HHH
Howard Hughes Holdings Inc.
HHH's fundamentals are mixed, but it looks expensive: trading at 31x earnings, above its usual 27x. Analysts expect earnings growth, though they disagree widely on how much.
HHH Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Stable | |
| N/A | |
| N/A |
HHH's revenue is currently strong, and its profitability is stable. Free cash flow and net leverage aren't meaningful measures for real estate companies like HHH.
HHH PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 16x | $42.24 | -49% |
| Fair | 27x | $70.38 | -15% |
| Current | 31x | $82.76 | — |
| Forward | 31x | $82.76 | — |
| Expensive | 55x | $144 | +74% |
Historical ranges are pointers, not guarantees.
HHH's PE is in its expensive range at 31.5x. On analysts' estimates for next year's earnings, today's price would be 31.2x.
HHH Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Growth | |
| Strong growth | |
| Strongly weakening | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for HHH, but weaker profitability. However, they disagree widely on these estimates.
HHH Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.65 | +0.7% |
| Q3 2026 | $2.63 | -49% |
| Q2 2026 | $5.04 | +10% |
| Q1 2026 | $2.14 | -59% |
| Q4 2025 | $2.21 | -44% |
| Q3 2025 | $5.13 | +240% |
| Q2 2025 | $4.57 | +$14.98 |
| Q1 2025 | $5.19 | +$16.39 |
| Q4 2024 | $3.97 | +$14.62 |
HHH's earnings per share have fallen from their peak: $2.63 over the past year, against $5.19 in early 2025.
HHH Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $636.3M | +63% |
| Q2 2026 | $1.1B | +330% |
| Q1 2026 | $235.9M | +18% |
| Q4 2025 | $624.4M | -37% |
| Q3 2025 | $390.2M | +19% |
| Q2 2025 | $260.9M | -18% |
| Q1 2025 | $199.3M | +16% |
| Q4 2024 | $983.6M | +193% |
HHH's revenue is growing: $636M last quarter, up 63% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 25% | -24 points |
| Q2 2026 | 21% | -4.7 points |
| Q1 2026 | 21% | -2.6 points |
| Q4 2025 | 4.2% | -22 points |
| Q3 2025 | 49% | -12 points |
| Q2 2025 | 26% | +5.6 points |
| Q1 2025 | 24% | +34 points |
| Q4 2024 | 26% | +1.7 points |
HHH's operating margin was 25% last quarter, down 24 points from the same quarter a year ago.
HHH Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $280.7M | +104% |
| Q2 2026 | $498.3M | +194% |
| Q1 2026 | -$244.2M | -$5.8M |
| Q4 2025 | $348.6M | +9.9% |
| Q3 2025 | $137.7M | -42% |
| Q2 2025 | $169.7M | +$194.9M |
| Q1 2025 | -$238.4M | -$56.4M |
| Q4 2024 | $317.1M | +255% |
HHH's free cash flow was $883M over the past year, up 129% from the year before. Free cash flow isn't a meaningful measure for real estate companies like HHH.
HHH Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.2% | -135K shares |
| 1 year | -0.2% | -104K shares |
| 3 years | +13% | +7M shares |
| 5 years | +5.9% | +3.3M shares |
| Available history | +61% | +22.4M shares |
HHH has 59M diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q4 2023 | — |
| Q2 2023 | — |
| Q1 2023 | $1.5M |
| Q4 2022 | $550,000 |
| Q3 2022 | $39.2M |
| Q2 2022 | $185.4M |
| Q1 2022 | $179.3M |
| Q4 2021 | $81.3M |
HHH Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -4.2x | Net Cash |
| Q2 2026 | -3.8x | Net Cash |
| Q1 2026 | -3.5x | Net Cash |
| Q4 2025 | 7.1x | High |
| Q3 2025 | -2.0x | Net Cash |
| Q2 2025 | -1.9x | Net Cash |
| Q1 2025 | -0.7x | Net Cash |
| Q4 2024 | 6.5x | High |
HHH has more cash than debt. Net leverage isn't a meaningful measure for real estate companies like HHH.
HHH Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 66.8 | Neutral |
| Stochastic | 88.1 | Overbought |
HHH's weekly RSI is 67 (neutral) and its Stochastic is 88 (overbought).
HHH PE vs Real Estate Sector
| Metric | HHH | Sector median | Relative |
|---|---|---|---|
| PE | 31x | 24x | 32% above |
| PE % | 69 | 23 | 46 pts above |
HHH is trading at 31x earnings, a 32% premium to the Real Estate sector's median of 24x.
HHH Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $73.6 | 12% above |
| 20 week MA | $69.3 | 19% above |
| 50 week MA | $70.7 | 17% above |
| 100 week MA | $72.7 | 14% above |
| 200 week MA | $72.8 | 14% above |
HHH has climbed back above all five of its weekly moving averages, and it's now 14% above its 200-week average.
HHH Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $119.3 | $76.0 | -36% |
| 2021 | $76.0 | $94.1 | +24% |
| 2022 | $94.1 | $73.6 | -22% |
| 2023 | $73.6 | $81.5 | +11% |
| 2024 | $81.5 | $76.7 | -6% |
| 2025 | $76.7 | $78.9 | +2.9% |
| 2026 YTD | $78.9 | $82.8 | +4.9% |
HHH has finished lower in three of the last six years. It's up 4.9% so far in 2026.