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Investment Highlights Market Valuation Price Chart Return vs. Risk About HHH Interactive Breakdown Better Bets vs. HHH Latest Trefis Analyses Trade Ideas Recent Active Movers More From Trefis Peer Financials Peer Growth & Margins Peer Valuation Peer Returns Peer Analyses FDIC Bank Data Financials Segment Financials Price Behavior Short Interest Earnings Returns History SEC Filings Insider Activity Industry Resource Links External Quote Links

Howard Hughes (HHH)

Market Price (10/31/2025): $78.51 | Market Cap: $4.3 Bil
Sector: Real Estate | Industry: Real Estate Development

Howard Hughes (HHH)

Market Price (10/31/2025): $78.51
Market Cap: $4.3 Bil
Sector: Real Estate
Industry: Real Estate Development

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.2%, FCF Yield is 12%		 Weak multi-year price returns
2Y Excs Rtn is -41%		 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 87%
1 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 80%		  Weak revenue growth
Rev Chg QQuarterly Revenue Change % is -8.0%
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 30%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 30%		  
3 Low stock price volatility
Vol 12M is 30%		  
0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.2%, FCF Yield is 12%
1 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 80%
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 30%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 30%
3 Low stock price volatility
Vol 12M is 30%
4 Weak multi-year price returns
2Y Excs Rtn is -41%
5 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 87%
6 Weak revenue growth
Rev Chg QQuarterly Revenue Change % is -8.0%

Market Valuation & Key Metrics

HHHS&P 500
REVENUE GROWTH 
Rev LTM ($ Bil)1.8
Rev Chg Q-8.0%6.4%
Rev Chg LTM80.5%5.4%
Rev Chg 3Y Avg14.5%5.3%
PROFITABILITYVERY GOOD
Op Inc LTM ($ Bil)0.5
CFO LTM ($ Bil)0.5
Net Inc LTM ($ Bil)0.2
Op Mgn LTM30.6%18.7%
CFO/Rev LTM30.4%20.4%
Net Inc Mgn12.8%12.8%
VALUATIONMODERATE
P/S2.53.2
P/CFO8.115.5
P/FCF8.120.6
P/E19.123.6
STABILITYFAIR
Debt/Equity1.200.21
Cash/Assets0.140.07

HHH Stock

               
           
Factor Drivers of Stock Movement
The 18.2% change in HHH stock from 5/1/2025 to 10/30/2025 was primarily driven by a 14.4% change in the company's P/E Multiple.

501202510302025Change
Stock Price ($)66.5478.6818.24%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)1750.691770.941.16%
Net Income Margin (%)11.29%12.84%13.74%
P/E Multiple16.7319.1414.41%
Shares Outstanding (Mil)49.7055.33-11.33%
Cumulative Contribution16.73%

LTM = Last Twelve Months as of date shown
The 3.3% change in HHH stock from 10/30/2024 to 10/30/2025 was primarily driven by a 80.5% change in the company's Total Revenues ($ Mil).

1030202410302025Change
Stock Price ($)76.2078.683.25%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)981.391770.9480.45%
P/S Multiple3.862.46-36.28%
Shares Outstanding (Mil)49.6955.33-11.36%
Cumulative Contribution1.92%

LTM = Last Twelve Months as of date shown
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Return vs. Risk

Price Returns Compared

 202020212022202320242025Total [1]
Returns
HHH Return-----6%2%0%
Peers Return27%26%-29%59%3%10%104%
S&P 500 Return16%27%-19%24%23%16%110%

Monthly Win Rates [3]
HHH Win Rate---50%42%56% 
Peers Win Rate47%50%30%53%38%49% 
S&P 500 Win Rate58%75%42%67%75%67% 

Max Drawdowns [4]
HHH Max Drawdown-----31%-18% 
Peers Max Drawdown-30%-5%-39%-4%-23%-20% 
S&P 500 Max Drawdown-31%-1%-25%-1%-2%-15% 

[1] Cumulative total returns since the beginning of 2020
[2] Peers: JOE, FOR, AXR, HHH, FPH.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 10/30/2025 (YTD)

How Low Can It Go

HHH has limited trading history. Below is the Real Estate sector ETF (XLRE) in its place.

