Howard Hughes Holdings Inc.
$83.02
+0.26 (+0.31%) · delayed · Nov 13, 2026
Five-year price
52w $60.09 to $91.07
- Market cap
- $5.0B
- Enterprise value
- $8.6B
- P/E
- 37.6×
- EV / EBIT
- 25.9×
- FCF yield
- 9.3%
- ROIC
- 3.4%
- Debt / equity
- 1.35
- Piotroski F
- 4/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
0
- ○ROIC > 12% (5y avg)5y avg ROIC 5.8%
- ○ROE > 15% (5y avg)5y avg ROE -0.3%
- ○Stable operating marginsMargin volatility 5.2% (σ, 5y)
- ○Earnings convert to cashFCF / net income 42% (5y avg)
- –Growing revenueRevenue CAGR 5y n/a
- –Shrinking share countDiluted shares n/a over 5y
Value
40
- ○P/E below 15P/E 37.6
- ○EV/EBIT below 12EV/EBIT 25.9
- ●FCF yield above 6%FCF yield 9.3%
- ○Price below Graham NumberGraham Number $56.07
- ●P/B below 3P/B 1.3
Safety
0
- ○Debt / equity below 0.5D/E 1.35
- ○Debt payable in < 4 yrs of earningsNet debt $3.6B
- ○Interest coverage > 8xCoverage 2.0x
- –Current ratio > 1.5Current ratio n/a
- ○Piotroski F-score ≥ 6F-score 4/9
Graham Defensive
n/a
- ○Adequate size (revenue > $2B)Revenue $1.5B
- –Strong condition (current ratio ≥ 2)Current ratio n/a
- –Earnings stability (no loss, 10y)5 years of data
- ○Uninterrupted dividendsDividends paid every year on record
- –Earnings growth ≥ 33% (10y, 3y avgs)n/a
- –Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) n/a
- –P/E × P/B ≤ 22.5Product n/a
Valuation lab
What do you have to believe?
At $83.02, the market is pricing in about 4.7% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $3.6B · 60M shares
Intrinsic value
$98.01
Price
$83.02
Margin of safety
15%
What the price implies
The market is paying for 4.7% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
58% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | 1,428 | 1,489 | 909 | 1,751 | 1,475 |
| Gross profit | — | — | — | — | — |
| Operating income | 242 | 424 | 216 | 560 | 332 |
| Operating margin | 16.9% | 28.5% | 23.8% | 32.0% | 22.5% |
| Pre-tax income | 64 | 335 | 110 | 365 | 161 |
| Income tax | 15 | 82 | 26 | 80 | 38 |
| Net income | 49 | 185 | (552) | 198 | 124 |
| EPS (diluted) | 1.03 | 3.65 | -11.12 | 3.96 | 2.21 |
| Diluted shares | 55 | 51 | 50 | 50 | 56 |
Who owns it