Deep Value: cash covers more than 100% of the stock price

This company holds roughly $4.2B in cash and investments — more than its entire stock-market value, based on its latest quarterly filing. You're paying very little for the actual business. Sometimes that's a genuine bargain or a takeover target, sometimes it's cheap for a reason. Not a buy signal on its own — always ask why it's this cheap.

Howard Hughes Holdings

HHH

Real Estate - Development · Real Estate

Price

$66.50

-1.43 (-2.11%)

Market Cap

$3.97B

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Good

Cash Flow

Exceptional

Stability

Mixed

Valuation

Strong

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Share count rising — dilution

+8.2% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 54.6M (2021) → 59.1M (2025)

Winston Score History

The full picture

Howard Hughes Holdings builds and manages large planned communities — entire neighborhoods, towns, and city districts designed from scratch. Its main products are residential lots, commercial buildings, and retail spaces sold or leased to homebuilders, businesses, and residents. The company owns and develops master-planned communities in places like Houston, Las Vegas, Phoenix, and Honolulu, making it one of the larger operators of this type of real estate in the United States.

The company makes money in two main ways: selling land to homebuilders and collecting rent from offices, shops, and apartments it owns inside its communities. Because it controls large, connected pieces of land, it can capture value as those areas grow over time — that is its core competitive advantage. However, the business is sensitive to rising interest rates and a slowdown in housing demand, both of which reduce land sales and make new development more expensive to finance.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+330.2% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

>+1,000% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

1.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$4.2B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Howard Hughes Holdings grew revenue 330% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

32.4%

Modest — 32.4% gross margin

Profit after running costs

Operating Margin

21.3%

Excellent — 21.3% operating margin

Return on the money invested

ROCE

4.1%

Weak — 4.1% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

+34.0%

Fast-growing sales (+34.0% YoY)

Profit growth

EPS YoY

+7.6%

Modest earnings growth (+7.6% YoY)

Single-digit earnings growth — steady but not exciting.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

188%

Turns 188% of profit into real cash

Spare cash per sale

FCF Margin

21.5%

Converts sales into free cash efficiently (21.5%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

1.10

Elevated debt (1.10)

Covers its interest

Interest Cover

2.43x

Tight — interest eats into profit (2.4x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

13.4x

Attractive valuation — P/E 13.4

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+3.7

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (13.4 → 9.8)

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Dividends

Not applicable for this business.

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