Seaport Entertainment Group Inc. (SEG)
NYSE:SEG
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Seaport Entertainment Group Inc.
(NYSE:SEG)
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Rating:58Neutral
Price Target:
$21.50
▲(1.51% Upside)
Action:ReiteratedDate:03/05/26
The score is held back primarily by weak financial performance—large ongoing losses and poor cash generation—despite a healthier leverage profile. Technicals provide meaningful support with strong trend and momentum, while valuation is hard to justify with a negative P/E and no dividend. Recent guidance and corporate actions (asset sale and venue repositioning) are moderately positive but do not yet outweigh the profitability and cash-flow risks.
Positive Factors
Asset Monetization
The $143M sale materially strengthens liquidity and reduces historical cash burn by over $7M, extending the firm's runway. Durable proceeds lower near-term refinancing risk and provide funding for operational changes and venue investments without relying solely on unstable operating cash flow.
Negative Factors
Persistent Unprofitability
Sustained, sizable net losses and deeply negative margins indicate the core operating model is not yet viable. Continued unprofitability erodes equity, restricts reinvestment, and makes achieving durable positive operating income contingent on major structural fixes or repeated asset sales rather than organic improvement.
Read all positive and negative factors
Positive Factors
Negative Factors
Asset Monetization
The $143M sale materially strengthens liquidity and reduces historical cash burn by over $7M, extending the firm's runway. Durable proceeds lower near-term refinancing risk and provide funding for operational changes and venue investments without relying solely on unstable operating cash flow.
Read all positive factors
Seaport Entertainment Group Inc. (SEG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$289.07M
Dividend YieldN/A
Average Volume (3M)65.00K
Price to Earnings (P/E)―
Beta (1Y)0.95
Revenue Growth11.45%
EPS Growth53.37%
CountryUS
Employees180
SectorReal Estate
Sector Strength53
IndustryReal Estate - Services
Share Statistics
EPS (TTM)-1.37
Shares Outstanding12,796,250
10 Day Avg. Volume42,872
30 Day Avg. Volume65,004
Financial Highlights & Ratios
PEG Ratio0.05
Price to Book (P/B)0.55
Price to Sales (P/S)1.93
P/FCF Ratio-5.79
Enterprise Value/Market Cap1.06
Enterprise Value/Revenue2.35
Enterprise Value/Gross Profit-10.08
Enterprise Value/Ebitda-4.24
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-1.58
Revenue Forecast (FY)$143.46M
Seaport Entertainment Group Inc. Business Overview & Revenue Model
Company Description
Seaport Entertainment Group Inc. owns, develops, and operates a portfolio of entertainment and real estate assets primarily in New York City and Las Vegas. The company operates through three segments: Landlord Operations; Hospitality; and Sponsors...
How the Company Makes Money
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Seaport Entertainment Group Inc. Earnings Call Summary
Earnings Call Date:Mar 16, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 18, 2026
Earnings Call Sentiment Positive
The call communicated clear operational progress: improved adjusted EBITDA at the segment level, significant leasing and programming activity, strategic monetization of 250 Water Street that strengthened liquidity, and several new initiatives (Balloon Museum, Meow Wolf, expanded Pier 17 events) that should drive visitation and diversify revenue. At the same time, the company faces meaningful near-term challenges including Hospitality top-line softness driven by the Tin Building repositioning, substantial one-time Landlord charges related to 250 Water Street, remaining vacancy and capital required to stabilize the portfolio, and a still-large GAAP net loss for the year. Overall the tone is constructive and focused on stabilization and growth, with material improvements in cash and operating metrics but with important execution and capital deployment tasks remaining.Positive Updates
Improved Profitability Metrics
Reported net loss attributable to common stockholders of $36.9M in Q4 and $116.7M for full year 2025, representing a reported full-year improvement of ~24% year-over-year; non-GAAP adjusted net loss narrowed to $17.5M in Q4 and $54.1M for the full year, reflecting meaningful year-over-year improvement in adjusted loss metrics.
Negative Updates
Hospitality Revenue Declines and Tin Building Underperformance
Hospitality segment revenues declined 23% in Q4 on a pro forma basis and 16% for full year 2025 driven by underperformance and partial closures in the Tin Building and weaker top-line activations compared to 2024; total food & beverage revenues declined 15% in Q4 and 8% for the full year, with same-store F&B down ~20% in Q4 (and down 5% for the full year).
Read all updates
Q4-2025 Updates
Positive
Negative
Improved Profitability Metrics
Reported net loss attributable to common stockholders of $36.9M in Q4 and $116.7M for full year 2025, representing a reported full-year improvement of ~24% year-over-year; non-GAAP adjusted net loss narrowed to $17.5M in Q4 and $54.1M for the full year, reflecting meaningful year-over-year improvement in adjusted loss metrics.
