Detailed financial statements for Howard Hughes Holdings Inc. (HHH): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Howard Hughes Holdings Inc. is an American real estate development firm that operates through its subsidiaries across the United States. The company organizes its diverse activities into four primary divisions: Operating Assets, Master Planned Communities (MPCs), Seaport, and Strategic Developments.
Analysis Summary
Howard Hughes Holdings Inc. reported revenue of $1.47B in the most recent fiscal year, growing at a 5-year CAGR of 16.1%.
Trailing-twelve-month margins: gross margin 17.4%, operating margin 18.0%, net margin 12.3%.
At $76.23 (closing price, October 30, 2026), HHH trades at a P/E of 15.43 and an ROE of 7.18%. Market capitalisation stands at $4.6B.
Balance sheet quality for HHH: current ratio of 8.6, net debt of $3.65B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $458.9M represents 370% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.04B | $1.10B | $1.06B | $1.30B | $699.5M | $1.43B | $1.49B | $1.02B | $1.75B | $1.47B |
| Cost of Revenue | $636.4M | $711.4M | $719.5M | $866.9M | $489.3M | $917.2M | $847.4M | $590.1M | $1.02B | $1.20B |
| Gross Profit | $398.6M | $388.7M | $345.0M | $433.7M | $210.1M | $510.7M | $642.1M | $434.0M | $732.0M | $276.1M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $86.6M | $89.9M | $104.6M | $162.5M | $109.4M | $82.0M | $81.8M | $91.2M | $91.8M | $122.2M |
| Operating Expenses | $176.7M | $221.6M | $238.2M | $283.3M | $329.7M | $268.8M | $217.8M | $962.2M | $172.0M | $22.6M |
| Operating Income | $326.8M | $218.5M | $106.8M | $150.3M | -$119.6M | $241.9M | $424.2M | -$528.2M | $559.9M | $253.5M |
| EBITDA | $480.5M | $316.3M | $235.1M | $364.7M | $358.2M | $399.3M | $602.2M | -$389.4M | $710.4M | $517.8M |
| Interest Expense | $65.7M | $64.6M | $82.0M | $105.4M | $132.3M | $130.0M | $110.9M | $157.0M | $164.9M | $172.9M |
| Pre-tax Income | $320.8M | $120.8M | $73.2M | $103.5M | $8.5M | $64.1M | $334.9M | -$80.3M | $365.4M | $161.5M |
| Income Tax | $118.5M | -$45.8M | $15.5M | $29.2M | $11.7M | $15.2M | $82.2M | -$163.7M | $80.2M | $37.6M |
| Net Income | $202.3M | $168.4M | $57.0M | $74.0M | -$26.2M | $56.1M | $184.5M | -$551.8M | $197.7M | $123.9M |
| EPS | $5.12 | $4.07 | $1.32 | $1.71 | $-0.50 | $1.03 | $3.65 | $-11.13 | $3.98 | $2.11 |
| EPS (Diluted) | $4.73 | $3.91 | $1.32 | $1.71 | $-0.50 | $1.03 | $3.65 | $-11.13 | $3.96 | $2.10 |
| Shares Outstanding (Diluted) | 42.7 M | 43.1 M | 43.2 M | 43.3 M | 52.3 M | 54.6 M | 50.6 M | 49.6 M | 50.1 M | 59.1 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $390.2M | $624.4M | $235.9M | $1.12B |
| Gross Profit | $203.9M | -$184.6M | $31.5M | $363.1M |
| Operating Income | $189.6M | -$51.9M | $50.7M | $239.6M |
| EBITDA | $248.7M | $96.5M | $101.2M | $329.6M |
| Net Income | $119.5M | $6.0M | $8.2M | $158.4M |
| EPS | $2.03 | $0.10 | $0.14 | $2.68 |
| EPS (Diluted) | $2.02 | $0.10 | $0.14 | $2.68 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $665.5M | $861.1M | $499.7M | $422.9M | $1.24B | $843.2M | $626.7M | $629.7M | $596.1M | $1.47B |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $456.8M | $413.8M | $271.6M | $147.7M | $447.0M | $574.8M | $657.0M | $748.7M | $687.0M | $105.3M |
