The company has improved its capital structure, reducing the debt-to-equity ratio to 1.51x in 2026Q1 from a peak of 1.98x in 2024Q3, though it continues to carry a substantial $5.8B total debt load.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|
| Total Assets | 11.25B | 10.64B | 9.21B | 9.58B | 9.6B | 9.58B | 9.14B | 8.41B | 7.36B | 6.73B | 6.37B | 5.72B | 5.12B | 4.57B | 3.5B | 3.4B | 3.02B | 2.91B |
| Asset Growth % | 53.89% | 15.51% | -3.82% | -0.28% | 0.23% | 4.83% | 8.64% | 14.38% | 9.31% | 5.68% | 11.29% | 11.75% | 12.09% | 30.4% | 3.18% | 12.32% | 4.04% | - |
| Real Estate & Other Assets | 7.69B | -7.55B | 7.22B | 6.89B | 7.64B | 7.87M | 11.78M | 142.43M | 5.91B | 19.24M | 13.9M | 5.46M | 2.4M | 20.12M | 21.39M | 0 | 0 | 0 |
| PP&E (Net) | 5.07M | 5.23M | 5.81M | 5.46M | 46.93M | 57.02M | 56.26M | 6.83B | 15.54M | 16.95M | 17.56M | 18.77M | 20.28M | 21.98M | 2.36B | 2.5B | 0 | 0 |
| Investment Securities | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Total Current Assets | 3.35B | 1.6B | 1.78B | 2.46B | 1.85B | 2B | 1.91B | 1.23B | 1.38B | 1.39B | 1.49B | 1.06B | 948.49M | 1.48B | 765.01M | 834.43M | 788.52M | 163.05M |
| Cash & Equivalents | 1.84B | 1.47B | 596.08M | 629.71M | 626.65M | 843.21M | 1.24B | 422.86M | 499.68M | 861.06M | 665.51M | 445.3M | 560.45M | 894.95M | 229.2M | 227.57M | 284.68M | 3.2M |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Current Assets | 653.45M | 28.85M | 402.42M | 994.77M | 472.28M | 455.28M | 142.43M | 587M | 242.21M | 120.19M | 61.3M | 17.6M | 0 | 28.08M | 12.87M | 17.27M | 6.62M | 7.44M |
| Intangible Assets | 38.19M | 7.93M | 36.35M | 36.85M | 64.87M | 73.98M | 82.07M | 87M | 59.83M | 65.92M | 41.5M | 49.09M | 60.63M | 34.12M | 37.47M | 0 | 0 | 0 |
| Total Liabilities | 7.4B | 6.8B | 6.37B | 6.52B | 6B | 5.85B | 5.43B | 5.08B | 4.12B | 3.54B | 3.8B | 3.36B | 2.89B | 2.32B | 1.19B | 1.07B | 843.6M | 1.4B |
| Total Debt | 5.8B | 5.11B | 5.13B | 5.15B | 4.8B | 4.66B | 4.36B | 4.21B | 3.18B | 2.86B | 2.69B | 2.44B | 1.99B | 1.51B | 688.31M | 606.48M | 318.66M | 208.86M |
| Net Debt | 3.96B | 3.65B | 4.54B | 4.52B | 4.17B | 3.82B | 3.11B | 3.78B | 2.68B | 2B | 2.03B | 2B | 1.43B | 619.67M | 459.12M | 378.91M | 33.98M | 205.66M |
| Long-Term Debt | 5.79B | 5.11B | 5.13B | 5.15B | 4.75B | 4.49B | 3.97B | 4.14B | 3.09B | 2.78B | 2.69B | 2.21B | 1.99B | 1.51B | 659.59M | 554.31M | 318.66M | 208.86M |
| Short-Term Borrowings | 0 | 0 | 0 | 0 | 0 | 103.02M | 321.71M | 182K | 93.36M | 78.21M | 0 | 238.95M | 7.97M | 5.46M | 28.72M | 52.17M | 0 | 0 |
| Capital Lease Obligations | 20.23M | 4.87M | 5.46M | 5.36M | 51.32M | 69.36M | 68.93M | 70.41M | 0 | 24.57M | 0 | 0 | 7.97M | 205K | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 503.07M | 186.59M | 587.64M | 749.59M | 499.3M | 983.17M | 852.26M | 693.19M | 779.27M | 459.78M | 572.01M | 515.35M | 380.72M | 266M | 134.69M | 125.4M | 78.84M | 68.06M |
| Accounts Payable | 38.94M | 69.02M | 48.32M | 47.6M | 36.17M | 72.83M | 28.59M | 37.48M | 38.75M | 35.89M | 33.05M | 33.93M | 34.15M | 44.8M | 39.63M | 43.76M | 78.84M | 68.06M |
| Deferred Revenue | 156.82M | 166.12M | 125.78M | 114.4M | 85.01M | 71.9M | 66.66M | 0 | 63.63M | 72.27M | 113.72M | 144.31M | 78.43M | 28.45M | 15.86M | 5.74M | 0 | 0 |
| Other Liabilities | 932.92M | 1.16B | 506.8M | 531.85M | 445.21M | 177K | 258.37M | 180.75M | 29.73M | 43.3M | 218.45M | 403.79M | 377.6M | 429.74M | 304.76M | 179.93M | 367.42M | 341.97M |
| Total Equity | 3.85B | 3.84B | 2.84B | 3.06B | 3.61B | 3.73B | 3.72B | 3.33B | 3.24B | 3.19B | 2.57B | 2.36B | 2.23B | 2.25B | 2.31B | 2.33B | 2.18B | 1.5B |
| Equity Growth % | 135.34% | 35.21% | -7.1% | -15.17% | -3.4% | 0.49% | 11.46% | 2.93% | 1.55% | 24% | 8.78% | 6.12% | -0.79% | -2.85% | -0.8% | 6.91% | 44.93% | - |
| Shareholders Equity | 3.78B | 3.78B | 2.78B | 2.99B | 3.54B | 3.71B | 3.71B | 3.15B | 3.13B | 3.18B | 2.57B | 2.36B | 2.22B | 2.24B | 2.31B | 2.32B | 2.18B | 1.5B |
| Minority Interest | 67.11M | 66.79M | 65.55M | 66.05M | 65.61M | 23.18M | 420K | 184.85M | 105.91M | 5.57M | 3.77M | 3.77M | 3.74M | 6.56M | 5.76M | 5.01M | 824K | 900K |
| Common Stock | 662K | 659K | 566K | 565K | 564K | 563K | 562K | 437K | 436K | 433K | 398K | 398K | 396K | 396K | 395K | 379K | 379K | 0 |
| Additional Paid-in Capital | 4.46B | 4.46B | 3.58B | 3.99B | 3.97B | 3.96B | 3.95B | 3.34B | 3.32B | 3.3B | 2.85B | 2.85B | 2.84B | 2.83B | 2.82B | 2.71B | 2.71B | 0 |
