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Howard Hughes Holdings (HHH) Fair Value & Analysis

Real Estate · US · Market cap $4.3B

HH Howard Hughes Holdings logo Howard Hughes Holdings HHH · US
Price$67.48
Fair Value$37.03
Upside-45.1%
Quality45/100
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Mixed Growth
Thin margins · 8.0% net margin
Moderate debt · generates free cash flow
Trails peers (5/14)
Narrow moat 44/100
Evidence: High Range $22.52 – $37.54 Share as image

Fair value as of: Jul 18, 2026

From 14 valuation models · updated 22 days ago

Share price −6.6% over the past month.

Below-average quality, and screening another 45% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case ($37.54). The favourable scenario is already priced in.
  • Solid but not exceptional quality (45/100) and above fair value, neither a clear bargain nor a standout compounder.
  • As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
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Price vs Fair Value (5 years)

$100.33 $48.52 Fair Value $37.03 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 18, 2026.

How to read this chart

60‑month range $48.52 – $100.33 · fair‑value band $22.52 – $37.54 · the $67.48 price screens above the $37.03 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 18, 2026.

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Analysis

Howard Hughes Holdings (HHH) currently trades at $67.48, while our model-based Fair Value estimate is $37.03, implying the stock looks roughly 45.1% overvalued today. The Quality Score stands at 45/100 (below-average quality), in the Real Estate sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, Howard Hughes Holdings generated revenue of $1.5B at a net margin of 8.0%. Revenue grew 18.4% year over year. It earns a return on equity of 3.6%. Net debt stands at $3.6B. Fundamentals as of Jul 18, 2026

Our scenario range runs from $22.52 (bear case) to $37.54 (bull case); at $67.48, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 26% below its 52-week high and 11% above its 52-week low, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at 32% fair-value upside, at -45%, HHH screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model BearBaseBull Evidence
Highest evidence
Growth DCF $27.44 $87.69 $183.51 80
Residual Income $45.50 $44.10 $37.14 76
Rev-Margin DCF $25.85 $66.50 74
All 14 models by family
DCF Models
FCF DCF $28.09 $93.97 $202.60 38
5Y Revenue Exit $25.66 $66.69 39
5Y EBITDA Exit $25.73 $90.10 $169.85 41
10Y Revenue Exit $4.03 $37.30 $85.02 36
10Y EBITDA Exit $25.67 $83.17 $168.55 37
Multiples
P/S Multiple $26.49 $35.33 $44.16 58
P/B Multiple $26.49 $35.33 $44.16 55
EV/EBIT $9.08 $32.46 $55.85 53
EV/EBITDA $32.40 $63.55 $94.71 54
EV/Revenue $10.78 43
Asset-Based
NCAV (Graham) $31.66 $42.42 $63.32 50
Growth DCF
Growth DCF $27.44 $87.69 $183.51 80
Rev-Margin DCF $25.85 $66.50 74
Economic Profit
Residual Income $45.50 $44.10 $37.14 76

Widest divergence: DCF Models ($83.17) versus Growth DCF ($25.85). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) $1.5B
Revenue growth (YoY) +18.4%
Net margin 8.0%
Return on equity 3.6%
Free cash flow $441M FY2025
P/E ratio 34.0
More key figures
Operating margin 21.5%
EPS (TTM) $2.12
EPS growth (YoY) -33.6%
Net debt $3.6B FY2025

Figures from reported company fundamentals · as of Jul 18, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 45/100

Of which business quality 45 · Market factors (momentum, volatility) 42

Profitability 19
Margins and returns on capital today
Quality Growth 13
Are margins and returns improving?
Cashflow 100
Earnings quality: real cash, not paper profit
Fin. Strength 33
Balance sheet, leverage, solvency risk
Investment 92
Disciplined investing over empire-building
Low Volatility 59
Calm price path (market factor)
Momentum 39
Price trend over the last 3–12 months (market factor)
52W Momentum 27
Distance to the 52-week high (market factor)
Net Issuance 14
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Howard Hughes Holdings Inc., together with its subsidiaries, develops master planned communities (MPCs) in the United States. It operates through three segments: Operating Assets, MPC, and Strategic Developments. The Operating Assets segment acquires or develops retail, office, and multifamily properties, as well as invests in other real estate properties.