Unique KeyEventXLRES&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-37.9%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven61.0%34.1%
2022 Inflation ShockTime to BreakevenTime to BreakevenNot Fully Recovered days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-39.3%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven64.7%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven393 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-13.5%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven15.7%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven43 days120 days

Compare to


In The Past

Real Estate Select Sector SPDR Fund (The)'s stock fell -37.9% during the 2022 Inflation Shock from a high on 12/31/2021. A -37.9% loss requires a 61.0% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Howard Hughes (HHH)

Better Bets than Howard Hughes (HHH)

 HHHBetter Performance than HHH
MetricValueIndustry (Real Estate Development)
Rev Chg LTM80.5%SKYH (94.4%), MRNO (154.6%), SGD (1570.2%)
Rev Chg 3Y Avg14.5%JOE (19.4%), FPH (73.9%), SKYH (138.2%), AEI (40.9%)
Op Mgn LTM30.6%LPA (44.2%)
CFO/Rev LTM30.4%JOE (36.0%), FPH (76.4%), LPA (45.9%)
FCF/Rev LTM30.3%JOE (30.3%), FPH (76.4%)
Total Yield5.2%FOR (12.2%), FPH (9.1%), SDHC (31.4%), AXR (11.3%), LPA (6.6%)
 HHHBetter Performance than HHH
MetricValueAll Other Sectors
Rev Chg LTM80.5%NBIS (542.6%), CRDO (175.8%), ALAB (163.8%), EXE (169.1%), CG (133.3%)
Rev Chg 3Y Avg14.5%NVDA (92.0%), AVGO (24.0%), META (17.3%), LLY (23.4%), PLTR (25.7%)
Op Mgn LTM30.6%NVDA (58.1%), AAPL (31.9%), MSFT (46.3%), GOOGL (32.2%), AVGO (39.0%)
CFO/Rev LTM30.4%NVDA (46.6%), MSFT (50.0%), GOOGL (39.3%), AVGO (42.4%), META (56.8%)
FCF/Rev LTM30.3%NVDA (43.6%), AVGO (41.6%), V (56.8%), MA (49.2%), PLTR (49.7%)
Total Yield5.2%JPM (6.6%), XOM (9.7%), JNJ (8.2%), BAC (6.8%), BABA (36.3%)
 Best Bets In Real Estate Sector
 HHHCTRE WPC ADC NNN OHI O EPRT GLPI EPR FCPT
What You Pay           
P/E19.130.139.441.919.424.756.824.616.524.922.4
P/EBIT8.726.220.825.013.116.425.317.310.613.415.2
What You Get           
Rev Chg Q-8.0%55.3%8.5%18.7%4.6%11.8%4.2%23.7%3.7%5.3%11.0%
Rev Chg LTM80.5%29.7%5.6%14.7%4.8%14.0%15.6%24.2%5.4%-0.6%8.3%
Rev Chg 3Y Avg14.5%14.1%5.6%19.5%6.1%3.9%24.7%24.2%8.1%5.8%9.5%
FCF/Rev 3Y Avg7.1%88.4%84.4%73.1%73.6%71.4%71.0%69.3%66.6%65.1%61.3%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 9.6%, alpha of 3.1%, and sharpe of 0.44

Latest Trefis Analyses

Trade Ideas

Select past ideas related to HHH. For more, see Trefis Trade Ideas.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
MPW_4302025_Short_Squeeze04302025MPWMedical Properties TrustSpecialShort Squeeze PotentialShort Squeeze Potential
Has potential for a short squeeze. High short interest, rising short interest and high debt.		-8.8%-8.8%-26.6%
Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
MPW_4302025_Short_Squeeze04302025MPWMedical Properties TrustSpecialShort Squeeze PotentialShort Squeeze Potential
Has potential for a short squeeze. High short interest, rising short interest and high debt.		-8.8%-8.8%-26.6%

Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1INBXInhibrx Biosciences176.8%409.8%
2PUMPProPetro71.2%16.2%
3RNAAvidity Biosciences43.5%139.6%
4DYNDyne Therapeutics42.8%-0.0%
5GCIGannett39.3%3.8%
6FORMFormFactor38.3%34.7%
7MBXMBX Biosciences35.1%18.2%
8BBNXBeta Bionics33.8% 
9GHGuardant Health33.3%202.5%
10LUMNLumen Technologies32.7%94.7%

