Howard Hughes Holdings Inc. (HHH)

Price$64.12Cached quoteAs of 2026-09-06 13:15 UTC

AI: Fair-priced

Price checkThe shares look roughly fair, with modest asset support but too little margin for a bargain call.

At the observed close, Howard Hughes’ common market value is about $3.8 billion versus $4.0 billion of common book value at June 30, or roughly 0.96 times book. Book value is the accounting value left for common shareholders after liabilities. The market value is also about 13 times the last four quarters’ reported common net income, but those earnings are lumpy and include only 27 days of Vantage. Older real estate may be worth more than its accounting value, while Vantage added newly acquired intangible assets. The discount is too small for a clear undervaluation call.

Big pictureRevenue and profits have swung sharply, while recent real-estate operations improved and insurance remains too new to judge.

The supplied history shows 2025 revenue fell to $1.47 billion from $1.75 billion in 2024, while earnings before interest, taxes, depreciation, and amortization fell to $515 million from $740 million; net income dropped to $124 million from $198 million. Cash generated from day-to-day operations was positive for 2025 but moved from negative $229 million in the first quarter of 2026 to positive $507 million in the second. Meanwhile, second-quarter earnings before tax from community development rose 32%, operating-property income grew 2%, and Vantage’s 27-day partial period reported a $20.8 million pre-tax loss. Pasted text

Business strengthLiquidity is strong and the real-estate base is substantial, but borrowing remains large after the insurance deal.

June cash and equivalents were $2.65 billion, and management reported another $1.52 billion of undrawn borrowing capacity for Bridgeland and property development. Against that, mortgages, notes, and loans payable were $5.46 billion. Vantage also brought $2.12 billion set aside for insurance claims and $1.41 billion of premiums collected for coverage not yet provided. Howard Hughes still held $6.97 billion of net real-estate investment, and Ward Village closings produced $226.6 million of net proceeds in the quarter. The balance sheet is liquid, but not lightly leveraged.

What could change the storyVantage execution and disciplined reinvestment could unlock value; poor underwriting or costly capital moves could erase it.

Pershing Square’s May 2025 investment added nine million new common shares, lifting year-end shares outstanding about 18.5% from 2024. In June 2026, Howard Hughes issued $1.0 billion of preferred stock, a separate ownership class, to help fund Vantage. It pays no current cash dividend, but if Howard Hughes repurchases it during the annual windows, the price is the greater of original value grown at 4% or a formula tied to 1.5 times Vantage book value. The bull case needs high Vantage returns; the bear case is underwriting losses, weak real-estate cash generation, or more dilution.

AI: News

Vantage acquisition closesHoward Hughes completed its $2.1 billion Vantage purchase, adding insurance while materially changing the balance sheet and earnings mix.

On June 4, Howard Hughes bought all of Vantage for about $2.1 billion in cash and issued $1.0 billion of preferred stock, a separate ownership class with exchange rights, to Pershing Square as part of the financing. Vantage became the second operating platform alongside real estate. The shares rose about 2.9% that day, but the same-day move only coincided with the closing and cannot prove causation. The transaction matters because future value now depends partly on insurance underwriting, investment returns, and the preferred-stock economics.

Second-quarter resultsQuarterly profit rebounded and real-estate metrics improved, while Vantage’s initial contribution remained too short to judge.

On August 5, Howard Hughes reported $158.4 million of common net income versus a $12.1 million loss a year earlier. Earnings before tax from community development rose 32%, and operating-property income before financing and depreciation costs rose 2%. Vantage contributed only from June 4 through June 30 and posted a $20.8 million pre-tax loss in that partial period. The shares gained about 3.6% in the next session; the timing is consistent with a favorable reaction, though it does not establish that the report alone caused the move.

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Revenue

2021

2022

2023

2024

2025

Net income

2021

2022

2023

2024

2025

Free cash flow

2022

2023

2024

2025

Total cash / debt

CashTotal debt

2021

2022

2023

2024

2025

Financial statements

	2025	2024	2023	2022	2021
Revenue	$1.47B	$1.75B	$908.8M	$1.49B	$1.43B
Operating expenses	$340.9M	$194.9M	$260.1M	$247.5M	—
Operating income	$331.5M	$559.9M	$216.2M	$424.2M	$241.9M
Operating margin	22.48%	31.98%	23.79%	28.48%	16.94%
EBITDA	$514.7M	$739.7M	$385.0M	$578.8M	$447.0M
EBITDA margin	34.90%	42.25%	42.36%	38.86%	31.30%
Net income	$123.9M	$197.7M	−$551.8M	$184.5M	$48.9M
Net profit margin	8.40%	11.29%	−60.72%	12.39%	3.43%
Basic EPSper basic share	$2.22	$3.98	-$11.13	$3.65	$1.03
Diluted EPSper diluted share	$2.21	$3.96	-$11.12	$3.65	$1.03

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

46.69%of listed shares

PERSHING SQUARE INC.27.85M shares · Jun 30, 2026

View holders

Top 20 reported holders of HHH
Holder	% owned
PERSHING SQUARE INC.	46.69%27.85M shares
DIMENSIONAL FUND ADVISORS LP	4.90%2.92M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	4.39%2.62M shares
BlackRock, Inc.	2.71%1.62M shares
WELLS FARGO & COMPANY/MN	2.50%1.49M shares
AMERICAN CENTURY COMPANIES INC	2.39%1.43M shares
VANGUARD CAPITAL MANAGEMENT LLC	2.28%1.36M shares
DONALD SMITH & CO., INC.	1.68%1M shares
Long Focus Capital Management, LLC	1.23%733.7K shares
Flat Footed LLC	1.04%620.42K shares
GEODE CAPITAL MANAGEMENT, LLC	1.01%600.88K shares
Gotham Asset Management, LLC	1.00%598.25K shares
STATE STREET CORP	0.98%585.84K shares
FRANKLIN RESOURCES INC	0.95%565.13K shares
River Road Asset Management, LLC	0.82%492.05K shares
MORGAN STANLEY	0.67%398.22K shares
NORGES BANK	0.61%365.62K shares
CITADEL ADVISORS LLC	0.56%334.56K shares
JCP Investment Management, LLC	0.53%314.1K shares
UBS Group AG	0.51%306.29K shares

Percentages use 59.66M shares of this listed class outstanding on Jun 30, 2026.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys4$529.7K disclosed value

Sells (SEC code S)4$821.3K disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
May 15, 2026Form 4	Carman JamesPresident, Houston Region	SellCommon stock, $0.01 par value per share	1.5K	$64.20	$96.3K	22.1K
Mar 25, 2026Form 4	Davis Andrew D.Chief Operating Officer, HHC	SellCommon stock, $0.01 par value per share	1.6K	$63.87	$104.5K	31.5K
Mar 13, 2026Form 4	Valane JosephGeneral Counsel & Secretary	BuyCommon stock, $0.01 par value per share	1.3K	$64.45	$81.2K	29.2K
Dec 23, 2025Form 4	SELLERS R SCOTDirector	BuyCommon stock, $0.01 par value	5.0K	$77.94	$389.7K	67.5K
Nov 26, 2025Form 4	Tighe Mary AnnDirector	SellCommon stock, $0.01 par value · indirect	6.0K	$88.83	$533.0K	13.5K