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Hudson Pacific Properties

HPP on NYSE. Hudson Pacific Properties rents office and studio space to tech and media companies. Market value $610m.

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.

We can't read total debt from the filing, so debt is left out.

The company doesn't report operating profit, so we work it out from pre-tax profit and interest.

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
0.4%low

For every $100 of what the whole company costs, it produced $0.37 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2025
n/a

The filings do not give us enough to work this out.

Quality score: 33 of 100. Price score: 2 of 100. Our list needs 70 on quality and 60 on price.

$11.25 a share, 114% above its 1-year low

Over the past year the price has ranged from $5.26 to $19.67.

Dividend: 0.1% a year

Paid every year for at least 5 years

Prices from Monday’s close (5 October).

Five years of cash, in billions

-0.0
0.1
-0.1
-0.0
-0.0
0.0
2021202220232024202512 monthsto Jun '26

Spare cash swings from quarter to quarter here: $2 million in the past 12 months, a shortfall of $23 million in the year to December 2025.

Revenue
$897m$1.0bn$952m$842m$831m
Operating margin
16.8%13.0%5.3%-24.0%-50.6%
Debt to equity
n/an/an/an/an/a
Shares outstanding
0.14bn0.14bn0.14bn0.38bn0.05bn

Health checks

  • Free cash flow positive1 of 5 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)Not enough data
  • Profit backed by cash (accruals)Yes
  • DebtUnknown
  • Revenue growth, five yearsSlow, 0.6% a year
  • Buying back its own sharesYes, 62% fewer since 2021

The quarter to June 2026

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

  • Sales: $188 million last quarter, down 1% on a year ago.
  • A loss of $105 million, compared with a loss of $83 million a year ago.
  • Spare cash over the past 12 months: $2 million. A year earlier it spent $94 million more than it brought in.
  • 123% more shares than a year ago. Each share owns a bit less of the company.
  • Sales grew on a year ago in 1 of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$200m
December 2024$210m
March 2025$198m
June 2025$190m
September 2025$187m
December 2025$256m
March 2026$182m
June 2026$188m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$98m
December 2024-$167m
March 2025-$75m
June 2025-$83m
September 2025-$136m
December 2025-$278m
March 2026-$53m
June 2026-$105m

From the company's quarterly reports to the SEC.

Dates

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

Who owns it

2 long-term investors we follow own it, unchanged from 2 last quarter. 192 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

8 investors own more than 5%.

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

What insiders did

In the last 12 months, 2 insiders bought $430,520 of shares on the open market.

  • BORTZ JON E
    Director
    Bought
    Date
    11 August 2026
    Shares
    25,000
    Price
    $13.40
    Value
    $335,000
  • FERGUSON T RITSON
    Director
    Bought
    Date
    30 March 2026
    Shares
    16,000
    Price
    $5.97
    Value
    $95,520

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 27 Feb 2026, plus the 10-Q filed 10 Aug 2026 and 5 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

  • Sales have barely grown: 0.6% a year.

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.