Howard Hughes Holdings Inc. (HHH) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-58.0%

$32.87

vs $78.31 price

Levered DCF

-$28.75

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.76

Distress zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	37.81×	19.33×	-7.32×	19.95×	94.16×	-150.42×	70.65×	70.46×
P/B	1.24×	1.39×	1.35×	1.04×	1.43×	1.06×	1.66×	1.28×
P/S	3.18×	2.2×	3.95×	2.47×	3.71×	5.62×	4.01×	3.76×
EV / EBITDA	16.11×	11.81×	-21.99×	13.03×	22.82×	19.67×	24.67×	28.44×
Gross margin	18.7%	41.8%	42.4%	43.1%	35.8%	30.0%	33.3%	32.4%
Operating margin	17.2%	32.0%	-51.6%	28.5%	16.9%	-17.1%	11.6%	10.0%
Net margin	8.4%	11.3%	-53.9%	12.4%	3.9%	-3.7%	5.7%	5.4%
Current ratio	8.59×	3.02×	3.28×	3.7×	2.03×	2.24×	1.78×	1.76×
Debt / equity	1.35×	1.85×	1.72×	1.36×	1.26×	1.17×	1.34×	1.02×
Interest coverage	1.47×	3.39×	-3.37×	3.83×	1.86×	-0.9×	1.43×	1.3×
Dividend yield	0.0%	4.6%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	88.7%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	3.3%	7.1%	-18.4%	5.2%	1.5%	-0.7%	2.3%	1.8%
Return on invested capital	13.7%	5.1%	6.2%	3.5%	2.1%	0.5%	1.4%	1.3%
Return on assets	1.2%	2.1%	-5.8%	1.9%	0.6%	-0.3%	0.9%	0.8%
Free cash flow yield	9.8%	9.1%	-7.3%	8.8%	-5.4%	-1.9%	3.9%	5.1%
Earnings yield	2.6%	5.1%	-13.7%	5.0%	1.1%	-0.7%	1.4%	1.4%
Enterprise value	$8.3B	$8.4B	$8.6B	$7.8B	$9.1B	$7B	$9B	$6.7B
Net debt / EBITDA	7.04×	6.39×	-11.62×	6.93×	9.56×	8.69×	10.38×	11.41×
Cash conversion cycle (days)	5	126	238	155	141	254	51	174