Full company description

Howard Hughes Holdings Inc., together with its subsidiaries, develops master planned communities (MPCs) in the United States. It operates through three segments: Operating Assets, MPC, and Strategic Developments. The Operating Assets segment acquires or develops retail, office, and multifamily properties, as well as invests in other real estate properties. The MPC segment plans, develops, and sells land in large scale and long term community development projects to homebuilders and developers. The Strategic Developments segment develops residential condominium and commercial property projects, as well as various other properties. The company was founded in 2010 and is headquartered in The Woodlands, Texas.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Howard Hughes Holdings reported revenue of $1.5B in FY2025 versus $1.4B in FY2021, a compound +0.8%/yr. Reported net income was $124M in FY2025, compounding +21.9%/yr from FY2021.

Growth Quality 84/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
$1.5B
Latest YoY
−15.8%
Avg. growth/yr (3Y)
−0.3%
Avg. growth/yr (5Y)
+16.1%
Avg. growth/yr (17Y)
+13.5%
Revenue +0.8%/yr
FY21 $1.4B
FY22 $1.5B
FY23 $1.0B
FY24 $1.8B
FY25 $1.5B
Net income +21.9%/yr
FY21 $56.1M
FY22 $185M
FY23 −$552M
FY24 $198M
FY25 $124M

HHH screens 45% overvalued. Compare with DLF Limited →

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Cite: Fair Value Calculator (2026). "Howard Hughes Holdings Fair Value". https://www.fairvalue-calculator.com/stock/HHH

Recent news

External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.

Peer Group

Real Estate - Development · 588 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 46 · Below median
Fair Value upside −45% · Bottom 25%
Return on equity (TTM) 4% · Above median
Return on assets 2% · Above median
Net margin (TTM) 8% · Above median
Operating margin (TTM) 21% · Above median
Revenue growth 18% · Above median
Debt / equity 1.35× · Higher than 75% of peers

Valuation Multiples vs Real Estate - Development median · lower = cheaper

P/E (TTM) 34.0× · Pricier than 75% of peers
P/B 1.14× · Pricier than 75% of peers
P/S (TTM) 2.84× · Pricier than 75% of peers
P/FCF 9.7× · Pricier than 75% of peers
EV/EBITDA 15.1× · Pricier than median
PEG 5.55× · Pricier than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0 · sector 48
FUTURE 92 · sector 0
PAST 14 · sector 10
HEALTH 32 · sector 84
DIVIDEND 0 · sector 38

VALUE 0: the price sits above our fair-value range.

Insider activity: 66/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Real Estate - Development stocks, each showing price versus our Fair Value estimate (as of Jul 18, 2026).

Stock Price Fair Value vs Fair Value
DLF Limited DLF ₹657.75 ₹159.49 -76%
Lodha Developers Limited LODHA ₹1,188 ₹583.43 -51%
PT Pantai Indah Kapuk Dua Tbk, PANI 6,125 IDR 1,330 IDR -78%
Oberoi Realty Limited OBEROIRLTY ₹1,925 ₹1,183 -39%
Godrej Properties Limited GODREJPROP ₹2,102 ₹1,044 -50%
PT Jaya Real Property, Tbk., JRPT 1,080 IDR 1,674 IDR +55%
PT Bumi Serpong Damai Tbk, BSDE 555.00 IDR 1,388 IDR +150%
PT Sentul City Tbk, BKSL 64.00 IDR 84.16 IDR +32%
PT Ciputra Development Tbk, CTRA 555.00 IDR 1,388 IDR +150%
PT Duta Pertiwi Tbk DUTI 4,100 IDR 6,239 IDR +52%

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Frequently asked questions

Is Howard Hughes Holdings (HHH) overvalued or undervalued?
As of Jul 18, 2026, our model estimates a fair value of $37.03 versus a price of $67.48, about −45% (overvalued).
What is the fair value of HHH?
Our model-based fair value for Howard Hughes Holdings is $37.03 (as of Jul 18, 2026), built from audited fundamentals. The current price is $67.48.
What is the quality score of HHH?
Howard Hughes Holdings has a Quality Score of 45/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Howard Hughes Holdings (HHH)?
Howard Hughes Holdings reported trailing-twelve-month revenue of about $1.5B (latest available figure, as of Jul 18, 2026).
What is the net profit margin of HHH?
The net profit margin of Howard Hughes Holdings is about 8.0%, meaning it keeps roughly 8.0% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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