Seaport Entertainment Group
SEG on NYSE. Miscellaneous amusement & recreation. Market value $288m.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
Cash flow or capital spending isn't reported, so free cash flow is unknown.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Retail & consumer stocks that passed both tests
This is not advice. Check the numbers below.
We could not compute this from the filings.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: not known. Price score: 16 of 100. Our list needs 70 on quality and 60 on price.
$22.55 a share, 27% above its 1-year low
Over the past year the price has ranged from $17.74 to $29.61.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | ||
| Revenue | $110m | $130m |
| Operating margin | ||
| Operating margin | -92.7% | -90.6% |
| Debt to equity | ||
| Debt to equity | 0.18 | 0.08 |
| Shares outstanding | ||
| Shares outstanding | 0.01bn | 0.01bn |
Health checks
- Free cash flow positiveNot enough data
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)3 of 7 checks we could run
- Profit backed by cash (accruals)Yes
- Debt0.08× equity
- Revenue growth, five yearsUnknown
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $34 million last quarter, down 14% on a year ago.
- A loss of $10 million, compared with a loss of $15 million a year ago.
- It loses 101 cents on each $1 of sales, compared with 80 cents a year earlier.
- 1% more shares than a year ago. Each share owns a bit less of the company.
- It has $80 million more cash than debt, up from $23 million a year ago.
| Quarter to | Amount |
|---|---|
| September 2024 | $39m |
| December 2024 | Not reported |
| March 2025 | $16m |
| June 2025 | $40m |
| September 2025 | $45m |
| December 2025 | $29m |
| March 2026 | $13m |
| June 2026 | $34m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$33m |
| December 2024 | -$42m |
| March 2025 | -$32m |
| June 2025 | -$15m |
| September 2025 | -$33m |
| December 2025 | -$37m |
| March 2026 | -$44m |
| June 2026 | -$10m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 4 March 2026
- Next quarterly (estimated, 10-Q)
- 4 November 2026
Who owns it
3 long-term investors we follow own it, up from 2 last quarter. 117 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Pershing SquareBill Ackman | $134m | 0.7% | New |
| Kahn BrothersThomas Kahn | $24m | 3.9% | Added |
| Horizon KineticsMurray Stahl | $1m | <0.1% | Cut |
Largest holders overall
- Pershing Square$134mNew
- Kahn Brothers$24mAdded
- Gate City Capital Management$19mAdded
- Rubric Capital Management LP$15m
- BlackRock$15mAdded
- Dimensional Fund Advisors LP$11mCut
- Vanguard Portfolio Management$10mAdded
- Vanguard Capital Management$9mAdded
- Cerity Partners$8m
- Solas Capital Management$6mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
4 investors own more than 5%.
- Kahn BrothersPassive investor7.0%Since 8 May 2026
- Gate City Capital Management, LLCPassive investorat least 5.4%(filed with 1 related holder)Since 31 March 2026
- Rubric Capital Management LPPassive investorat least 4.5%(filed with 1 related holder)Since 31 December 2024
- Beryl Capital Management LPPassive investorat least 2.7%(filed with 2 related holders)Since 31 December 2024
- BlackRock, Inc.Passive investorSold down below 5%Since 31 December 2024
| Holder | Stake | Since | |
|---|---|---|---|
Kahn Brothers Passive investor | 7.0% | 8 May 2026 | |
Gate City Capital Management, LLC Passive investor | at least 5.4% (filed with 1 related holder) | 31 March 2026 | |
Rubric Capital Management LP Passive investor | at least 4.5% (filed with 1 related holder) | 31 December 2024 | |
Beryl Capital Management LP Passive investor | at least 2.7% (filed with 2 related holders) | 31 December 2024 | |
BlackRock, Inc. Passive investor | Sold down below 5% | 31 December 2024 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought or sold on the open market in the last 12 months.
From Form 4 filings: insiders must report trades in their own company's shares within two days.
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
Your first deep dive is free.
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.