Acquire Vantage, Expanding Insurance Platform

On December 17–18, 2025, Howard Hughes Holdings agreed to acquire 100% of Vantage Group Holdings, a privately held specialty insurance and reinsurance provider founded in 2020, for approximately $2.1 billion in cash, with closing targeted for the second quarter of 2026 pending regulatory approvals. The deal, struck at roughly 1.5 times estimated year-end 2025 book value, will be financed with about $1.2 billion of existing cash and up to $1 billion of non-interest-bearing, non-voting preferred stock sold to Pershing Square Holdings that economically tracks Vantage and can be redeemed over seven years or ultimately converted into Vantage equity; Pershing Square Capital Management is expected to manage Vantage’s investment portfolios on a fee-free basis, and Howard Hughes plans to use its permanent capital base and call-option structure to gradually move from 100% legal ownership to full economic ownership of Vantage, accelerating its shift into a diversified holding company and adding a higher-growth insurance platform to its portfolio.

The most recent analyst rating on (HHH) stock is a Buy with a $94.00 price target. To see the full list of analyst forecasts on Howard Hughes Holdings stock, see the HHH Stock Forecast page.

Howard Hughes Holdings Reports Strong Q3 2025 Results

Howard Hughes Holdings Inc. reported strong third-quarter 2025 results, driven by record land sales and robust performance across all segments, leading to an upward revision of its full-year guidance. The company achieved $1.4 billion in condominium pre-sales, reinforcing its long-term cash-flow outlook. With a significant liquidity position and strategic reinvestments into new developments, Howard Hughes is well-positioned for continued growth and increased net asset value, as evidenced by its increased guidance for Adjusted Operating Cash Flow and Master Planned Community EBT.

The most recent analyst rating on (HHH) stock is a Hold with a $86.00 price target. To see the full list of analyst forecasts on Howard Hughes Holdings stock, see the HHH Stock Forecast page.