# Howard Hughes Holdings Inc. (HHH)

> Source: Nexqual · https://nexqual.com/HHH · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Howard Hughes Holdings Inc. (HHH), nexqual.com/HHH" · informational, not investment advice.

**Price:** USD 69.49 (+1.18% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 68.68 · day 69.05–70.15 · 52w 60.09–91.07 · market cap $4.15B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $2.37B, net income $292M (12.3% margin), free cash flow $740M (SEC filings).
- Valuation: P/E 14.2x (avg 27.8x at the last 2 fiscal year-ends).
- 1 of 80 tracked superinvestors hold HHH (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 2 Form 4 filings, $1.0M; 2 not under a Rule 10b5-1 plan ($1.0M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 2 Form 4 filings, $1.7M; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 2.00 on a 1–5 scale) (3 analysts), mean target USD 84 (range 79–90).
- Total return with dividends: 1Y -14.6% vs S&P 500 +14.9%; 5Y -21.5% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD 0.69, revenue estimate $620M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.43B | $1.49B | $909M | $1.75B | $1.47B | $2.37B |
| Operating income | $242M | $424M | $216M | $560M | $332M | $506M |
| Net income | $48.9M | $185M | -$552M | $198M | $124M | $292M |
| EPS (diluted) | $0.98 | $3.65 | -$11.12 | $3.96 | $2.21 | — |
| Free cash flow | -$320M | $282M | -$299M | $349M | $418M | $740M |
| Operating margin | 16.9% | 28.5% | 23.8% | 32.0% | 22.5% | 21.3% |
| Net margin | 3.4% | 12.4% | -60.7% | 11.3% | 8.4% | 12.3% |
| Revenue growth | — | +4.3% | -39.0% | +92.6% | -15.8% | — |
| Cash + short-term investments | $843M | $610M | $630M | $596M | $1.47B | — |
| Total debt | — | — | $5.30B | $5.13B | $5.11B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 14.2x · P/S 1.8x · P/FCF 5.6x · P/B 1.1x · FCF yield 17.84% · Earnings yield 7.04%
P/E at fiscal year-ends: Dec 2025 36.1x, Dec 2024 19.4x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold HHH. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Bill Ackman | Pershing Square | 10.23% | $1.99B | Added +209.5% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 2 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-11 | Tighe Mary Ann | Director | 13,495 | $908K | 26.5% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-15 | Carman James | President, Houston Region | 1,500 | $96K | 6.4% | No | Too little history (no open-market trades in 2023 or 2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
2 purchases, $1.7M. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-09-23 | Grandisson Marc | Executive Chairman, Vantage | 25,000 | $1.6M | 64.12 | Too little history (no open-market trades in 2023–2025) |
| 2026-09-23 | Davis Andrew D. | Chief Operating Officer, HHC | 1,000 | $64K | 64.49 | Too little history (no open-market trades in 2023–2025) |

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 3 analysts; mean target USD 84 (low 79, high 90).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-12 | Piper Sandler | Target lowered | Overweight | $100 → $83 |
| 2026-07-16 | JP Morgan | Target raised | Neutral | $76 → $79 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -14.6% | -21.5% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -14.6% | -4.7% |
| Volatility (annualized) | 33.4% | 31.6% |
| Max drawdown | -33.0% (Dec 2025→Sep 2026) | -47.5% (Mar 2022→Oct 2022) |

## Peers (Real Estate - Development)
CCS (Century Communities, Inc.) USD 58.34 +7.48% · FOR (Forestar Group Inc) USD 26.22 +3.97% · WPC (W. P. Carey Inc. REIT) USD 64.54 +3.15% · SUI (Sun Communities, Inc.) USD 119.86 +2.92% · KIM (Kimco Realty Corporation (HC)) USD 23.59 +3.83% · LAMR (Lamar Advertising Company) USD 157.51 +1.57%

## More
Full page: https://nexqual.com/HHH · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in HHH's own 10-K filed 2026-02-19 (https://www.sec.gov/Archives/edgar/data/1981792/000162828026009710/hhh-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Trillium Development Holding Company | "As of December 31, 2025, our MPCs, including Floreo, our unconsolidated joint venture in the Phoenix region, include approximately 34,000 acres of land available for sale or development." |
| Partner | Summit | "Within our Summerlin MPC, an exclusive luxury community named The Summit is being developed and managed through a joint venture with Discovery Land Company, a leading developer of luxury communities and private clubs." |
| Partner | Vantage Group Holdings | "Since the announcement of our transaction with Pershing Square in May 2025, we have been executing on our strategy to become a diversified holding company, including by entering into the Purchase and Sale Agreement with …" |

Other companies that name HHH in their own reports (relationship from HHH's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Seaport Entertainment Group Inc. (SEG) | 10-K 2026-03-04 | "In connection with the Spin-Off, we entered into a separation agreement with HHH (the "Separation Agreement")." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Strategic Developments | $707.4M | 63.0% | +98980.1% |
| MPC | $181.7M | 16.2% | +26.5% |
| Operating Assets | $120.0M | 10.7% | +3.0% |
| Total revenue | $1.12B | 100% | — |
The lines above cover 89.9% of total revenue.

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Condominium Rights & Unit Sales | $706.3M | 62.9% | +365864.2% |
| Master Planned Community Land Sales | $170.9M | 15.2% | +36.7% |
| Other Revenues | $15.8M | 1.4% | +51.5% |
| Builder Price Participation | $6.9M | 0.6% | -51.4% |
| Total revenue | $1.12B | 100% | — |
The lines above cover 80.2% of total revenue.

## Company outlook (8-K filed 2026-08-05)

- "These partial-period ratios are not indicative of expected full-year performance. – The real estate platform delivered Master Planned Communities (MPC) EBT of $134.7 million and Total Operating Assets Net Operating Income (NOI) of $70.5 million in the quarter."
- "Over the life of the investments, the asset generated approximately $45 million of cumulative cash flow and an outsized project-level IRR."
- "These partial-period ratios are not indicative of expected full-year performance. – Net insurance investment income was $11.0 million. – Net loss before income taxes was $20.8 million."
- "(v) our ability to realize the anticipated benefits of recent transactions, including the May 2025 transactions with Pershing Square and the spinoff of Seaport Entertainment Group Inc. in 2024;"

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.69 | $0.00 | — | $620.4M | 1 |
| Next quarter (ends 2026-12-31) | $0.69 | $0.00 | — | $583.3M | 1 |
| Current fiscal year (ends 2026-12-31) | $4.47 | $2.77 | +61.5% | $2.55B | 2 |
| Next fiscal year (ends 2027-12-31) | $3.43 | $0.00 | — | $2.36B | 1 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-05): ±9.1%; last 8 reports averaged ±5.2%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 40.1% | ±9.1% |
| 2026-12-18 | 56 | 42.8% | ±13.5% |
| 2027-01-15 | 84 | 33.8% | ±13.0% |
| 2027-04-16 | 175 | 34.4% | ±19.0% |