HHH NYSE Russell 1000 Earnings call
Howard Hughes Holdings (HHH) · Q2 2026 results and valuation
Share price: $83.85 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 6 Aug 2026 and 8 May 2026
Operating income up 372.8% on the previous quarter. Management sounded cautious, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
+372.8%
Operating income vs Q1 2026
Operating income 239.6M vs 50.7M
Revenue +375.7%
Against the same quarter last year (Q2 2025) it is +253.1%, so it is not just seasonal.
2 · How management spoke
Cautious
Among the least upbeat of all company calls
Answers to analysts: typical, in line with the script.
Similar to last call.
3 · What stood out
Figure
Vantage was founded in late 2020 with about $1 billion of capital.
Valuation
Is Howard Hughes Holdings undervalued?
Reverse DCF on net income from the last full fiscal year (no meaningful free cash flow: a bank, insurer or a year of negative cash flow) (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At −0.3% growth a year (3-year revenue growth), the model's fair value is $23.13 a share — the stock trades 263% above it. Today's price assumes 17.3% growth a year.
Current price
$83.85
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+17.3% for 10 yrs
Fair value / share
$23.13
Buy below
$17.35
Price vs fair value
Overvalued >200%
Price vs buy-below price
Overvalued >200%
Read between the lines
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Key theme
The company increased its investment in high-return businesses to 40% of the overall portfolio to create shareholder value through a barbell investment approach.
Source quote
“And over time, we'll continue to increase that percentage as we think we have the opportunity to invest in some of the world's... And it's now about 40% of the overall investment portfolio. And that barbell approach of taking no risk on the insurance liabilities, having a short-term treasury portfolio combined with buying businesses where we can achieve high rates of return can allow for a very attractive and low-risk result.”
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Fading
The company is currently priced at 1.5 times book value but aims to increase the intrinsic value to over 2 times over the next five years.
Source quote
“As a reminder, we are buying this business at a headline purchase price of 1.5 times book value, but we believe... And as the returns on equity at Vantage improve, the multiple that the market—and we—would assign to Vantage for being a higher return on equity business should also increase. We think we can increase the intrinsic value of this business to something that is worth north of two times over the next five years.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“What I was trying to describe were some of the characteristics of the businesses that we're looking for, which are some of the world's best businesses where they have great...”
“And over time, we'll continue to increase that percentage as we think we have the opportunity to invest in some of the world's best businesses led by great management teams...”
“And we have a very good real estate business led by a great team where we will have the opportunity to grow that business, but also increasingly redirect some of...”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 1.12B | 235.9M | +375.7% | 260.9M | +330.2% |
| Operating income | 239.6M | 50.7M | +372.8% | 67.9M | +253.1% |
| Net income | 158.4M | 8.2M | +1825.2% | -12.1M | Turned profit |
| EPS | 2.68 | 0.14 | +1814.3% | -0.22 | Turned profit |
| P/E today 14.2 | 14.1 | 29.6 | −15.5 | 14.8 | −0.7 |
Topics
Most discussed now
- To give you a little bit of a flavor, I'll describe sort of the businesses that Howard Hughes buys, which are...
- It could be a little bit higher than that based exactly on what how much float is generated.
- Howard Hughes likes the holdings at net asset value to be able to buy them at a 23% discount, it thinks,...
- The completion of the Park Ward Village generated meaningful cash flow of about $227 million of net proceeds after repayment...
- New Best part about it is Howard Hughes doesn't need to negotiate private transactions because the public markets, particularly at this…
Faded since Q1 2026
- Dropped Using the slides from the supplemental, I am going to be covering the four key performance areas of Howard Hughes' communities:...
- Fading Howard Hughes is not under any duty to update...
- Fading Howard Hughes will turn to the second half of the presentation, where, he and Ryan will do a deeper dive in...
- Fading Given the pending acquisition of Vantage, Howard Hughes has elected to remove annual guidance expectations and will instead shift its…
Latest announcements
Official filings, newest first.
- Shareholder vote results · SEC 8-K
- Results of operations; Regulation FD disclosure · SEC 8-K
- Regulation FD disclosure · SEC 8-K
- Material agreement; Acquisition or disposal; Unregistered share sale; Change to shareholder rights; Regulation FD disclosure · SEC 8-K
- Results of operations; Regulation FD disclosure · SEC 8-K
- Material agreement; Unregistered share sale; Director or officer change; Other events · SEC 8-K
- Other events · SEC 8-K
- Results of operations; Regulation FD disclosure · SEC 8-K