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1PMIPicard Medical-75.2%5106.3%
2LRNStride-56.1%-35.8%
3NTLAIntellia Therapeutics-52.6%5.2%
4FMCFMC-48.7%-66.6%
5FIFiserv-47.4%-68.3%
6VRNSVaronis Systems-43.8%-21.2%
7THRYThryv-33.4%-44.8%
8NFENew Fortress Energy-30.5%-91.9%
9AKBAAkebia Therapeutics-29.5%10.5%
10UAMYUnited States Antimony-28.9%371.2%

1 Month Top Gainers

#TickerCompany1M RtnYTD Rtn
1PRAXPraxis Precision Medicines279.1%161.2%
2INBXInhibrx Biosciences131.0%409.8%
3PUMPProPetro99.6%16.2%
4DYNDyne Therapeutics88.4%-0.0%
5VICRVicor85.4%89.2%
6CELCCelcuity74.6%503.2%
7GLUEMonte Rosa Therapeutics73.5%87.5%
8NVTSNavitas Semiconductor72.1%251.8%
9LUMNLumen Technologies70.3%94.7%
10BALYBallys63.4%4.1%

1 Month Top Losers

#TickerCompany1M RtnYTD Rtn
1PMIPicard Medical-62.9%5106.3%
2LRNStride-53.8%-35.8%
3FMCFMC-51.0%-66.6%
4FIFiserv-48.3%-68.3%
5NFENew Fortress Energy-43.6%-91.9%
6VGVenture Global-41.7% 
7OGNOrganon-40.2%-55.0%
8VRNSVaronis Systems-39.5%-21.2%
9ITGRInteger-38.5%-52.2%
10LENZLENZ Therapeutics-37.9%5.5%

Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1INBXInhibrx Biosciences176.8%409.8%
2PUMPProPetro71.2%16.2%
3RNAAvidity Biosciences43.5%139.6%
4DYNDyne Therapeutics42.8%-0.0%
5GCIGannett39.3%3.8%
6FORMFormFactor38.3%34.7%
7MBXMBX Biosciences35.1%18.2%
8BBNXBeta Bionics33.8% 
9GHGuardant Health33.3%202.5%
10LUMNLumen Technologies32.7%94.7%

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1PMIPicard Medical-75.2%5106.3%
2LRNStride-56.1%-35.8%
3NTLAIntellia Therapeutics-52.6%5.2%
4FMCFMC-48.7%-66.6%
5FIFiserv-47.4%-68.3%
6VRNSVaronis Systems-43.8%-21.2%
7THRYThryv-33.4%-44.8%
8NFENew Fortress Energy-30.5%-91.9%
9AKBAAkebia Therapeutics-29.5%10.5%
10UAMYUnited States Antimony-28.9%371.2%

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons for Howard Hughes

Financials

HHHJOEFORAXRFPHMedian
NameHoward H.St. Joe Forestar Amrep Five Poi. 
Mkt Price78.6854.8526.2022.255.7726.20
Mkt Cap4.43.21.30.10.91.3
Rev LTM1,7714891,54348197489
Op Inc LTM5411322021331132
FCF LTM536148-3369151148
FCF 3Y Avg16722-45126722
CFO LTM538176-3359151151
CFO 3Y Avg170125-43126767

Growth & Margins

HHHJOEFORAXRFPHMedian
NameHoward H.St. Joe Forestar Amrep Five Poi. 
Rev Chg LTM80.5%26.9%2.3%-19.5%-19.7%2.3%
Rev Chg 3Y Avg14.5%19.4%0.9%-4.7%73.9%14.5%
Rev Chg Q-8.0%62.7%22.6%-6.5%-85.4%-6.5%
QoQ Delta Rev Chg LTM-1.3%14.5%4.9%-2.5%-18.1%-1.3%
Op Mgn LTM30.6%27.1%13.1%27.4%15.8%27.1%
Op Mgn 3Y Avg26.2%24.2%14.3%18.6%-1.1%18.6%
QoQ Delta Op Mgn LTM-0.9%3.5%-0.6%3.0%-12.9%-0.6%
CFO/Rev LTM30.4%36.0%-21.7%18.7%76.4%30.4%
CFO/Rev 3Y Avg7.4%29.9%-1.6%22.6%25.0%22.6%
FCF/Rev LTM30.3%30.3%-21.8%17.6%76.4%30.3%
FCF/Rev 3Y Avg7.1%2.6%-1.7%21.9%25.0%7.1%

