SequelSEC

Howard Hughes Holdings Inc. HHH

Real Estate Investment Trusts · CIK 0001981792 · Fiscal year ends 1231

Revenue
$1.47B
Fiscal year ended 2025-12-31
Operating income
$331.52M
Fiscal year ended 2025-12-31
Free cash flow
Unavailable
Fiscal year ended 2025-12-31

Valuation, from the filing

Public float$2.20BMarket value of stock held by non-affiliates, as stated on the cover page for 2025-06-30
Float per share$36.90Float divided by shares outstanding in the same filing. A floor under the share price on that date, not the price itself.
Float / net income17.8×A lower bound on the multiple, because affiliate holdings are excluded.
Float / revenue1.5×A lower bound on the multiple, because affiliate holdings are excluded.
Float / equity0.6×A lower bound on the multiple, because affiliate holdings are excluded.

Every figure here is drawn from the 10-K cover page and the statements behind it, so each one traces to a filing. Public float counts only stock held by non-affiliates, which makes these floors rather than estimates: a high multiple is conclusive, a low one may mean cheap or may mean closely held. The float was measured on 2025-06-30, not today, and each multiple below it uses the figures for the fiscal year ending 2025-12-31 — the year that filing covered.

How this compares in its industry

Percentile among the Real Estate Investment Trusts filers on this site, highest value first. A high percentile means a large figure, which is good for a margin and not for leverage — the ranking says where the company sits, not whether that is where it should be.

MeasureReportedPercentile
Effective tax rate23.3%95th
Revenue YoY growth-15.8%5th
SBC / revenue1.3%39th
Net margin8.4%45th
Operating margin22.5%52th

Howard Hughes Holdings Inc. (HHH) reported revenue of $1.47B and net income of $123.90M for the fiscal year ended 2025-12-31. This page shows 5 annual periods of income statement, balance sheet and cash flow figures normalized from Howard Hughes Holdings Inc.’s SEC filings, each linked to the filing it came from. It is classified by the SEC under Real Estate Investment Trusts.

Income

Howard Hughes Holdings Inc. income by fiscal year, in US dollars, normalized from SEC filings.
Metric2025-12-312024-12-312023-12-312022-12-312021-12-31
Revenue$1.47B$1.75B$908.75M$1.49B$1.43B
Cost of revenueUnavailableUnavailableUnavailableUnavailableUnavailable
Gross profitUnavailableUnavailableUnavailableUnavailableUnavailable
Operating income$331.52M$559.92M$216.22M$424.24M$241.87M
Net income$123.90M$197.70M-$551.77M$184.53MUnavailable
Research & developmentUnavailableUnavailableUnavailableUnavailableUnavailable
Weighted-average diluted sharesshares 56.05Mshares 49.91Mshares 49.62Mshares 50.56Mshares 54.65M
Pretax income$161.46M$365.40M$109.83M$334.90M$64.08M
Income tax expense$37.62M$80.18M$26.42M$82.20M$15.15M
Diluted EPS$2.21$3.96$-11.12$3.65$1.03
Selling, general & administrativeUnavailableUnavailableUnavailableUnavailableUnavailable
General & administrative$122.24M$91.75M$86.67M$81.77M$81.99M
Selling & marketingUnavailableUnavailableUnavailableUnavailableUnavailable

Balance

Howard Hughes Holdings Inc. balance by fiscal year, in US dollars, normalized from SEC filings.
Metric2025-12-312024-12-312023-12-312022-12-312021-12-31
Cash & equivalents$1.47B$596.08M$629.71M$610.20M$843.21M
Total assets$10.64B$9.21B$9.58B$9.60BUnavailable
Current assetsUnavailableUnavailableUnavailableUnavailableUnavailable
Total liabilities$6.80B$6.37B$6.52B$6.00BUnavailable
Current liabilitiesUnavailableUnavailableUnavailableUnavailableUnavailable
Total equity incl. NCI$3.84B$2.84B$3.06B$3.61B$3.71B
Temporary (mezzanine) equity$0UnavailableUnavailableUnavailableUnavailable
InventoryUnavailableUnavailableUnavailableUnavailableUnavailable
Accounts receivable$134.12M$105.18M$101.37M$103.44MUnavailable
Goodwill$2.34M$0UnavailableUnavailableUnavailable
Long-term debt$5.11B$5.13B$5.30BUnavailableUnavailable
Accounts payable$3.30MUnavailableUnavailableUnavailableUnavailable

Cash flow

Howard Hughes Holdings Inc. cash flow by fiscal year, in US dollars, normalized from SEC filings.
Metric2025-12-312024-12-312023-12-312022-12-312021-12-31
Operating cash flow$462.37M$396.59M-$258.48M$325.25M-$283.96M
Capital expendituresUnavailableUnavailableUnavailableUnavailableUnavailable
Investing cash flow-$219.07M-$300.79M-$336.14M-$220.70M$101.46M
Financing cash flow$855.35M-$150.35M$548.74M-$222.26M$156.14M
Net change in cash$1.10B-$54.55M-$45.88M-$117.70M-$26.36M
Stock-based compensation$19.80M$16.01M$16.39M$11.90M$9.88M
Common dividends paidUnavailableUnavailableUnavailableUnavailableUnavailable
Common share repurchasesUnavailable$0$0$403.86M$81.13M
Depreciation & amortization$183.23M$179.80M$168.73M$154.60M$205.10M

Derived

Howard Hughes Holdings Inc. derived by fiscal year, in US dollars, normalized from SEC filings.
Metric2025-12-312024-12-312023-12-312022-12-312021-12-31
Free cash flowUnavailableUnavailableUnavailableUnavailableUnavailable
Gross marginUnavailableUnavailableUnavailableUnavailableUnavailable
Operating margin22.5%32.0%23.8%28.5%16.9%
FCF marginUnavailableUnavailableUnavailableUnavailableUnavailable
SBC / revenue1.3%0.9%1.8%0.8%0.7%
Current ratioUnavailableUnavailableUnavailableUnavailableUnavailable
Revenue YoY growth-15.8%92.6%-39.0%4.3%Unavailable
Net margin8.4%11.3%-60.7%12.4%Unavailable
R&D / revenueUnavailableUnavailableUnavailableUnavailableUnavailable
CapEx / revenueUnavailableUnavailableUnavailableUnavailableUnavailable
Long-term debt / equityUnavailableUnavailableUnavailableUnavailableUnavailable
Effective tax rate23.3%21.9%24.1%24.5%23.6%

Amounts are abbreviated; the exact reported value is carried in each cell. — means unavailable, not zero. Open HHH in the interactive workspace to inspect any figure back to its filing.

Source filings

10-Q · Filed 2026-08-05View SEC filing
10-Q · Filed 2026-05-07View SEC filing
10-K · Filed 2026-02-19View SEC filing
10-Q · Filed 2025-11-10View SEC filing
10-Q · Filed 2025-08-06View SEC filing
10-Q · Filed 2025-05-07View SEC filing

Companies in the same industry

Every accounting identity this site checks — the balance sheet, the gross profit bridge and the cash flow statement — reconciles in every period shown.