Stock fact sheet · data as of
Howard Hughes Holdings Inc. (HHH): fair value, margin of safety and Wheel Score
Real Estate · Real Estate - Development · United States · Value
Is HHH undervalued?
Howard Hughes Holdings Inc. (HHH) closed at 69.91 on 16 Oct 2026. The GLS average fair value - the simple average of the 8 valuation models that produced a positive number - is 144.15, which puts the price 52% below it. 5 of the 8 models value the shares above the current price. A gap this wide is rare in our universe of ~7,400 US stocks and is exactly what the Value part of the Wheel Score rewards; it is also where the question "why is it this cheap?" matters most.
The 8 models disagree widely: GLS Growth gives 19.19 while 10 Cap gives 295.35. A spread that wide means the average is sensitive to which methods you trust; the model table below shows where each one lands, and the Quote page lets you switch any of them off.
The nightly engine files HHH under Value: positive earnings at a P/E of 18 or less.
Nine valuation models for HHH
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | 33.16 | -53% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 96.74 | +38% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 283.21 | +305% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 123.78 | +77% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 19.19 | -73% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 295.35 | +322% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | 246.79 | +253% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | - | - | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend; no value tonight |
| EPV | 55.01 | -21% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -86.98 | -224% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 83.00 | +19% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
Financial health is weak: HHH passes 4 of the nine Piotroski tests. Our screens drop the stock at the health rule; a low score is often the reason a stock looks cheap on the valuation models. The GLS Moat score is low at 0.4 out of 10, which says the ten-year record of revenue, earnings, margins and returns on capital has been inconsistent - growth and shocks rather than steady compounding.
Returns on capital are thin or negative - ROIC 1.4%, ROE 3.3%, ROA 1.2% - with debt at 1.35 times equity and a free-cash-flow yield of 18.5%.
Howard Hughes Holdings Inc. pays no dividend, so the DDM model does not apply and a covered-call holder earns only the premium and any price gain. Revenue comes mainly from Other Revenues 100% (quarter Q2 FY2026).
Institutional ownership scores 10/10, insider activity 9/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 4 / 9 | ROIC | 1.4% |
|---|---|---|---|
| GLS Moat | 0.4 / 10 | ROE | 3.3% |
| Debt / equity | 1.35 | ROA | 1.2% |
| Free-cash-flow yield | 18.5% | Payout ratio | 0% |
| Institutions | 10 / 10 | Insiders · Congress | 9 · 5 / 10 |
Wheel Score 71: Good
HHH scores 71 out of 100 on the Wheel Score (Good band, 65-79). The score blends the margin of safety (Value, 25/25), Piotroski health (9/20), the GLS moat (1/15), the option premium on offer (20/20) and how easily the stock trades (16/20). Moat (1/15) is the part holding the score back.
Implied volatility is 38% on the near-the-money contracts 20-60 days out - inside the 35-60% range the Wheel Score pays full marks for: enough premium to be worth selling, not so much that the risk is unpaid. Chain open interest is 23,720 contracts across all expiries - enough for the wheel at normal size.
Volume runs at 839k shares a day on a market cap of $4.2B, with a beta of 1.14; the Stability part of the Wheel Score gives that 16 of 20.
| Part | Points | From | |
|---|---|---|---|
| Value | 25 / 25 | 52% margin of safety | |
| Health | 9 / 20 | Piotroski 4/9 | |
| Moat | 1 / 15 | moat 0.4/10 | |
| Premium | 20 / 20 | implied volatility 38% | |
| Stability | 16 / 20 | 839k shares/day, $4.2B cap, beta 1.14 |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls; it is updated nightly and is not a recommendation. The walkthrough lesson shows how the score fits into a trade, start to finish.
Upcoming events
The next earnings report is due on 5 Nov 2026 (after the close), 20 days away; a 30-45-day put sold today would expire after it, which is worth weighing against the premium.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Real Estate - Development
The 12 companies below are the closest to Howard Hughes Holdings Inc. by market cap within the Real Estate - Development industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| JOE The St. Joe Company | 67.75 | 36.92 | -84% | 60Fair | $3.9B |
| VTMX Corporación Inmobiliaria Vesta, S.A.B. de C.V. | 34.28 | 43.62 | +21% | 39No options | $2.9B |
| FOR Forestar Group Inc. | 25.69 | 56.49 | +55% | 76Good | $1.3B |
| SKYH Sky Harbour Group Corp | 9.15 | 1.13 | -711% | 45Weak | $747M |
| WCHS Digital Energy Reserve Inc | 5.01 | 0.1272 | -3838% | 16No options | $532M |
| FPH Five Point Holdings, LLC | 4.42 | 25.29 | +83% | 64Fair | $317M |
| MLP Maui Land & Pineapple Company, Inc. | 14.74 | 0.0375 | -39167% | 15No options | $293M |
| NEN New England Realty Associates Limited Partnership | 48.15 | 17,263.94 | +100% | 39No options | $167M |
| OZ Belpointe PREP, LLC | 37.52 | 12.88 | -191% | 16No options | $148M |
| AUTR Autris | 0.3900 | - | - | 24No options | $130M |
| AXR AMREP Corporation | 20.24 | 24.26 | +17% | 39No options | $108M |
| LPA Logistic Properties of The Americas | 2.79 | 17.02 | +84% | 39No options | $88M |
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Start free See the Sunday ScanQuestions about HHH
Is HHH undervalued right now?
By the GLS models, yes: at 69.91 the stock is 52% below the average fair value of 144.15 (data as of 16 Oct 2026). Whether the discount is deserved is the question to research next.
What is the Wheel Score of HHH and what does it mean?
HHH scores 71 out of 100 (Good). The Wheel Score blends the margin of safety (25 points), Piotroski health (20), the GLS moat (15), the option premium on offer (20) and trading stability (20) into one number that ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned. 80 and above is Prime, 65-79 Good, 50-64 Fair, under 50 Weak.
What is the GLS fair value for HHH?
144.15 per share as of 16 Oct 2026 - the simple average of the 8 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does Howard Hughes Holdings Inc. report earnings next?
The next earnings report is due on 5 Nov 2026 (after the close), 20 days from the data date of 16 Oct 2026. The Calendars page lists every upcoming report with its time of day.
Does HHH have listed options, and how liquid are they?
Yes. The nightly snapshot found 158 listed contracts with 23,720 open interest across all expiries and implied volatility of 38% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.