Valuation

HHHJOEFORAXRFPHMedian
NameHoward H.St. Joe Forestar Amrep Five Poi. 
Mkt Cap4.43.21.30.10.91.3
P/S2.56.50.92.44.42.5
P/EBIT8.718.46.68.927.58.9
P/E19.130.38.28.911.011.0
P/CFO8.118.0-4.013.15.78.1
Total Yield5.2%4.3%12.2%11.3%9.1%9.1%
Dividend Yield0.0%1.0%0.0%0.0%0.0%0.0%
FCF Yield 3Y Avg-0.9%-4.6%11.7%9.9%5.4%
D/E1.20.20.70.00.60.6
Net D/E0.90.10.5-0.40.10.1

Returns

HHHJOEFORAXRFPHMedian
NameHoward H.St. Joe Forestar Amrep Five Poi. 
1M Rtn-4.2%10.9%-1.5%-7.0%-5.9%-4.2%
3M Rtn14.5%8.9%5.6%0.0%8.3%8.3%
6M Rtn18.2%28.2%35.2%-2.2%10.7%18.2%
12M Rtn3.3%6.5%-18.4%-25.6%47.9%3.3%
3Y Rtn-59.1%126.3%83.9%153.1%105.1%
1M Excs Rtn-9.4%9.0%-4.3%-8.4%-7.5%-7.5%
3M Excs Rtn7.0%1.0%-5.2%-8.2%-0.7%-0.7%
6M Excs Rtn-3.5%6.5%13.5%-24.0%-11.0%-3.5%
12M Excs Rtn-13.4%-12.5%-34.8%-43.0%30.4%-13.4%
3Y Excs Rtn--19.4%56.3%26.0%59.7%41.2%

Financials

$ Mil | FY: 12/312025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q22023Q12022Q42022Q3
Period End6/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/20236/30/20233/31/202312/31/20229/30/2022
Filing Date8/6/20255/7/20252/26/202511/4/20247/26/20245/8/20242/27/202411/6/20238/8/20235/8/20232/27/202311/2/2022
Key Financials Quarterly            
Total Revenue261199984327283156313228223196363640
Ebitda72101313195147561601255366202216
Operating Income663424619588810243110166157
Net Income-12111567321-5234-544-19-2353108
EPS-0.220.213.271.460.42-1.060.69-10.97-0.39-0.461.072.19
Key Financials TTM            
Total Revenue TTM1,7711,7941,7511,0809819219611,0111,4221,4761,4891,932
Ebitda TTM680755710557488394404446536590602627
Operating Income TTM541563537393241154156220334392395450
Net Income TTM22726119876-541-582-552-533119160185246
Growth Rates Quarterly            
Total Revenue Growth-8.0%27.4%214.3%43.2%26.9%-20.3%-13.8%-64.3%-19.3%-6.6%-54.9%191.8%
EBITDA Growth-50.9%80.0%95.7%55.1%179.4%-15.7%-20.7%-41.9%-50.3%-16.1%-10.8%124.9%
Operating Income Growth-25.2%337.7%140.9%352.9%13594.1%-23.5%-38.5%-72.6%-98.9%-20.8%-25.1%1472.9%
Net Income Growth-157.6%120.1%355.8%113.4%210.2%-130.7%-35.0%-603.4%-188.8%-1171.9%-53.6%2567.1%
Margins Quarterly            
EBITDA Margin27.7%50.5%31.8%59.5%51.9%35.7%51.1%54.9%23.6%33.7%55.5%33.8%
Operating Income Margin25.4%17.2%25.0%59.7%31.2%5.0%32.6%18.9%0.3%5.2%45.6%24.6%
Net Income Margin-4.7%5.3%15.9%22.2%7.4%-33.5%11.0%-238.2%-8.6%-11.6%14.5%16.9%
Cash & Debt            
Total Cash1,441494596401437463630492389418627355
Total Debt5,2295,2545,1335,3055,5655,4445,1525,2484,9984,8294,7994,679
Net Debt / (Cash)3,7884,7614,5374,9045,1284,9824,5234,7564,6084,4124,1724,325
Cash Flows Quarterly            
FCF from Operations177-225337248-18-171101-109-106-144110311
Cash Flows TTM            
FCF from Operations TTM538343397161-197-285-258-250170282325-28
Returns to Shareholders Quarterly            
Dividends000000000000
Share Repurchases-0-0-0-0-0-0-0-0-0-0-039
Return on Invested Capital (ROIC) Quarterly            
ROIC2.9%1.5%10.3%9.7%3.5%0.3%4.3%1.7%0.0%0.5%7.2%6.8%
Return on Invested Capital (ROIC) TTM            
ROIC TTM6.0%6.2%6.1%4.6%2.3%1.8%1.7%2.2%3.5%4.0%4.3%4.9%

