Howard Hughes Holdings Inc. (HHH)
NYSE:HHH
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Howard Hughes Holdings
(NYSE:HHH)
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Rating:64Neutral
Price Target:
$68.00
▼(-15.59% Downside)
Action:ReiteratedDate:02/20/26
Overall score reflects improving but still volatile fundamentals and leverage constraints (financial performance), partially offset by a constructive earnings outlook with detailed 2026 guidance and strategic initiatives (earnings call). Technicals are neutral and valuation is reasonable with a ~16 P/E, but no dividend yield support is indicated.
Positive Factors
Improved cash generation
Sustained operating and free cash flow (~$855M in 2025) strengthens the company’s internal funding for development, deleveraging and strategic investments. Durable cash generation improves financing optionality, supports refinancing flexibility and funds large multi‑year projects without constant external equity raises.
Negative Factors
Meaningful leverage
High absolute debt (> $5.1B) and leverage (~1.2x–1.8x D/E) constrain financial flexibility and increase sensitivity to interest rates and market dislocations. Even with recent refinancing, elevated leverage limits free cash deployment, raises refinancing risk on large maturities and constrains upside from cyclical recoveries.
Read all positive and negative factors
Positive Factors
Negative Factors
Improved cash generation
Sustained operating and free cash flow (~$855M in 2025) strengthens the company’s internal funding for development, deleveraging and strategic investments. Durable cash generation improves financing optionality, supports refinancing flexibility and funds large multi‑year projects without constant external equity raises.
Read all positive factors
Howard Hughes Holdings (HHH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.78B
Dividend YieldN/A
Average Volume (3M)531.83K
Price to Earnings (P/E)195.5
Beta (1Y)0.96
Revenue Growth59.27%
EPS Growth240.63%
CountryUS
Employees545
SectorReal Estate
Sector Strength53
IndustryReal Estate - Diversified
Share Statistics
EPS (TTM)0.10
Shares Outstanding59,636,340
10 Day Avg. Volume342,596
30 Day Avg. Volume531,834
Financial Highlights & Ratios
PEG Ratio-0.81
Price to Book (P/B)1.24
Price to Sales (P/S)3.18
P/FCF Ratio10.65
Enterprise Value/Market Cap1.96
Enterprise Value/Revenue5.04
Enterprise Value/Gross Profit26.91
Enterprise Value/Ebitda14.35
Forecast
1Y Price Target
$100.00Price Target Upside24.13% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)4.02
Revenue Forecast (FY)$1.67B
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...
How the Company Makes Money
HHH primarily makes money through a combination of (1) master planned community (MPC) activities and (2) recurring income from operating real estate, plus (3) ancillary real estate monetization. In its MPC business, the company develops large, ent...
Howard Hughes Holdings Earnings Call Summary
Earnings Call Date:Feb 19, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 13, 2026
Earnings Call Sentiment Positive
The call emphasized multiple record operating achievements (record MPC EBT, record NOI, strongest condo contracting year), clear near-term guidance, strong capital markets execution (tightest credit spreads, S&P upgrade), and a transformational M&A plan to acquire Vantage that would diversify earnings and target higher returns. Key near-term headwinds include the lumpy nature of MPC/condo earnings, temporary GAAP margin pressure from infrastructure allocations (Park Ward Village), and the fact that the Vantage transaction and some fee arrangements are not yet finalized. On balance, the positive operating performance, constructive 2026 guidance, refinancing success, and strategic outlook for Vantage and portfolio monetization outweigh the transient lowlights.Positive Updates
Record MPC Earnings and Strong Land Pricing
Master Planned Communities (MPC) EBT reached a record $476,000,000 in 2025; sold 621 residential acres at an average $890,000 per acre. Excluding a bulk Summerlin sale, finished residential land sold at a record $1,700,000 per acre, demonstrating strong pricing power and embedded value.
Negative Updates
2026 MPC EBT Decline (One-time Transaction Effect)
2026 MPC EBT guidance of $343,000,000 to $391,000,000 reflects an expected year-over-year decline primarily attributable to the absence of the prior Summerlin bulk land sale; while management says excluding that sale the business is essentially flat, the headline decline may create near-term volatility in reported earnings.
