Howard Hughes

HHH · NYSE · Real Estate · Financials, fiscal 2021 to 2025

HHH · Last close · October 26, 2026

$73.30

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%.

HOWARD HUGHES HOLDINGS INC. Latest fiscal year ended December 31, 2025 10-K filed February 19, 2026 · 0001628280-26-009710 Updated October 23, 2026

Revenue

$1.5B

15.8%

Operating margin

22.5%

9.5 pts

Net income

$124M

37.3%

Free cash flow

$418M

19.8%

Return on capital

3.4%

2.4 pts

Market cap

$4.3B

Oct 26 close

P/E

15.0x

On $4.90 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2021 to 2025, earnings per share grew 21.0% a year and net income 26.2% a year, as new shares raised the share count by 3% and diluted each share's earnings.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Howard Hughes yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Howard Hughes' 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Howard Hughes' fiscal 2025 free cash flow of $418M, net cash of −$3.6B at December 31, 2025 and 56 million diluted shares, from its filings. The scenarios are fitted to Howard Hughes: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, -0.3% a year, kept between 0% and 20%; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 11%: 9% for a business of moderate risk (Real Estate Services), plus 1 point as a smaller company, worth $4.3B, plus 1 point for unsteady results (a loss in fiscal 2023); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target. A negative value means Howard Hughes' net debt is larger than what that scenario's cash flows are worth today.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Howard Hughes's own revenue growth, as above. Cautious: growth of -2% then 0% a year, 2% after year 10, a 12% discount rate. Base: growth of 0% then 1% a year, 2.5% after year 10, a 11% discount rate. Optimistic: growth of 2% then 2.5% a year, 3% after year 10, a 10% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $73.30
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Howard Hughes' earnings per share of $4.90 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 28.1×, the middle of Howard Hughes' own P/E today, its peers' median and its sector's median (the Real Estate median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 12%, 11% and 10%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Zillow, CoStar Group, Newmark Group, Compass.

Earnings growth in the years ahead (% a year) Starts at Howard Hughes' revenue growth over the last 3 years, -0.3% a year, kept between 0% and 20%, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $73.30
Value at this multiple, against the last close: —
Howard Hughes' P/E at the last close: 15.0×

Company	Last close	Earnings per share	P/E today
CoStar GroupCSGP	$33.70	$0.18	187.2×
CompassCOMP	$9.69	$0.06	161.5×
ZillowZG	$33.73	$0.22	153.3×
Howard HughesHHH	$73.30	$4.90	15.0×
Newmark GroupNMRK	$11.34	$0.80	14.2×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	843	610	630	596	1,468
Debt incl. finance leases	—	—	5,303	5,128	5,110
Net debt (negative means net cash)	—	—	4,673	4,531	3,641
Net debt to EBITDA	—	—	12.1x	6.1x	7.1x
Debt to equity	—	—	1.8x	1.9x	1.4x
Interest coverage	1.9x	3.8x	1.4x	3.4x	1.9x
Current ratio	—	—	—	—	—
Quick ratio	—	—	—	—	—

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 4 insiders bought $2.1 million of Howard Hughes shares on the open market, and 3 insiders sold $1.6 million.

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 23, 2026	Marc GrandissonExecutive Chairman, Vantage, Director	Bought	25,000	$64.12	$1.6 million	Form 4
Sep 23, 2026	Andrew D. DavisChief Operating Officer, Hhc	Bought	1,000	$64.49	$64,490	Form 4
Aug 11, 2026	Mary Ann TigheDirector	Sold	13,495	$67.25	$907,539	Form 4
May 15, 2026	James CarmanPresident, Houston Region	Sold	1,500	$64.20	$96,300	Form 4
Mar 25, 2026	Andrew D. DavisChief Operating Officer, Hhc	Sold	1,636	$63.87	$104,491	Form 4
Mar 13, 2026	Joseph ValaneGeneral Counsel & Secretary	Bought	1,260	$64.45	$81,207	Form 4
Dec 23, 2025	Sellers R ScotDirector	Bought	5,000	$77.94	$389,700	Form 4
Nov 26, 2025	Mary Ann TigheDirector	Sold	6,000	$88.83	$532,980	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Fail	Pass	Pass
Cash from operations is positive	Fail	Pass	Pass
Return on assets rose	—	Pass	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	—	Pass	Pass
Current ratio rose	—	—	—
Share count didn't rise	Pass	Fail	Fail
Gross margin rose	—	—	—
Revenue rose relative to assets	—	Pass	Fail
F-score	—	—	—
Accruals ratio	−3.1%	−2.1%	−3.4%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Howard Hughes side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Howard Hughes	FY25	−15.8%	22.5%	28.3%	3.4%	7.1x	—
Zillow	FY25	15.5%	−1.3%	9.1%	−0.9%	−5.6x	7	Compare
CoStar Group	FY25	18.7%	−2.2%	3.8%	−0.6%	−3.3x	5	Compare
Newmark Group	FY25	20.3%	7.1%	4.3%	8.6%	1.1x	7	Compare
Compass	FY25	23.7%	−0.9%	2.9%	—	—	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

5 years of figures

Fiscal year	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	1,428	1,490	909	1,751	1,475
Revenue growth	—	4.3%	−39.0%	92.7%	−15.8%
Gross profit	—	—	—	—	—
Research and development	—	—	—	—	—
Operating income	242	424	216	560	332
Net income	49	184	−552	198	124
Diluted EPS (US$)	1.03	3.65	−11.12	3.96	2.21
Diluted shares (millions)	55	51	50	50	56
Cash flow
Cash from operations	−284	325	−258	397	462
Capital expenditure	36	43	40	48	45
Free cash flow	−320	282	−299	349	418
Dividends paid	0	0	0	0	0
Share buybacks	81	404	0	0	0
Acquisitions	0	0	0	0	0
Stock-based compensation	10	12	16	16	20
Balance sheet at fiscal year end
Cash and short-term investments	843	610	630	596	1,468
Debt incl. finance leases	—	—	5,303	5,128	5,110
Total assets	—	9,604	9,577	9,211	10,640
Total liabilities	—	5,997	6,518	6,370	6,797
Shareholders' equity	3,711	3,540	2,993	2,776	3,776
Margins and ratios
Gross margin	—	—	—	—	—
Operating margin	16.9%	28.5%	23.8%	32.0%	22.5%
Net margin	3.4%	12.4%	−60.7%	11.3%	8.4%
Free cash flow margin	−22.4%	18.9%	−32.9%	19.9%	28.3%
Return on capital	—	—	—	5.8%	3.4%
Return on equity	—	—	−16.9%	6.8%	3.8%
Return on assets	—	—	−5.8%	2.1%	1.2%
Net debt to EBITDA	—	—	12.1x	6.1x	7.1x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Howard Hughes' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Howard Hughes.