| Nov 25 | Feb 26 | May 26 | Aug 26 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Buy | — | — | 1 | — | — | 1 | — | — | — | — | — | — |
| Sell | — | 1 | — | — | — | 1 | — | 1 | — | — | 1 | — |
| total | individual payouts | |
|---|---|---|
| 2023 | ‡‡‡ |
|
| 2022 | ‡‡‡ |
|
| 2021 | ‡‡‡ |
|
| 2020 | ‡‡‡ |
|
| 2019 | ‡‡‡ |
|
| 2017 | ‡‡‡ |
|
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Cash | 1,192.01 | 1,168.07 | 2,267.28 | 4,903.45 |
| Receivables | 652.26 | 568.98 | 593.85 | 1,519.56 |
| Inventory | — | — | — | — |
| Other | — | — | — | — |
| 1,844.27 | 1,737.05 | 2,861.13 | 6,423.01 |
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Payables | 1,054.27 | 1,094.44 | 1,518.05 | 1,435.99 |
| ST’ Debt | — | — | — | — |
| Other | — | — | — | — |
| 1,054.27 | 1,094.44 | 1,518.05 | 1,435.99 |
| 10y | 5y | 3y | |
| Sales | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Cash Flow | ‡‡‡‡‡ | ‡‡‡ | ‡‡‡‡‡ |
| Earnings | ‡‡‡‡‡ | ‡‡‡ | ‡‡‡‡‡ |
| Book Value | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 235.92 | 1,122.33 | — | — |
—
|
| ’25 | 199.33 | 260.88 | 390.24 | 624.45 |
1,474.89
|
| ’24 | 156.48 | 283.47 | 327.15 | 983.59 |
1,750.69
|
| ’23 | 196.29 | 223.32 | 228.47 | 260.68 |
908.75
|
| ’22 | 210.23 | 276.71 | 639.55 | 363.01 |
1,489.49
|
| ’21 | 190.58 | 212.46 | 219.19 | 805.68 |
1,427.90
|
| ’20 | 175.18 | 156.17 | 154.44 | 213.70 |
699.49
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | (229.40) | 506.54 | — | — |
—
|
| ’25 | (224.92) | 177.27 | 149.76 | 360.26 |
462.37
|
| ’24 | (171.24) | (17.53) | 248.27 | 337.09 |
396.59
|
| ’23 | (144.27) | (106.09) | (109.38) | 101.26 |
(258.48)
|
| ’22 | (100.76) | 5.53 | 310.73 | 109.75 |
325.25
|
| ’21 | (84.74) | 4.81 | 39.54 | (243.56) |
(283.96)
|
| ’20 | (73.18) | (25.46) | (71.15) | 96.93 |
(72.87)
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | (267.38) | 619.53 | — | — |
—
|
| ’25 | (288.14) | 133.78 | 106.09 | 330.40 |
282.13
|
| ’24 | (216.35) | (111.31) | 192.86 | 306.25 |
171.45
|
| ’23 | (219.22) | (209.84) | (110.69) | 76.53 |
(463.21)
|
| ’22 | (194.26) | (74.59) | 205.04 | 157.17 |
93.36
|
| ’21 | (130.33) | (43.13) | 225.13 | (325.64) |
(273.98)
|
| ’20 | (217.87) | (131.74) | (200.24) | 69.24 |
(480.61)
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 0.14 | 2.68 | — | — |
—
|
| ’25 | 0.21 | (0.22) | 2.02 | 0.10 |
2.21
|
| ’24 | (1.06) | 0.42 | 1.46 | 3.12 |
3.96
|
| ’23 | (0.46) | (0.39) | (10.97) | 0.69 |
(11.13)
|
| ’22 | 0.04 | 0.42 | 2.19 | 1.07 |
3.65
|
| ’21 | (1.20) | 0.09 | 0.07 | 2.09 |
1.03
|
| ’20 | (2.88) | (0.61) | 2.51 | (0.12) |
(0.50)
|
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 48.52 | 62.36 | 56.24 | 61.41 | — | — | — |
Low Price
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 100.58 | 85.40 | 87.77 | 91.07 | — | — | — |
High Price
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 565 | 608 | 545 | 500 | — | — | — |
Employees
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 2.64 | 1.49 | 3.21 | 2.95 | — | — | — |
Revenue/Emp
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1,489.49 | 908.75 | 1,750.69 | 1,474.89 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 43.11% | 49.76% | 41.81% | 43.57% | — | — | — |
Gross Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 334.91 | 109.83 | 365.40 | 161.46 | — | — | — |
EBT
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 22.48% | 12.09% | 20.87% | 10.95% | ‡‡‡ | ‡‡‡ | ‡‡‡ |
EBT Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 184.64 | (551.53) | 196.99 | 123.84 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Net Income
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 169.38 | 189.73 | 201.51 | 209.62 | — | — | — |
Depreciation
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 29.49 | 18.33 | 35.24 | 26.47 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue/Sh
|
| ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | 3.65 | (11.13) | 3.96 | 2.22 | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ |
