(HHH) Howard Hughes Holdings - NYSE
Sector: Real Estate | Industry: Real Estate - Development | Exchange: NYSE (USA) | Market Cap: 4.051m USD | Total Return: 0% in 12m
Avg Turnover: 28.9M
Qual. Beats: 0
Rev. Trend: 57.4%
Qual. Beats: 1
Warnings
Share dilution 17.9% YoY
High Debt/EBITDA (7.7) with thin interest coverage (1.9)
Beneish M-Score -0.96 > -1.5 - likely earnings manipulation
Fakeout
Tailwinds
No distinct edge detected
Howard Hughes Holdings Inc. (NYSE: HHH) specializes in the development and management of large-scale Master Planned Communities (MPCs) across the United States. The company operates a vertically integrated business model where it controls the entire lifecycle of a community, from initial land entitlement and infrastructure development to the long-term management of commercial and residential assets.
The company’s revenue is generated through three primary segments: MPC land sales to third-party homebuilders, the operation of a recurring-income portfolio comprising office, retail, and multifamily properties, and the strategic development of high-density urban projects. Unlike traditional homebuilders, MPC developers benefit from the ability to restrict land supply and control the mix of residential and commercial density, which historically helps to sustain land values throughout various economic cycles.
Headquartered in Texas, the firm manages a diverse geographic footprint including major projects in Nevada, Maryland, and Hawaii. Investors can utilize the analytical tools at ValueRay to further evaluate the companys underlying asset valuation. The real estate development sector is characterized by high capital intensity and long-term investment horizons, often requiring significant upfront infrastructure spending before land sales can be realized.
- Land sales volume to homebuilders drives master planned community revenue growth
- Rising interest rates reduce demand for new residential land and housing
- Commercial occupancy rates and rental income stabilize long-term recurring cash flow
- Condominium sales pace in Hawaii determines strategic development segment margins
- Seaport District redevelopment progress influences valuation through capital intensive projects
| Net Income: 121.6m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.04 > 0.02 and ΔFCF/TA 0.60 > 1.0 |
| NWC/Revenue: 188.1% < 20% (prev 66.33%; Δ 121.7% < -1%) |
| CFO/TA 0.04 > 3% & CFO 467.1m > Net Income 121.6m |
| Net Debt (3.97b) to EBITDA (518.3m): 7.65 < 3 |
| Current Ratio: 6.65 > 1.5 & < 3 |
| Outstanding Shares: last quarter (59.1m) vs 12m ago 17.88% < -2% |
| Gross Margin: 13.22% > 18% (prev 43.37%; Δ -30.15% > 0.5%) |
| Asset Turnover: 14.72% > 50% (prev 19.31%; Δ -4.59% > 0%) |
| Interest Coverage Ratio: 1.91 > 6 (EBIT TTM 331.5m / Interest Expense TTM 173.9m) |
| A: 0.25 (Total Current Assets 3.35b - Total Current Liabilities 503.1m) / Total Assets 11.2b |
| B: -0.00 (Retained Earnings -53.9m / Total Assets 11.2b) |
| C: 0.03 (EBIT TTM 331.5m / Avg Total Assets 10.3b) |
| D: 0.51 (Book Value of Equity 3.78b / Total Liabilities 7.40b) |
| Altman-Z'' = 2.40 = BBB |
| DSRI: 1.24 (Receivables 770.2m/736.7m, Revenue 1.51b/1.79b) |
| GMI: 3.28 (GM 43.37% / 13.22%) |
| AQI: 0.86 (AQ_t 0.70 / AQ_t-1 0.82) |
| SGI: 0.84 (Revenue 1.51b / 1.79b) |
| TATA: -0.03 (NI 121.6m - CFO 467.1m) / TA 11.2b) |
| Beneish M = -0.96 (Cap -4..+1) = D |
As of June 23, 2026, the stock is trading at USD 66.75 with a total of 413,814 shares traded. Over the past week, the price has changed by -0.16%, over one month by +4.80%, over three months by +4.02% and over the past year by +0.00%.
Current recommended Stop Loss: 64.30 (which is 3.7% or 1.4 ATR below the current price).
Howard Hughes Holdings has received a consensus analysts rating of 4.00. Therefore, it is recommended to buy HHH.