Segment Financials

Revenue by Segment

$ Mil20242023202220212020
Master Planned Communities (MPC) Segment448408410284387
Operating Assets Segment410401443372400
Strategic Developments Segment5068052019458
Corporate income000 0
Seaport Segment  552456
Total9091,4891,4286991,301


Operating Income by Segment
$ Mil20242023202220212020
Master Planned Communities (MPC) Segment255234216155203
Operating Assets Segment230231234187213
Strategic Developments Segment-3017683-11666
Seaport Segment  -22-22-22
Total455641511204460


Assets by Segment
$ Mil20242023202220212020
Operating Assets Segment3,448  3,9363,477
Master Planned Communities (MPC) Segment3,359  2,2862,166
Strategic Developments Segment1,639  1,1321,540
Discontinued operations615    
Corporate516  862300
Seaport Segment   924930
Total9,577  9,1408,414


Price Behavior

HHH Betas & Captures as of 9/30/2025

 1M2M3M6M1Y3Y
Beta2.091.451.350.840.81-0.02
Up Beta4.692.371.810.700.740.07
Down Beta2.891.031.060.970.910.01
Up Capture183%179%165%84%66%28%
Bmk +ve Days13233574144420
Stock +ve Days13243565119266
Down Capture116%55%79%100%89%92%
Bmk -ve Days8192952107330
Stock -ve Days8182860131265

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Short Interest

Short Interest: As Of Date10152025
Short Interest: Shares Quantity1,751,046
Short Interest: % Change Since 93020258.4%
Average Daily Volume407,679
Days-to-Cover Short Interest4.30
Basic Shares Quantity55,329,000
Short % of Basic Shares3.2%

Returns Analyses

Earnings Returns History

Expand for More

 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/6/20251.7%7.8%14.1%
5/7/20251.8%3.4%-0.1%
2/26/20254.5%4.7%1.9%
11/4/20246.6%10.0%12.9%
7/26/2024-1.8%-9.7%5.4%
5/8/20240.7%1.9%0.0%
2/27/2024-0.2%-2.4%-5.6%
11/6/20230.8%-2.3%3.9%
SUMMARY STATS   
# Positive656
# Negative232
Median Positive1.7%4.7%4.6%
Median Negative-1.0%-2.4%-2.9%
Max Positive6.6%10.0%14.1%
Max Negative-1.8%-9.7%-5.6%

SEC Filings

Expand for More

Report DateFiling DateFiling
6302025806202510-Q 6/30/2025
3312025507202510-Q 3/31/2025
12312024226202510-K 12/31/2024
93020241104202410-Q 9/30/2024
6302024726202410-Q 6/30/2024
3312024508202410-Q 3/31/2024
12312023227202410-K 12/31/2023
93020231106202310-Q 9/30/2023
6302023808202310-Q 6/30/2023
3312023508202310-Q 3/31/2023
12312022227202310-K 12/31/2022
93020221102202210-Q 9/30/2022
6302022803202210-Q 6/30/2022
3312022509202210-Q 3/31/2022
12312021228202210-K 12/31/2021
93020211104202110-Q 9/30/2021

Insider Activity

Expand for More

 OwnerTitleFiling DateActionPriceSharesTransacted
Value		Value of
Held Shares		Form
0Bustamante Jose MiguelPresident, Nevada5202025Buy70.0070049,000508,900Form

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