Latest Ratios: P/E Ratio 35.6x · EV/EBITDA 18.6x · ROE 3.7%. (2009–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.5B | $4.7B | $3.9B | $4.0B | $3.7B | $5.3B | $3.9B | $5.2B | $4.0B | $5.4B | $4.6B |
| Enterprise Value | $8.1B | $8.4B | $8.4B | $8.6B | $7.9B | $9.1B | $7.0B | $9.0B | $6.7B | $7.4B | $6.7B |
| P/E Ratio → | 35.60 | 37.99 | 19.42 | — | 19.95 | 94.16 | — | 70.65 | 70.46 | 31.99 | 22.99 |
| P/S Ratio | 3.02 | 3.20 | 2.20 | 3.95 | 2.47 | 3.71 | 5.62 | 4.02 | 3.78 | 4.90 | 4.49 |
| P/B Ratio | 1.15 | 1.23 | 1.36 | 1.32 | 1.02 | 1.42 | 1.06 | 1.57 | 1.24 | 1.69 | 1.81 |
| P/FCF | 10.11 | 10.70 | 10.99 | — | 11.39 | — | — | 26.06 | 19.52 | 17.27 | 94.32 |
| P/OCF | 9.64 | 10.20 | 9.61 | — | 11.32 | — | — | 25.19 | 19.10 | 16.89 | 78.85 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.67 | 4.79 | 8.36 | 5.27 | 6.39 | 10.08 | 6.93 | 6.30 | 6.71 | 6.45 |
| EV / EBITDA | 18.56 | 19.15 | 11.34 | — | 13.56 | 20.40 | 72.00 | 29.52 | 6.30 | 6.18 | 5.73 |
| EV / EBIT | 31.97 | 25.01 | 15.82 | — | 17.55 | 46.97 | 50.07 | 43.16 | 62.76 | 39.84 | 17.26 |
| EV / FCF | — | 18.97 | 23.92 | — | 24.29 | — | — | 44.91 | 32.53 | 23.67 | 135.44 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 18.7% | 18.7% | 41.8% | 42.4% | 43.1% | 35.8% | 30.0% | 33.3% | 32.4% | 35.3% | 38.5% |
| Operating Margin | 17.2% | 17.2% | 32.0% | -51.6% | 28.5% | 16.9% | -17.1% | 11.6% | 10.0% | 19.9% | 31.6% |
| Net Profit Margin | 8.4% | 8.4% | 11.3% | -53.9% | 12.4% | 3.9% | -3.7% | 5.7% | 5.4% | 15.3% | 19.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 3.7% | 3.7% | 6.7% | -16.6% | 5.0% | 1.5% | -0.7% | 2.3% | 1.8% | 5.8% | 8.2% |
| ROA | 1.2% | 1.2% | 2.1% | -5.8% | 1.9% | 0.6% | -0.3% | 0.9% | 0.8% | 2.6% | 3.3% |
| ROIC | 2.6% | 2.6% | 5.6% | -5.2% | 4.2% | 2.5% | -1.3% | 1.7% | 1.4% | 3.4% | 5.5% |
| ROCE | 2.7% | 2.7% | 6.4% | -5.9% | 4.8% | 2.9% | -1.5% | 2.1% | 1.7% | 3.6% | 5.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.33 | 1.33 | 1.81 | 1.68 | 1.33 | 1.25 | 1.17 | 1.26 | 0.98 | 0.90 | 1.05 |
| Debt / EBITDA | 11.71 | 11.71 | 6.94 | — | 8.29 | 10.43 | 44.51 | 13.77 | 2.99 | 2.39 | 2.31 |
| Net Debt / Equity | — | 0.95 | 1.60 | 1.48 | 1.16 | 1.02 | 0.84 | 1.14 | 0.83 | 0.63 | 0.79 |
| Net Debt / EBITDA | 8.35 | 8.35 | 6.13 | — | 7.20 | 8.54 | 31.81 | 12.39 | 2.52 | 1.67 | 1.74 |
| Debt / FCF | — | 8.27 | 12.93 | — | 12.91 | — | — | 18.85 | 13.01 | 6.40 | 41.12 |
| Interest Coverage | 1.93 | 1.93 | 3.22 | -3.56 | 4.03 | 1.49 | 1.06 | 1.98 | 1.30 | 2.87 | 5.88 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 8.59 | 8.59 | 3.02 | 3.28 | 3.70 | 2.03 | 2.24 | 1.78 | 1.76 | 3.03 | 2.61 |
| Quick Ratio | 8.59 | 8.59 | 3.02 | 3.28 | 3.65 | 1.97 | 2.17 | 1.69 | 1.51 | 17.38 | 2.61 |
| Cash Ratio | 7.87 | 7.87 | 1.01 | 0.84 | 1.26 | 0.86 | 1.46 | 0.61 | 0.64 | 1.87 | 1.16 |
| Asset Turnover | — | 0.14 | 0.19 | 0.11 | 0.16 | 0.15 | 0.08 | 0.15 | 0.14 | 0.16 | 0.16 |
| Inventory Turnover | — | — | 1940.45 | 879.49 | 37.74 | 15.67 | 8.59 | 14.27 | 3.63 | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | 0.0% | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.8% | 2.6% | 5.1% | — | 5.0% | 1.1% | — | 1.4% | 1.4% | 3.1% | 4.4% |
| FCF Yield | 9.9% | 9.3% | 9.1% | — | 8.8% | — | — | 3.8% | 5.1% | 5.8% | 1.1% |
| Buyback Yield | 0.1% | 0.1% | 0.0% | 0.0% | 11.0% | 1.5% | 0.0% | 1.0% | 1.5% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.1% | 0.1% | 0.0% | 0.0% | 11.0% | 1.5% | 0.0% | 1.0% | 1.5% | 0.0% | 0.0% |
| Shares Outstanding | — | $59M | $50M | $50M | $51M | $55M | $52M | $43M | $43M | $43M | $43M |
Development revenue lumpiness