- StrongBuy: 0
- Buy: 3
- Hold: 0
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 90.3 | 35.3% |
P/E Trailing = 31.7477
P/E Forward = 1250.0
P/S = 2.6801
P/B = 1.0709
P/EG = 5.55
Revenue TTM = 1.51b USD
EBIT TTM = 331.5m USD
EBITDA TTM = 518.3m USD
Long Term Debt = 5.79b USD (from longTermDebt, last quarter)
Short Term Debt = 574.1m USD (from shortTermDebt, last quarter)
Debt = 5.80b USD (from shortLongTermDebtTotal, last quarter) + Leases 4.77m
Net Debt = 3.97b USD (calculated: Debt 5.80b - CCE 1.84b)
Enterprise Value = 8.02b USD (4.05b + Debt 5.80b - CCE 1.84b)
Interest Coverage Ratio = 1.91 (Ebit TTM 331.5m / Interest Expense TTM 173.9m)
EV/FCF = 17.97x (Enterprise Value 8.02b / FCF TTM 446.1m)
FCF Yield = 5.57% (FCF TTM 446.1m / Enterprise Value 8.02b)
FCF Margin = 29.52% (FCF TTM 446.1m / Revenue TTM 1.51b)
Net Margin = 8.04% (Net Income TTM 121.6m / Revenue TTM 1.51b)
Gross Margin = 13.22% ((Revenue TTM 1.51b - Cost of Revenue TTM 1.31b) / Revenue TTM)
Gross Margin QoQ = 13.35% (prev -29.57%)
Tobins Q-Ratio = 0.71 (Enterprise Value 8.02b / Total Assets 11.2b)
Interest Expense / Debt = 3.00% (Interest Expense 173.9m / Debt 5.80b)
Taxrate = 23.31% (36.8m / 157.9m)
NOPAT = 254.2m (EBIT 331.5m * (1 - 23.31%))
Current Ratio = 6.65 (Total Current Assets 3.35b / Total Current Liabilities 503.1m)
Debt / Equity = 1.53 (Debt 5.80b / totalStockholderEquity, last quarter 3.78b)
Debt / EBITDA = 7.65 (Net Debt 3.97b / EBITDA 518.3m)
Debt / FCF = 8.89 (Net Debt 3.97b / FCF TTM 446.1m)
Total Stockholder Equity = 3.74b (last 4 quarters mean from totalStockholderEquity)
RoA = 1.18% (Net Income 121.6m / Total Assets 11.2b)
RoE = 3.25% (Net Income TTM 121.6m / Total Stockholder Equity 3.74b)
RoCE = 3.48% (EBIT 331.5m / Capital Employed (Equity 3.74b + L.T.Debt 5.79b))
RoIC = 2.26% (NOPAT 254.2m / Invested Capital 11.2b)
WACC = 4.91% (E(4.05b)/V(9.85b) * Re(8.64%) + D(5.80b)/V(9.85b) * Rd(3.00%) * (1-Tc(0.23)))
Discount Rate = 8.64% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 95.45 | Cagr: 8.15%
[DCF] Terminal Value 77.97% ; FCFF base≈392.9m ; Y1≈450.4m ; Y5≈662.9m
[DCF] Fair Price = 100.8 (EV 9.98b - Net Debt 3.97b = Equity 6.01b / Shares 59.6m; r=8.35% [WACC [floored]]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: N/A | EPS CAGR: N/A | SUE: 0.09 | # QB: 0
Revenue Correlation: 57.39 | Revenue CAGR: 18.71% | SUE: 0.96 | # QB: 1
EPS current Quarter (2026-06-30): EPS=0.79 | Chg30d=-69.48% | Revisions=N/A | Analysts=1
EPS next Quarter (2026-09-30): EPS=1.45 | Chg30d=+90.84% | Revisions=N/A | Analysts=1
EPS current Year (2026-12-31): EPS=3.01 | Chg30d=-31.07% | Revisions=N/A | GrowthEPS=+36.2% | GrowthRev=+12.5%
EPS next Year (2027-12-31): EPS=4.58 | Chg30d=-9.09% | Revisions=-20% | GrowthEPS=+52.0% | GrowthRev=-13.1%
[Analyst] Revisions Ratio: -20%