Top Page
Howard Hughes Holdings
(NYSE:HHH)
Howard Hughes Holdings (HHH) vs. SPDR S&P 500 ETF (SPY)
Howard Hughes Holdings Business Overview & Revenue Model
Howard Hughes Holdings Earnings Call Summary
Howard Hughes Holdings Financial Statement Overview
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.47B | 1.75B | 1.02B | 1.49B | 1.43B |
| Gross Profit | 276.10M | 731.95M | 433.97M | 642.06M | 510.68M |
| EBITDA | 517.54M | 710.44M | -342.20M | 602.23M | 399.26M |
| Net Income | 123.90M | 197.70M | -551.77M | 184.53M | 56.10M |
Balance Sheet | |||||
| Total Assets | 10.64B | 9.21B | 9.58B | 9.60B | 9.58B |
| Cash, Cash Equivalents and Short-Term Investments | 1.47B | 596.08M | 629.71M | 626.65M | 843.21M |
| Total Debt | 5.11B | 5.13B | 5.15B | 4.80B | 4.66B |
| Total Liabilities | 6.80B | 6.37B | 6.52B | 6.00B | 5.85B |
| Stockholders Equity | 3.78B | 2.78B | 2.99B | 3.54B | 3.71B |
Cash Flow | |||||
| Free Cash Flow | 440.76M | 350.85M | -295.73M | 323.25M | -285.77M |
| Operating Cash Flow | 462.37M | 400.94M | -248.18M | 325.25M | -283.96M |
| Investing Cash Flow | -219.07M | -307.25M | -348.92M | -220.69M | 101.46M |
| Financing Cash Flow | 855.35M | -148.25M | 551.22M | -222.26M | 156.14M |
Howard Hughes Holdings Technical Analysis
Howard Hughes Holdings Risk Analysis
Howard Hughes Holdings Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $4.15B | 36.18 | 14.16% | 0.98% | 26.89% | 53.54% | |
70 Outperform | $5.18B | 32.29 | 5.59% | 6.47% | 8.12% | 75.95% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
64 Neutral | $4.32B | 34.24 | 3.78% | ― | 59.27% | 240.63% | |
61 Neutral | $4.71B | 50.33 | 7.29% | 8.28% | -4.98% | -65.45% | |
58 Neutral | $5.47B | -69.67 | -18.89% | 3.61% | 8.06% | 74.26% | |
48 Neutral | $2.80B | ― | -2.25% | 6.95% | 8.60% | ― |
Howard Hughes Holdings Corporate Events
Howard Hughes Holdings reported that for 2025 net income from continuing operations declined to $123.8 million from $285.2 million a year earlier, while adjusted operating cash flow also fell, even as its Master Planned Communities and Operating Assets segments delivered record earnings and NOI. The company highlighted strong land sales, particularly in its Summerlin and Bridgeland communities, robust leasing and NOI growth across office and multifamily assets, significant pre-sales of condominium units in Hawaiʻi and at The Ritz-Carlton Residences in The Woodlands, and the opening of its massive Teravalis community, underscoring the strength of its real estate platform despite lower headline earnings.
Strategically, 2025 marked a turning point as Howard Hughes announced a $2.1 billion agreement to acquire specialty insurer Vantage Group Holdings and received a $900 million investment from Pershing Square, moves that will shift HHH toward a diversified holding company model spanning real estate and insurance. The company ended the year with $1.5 billion in cash, substantial undrawn development commitments, record MPC earnings of $476 million driven by elevated residential land prices, and record Operating Assets NOI of $276 million, positioning it with ample liquidity and recurring income as it seeks to compound long-term shareholder value across multiple platforms.
The most recent analyst rating on (HHH) stock is a Hold with a $88.00 price target. To see the full list of analyst forecasts on Howard Hughes Holdings stock, see the HHH Stock Forecast page.
On February 17, 2026, Howard Hughes Holdings Inc. announced that its subsidiary, The Howard Hughes Corporation, had closed a $1 billion private offering of senior notes, split between $500 million of 5.875% notes due 2032 and $500 million of 6.125% notes due 2034, sold to institutional and offshore investors. The issuance, which carries standard covenants, redemption options, and change-of-control protections for bondholders, extends the company’s debt maturity profile and locks in fixed-rate funding in the current credit market.
Substantially concurrently on February 17, 2026, the company deposited sufficient funds with the trustee to redeem in full its $750 million 5.375% senior notes due 2028, ahead of the scheduled February 19, 2026 redemption date. By satisfying and discharging the 2028 indenture, Howard Hughes effectively refinanced shorter-dated debt with longer-term notes, a move that is expected to enhance balance-sheet flexibility and provide additional capital for general corporate purposes.
The most recent analyst rating on (HHH) stock is a Hold with a $88.00 price target. To see the full list of analyst forecasts on Howard Hughes Holdings stock, see the HHH Stock Forecast page.
On February 4, 2026, Howard Hughes’ subsidiary priced $1 billion in unsecured senior notes at par—split between 5.875% notes due 2032 and 6.125% notes due 2034—with closing expected February 17, 2026. The proceeds are earmarked to redeem the company’s 5.375% notes maturing in 2028 and for general corporate purposes, signaling a proactive refinancing that may lower near-term debt pressure and extend maturities for the developer’s capital program.
The most recent analyst rating on (HHH) stock is a Hold with a $88.00 price target. To see the full list of analyst forecasts on Howard Hughes Holdings stock, see the HHH Stock Forecast page.
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.
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.