Earnings/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 6.44 | (5.21) | 7.98 | 8.30 | — | — | — |
Cash Flow/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (4.59) | (4.13) | (4.53) | (3.23) | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Capex/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.85 | (9.34) | 3.45 | 5.06 | — | — | — |
Free CF/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 71.39 | 61.71 | 57.19 | 68.95 | ‡‡‡‡ | — | — |
Book Value/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 50.51 | 49.57 | 49.69 | 55.72 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Shares
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | 19.52 | 0.00 | 19.52 | 37.63 | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ |
PE Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | 2.46 | 4.40 | 2.18 | 3.01 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PS Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.02 | 1.31 | 1.34 | 1.16 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PB Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 4.86 | 8.92 | 4.53 | 5.04 | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ |
EV/Sales
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 77.50 | (17.49) | 46.23 | 26.34 | — | — | — |
EV/FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 325.25 | (258.48) | 396.59 | 462.37 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Op' Cash Flow
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (231.89) | (204.73) | (225.14) | (180.24) | — | — | — |
Capex
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 93.36 | (463.21) | 171.45 | 282.13 | ‡‡‡‡‡ | — | — |
FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 977.10 | 790.00 | 642.62 | 1,343.08 | — | — | — |
Working Cap'
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 4,913.18 | 5,146.99 | 5,127.47 | 5,109.83 | — | — | — |
Total Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 3,568.08 | 3,954.98 | 3,959.40 | 2,842.55 | — | — | — |
Net Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 3,606.11 | 3,058.92 | 2,841.77 | 3,842.25 | — | — | — |
Sh' Equity
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.92% | (5.75%) | 2.10% | 1.25% | — | — | — |
ROA
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 3.70% | 1.93% | 5.15% | 3.10% | — | — | — |
ROIC
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 5.04% | (16.56%) | 6.70% | 3.71% | — | — | — |
ROE
|
Howard Hughes Holdings Inc. (HHH) rides the real estate rollercoaster with master-planned communities like The Woodlands and Ward Village, delivering boom-bust cycles that mirror housing market whims. Spun off in 2010, it weathered COVID’s 50% revenue plunge but roared back with a 93% surge to $1.75 billion in 2024, boosting efficiency metrics like revenue per employee to $3.21 million amid a leaner workforce. Shares now hover near 2026 highs, with consensus targets eyeing 8-28% upside through 2027 on projected EPS growth to $5.03—yet this contrarian spots storm clouds in ballooning debt to $5.13 billion (over 100% of equity), erratic profitability (from 2023’s $551 million loss to 2024’s $200 million profit), and timid insider buys signaling caution, not conviction.
Revenue projections wobble—down 18% in 2025 before partial rebounds—while free cash flow turns positive, potentially funding deleveraging if rates ease. But high interest burdens, construction inflation, and luxury demand softness echo 2023’s impairments and historical stock plunges to $33 lows. Valuation looks tempting at 19.5x trailing PE and 2.2x PS, trading at a discount to peaks, yet forward multiples assume flawless execution in a “higher for longer” rate world.
Is HHH a rebound rocket or a value trap grinding gears? Analysts chase the narrative of stabilizing $1.5 billion revenue and FCF windfalls unlocking $100 highs; skeptics brace for 20-30% pullbacks if macro headwinds bite. Dive into the full analysis for the data-driven verdict on this leveraged real estate bet.
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