| Retained Earnings | -53.87M | -62.1M | -185.99M | -383.7M | 168.08M | -16.46M | -72.56M | -46.38M | -120.34M | -109.51M | -277.91M | -480.21M | -606.93M | -583.4M | -509.61M | -381.32M | -528.5M | 0 |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Return on Assets (ROA) | 1.13% | 1.25% | 2.1% | -5.75% | 1.92% | 0.6% | -0.3% | 0.94% | 0.81% | 2.57% | 3.35% | 2.34% | -0.49% | -1.83% | -3.72% | 4.59% | -2.34% | -24.22% |
| Return on Equity (ROE) | 3.19% | 3.71% | 6.7% | -16.56% | 5.03% | 1.51% | -0.74% | 2.25% | 1.77% | 5.85% | 8.2% | 5.52% | -1.05% | -3.24% | -5.53% | 6.53% | -3.77% | -46.8% |
| Debt / Assets | 51.53% | 48.07% | 55.72% | 53.8% | 49.97% | 48.64% | 47.66% | 50% | 43.25% | 42.47% | 42.26% | 42.71% | 38.94% | 33.16% | 19.65% | 17.86% | 10.54% | 7.19% |
| Debt / Equity | 1.51x | 1.33x | 1.81x | 1.68x | 1.33x | 1.25x | 1.17x | 1.26x | 0.98x | 0.90x | 1.05x | 1.03x | 0.89x | 0.67x | 0.30x | 0.26x | 0.15x | 0.14x |
| Net Debt / EBITDA | 8.94x | 8.35x | 6.13x | - | 7.20x | 8.54x | 31.81x | 12.39x | 2.52x | 1.67x | 1.74x | 9.18x | 6.42x | 4.27x | 4.73x | 8.51x | - | - |
| Book Value per Share | 65.12 | 64.99 | 56.70 | 61.70 | 71.33 | 68.31 | 71.02 | 76.96 | 74.89 | 74.00 | 60.18 | 59.88 | 56.44 | 56.91 | 60.61 | 59.76 | 57.76 | 39.86 |
Development capital intensity
As reported in recent financial statements, Howard Hughes grew total assets to $11.2B in 2026Q1, yet this expansion appears driven by capital-intensive development rather than organic portfolio growth, as evidenced by the significant fluctuation in net asset values over the preceding ten-quarter period.
The company's asset trajectory suggests a strategy of aggressive land bank conversion, which creates a heavy reliance on future project completions to justify the current balance sheet scale. Investors should monitor whether this asset growth translates into sustainable yield or if it merely reflects the accumulation of long-term, non-earning development costs.
Based on reported figures, the company's debt-to-equity ratio improved to 1.51x in 2026Q1 from a peak of 1.98x in 2024Q3, suggesting a potential shift toward more disciplined capital management despite the persistent $5.8B total debt load carried on the balance sheet.
While the reduction in leverage appears favorable, the absolute debt level remains substantial relative to the company's recurring cash flow. The reliance on project-level financing may obscure the true cost of capital, and further investigation into the maturity ladder is warranted to assess refinancing risks in a volatile interest rate environment.
According to the 2026Q1 balance sheet, Howard Hughes maintains a robust cash position of $1.8B, which represents a significant increase from the $400.7M reported in 2024Q3, providing a necessary buffer for ongoing infrastructure investments and potential opportunistic land acquisitions.
This liquidity surge appears to be a strategic move to mitigate the risks associated with the company's lumpy revenue cycle and high development costs. However, the sustainability of this cash position depends on the timing of future land sales, and investors should monitor how management balances this liquidity against the need for continued capital deployment.
Analysis of the balance sheet reveals that PPE net remains remarkably low at $5.1M as of 2026Q1, which, as noted in financial filings, may indicate that the company's true capital intensity is buried within development-in-progress accounts rather than traditional fixed asset reporting.
This accounting treatment suggests that the company's balance sheet may not fully capture the ongoing maintenance and infrastructure requirements of its master-planned communities. This potential for deferred or capitalized capex warrants further investigation to determine if the reported equity value accurately reflects the long-term economic reality of the portfolio.
Quick answers to the most common questions about buying HHH stock.
As of 2025, Howard Hughes Holdings Inc. (HHH) had total assets of $10.64B including $1.60B in current assets.
Howard Hughes Holdings Inc. (HHH) carries total debt of $5.11B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Howard Hughes Holdings Inc. (HHH) has total shareholders' equity (book value) of $3.78B ($64.99 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Howard Hughes Holdings Inc. (HHH) reported a current ratio of 8.59x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.