Read all updates
Q4-2025 Updates
Positive
Negative
Record MPC Earnings and Strong Land Pricing
Master Planned Communities (MPC) EBT reached a record $476,000,000 in 2025; sold 621 residential acres at an average $890,000 per acre. Excluding a bulk Summerlin sale, finished residential land sold at a record $1,700,000 per acre, demonstrating strong pricing power and embedded value.
Read all positive updates
Company Guidance
The company provided 2026 guidance with adjusted operating cash flow of $415M–$465M; MPC EBT of $343M–$391M (the year‑over‑year decline driven by the absence of a one‑time Summerlin bulk sale); operating NOI of $279M–$290M (implying +1%–5% vs. 2025 and a longer‑term NOI growth target of 3%–5% annually); condominium backlog of roughly $5.0B gross revenue with ~$1.3B estimated profit (25% margin) and ~40% of revenues expected in 2026–27 versus 60% in 2028–30, 2026 condo revenue guidance of ~$720M–$750M with profit $108M–$128M (15%–17% margins) while cash margins on most future towers are expected in the mid‑20s (Melia/Lima ~high‑20s and representing 41% of future revenues, closing 2030); cash G&A $82M–$92M (midpoint ~$87M, including $15M Pershing base fee, excluding variable stock‑based fees); balance‑sheet actions include refinancing $750M 2028 notes with $1.0B of new 2032/2034 paper (tranches priced at 191 bps and 198 bps spreads, trading at/near par), a modest S&P upgrade, and up to $1.0B of 0%‑coupon Pershing preferred capital, while segment financing targets remain: operating asset LTVs ~60%–65%, condo non‑recourse LTC ~60%, and MPC land generally unencumbered.Howard Hughes Holdings Financial Statement Overview
Summary
Income Statement
57
Neutral
Balance Sheet
54
Neutral
Cash Flow
66
Positive
| 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
Negative
80.56
Price Trends
70.98
Negative
77.03
Negative
76.64
Negative
Market Momentum
-1.86
Negative
39.34
Neutral
33.74
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HHH, the sentiment is Negative. The current price of 80.56 is above the 20-day moving average (MA) of 63.33, above the 50-day MA of 70.98, and above the 200-day MA of 76.64, indicating a neutral trend. The MACD of -1.86 indicates Negative momentum. The RSI at 39.34 is Neutral, neither overbought nor oversold. The STOCH value of 33.74 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HHH.
Howard Hughes Holdings Risk Analysis
Howard Hughes Holdings disclosed 45 risk factors in its most recent earnings report. Howard Hughes Holdings reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Howard Hughes Holdings Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | $3.88B | 29.60 | 15.45% | 0.98% | 26.89% | 53.54% | |
70 Outperform | $5.16B | 29.37 | 5.63% | 6.47% | 8.12% | 75.95% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
65 Neutral | $5.52B | 29.30 | 7.46% | 8.28% | -4.98% | -65.45% | |
64 Neutral | $3.78B | 195.53 | 3.55% | ― | 59.27% | 240.63% | |
58 Neutral | $5.73B | -24.03 | -7.72% | 3.61% | 8.06% | 74.26% | |
51 Neutral | $2.92B | -38.62 | -2.25% | 6.95% | 8.60% | ― |
* Real Estate Sector Average
HHH
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Howard Hughes Holdings Corporate Events
Regulatory Filings and ComplianceShareholder Meetings
Howard Hughes Sets 2026 Annual Meeting and Deadlines
Neutral
Mar 6, 2026
On March 5, 2026, Howard Hughes Holdings set June 4, 2026, as the date for its 2026 annual meeting of stockholders and designated April 6, 2026, as the record date for shareholders entitled to vote. The company said further logistical details for ...
Business Operations and StrategyFinancial DisclosuresM&A TransactionsPrivate Placements and Financing
Howard Hughes Unveils Strategic Expansion Into Insurance Holdings
Positive
Feb 19, 2026
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 A...
Business Operations and StrategyPrivate Placements and Financing
Howard Hughes Refinances Debt with New Senior Notes
Positive
Feb 17, 2026
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...
Business Operations and StrategyPrivate Placements and Financing
Howard Hughes Announces $1 Billion Senior Notes Offering
Positive
Feb 4, 2026
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 earma...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
Howard Hughes announces major debt refinancing and 2025 update
Negative
Feb 4, 2026
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 note...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.