HHHHoward Hughes Holdings Inc.
Real Estate Investment Trusts
- Revenue
- $1.5B
- 16% YoY
- Operating margin
- 22.5%
- 30% YoY
- EBITDA
- $515M
- 30% YoY
- Market cap
- $4.5B
- Employees
- —
- Net debt / EBITDA
- 4.8×
- $2.5B net debt
- AI in 10-K
- 1.4
- mentions per 10K words
Takeover score 2 of 13
Fixable underperformance 1 of 7
- TSR below peersYes5 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$5M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo373% of net incomeCash flow under 80% of net income
- Dilutive SBCNo1% of revenueOver 10% of revenue
- Payouts exceed cash flowNo0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo2% of assetsOver 40% of assets
- Shareholder dissentNo100% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo—Bottom quartile of its SIC industry
- Quiet on AINo1.4 per 10K words · 44th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo4.8× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedYes$4.5B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo$497K netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $1.4B | $1.5B | $909M | $1.8B | $1.5B | 16% |
| Operating income | $242M | $424M | $216M | $560M | $332M | 41% |
| Net income | $49M | $185M | −$552M | $197M | $124M | 37% |
| Operating cash flow | −$284M | $325M | −$258M | $397M | $462M | 17% |
| Stock-based comp | $10M | $12M | $16M | $16M | $20M | 24% |
| Buybacks | $81M | $404M | $0 | $0 | — |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Jun 8, 2026 | Pershing Square Capital Management, L.P. | SCHEDULE 13D/A | 46.7% | Passive |
| Apr 29, 2026 | Pershing Square Capital Management, L.P. | SCHEDULE 13D/A | 46.7% | Passive |
| Dec 19, 2025 | Pershing Square Capital Management, L.P. | SCHEDULE 13D/A | 46.9% | Passive |
| Aug 7, 2025 | Pershing Square Capital Management, L.P. | SCHEDULE 13D/A | 78.4% | Passive |
| May 7, 2025 | Pershing Square Capital Management, L.P. | SCHEDULE 13D/A | 31.7% | Passive |
| Apr 30, 2025 | Pershing Square Capital Management, L.P. | SCHEDULE 13D/A | 37.4% | Passive |
| Apr 15, 2025 | Pershing Square Capital Management, L.P. | SCHEDULE 13D/A | 37.4% | Passive |
| Apr 7, 2025 | Pershing Square Capital Management, L.P. | SCHEDULE 13D/A | 37.4% | Passive |
| Mar 12, 2025 | Pershing Square Capital Management, L.P. | SCHEDULE 13D/A | 37.4% | Passive |
| Mar 3, 2025 | Pershing Square Capital Management, L.P. | SCHEDULE 13D/A | 37.4% | Passive |
Insider trading
- Open-market buys, 12 mo
- $2M · 4
- Open-market sells, 12 mo
- $2M · 4
- Net
- $497K
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $8M | $6M | 106 | 132 |
| FY2024 | $6M | $8M | 102 | 128 |
| FY2023 | $5M | $5M | 108 | 121 |
| FY2022 | $3M | $452K | 97 | 108 |
| FY2021 | $4M | $5M | 129 | 146 |