Read all positive updates
Company Guidance
The company provided quantified near-term guidance focused on liquidity, capital deployment, and margin improvement: year-end cash was $87M (pro forma $163M after the 250 Water Street sale which eliminated ~$7M of cash burn and allowed payoff of the $61.3M variable-rate loan), long-term debt was $100.4M with net debt to gross sales ≈2%, and management authorized a $150M shelf and $50M repurchase program for optionality; they spent ~$30M in 2025 (FY capex $30.8M, Q4 $2.8M) and expect another ~$70–90M (versus an initial $100–125M estimate) to reach stabilization. Operationally they target continued margin and EBITDA improvement (Q4 consolidated revenues $29.5M, +7% YoY; FY revenues $130.4M, ~flat), highlighted net loss improvements (Q4 net loss $36.9M, FY $116.7M; non‑GAAP adjusted net loss Q4 $17.5M, FY $54.1M) and segment momentum (Entertainment Q4 revs +68%, FY revs +14% and adj. EBITDA +124% YoY), and expect Las Vegas efficiency gains and continued margin improvement in 2026. Key Seaport metrics guiding growth include ~90% leased/programmed (≈47K SF vacancy, ~53K SF pro forma), >220K SF leased/programmed since the spin (driving >$30M of anticipated stabilized EBITDA), ~153K SF of recent deals, Balloon Museum capex ~$5M with potential pro forma annual EBITDA uplift >$22M, and a Pier 17 event expansion from 17,500 to >40,000 SF expected to deliver >20% unlevered cash‑on‑cash returns and payback under five years.Seaport Entertainment Group Inc. Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
62
Positive
Cash Flow
22
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 |
|---|---|---|---|---|
Income Statement | ||||
| Total Revenue | 130.41M | 111.14M | 115.68M | 119.05M |
| Gross Profit | -30.37M | 36.38M | 36.78M | 42.24M |
| EBITDA | -72.12M | -111.09M | -788.65M | -56.44M |
| Net Income | -116.74M | -153.21M | -838.07M | -111.28M |
Balance Sheet | ||||
| Total Assets | 650.12M | 743.56M | 616.81M | 1.31B |
| Cash, Cash Equivalents and Short-Term Investments | 77.81M | 165.67M | 1.83M | 16.45M |
| Total Debt | 94.88M | 149.06M | 203.78M | 190.53M |
| Total Liabilities | 183.72M | 172.17M | 231.92M | 218.33M |
| Stockholders Equity | 456.51M | 561.48M | 384.89M | 1.10B |
Cash Flow | ||||
| Free Cash Flow | -43.40M | -59.42M | -69.53M | -41.76M |
| Operating Cash Flow | -43.40M | -52.70M | -50.78M | -29.55M |
| Investing Cash Flow | -30.08M | -102.88M | -108.30M | -198.03M |
| Financing Cash Flow | -6.97M | 279.58M | 136.21M | 237.41M |
Seaport Entertainment Group Inc. Technical Analysis
Positive
21.18
Price Trends
21.23
Positive
20.94
Positive
22.19
Positive
Market Momentum
0.21
Negative
62.01
Neutral
81.76
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SEG, the sentiment is Positive. The current price of 21.18 is below the 20-day moving average (MA) of 21.46, below the 50-day MA of 21.23, and below the 200-day MA of 22.19, indicating a bullish trend. The MACD of 0.21 indicates Negative momentum. The RSI at 62.01 is Neutral, neither overbought nor oversold. The STOCH value of 81.76 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SEG.
Seaport Entertainment Group Inc. Risk Analysis
Seaport Entertainment Group Inc. disclosed 76 risk factors in its most recent earnings report. Seaport Entertainment Group Inc. 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 3 New Risks
1.
Our business is subject to risks associated with sponsorships. Q4, 2025
2.
We are subject to risks related to intellectual property. Q4, 2025
3.
Artificial intelligence and other machine learning techniques could increase competitive, operational, legal and regulatory risks to our business in ways that we cannot predict. Q4, 2025
Seaport Entertainment Group Inc. Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
59 Neutral | $188.04M | 18.48 | 1.84% | ― | -6.06% | ― | |
58 Neutral | $289.07M | -1.71 | -23.45% | ― | 11.45% | 53.37% | |
52 Neutral | $345.75M | 36.69 | 1.64% | ― | 0.13% | 75.97% | |
52 Neutral | $34.43M | -0.97 | -135.60% | ― | -36.25% | 11.92% | |
50 Neutral | $148.21M | 13.94 | 10.23% | ― | 6.62% | 30.94% |
* Real Estate Sector Average
SEG
Seaport Entertainment Group Inc.
22.59
3.85
20.54%
NEN
New England Realty Associates Partnershi
59.50
-15.91
-21.09%
TCI
Transcontinental Realty Investors
40.02
11.55
40.57%
RMAX
Re/Max Holdings
5.75
-1.64
-22.19%
OPAD
Offerpad Solutions
0.73
-0.71
-49.44%
DOUG
Douglas Elliman Inc.
1.68
0.02
1.20%
Seaport Entertainment Group Inc. Corporate Events
Business Operations and Strategy
Seaport Entertainment Repositions Tin Building with Balloon Museum
Positive
Feb 23, 2026
On February 23, 2026, Seaport Entertainment Group announced that Balloon Museum will open its U.S. flagship at the historic Tin Building in New York’s Seaport neighborhood in summer 2026, under an initial five-year lease with options for two...
Business Operations and StrategyM&A Transactions
Seaport Entertainment Group Completes Major New York Asset Sale
Positive
Feb 9, 2026
On February 6, 2026, Seaport Entertainment Group Inc. completed the $143 million sale of its mixed-use development project at 250 Water Street in New York to an affiliate of Tavros Holdings LLC, which has no material relationship with the company ...
Business Operations and StrategyM&A Transactions
Seaport Entertainment Sets Firm Closing Date for Property Sale
Neutral
Jan 29, 2026
On August 15, 2025, Seaport Entertainment Group Inc. subsidiary 250 Seaport District, LLC entered into an agreement to sell its mixed-use development project at 250 Water Street in New York City to 250 Water Street Owner LLC, an affiliate of Tavro...
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.