As reported in financial statements, Howard Hughes' NOI margin has exhibited extreme variance, swinging from a high of 58.3% in 2023Q4 to a negative 29.6% in 2025Q4, which suggests that the company's operational profitability is highly sensitive to the timing of non-recurring development costs and project-specific expenses.
The significant compression in NOI margins appears to be driven by the operational drag from the Seaport segment and the lumpy nature of land sales within the MPC portfolio. Investors should monitor whether the company can stabilize these margins as it shifts toward a higher mix of recurring rental income from its commercial operating assets.
Based on reported figures, the company's debt-to-equity ratio has fluctuated between 1.33x and 1.98x over the last ten quarters, indicating that while leverage has moderated from its 2024Q3 peak, the capital-intensive nature of master-planned community development continues to necessitate a substantial reliance on external financing.
The current debt-to-equity ratio of 1.51x as of 2026Q1 suggests a manageable leverage profile, yet this metric may obscure project-level debt held in unconsolidated joint ventures. Further investigation into the maturity profile of this debt is warranted to assess the company's refinancing risk in a sustained high-interest-rate environment.
According to historical data, the company's P/FFO multiple has remained elevated, ranging from 53.90x to 67.08x, which appears to reflect the market's difficulty in pricing the long-term NAV appreciation of the company's vast, pre-entitled land bank relative to its current, highly volatile FFO generation.
The lack of a consistent P/FFO trend suggests that traditional REIT valuation metrics may be poorly suited for a master developer with such lumpy revenue recognition. Investors should consider whether the current valuation adequately accounts for the optionality provided by the company's significant cash reserves and its unique land-based moat.
The most commonly misapplied metric for Howard Hughes is the standard P/FFO ratio, which, as indicated by recent financial disclosures, fails to account for the significant value of historical land basis and the non-recurring nature of development-driven earnings that characterize this specific business model.
Using P/FFO to value HHH obscures the underlying cash-generating potential of the MPC segment by treating development-related volatility as a permanent earnings characteristic. Analysts should instead prioritize a Net Asset Value (NAV) approach, which better captures the long-term value of the company's land entitlements and commercial development pipeline.
Includes 30+ ratios · 17 years · Updated daily
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Quick answers to the most common questions about buying HHH stock.
Howard Hughes Holdings Inc.'s current P/E ratio is 35.6x. The historical average is 47.1x. This places it at the 40th percentile of its historical range.
Howard Hughes Holdings Inc.'s current EV/EBITDA is 18.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 25.3x.
Howard Hughes Holdings Inc.'s return on equity (ROE) is 3.7%. The historical average is -1.8%.
Based on historical data, Howard Hughes Holdings Inc. is trading at a P/E of 35.6x. This is at the 40th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Howard Hughes Holdings Inc. has 18.7% gross margin and 17.2% operating margin. Operating margin between 10-20% is typical for established companies.
Howard Hughes Holdings Inc.'s Debt/EBITDA ratio is 11.7x, indicating high leverage. A ratio above 4x may signal elevated financial risk.