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Howard Hughes Holdings

HHH on NYSE. Howard Hughes Holdings sells land, homes and commercial space to buyers in planned communities. Market value $4.3bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Real estate stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
14.5%very high

For every $100 of what the whole company costs, it produced $14.50 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
15.7×full

You pay 15.7 years of operating profit for the business. The average large US company costs around 18.

Return on capital
five annual reports to December 2025
3.5%five-year median

Each dollar kept in the business earns 4 cents a year. Above 10 is good.

Quality score: 64 of 100. Price score: 93 of 100. Our list needs 70 on quality and 60 on price.

$71.66 a share, 19% above its 1-year low

Over the past year the price has ranged from $60.09 to $91.07.

Pays no dividend

Prices from Monday’s close (5 October).

Five years of cash, in billions

-0.5
0.1
0.2
0.6
20232024202512 monthsto Jun '26

Spare cash swings from quarter to quarter here: $620 million in the past 12 months, $247 million in the year to December 2025.

Revenue
$909m$1.8bn$1.5bn
Operating margin
23.8%32.0%22.5%
Debt to equity
1.771.851.35
Shares outstanding
0.05bn0.06bn0.06bn

Health checks

  • Free cash flow positive2 of 3 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)5 of 7 checks we could run
  • Profit backed by cash (accruals)Yes
  • Debt1.35× equity
  • Revenue growth, five yearsUnknown
  • Buying back its own sharesNo, 19% more shares since 2023

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $1.1 billion last quarter, up 330% on a year ago.
  • Profit: $158 million, after a loss of $12 million a year ago.
  • It keeps 21 cents of each $1 of sales as operating profit, down from 32 cents a year earlier.
  • Spare cash over the past 12 months: $620 million, up from $252 million.
  • 7% more shares than a year ago. Each share owns a bit less of the company.
  • Sales grew on a year ago in 3 of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$327m
December 2024$984m
March 2025$199m
June 2025$261m
September 2025$390m
December 2025$624m
March 2026$236m
June 2026$1.1bn
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024$73m
December 2024$156m
March 2025$11m
June 2025-$12m
September 2025$120m
December 2025$6m
March 2026$8m
June 2026$158m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
19 February 2026
Next quarterly (estimated, 10-Q)
4 November 2026

Who owns it

7 long-term investors we follow own it, unchanged from 7 last quarter. 305 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

4 investors own more than 5%.

  • Pershing Square Holdco, L.P.
    Strategic holder
    at least 46.9%0.0 pts
    (filed with 2 related holders)
    Since 17 December 2025
    What they said

    Item 4 of the Schedule 13D is hereby amended and supplemented by adding the following information: On December 17, 2025, in connection with the entry into a Purchase and Sale Agreement, dated as of December 17, 2025, by and between Howard Hughes Insurance Holdings, LLC…

    Read the filing
  • at least 46.9%+9.3 pts
    (filed with 1 related holder)
    Since 5 May 2025
    What they said

    Item 4 of the Schedule 13D is hereby amended and supplemented by adding the following information: "On May 5, 2025, Pershing Square Holdco, L.P. ("Holdco") and the Issuer entered into a Share Purchase Agreement ("Share Purchase Agreement"), which is filed as Exhibit 99.30 hereto…

    Read the filing
  • at least 46.7%0.0 pts
    (filed with 5 related holders)
    Since 4 June 2026
    What they said

    Item 4 of the Schedule 13D is hereby amended and supplemented by adding the following information: On June 4, 2026 (the "Closing Date"), Howard Hughes Insurance Holdings, LLC, a Delaware limited liability company ("Buyer") and wholly-owned subsidiary of the Issuer completed its…

    Read the filing
  • PS Holdco GP Managing Member, LLC
    Strategic holder
    at least 37.6%
    (filed with 1 related holder)
    Since 13 January 2025
    What they said

    Item 4 of the Schedule 13D is hereby amended and supplemented by adding the following information: "On January 13, 2025, PS Holdco submitted a non-binding proposal letter to the Issuer regarding a potential merger transaction (the "Proposal") in which a newly formed merger…

    Read the filing
  • Sold down below 5%
    Since 30 June 2026
  • The Vanguard Group
    Passive investor
    Sold down below 5%
    Since 13 March 2026

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 4 insiders bought $2m of shares on the open market. 3 sold $2m.

  • GRANDISSON MARC
    Executive Chairman, Vantage, Director
    Bought
    Date
    23 September 2026
    Shares
    25,000
    Price
    $64.12
    Value
    $2m
  • Davis Andrew D.
    Chief Operating Officer, HHC
    Bought
    Date
    23 September 2026
    Shares
    1,000
    Price
    $64.49
    Value
    $64,490
  • Tighe Mary Ann
    Director
    Sold
    Date
    11 August 2026
    Shares
    13,495
    Price
    $67.25
    Value
    $907,595
  • Carman James
    President, Houston Region
    Sold
    Date
    15 May 2026
    Shares
    1,500
    Price
    $64.20
    Value
    $96,300
  • Davis Andrew D.
    Chief Operating Officer, HHC
    Sold
    Date
    25 March 2026
    Shares
    1,636
    Price
    $63.87
    Value
    $104,491
  • Valane Joseph
    General Counsel & Secretary
    Bought
    Date
    13 March 2026
    Shares
    1,260
    Price
    $64.45
    Value
    $81,207
  • SELLERS R SCOT
    Director
    Bought
    Date
    23 December 2025
    Shares
    5,000
    Price
    $77.94
    Value
    $389,700
  • Tighe Mary Ann
    Director
    Sold
    Date
    26 November 2025
    Shares
    6,000
    Price
    $88.83
    Value
    $532,980

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 19 Feb 2026, plus the 10-Q filed 5 Aug 2026 and 7 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.