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Howard Hughes Holdings Inc

HHHAbove valueExpectations · demanding

Held by 2 superinvestors.

Price$67.00
Holders2
Total value$1.26B

SEC 10-K · fundamentals

Business quality

as of 2025-12-31

Valuation basis: trailing twelve months to 2026-06-30 — latest 10-K plus unaudited 10-Q filings.

Revenue growth
-15.8%
Net margin
8.4%
ROE
3.3%
FCF margin
—
Revenue $1.43B → $1.47B · 5y
What makes a business high quality

Valuation · value band

Above fair value

$10/ sh · growth-anchored intrinsic value
margin of safety
fair value
above fair value
$67
cheaperpricier

Zero-growth floor

$52

Central IV

$10

Optimistic top

$52

Howard Hughes Holdings Inc (HHH): A conservative value band $52 / sh (zero-growth floor to growth-capped optimistic top); central read about $10. Today’s price sits above that band (price $67 as of 2026-08-25).

The middle figure is the main read. The right end is the optimistic case under the same conservative caps — not an absolute ceiling.

Revenue growth 0% (lower of historical trend and fundamental cap, capped by moat) · moat 0 yr · discount 14.6% · Zero-growth downside $52

Price as of 2026-08-25 · yahoo · DGS10 4.7% @ 2026-08-24.

Method & numbers

A conservative intrinsic-value band (zero-growth floor to growth-capped DCF) plus a tangible asset floor — not investment advice, not a buy/sell signal, and not a price target.

Owner-earnings DCF $9.20 – $11.16 · Greenwald zero-growth $52.27 · zero-growth base $52.27 · reproduction $52.27

Moat Below asset base · terminal value 26% of present value · owner-earnings yield 2% vs 10Y 4.7%.

Graham earnings-power value (normalized NOPAT)$-17.64 – $-12.31 / sh

Normalized NOPAT = average operating margin over the years shown × latest-year revenue × (1 − normalized tax); then + D&A − maintenance capex (write A). Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge applied: + cash − total debt.

Years: TTM 2026-06-30, 2024, 2023, 2022, 2021

v1 simplifications: Maintenance capex unavailable → degraded to the v1 simplification (maintenance capex = D&A, so the depreciation add-back nets to zero). Share-based compensation is left as a real expense (not added back).

Buffett owner-earnings value$9.82 – $11.33 / sh

Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 13.0–15.0% band (9–11% base + 4.0pp leverage premium). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).

Years: TTM 2026-06-30, 2024, 2023, 2022, 2021

v1 simplifications: Maintenance capex or D&A unavailable → degraded to normalized net income (= average net income over the years shown). One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the 9–11% base band plus a 4.0pp leverage premium (cost of equity rises with leverage — MM Proposition II). Net debt is about 41.8 years of owner earnings, adding 4.0pp of cost-of-equity risk premium.

Reproduction value = tangible net assets $3.09B = $52.27 / sh. Tangible net assets = shareholders' equity − goodwill − intangibles, ÷ diluted shares (no R&D history to capitalize).

Moat reading: Franchise test compares earnings power (EPV) against reproduction value on both AV_conservative (tangible + capitalized R&D) and AV_reproduction (conservative + acquired-reset proxy). Both must clear the franchise multiple for a moat signal; near it, a commodity; below it, value destruction. A directional reading, not a verdict.

Growth value gated to zero — no moat or ROIIC ≤ WACC, so no growth value is credited.

Window TTM 2026-06-30, FY 2024, 2023, 2022, 2021 · discount band 9%–11% · normalized tax 21% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · diluted shares.

Baseline 9%–11%, net debt ≈ 41.8 years of owner earnings → +4.0pp cost-of-equity premium → effective 13.0%–15.0%.

Owner-earnings DCF: growth g₁ 0% · OE FY TTM 2026-06-30, 2024, 2023, 2022, 2021 · Discount band: 13.20%–16.00% (DGS10 +4.5% to a 12% strict end, each +4.00pp for leverage premium, as of 2026-08-24). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp.

Valuation basis: trailing twelve months to 2026-06-30 — latest 10-K plus unaudited 10-Q filings.

What the price is betting

Today's price pencils in about over 30.0% (outside the usual range) a year in owner-earnings for the next few years. Revenue actually grew 1.5% a year.

The market wants it well ahead of its own track record.

How to read intrinsic value

SEC 13F · holders

Superinvestors Holding This Security

2 holders · $1.26B combined · this quarter +0 opened / -0 exited

This quarter1 trimmed
Holders 4 → 1 · last 8q

SEC 13F · notes

Written summary

Howard Hughes Holdings Inc (HHH) is held by 2 of the superinvestors tracked on Compounder, with a combined $1.26B in reported 13F value. The largest position belongs to Bill Ackman, where it makes up 8.7% of the portfolio.

Other notable holders by value include Donald Smith (1.3% of its book).

Over the latest quarter, 0 of the tracked filers opened a new position in HHH, 0 added to existing ones, 1 trimmed, and 0 sold out entirely.

Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-06-30. Source: SEC EDGAR. A 13F shows only long US-listed positions and can lag the real portfolio by up to 45 days, so this is disclosed long ownership, not a complete picture.

How to read a 13F

SEC 13F · co-ownership

Also held by these investors

Investors holding Howard Hughes Holdings Inc (HHH) also commonly hold →

HHH's price is not below its conservative value band. See current strike-zone stocks

Also on

Sources· SEC EDGAR 13F as of 2026-06-30 · filed 2026-08-11

Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.

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