Howard Hughes Holdings Inc. (HHH) stock analysis
Close on Nov 11, 2026Market cap $5.01BP/E 33.1Yield –
StockData Score
Prices as of Nov 11, 2026How the score works
Weak6 of 30 checks passed
Howard Hughes passes 6 of the 30 checks behind our score; 12 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.
- Valuation
- 2/6
- Growth
- 1/6
- Past performance
- 3/6
- Financial health
- 0/6
- Dividend
- 0/6
What stands out
Trading below fair value
The share price of $83.85 is below our fair value estimate of $85.36.
Return on capital over 10%
Return on invested capital was 21.3%, above the 10% that usually covers the cost of capital.
EV/EBITDA below its 5-year median
Howard Hughes's EV/EBITDA of 3.3 is below its 5-year median of 5.3.
Growing faster than the industry
Revenue grew 42.8% over the last twelve months; the Miscellaneous Investing median is 4.6%.
What to watch
Margin of safety under 20%
The price is 1.8% below fair value, less than the 20% cushion we look for.
Return on equity under 15%
Return on equity was 4.4% over the last twelve months and averaged -0.3% over five years; we look for 15% on both.
Revenue growing under 10% a year
Revenue grew -0.3% a year over the last three fiscal years, short of the 10% we look for.
EPS growing under 10% a year
Diluted EPS grew -15.4% a year over the last three fiscal years.
Valuation2/6
P/E above its 5-year median
Howard Hughes's P/E of 33.1 is above its own 5-year median of 19.9.
P/E above the industry
Howard Hughes's P/E of 33.1 is above the Miscellaneous Investing median of 26.3.
EV/EBITDA below its 5-year median
Howard Hughes's EV/EBITDA of 3.3 is below its 5-year median of 5.3.
P/B above the industry
Howard Hughes's price-to-book of 1.26 is above the Miscellaneous Investing median of 1.20.
Trading below fair value
The share price of $83.85 is below our fair value estimate of $85.36.
Margin of safety under 20%
The price is 1.8% below fair value, less than the 20% cushion we look for.
Growth1/6
Revenue growing under 10% a year
Revenue grew -0.3% a year over the last three fiscal years, short of the 10% we look for.
EPS growing under 10% a year
Diluted EPS grew -15.4% a year over the last three fiscal years.
Earnings acceleration
Needs positive net income now, a year ago and five years ago.
Growing faster than the industry
Revenue grew 42.8% over the last twelve months; the Miscellaneous Investing median is 4.6%.
Guidance lowered
Howard Hughes lowered its 2026 Cash G&A outlook on Feb 19, 2026.
Gross margin trend
This company does not report gross profit.
Past performance3/6
Return on equity under 15%
Return on equity was 4.4% over the last twelve months and averaged -0.3% over five years; we look for 15% on both.
Return on capital over 10%
Return on invested capital was 21.3%, above the 10% that usually covers the cost of capital.
Return on equity above the industry
Howard Hughes's return on equity of 4.4% is above the Miscellaneous Investing median of 3.1%.
Earnings over 5 years
Needs positive net income five years ago and in the latest year.
Net margin above its 5-year average
Net margin was 6.5% over the last twelve months, against a 5-year average of -7.2%.
Net margin below the industry
Howard Hughes's net margin of 6.5% is below the Miscellaneous Investing median of 10.3%.
Financial health0/6
Debt level
Needs debt and equity figures.
Debt trend
Needs a balance sheet from five years ago with positive equity.
Debt coverage
Needs operating cash flow.
Interest not well covered
Operating income covers interest expense 2.6 times; we look for at least 5.
Short-term liquidity
The balance sheet is not split into current and non-current items.
Elevated bankruptcy risk
The Altman Z-score is 0.53; above 3 is the safe zone and below 1.8 the distress zone.
Dividend0/6
No dividend
Howard Hughes has not paid a dividend in the last twelve months.
Yield against Treasuries
No dividend.
Yield against the market
No dividend.
Dividend stability
No dividend.
Earnings cover
No dividend.
Cash-flow cover
No dividend.
Fair value
How we estimate itOur estimate per share
$85.36
The share price is 2% below this estimate.
| Method | Multiple used | Own 5Y median | Industry median | Value per share | Weight |
|---|---|---|---|---|---|
| P/E | 23.9× | 19.9× | 26.3× | $60.50 | 40% |
| EV/EBITDA | 7.9× | 5.3× | 9.5× | $138.04 | 35% |
| P/B | 1.2× | 1.2× | 1.2× | $79.45 | 10% |
| Earnings power | 10.3% cost of equity | – | – | $32.67 | 15% |
| Fair value | $85.36 | 100% | |||
Valuation over time
Using the earnings and balance sheet published at each date, not today's.
- P/E at month end
- Own 5-year median 19.9
- Miscellaneous Investing median 26.3
An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.
Market risk
From the past year of daily prices.
Liquidity
Low risk
- Average value traded per day
- $67.98M
- Value traded per 1% price move
- $25.45M
Downside
Medium risk
- Typical loss in a bad month
- 21.6%
- Volatility (annualized)
- 34%
- Sharpe ratio, 1 year
- -0.31
- Beta to the S&P 500 (5Y)
- 1.08
Typical bad-month loss, week by week
Margins
Share of revenue, fiscal years 2020 to 2025
Operating margin
Net margin
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -15.8% | -0.3% | – | – | |
| Operating income | -40.8% | -7.9% | – | – | |
| Net income | -37.3% | -12.4% | – | – | |
| EPS, diluted | -44.2% | -15.4% | – | – |
Returns and balance sheet
6 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2020 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | – | 3.8% | |
| Return on assets | – | – | 1.2% | |
| Interest coverage | – | – | 2.0× | |
| Diluted shares | – | – | 56M |
Cash use needs five years of cash flow figures
Howard Hughes does not report operating cash flow and capital expenditure for each of the last five fiscal years.
DuPont analysis
Return on equity split into margin, efficiency and leverage
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 8.4% | 0.15× | 3.03× | 3.8% |
| FY2024 | 11.3% | 0.19× | 3.26× | 6.9% |
| FY2023 | -60.7% | 0.09× | 2.94× | -16.9% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
- ProfitableNet income above zero$123.90M
- Cash generatingOperating cash flow above zero$462.37M
- Return on assets improvedROA up on the prior year2.1% → 1.3%
- Earnings backed by cashOperating cash flow above net income$462.37M vs $123.90M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose– → –
- No dilutionShare count did not rise50M → 56M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.18 → 0.16
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