Howard Hughes
HHH NYSE Real Estate Services Financials FY2021–FY2025
Howard Hughes' revenue fell 15.8% to $1.5 billion in fiscal 2025. Its operating margin was 22.5%, down from 32.0% a year earlier. Free cash flow was $418 million, up 19.8%. The diluted share count rose 12.3%.
What Howard Hughes does
No business description yet.
- Legal name
- HOWARD HUGHES HOLDINGS INC.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- —
- Accession · CIK
- 0001628280-26-009710
0001981792
Revenue and margins
Howard Hughes had $1.5B of revenue in fiscal 2025, down 15.8% on the year before.
Net income and earnings per share
From fiscal 2021 to 2025, diluted EPS grew 21.0% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $418M in fiscal 2025, 28.3% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Howard Hughes returned $0.0M to shareholders in fiscal 2025, 0% of free cash flow. The diluted share count rose 12.3%.
Value Howard Hughes yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$3.6B and divides by 56.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 14.3x · peers 158.6x · sector 28.2x.
Balance sheet
Cash, debt and the ratios that show how comfortably Howard Hughes can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $843M | $610M | $630M | $596M | $1.5B |
| Debt incl. finance leases | — | — | $5.3B | $5.1B | $5.1B |
| Net debt / EBITDA | — | — | 12.1x | 6.1x | 7.1x |
| Debt / equity | — | — | 1.8x | 1.9x | 1.4x |
| Interest coverage | 1.9x | 3.8x | 1.4x | 3.4x | 2.0x |
| Total assets | — | $9.6B | $9.6B | $9.2B | $10.6B |
| Total liabilities | — | $6.0B | $6.5B | $6.4B | $6.8B |
| Shareholders' equity | $3.7B | $3.5B | $3.0B | $2.8B | $3.8B |
| Net debt (− = net cash) | — | — | $4.7B | $4.5B | $3.6B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✕ | ✓ | ✓ |
| Cash from operations is positive | ✕ | ✓ | ✓ |
| Return on assets rose | — | ✓ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | ✓ | ✓ |
| Current ratio rose | — | — | — |
| Share count didn't rise | ✓ | ✕ | ✕ |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | — | ✓ | ✕ |
| F-score | — / 9 | — / 9 | — / 9 |
| Accruals ratio | −3.1% | −2.1% | −3.4% |
| Altman Z'' | — | — | — |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Howard Hughes HHH | $4.2B | −15.8% | 22.5% | 28.3% | 3.4% | 14.3x | — | |
| Zillow ZG | $7.8B | 15.5% | −1.3% | 9.1% | −0.9% | 154.8x | 7 | Compare → |
| CoStar Group CSGP | $13.7B | 18.7% | −2.2% | 3.8% | −0.6% | 188.4x | 5 | Compare → |
| Newmark Group NMRK | $2.9B | 20.3% | 7.1% | 4.3% | 8.6% | 14.4x | 7 | Compare → |
| Compass COMP | $8.2B | 23.7% | −0.9% | 2.9% | — | 162.5x | — | Compare → |
5 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Income statement | |||||
| Revenue | $1.4B | $1.5B | $909M | $1.8B | $1.5B |
| Operating income | $242M | $424M | $216M | $560M | $332M |
| Interest expense | $130M | $111M | $157M | $165M | $170M |
| Pretax income | $64.1M | $335M | $110M | $365M | $162M |
| Income tax | $15.2M | $82.2M | $26.4M | $80.2M | $37.6M |
| Net income | $48.9M | $185M | −$552M | $198M | $124M |
| Diluted EPS | $1.03 | $3.65 | −$11.12 | $3.96 | $2.21 |
| Diluted shares | 0.05B | 0.05B | 0.05B | 0.05B | 0.06B |
| Cash flow | |||||
| Cash from operations | −$284M | $325M | −$259M | $397M | $462M |
| Capital expenditure | $35.9M | $43.2M | $40.2M | $47.9M | $44.8M |
| Free cash flow | −$320M | $282M | −$299M | $349M | $418M |
| Depreciation and amortization | $205M | $155M | $169M | $180M | $183M |
| Stock-based compensation | $9.9M | $11.9M | $16.4M | $16.0M | $19.8M |
| Acquisitions | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $81.1M | $404M | $0.0M | $0.0M | $0.0M |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends and buybacks | $81.1M | $404M | $0.0M | $0.0M | $0.0M |
| Balance sheet | |||||
| Cash and short-term investments | $843M | $610M | $630M | $596M | $1.5B |
| Total debt | — | — | $5.3B | $5.1B | $5.1B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Inventory | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Total assets | — | $9.6B | $9.6B | $9.2B | $10.6B |
| Total liabilities | — | $6.0B | $6.5B | $6.4B | $6.8B |
| Shareholders' equity | $3.7B | $3.5B | $3.0B | $2.8B | $3.8B |
| Margins | |||||
| Operating margin | 16.9% | 28.5% | 23.8% | 32.0% | 22.5% |
| EBITDA margin | 31.3% | 38.9% | 42.4% | 42.3% | 34.9% |
| Net margin | 3.4% | 12.4% | −60.7% | 11.3% | 8.4% |
| FCF margin | −22.4% | 18.9% | −32.9% | 19.9% | 28.3% |
| Returns | |||||
| Return on capital | — | — | — | 5.8% | 3.4% |
| Return on equity | — | — | −16.9% | 6.9% | 3.8% |
| Return on assets | — | — | −5.8% | 2.1% | 1.3% |
| Growth | |||||
| Revenue growth | — | 4.3% | −39.0% | 92.7% | −15.8% |
| Net income growth | — | 277.2% | −399.0% | — | −37.3% |
| EPS growth | — | 254.4% | −404.7% | — | −44.2% |
| FCF growth | — | — | −205.9% | — | 19.8% |
| Share count change | — | −7.5% | −1.9% | 0.6% | 12.3% |
| Financial health | |||||
| Net debt / EBITDA | — | — | 12.1x | 6.1x | 7.1x |
| Debt / equity | — | — | 1.8x | 1.9x | 1.4x |
| Interest coverage | 1.9x | 3.8x | 1.4x | 3.4x | 2.0x |
| Capital allocation | |||||
| Capex / revenue | 2.5% | 2.9% | 4.4% | 2.7% | 3.0% |
| Stock comp / revenue | 0.7% | 0.8% | 1.8% | 0.9% | 1.3% |
| Payouts / FCF | — | 143.2% | — | 0.0% | 0.0% |
| Quality scores | |||||
| Accruals ratio | — | — | −3.1% | −2.1% | −3.4% |
Source: SEC EDGAR XBRL filings (CIK 0001981792). Data updated October 23, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.