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Seaport Entertainment Group Inc. ( Seaport Entertainment, the Company, we, our and us ) is a Delaware corporation and was incorporated in 2024 in connection with, and anticipation of, Howard Hughes Holdings Inc. s ( HHH ) spin-off of its entertainment-related assets in New York City and Las Vegas (the Spin-Off ). The separation of Seaport Entertainment from HHH, which was effected through HHH s…
$24.55
$0.70 (-2.77%)
Price from 4 days ago
The business is unprofitable at the operating level (-89.59% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue up 24.0% YoY with margins expanding 6.5pp.
ROIC dropped from -12.43% to -14.79%, capital efficiency is deteriorating. Negative free cash flow of -$80M. The business is consuming cash, not generating it.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
$127M
▲ +24.0% YoY
Net Income (TTM)
-$129M
▲ +23.8% YoY
Op. Margin
-101.09%
▲ +6.5pp YoY
ROIC
-17.47%
▼ -2.4pp YoY
Cash Flow & Balance Sheet
FCF (FY)
-$80M
▲ +29.7% YoY
Op. Cash Flow (TTM)
-$40M
▲ +5.8% YoY
Net Debt
-$20M
Net Cash Position
Cash & Equiv.
$115M
3Y CAGR: +2.8%
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