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Develops and manages large master-planned communities (The Woodlands, Summerlin, Ward Village) and related commercial real estate.
Develops and manages large master-planned communities (The Woodlands, Summerlin, Ward Village) and related commercial real estate.
Selling serviced lots to homebuilders in Summerlin and The Woodlands carries the cash flow, because land sales repeat as each community fills in. Ward Village condominiums in Honolulu are sold well before towers are finished, and retail and office rents give a steadier base. Pershing Square, Bill Ackman's investment fund, is the largest shareholder.
Moat: narrow (scale, brand, installed base). Owning entire master-planned communities gives pricing power over decades that single-site developers lack.
Headquarters: The Woodlands, Texas, US · Founded: 2010 · Employees: 500
Size Howard Hughes (HHH) is a United States Real Estate company (Real Estate Development) with a market value of $4.64B, the 1233rd largest of 3,117 United States companies the cockpit tracks. Shares closed at $77.73 on 6 Nov 2026.
Performance Over six months the shares gained 18.2%, against -11.1% for the median peer and -1.1% for the United States market (cap-weighted) — highest of 21 in its peer set.
Growth Revenue grew 31.8% over the last twelve months (peer median +4.4%); the operating margin is 15.0% (peer median 17.6%).
Valuation It trades at 29.6× forward earnings against a peer median of 12.8× (3rd most expensive of 16).
Backlog Backlog (remaining performance obligations) was $3.90B at 30 Sep 2026, down 13% on a year earlier — 1.5 years of trailing revenue. Backlog detail →
Short interest Short interest is 7.7% of the free float (15 Oct 2026).
Next results Next results expected around 3 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $2.33B | $1.47B | $1.75B | $909M | $1.60B |
| Revenue growth | — | -16% | +93% | -43% | — |
| Gross profit | $606M | $459M | $552M | $283M | $430M |
| EBITDA | $638M | $437M | $668M | $361M | $540M |
| Net income | $292M | $124M | $198M | -$552M | $185M |
| Free cash flow | $744M | $415M | $351M | -$296M | $123M |
| Capital expenditure | $57.0M | $66.4M | $68.5M | $53.4M | $410M |
| Total debt | $5.46B | $5.11B | $5.13B | $5.15B | $4.80B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Howard Hughes HHH | $4.64B | +18% | +32% | 15% | 29.6× | n/a |
| Five Point Holdings LLC FPH | $468M | -14% | -39% | -2% | n/a | n/a |
| Forestar FOR | $1.21B | -14% | -2% | 13% | 10.4× | n/a |
| St. Joe JOE | $3.96B | +6% | +11% | 32% | n/a | n/a |
| Tejon Ranch TRC | $460M | -15% | +25% | -1% | 94.7× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | HHH | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +8.1% | +1.0% | 4th highest of 21 |
| 6-month return | +18.2% | -11.1% | highest of 21 |
| Distance from 52-week high | -14.7% | -28.1% | 2nd highest of 21 |
| Revenue growth (TTM) | +31.8% | +4.4% | 5th highest of 21 |
| Operating margin | 15.0% | 17.6% | 11th highest of 21 |
| Forward P/E | 29.6× | 12.8× | 3rd most expensive of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Howard Hughes HHH | United States | $4.64B | +18% | +32% | 15% | 29.6× | n/a | n/a |
| Shanghai Lujiazui Finance & Trade Zone Development 600663.SS | China | $4.81B | -10% | -21% | 21% | 14.0× | n/a | n/a |
| Hang Lung Ppt 0101.HK | Hong Kong | $4.40B | -29% | +10% | 53% | 11.8× | n/a | n/a |
| LEG Immobilien LEG.DE | Germany | $4.39B | -11% | +1% | 34% | 8.1× | n/a | n/a |
| Meritage Homes MTH | United States | $4.38B | +4% | -15% | 7% | 16.2× | n/a | n/a |
| Tokyo Tatemono 8804.T | Japan | $4.37B | -6% | +17% | 22% | 10.3× | n/a | n/a |
| Hangzhou Binjiang Real Estate 002244.SZ | China | $4.27B | -2% | -35% | 6% | 12.8× | n/a | n/a |
| Seazen 601155.SS | China | $4.23B | -15% | -39% | 14% | 31.9× | n/a | n/a |
| City Developments C09.SI | Singapore | $5.13B | -11% | +36% | 14% | 14.1× | n/a | n/a |
| Shanghai Vital Deeptech 600641.SS | China | $4.20B | +14% | +94% | -27% | n/a | n/a | n/a |
| Nomura Real Estate 3231.T | Japan | $5.17B | -12% | +19% | 14% | 8.8× | n/a | n/a |
| UOL U14.SI | Singapore | $5.23B | -23% | +2% | 25% | 13.8× | n/a | n/a |
| Tsim Sha Tsui Properties 0247.HK | Hong Kong | $5.24B | -20% | +15% | 34% | n/a | n/a | n/a |
| C&D International Investment 1908.HK | Hong Kong | $4.11B | -15% | -15% | 7% | 8.2× | n/a | n/a |
| China Vanke 2202.HK | Hong Kong | $5.28B | -30% | -35% | -27% | n/a | n/a | n/a |
| Longfor 0960.HK | Hong Kong | $4.05B | -47% | -42% | 1% | n/a | n/a | n/a |
| Millrose Properties MRP | United States | $4.00B | -4% | +93% | 85% | 7.9× | n/a | n/a |
| St. Joe JOE | United States | $3.96B | +6% | +11% | 32% | n/a | n/a | n/a |
| Allreal ALLN.SW | Switzerland | $3.89B | -8% | +3% | 41% | 24.0× | n/a | n/a |
| Tokyu Fudosan Holdings Corporat 3289.T | Japan | $5.69B | -7% | +6% | 14% | 8.6× | n/a | n/a |
| Shanghai Zhangjiang Hi-Tech Park Development 600895.SS | China | $5.71B | -33% | +89% | 26% | 36.4× | n/a | n/a |
Howard Hughes reported $3.90B of remaining performance obligations at 30 Sep 2026, down 13% from a year earlier and up 3% from the previous quarter. That is 1.5 years of trailing revenue already under contract. Book-to-bill last quarter: 1.16.