Howard Hughes vs Marcus & Millichap
Howard Hughes reported revenue of $1.5 billion in fiscal 2025, 2.0 times Marcus & Millichap's $755 million in fiscal 2025. Howard Hughes' revenue fell 15.8% in its latest year, and Marcus & Millichap's grew 8.5%. Howard Hughes had an operating margin of 22.5%, against -1.8% at Marcus & Millichap. Free cash flow was $418 million at Howard Hughes and $59 million at Marcus & Millichap.
Side by side
| Howard Hughes | Marcus & Millichap | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $1.5B | $755M |
| Revenue growth | −15.8% | 8.5% |
| Revenue growth a year, last 5 years | — | 1.0% |
| Gross margin | — | — |
| Operating margin | 22.5% | −1.8% |
| Net margin | 8.4% | −0.2% |
| Free cash flow | $418M | $59M |
| Free cash flow margin | 28.3% | 7.8% |
| Return on capital | 3.4% | — |
| Net debt to EBITDA | 7.1x | — |
| Dividends and buybacks | $0M | $46M |
| Change in diluted share count | 12.3% | 0.7% |
| Last close | $77.73 | $27.75 |
| P/E at the last close | 31.2× | 71.2× |
| Insider trades, last 12 months | bought $2.1 million, sold $1.6 million | sold $48,475 |
| Piotroski F-score | — | — |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
Howard HughesMarcus & Millichap
Operating margin
Percent of revenue
Howard HughesMarcus & Millichap
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
Howard HughesMarcus & Millichap
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the Howard Hughes and Marcus & Millichap pages.