| Inventory | 0 | -$6.60B | $198.4M | $60.7M | $56.9M | $58.5M | $22.5M | $671,000 | $525,000 | 0 |
| Total Current Assets | $1.49B | $1.39B | $1.38B | $1.23B | $1.91B | $2.00B | $1.85B | $2.46B | $1.78B | $1.60B |
| Property, Plant & Equipment | $17.6M | $17.0M | $15.5M | $6.83B | $56.3M | $57.0M | $46.9M | $5.5M | $5.8M | $5.2M |
| Goodwill | 0 | $1.3M | 0 | $1.3M | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | $41.5M | $65.9M | $59.8M | $87.0M | $82.1M | $74.0M | $64.9M | $36.9M | $36.4M | $7.9M |
| Total Assets | $6.37B | $6.73B | $7.36B | $8.41B | $9.14B | $9.58B | $9.60B | $9.58B | $9.21B | $10.64B |
| Accounts Payable | $33.0M | $35.9M | $38.7M | $37.5M | $28.6M | $72.8M | $36.2M | $47.6M | $48.3M | $69.0M |
| Short-term Debt | 0 | $78.2M | $93.4M | $182,000 | $321.7M | $103.0M | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $572.0M | $459.8M | $779.3M | $693.2M | $852.3M | $983.2M | $499.3M | $749.6M | $587.6M | $186.6M |
| Long-term Debt | $2.69B | $2.78B | $3.09B | $4.14B | $3.97B | $4.49B | $4.75B | $5.15B | $5.13B | $5.11B |
| Total Liabilities | $3.80B | $3.54B | $4.12B | $5.08B | $5.43B | $5.85B | $6.00B | $6.52B | $6.37B | $6.80B |
| Retained Earnings | -$277.9M | -$109.5M | -$120.3M | -$46.4M | -$72.6M | -$16.5M | $168.1M | -$383.7M | -$186.0M | -$62.1M |
| Total Equity | $2.57B | $3.18B | $3.13B | $3.15B | $3.71B | $3.71B | $3.54B | $2.99B | $2.78B | $3.78B |
| Total Debt | $2.69B | $2.86B | $3.18B | $4.21B | $4.36B | $4.66B | $4.80B | $5.15B | $5.13B | $5.11B |
| Net Debt | $2.03B | $2.00B | $2.68B | $3.78B | $3.11B | $3.82B | $4.17B | $4.52B | $4.54B | $3.65B |
| Working Capital | $920.4M | $932.5M | $596.1M | $538.3M | $1.05B | $1.02B | $1.35B | $1.71B | $1.19B | $1.42B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $1.46B | $1.47B | $1.84B | $2.65B |
| Total Assets | $10.70B | $10.64B | $11.25B | $15.91B |
| Total Liabilities | $6.86B | $6.80B | $7.40B | $10.88B |
| Total Equity | $3.77B | $3.78B | $3.78B | $4.96B |
| Total Debt | $5.29B | $5.11B | $5.80B | $5.46B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $202.3M | $166.6M | $57.7M | $74.3M | -$3.2M | $48.9M | $53.4M | $83.2M | $285.9M | $123.9M |
| Depreciation & Amortization | $94.0M | $130.9M | $128.2M | $155.2M | $217.4M | $205.2M | $154.8M | $169.0M | $179.8M | $183.5M |
| Stock-based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $19.8M |
| Change in Working Capital | $321.3M | $621.7M | $130.5M | -$66.4M | $137.8M | $92.5M | $50.1M | $248.6M | $78.1M | $256.9M |
| Operating Cash Flow | $58.9M | $319.0M | $210.5M | $207.7M | -$72.9M | -$284.0M | $325.3M | -$248.2M | $400.9M | $462.4M |
| Capital Expenditure | -$9.7M | -$7.0M | -$4.5M | -$7.0M | -$1.6M | -$1.8M | -$2.0M | -$47.6M | -$50.1M | -$3.5M |
| Acquisitions | $377.5M | -$1.1M | -$2.6M | -$6.1M | -$3.9M | -$1.2M | $31.2M | $219,000 | $206,000 | -$3.6M |
| Stock Repurchased | 0 | 0 | -$58.7M | -$53.9M | 0 | -$81.1M | -$403.9M | 0 | 0 | -$3.6M |
| Dividends Paid | 0 | -$12,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $49.3M | $312.1M | $206.0M | $200.8M | -$74.5M | -$285.8M | $323.2M | -$295.7M | $350.9M | $458.9M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $149.8M | $360.3M | -$220.2M | $506.5M |
| Capital Expenditure | -$676,000 | -$2.3M | -$17.7M | -$2.6M |
| Free Cash Flow | $149.1M | $357.9M | -$237.9M | $504.0M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | $2.1M | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +6.3% | -3.2% | +22.2% | -46.2% | +104.1% | +4.3% | -31.2% | +70.9% | -15.8% | |
| Net Income Growth (YoY) | -16.8% | -66.1% | +29.7% | -135.4% | +314.5% | +228.9% | -399.0% | +135.8% | -37.3% | |
| EPS Growth (YoY) | -20.5% | -67.6% | +29.5% | -129.2% | +306.0% | +254.4% | -404.9% | +135.8% | -47.0% | |
| Shares Change (YoY) | +0.8% | +0.3% | +0.2% | +20.8% | +4.5% | -7.5% | -1.9% | +1.1% | +18.0% | |
| FCF Growth (YoY) | +533.6% | -34.0% | -2.6% | -137.1% | -283.7% | +213.1% | -191.5% | +218.6% | +30.8% | |
| Gross Margin | 38.5% | 35.3% | 32.4% | 33.3% | 30.0% | 35.8% | 43.1% | 42.4% | 41.8% | 18.7% |
| Operating Margin | 31.6% | 19.9% | 10.0% | 11.6% | -17.1% | 16.9% | 28.5% | -51.6% | 32.0% | 17.2% |
| EBITDA Margin | 46.4% | 28.8% | 22.1% | 28.0% | 51.2% | 28.0% | 40.4% | -38.0% | 40.6% | 35.1% |
| Net Margin | 19.5% | 15.3% | 5.4% | 5.7% | -3.7% | 3.9% | 12.4% | -53.9% | 11.3% | 8.4% |
| FCF Margin | 4.8% | 28.4% | 19.4% | 15.4% | -10.6% | -20.0% | 21.7% | -28.9% | 20.0% | 31.1% |
| Effective Tax Rate | 36.9% | -37.9% | 21.2% | 28.2% | 137.4% | 23.6% | 24.5% | 203.8% | 21.9% | 23.3% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $1.15 | $7.24 | $4.77 | $4.64 | $-1.42 | $-5.23 | $6.39 | $-5.97 | $7.00 | $7.76 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 39.5 M | 41.4 M | 43.0 M | 43.1 M | 52.3 M | 54.6 M | 50.5 M | 49.6 M | 50.1 M | 58.8 M |
General checklist
We have not classified this sector with specialised metrics. This is the universal Buffett/Lynch checklist for any company.
- 5y revenue growth — Without growth, there is no long-term value creation
- 5y EPS growth — Should grow faster than revenue — shows operating leverage
- ROIC ≥ cost of capital — Buffett's #1 metric. ROIC > WACC = creates value
- Gross margin — 5y consistent gross margin = moat signal
- FCF / Net Income — Earnings quality — <70% = paper earnings
- Net debt / EBITDA — Tolerance to cycles and rate hikes
- P/E vs own 10y history — The best comparison is with its own history, not with peers
Profitability
| Return on Equity | 7.18% |
| Return on Invested Capital | 2.31% |
| Return on Assets | 1.84% |
| Gross Margin | 17.44% |
| Operating Margin | 18.04% |
| Net Margin | 12.31% |
Financial Health
| Debt / Equity | 1.10 |
| Current Ratio | 2.75 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 0.78 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 21.23 | 31.10 | 70.46 | 70.65 | -150.42 | 94.16 | 19.95 | -7.32 | 19.33 | 37.81 |
| P/B | 1.67 | 1.64 | 1.28 | 1.66 | 1.06 | 1.43 | 1.04 | 1.35 | 1.39 | 1.24 |
| P/S | 4.15 | 4.76 | 3.76 | 4.01 | 5.62 | 3.71 | 2.47 | 3.95 | 2.20 | 3.18 |
| Gross Margin | 38.5% | 35.3% | 32.4% | 33.3% | 30.0% | 35.8% | 43.1% | 42.4% | 41.8% | 18.7% |
| Operating Margin | 31.6% | 19.9% | 10.0% | 11.6% | -17.1% | 16.9% | 28.5% | -51.6% | 32.0% | 17.2% |
| Net Margin | 19.5% | 15.3% | 5.4% | 5.7% | -3.7% | 3.9% | 12.4% | -53.9% | 11.3% | 8.4% |
Related companies: BPYPO · SBRA · REXR · KRG · MRP · JOE · KRC · CWK
Explore sector: Real Estate · Real Estate - Development
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