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Side-by-side financial comparison of Essex Property Trust (ESS) and Howard Hughes Holdings Inc. (HHH). Click either name above to swap in a different company.
Howard Hughes Holdings Inc. is the larger business by last-quarter revenue ($624.4M vs $479.6M, roughly 1.3× Essex Property Trust). Essex Property Trust runs the higher net margin — 17.9% vs 1.0%, a 16.9% gap on every dollar of revenue. On growth, Essex Property Trust posted the faster year-over-year revenue change (5.5% vs -33.2%). Over the past eight quarters, Howard Hughes Holdings Inc.'s revenue compounded faster (91.0% CAGR vs 6.0%).
Essex Property Trust is a publicly traded real estate investment trust that invests in apartments in California and in the Seattle metropolitan area.
Howard Hughes Holdings Inc., formerly the Howard Hughes Corporation, is a real estate development and management company based in The Woodlands, Texas. It was formed in 2010 as a spin-off from General Growth Properties (GGP). Most of its holdings are focused on several master-planned communities. It took its name from the original Howard Hughes Corporation, which had developed the planned community of Summerlin, Nevada, and later became a subsidiary of GGP.
ESS vs HHH — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $479.6M | $624.4M |
| Net Profit | $85.7M | $6.0M |
| Gross Margin | 70.0% | — |
| Operating Margin | 31.7% | 4.2% |
| Net Margin | 17.9% | 1.0% |
| Revenue YoY | 5.5% | -33.2% |
| Net Profit YoY | -71.6% | -96.2% |
| EPS (diluted) | $1.24 | $0.20 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $479.6M | $624.4M | ||
| Q3 25 | $473.3M | $390.2M | ||
| Q2 25 | $469.8M | $260.9M | ||
| Q1 25 | $464.6M | $199.3M | ||
| Q4 24 | $454.5M | $935.0M | ||
| Q3 24 | $450.7M | $327.1M | ||
| Q2 24 | $442.4M | $317.4M | ||
| Q1 24 | $426.9M | $171.1M |
| Q4 25 | $85.7M | $6.0M | ||
| Q3 25 | $172.7M | $119.5M | ||
| Q2 25 | $231.5M | $-12.1M | ||
| Q1 25 | $212.8M | $10.5M | ||
| Q4 24 | $301.7M | $156.3M | ||
| Q3 24 | $125.5M | $72.8M | ||
| Q2 24 | $99.0M | $21.1M | ||
| Q1 24 | $285.1M | $-52.5M |
| Q4 25 | 70.0% | — | ||
| Q3 25 | 69.2% | — | ||
| Q2 25 | 70.7% | — | ||
| Q1 25 | 69.6% | — | ||
| Q4 24 | 70.0% | — | ||
| Q3 24 | 69.5% | — | ||
| Q2 24 | 70.8% | — | ||
| Q1 24 | 69.7% | — |
| Q4 25 | 31.7% | 4.2% | ||
| Q3 25 | 44.5% | 48.6% | ||
| Q2 25 | 59.5% | 26.0% | ||
| Q1 25 | 55.3% | 24.0% | ||
| Q4 24 | 67.0% | 33.5% | ||
| Q3 24 | 28.6% | 60.6% | ||
| Q2 24 | 31.1% | 20.4% | ||
| Q1 24 | 31.0% | -9.8% |
| Q4 25 | 17.9% | 1.0% | ||
| Q3 25 | 36.5% | 30.6% | ||
| Q2 25 | 49.3% | -4.7% | ||
| Q1 25 | 45.8% | 5.3% | ||
| Q4 24 | 66.4% | 16.7% | ||
| Q3 24 | 27.8% | 22.2% | ||
| Q2 24 | 22.4% | 6.6% | ||
| Q1 24 | 66.8% | -30.7% |
| Q4 25 | $1.24 | $0.20 | ||
| Q3 25 | $2.56 | $2.02 | ||
| Q2 25 | $3.44 | $-0.22 | ||
| Q1 25 | $3.16 | $0.21 | ||
| Q4 24 | $4.00 | $3.14 | ||
| Q3 24 | $1.84 | $1.46 | ||
| Q2 24 | $1.45 | $0.42 | ||
| Q1 24 | $4.25 | $-1.06 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $76.2M | $1.5B |
| Total DebtLower is stronger | — | $5.1B |
| Stockholders' EquityBook value | $5.5B | $3.8B |
| Total Assets | $13.2B | $10.6B |
| Debt / EquityLower = less leverage | — | 1.35× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $76.2M | $1.5B | ||
| Q3 25 | $66.0M | $1.5B | ||
| Q2 25 | $58.7M | $1.4B | ||
| Q1 25 | $98.7M | $493.7M | ||
| Q4 24 | $66.8M | $596.1M | ||
| Q3 24 | $71.3M | $400.7M | ||
| Q2 24 | $55.2M | $436.8M | ||
| Q1 24 | $499.0M | $462.7M |
| Q4 25 | — | $5.1B | ||
| Q3 25 | $6.4B | — | ||
| Q2 25 | $6.4B | — | ||
| Q1 25 | $6.8B | — | ||
| Q4 24 | — | $5.1B | ||
| Q3 24 | $6.4B | — | ||
| Q2 24 | $6.2B | — | ||
| Q1 24 | $6.6B | — |
| Q4 25 | $5.5B | $3.8B | ||
| Q3 25 | $5.6B | $3.8B | ||
| Q2 25 | $5.6B | $3.6B | ||
| Q1 25 | $5.6B | $2.8B | ||
| Q4 24 | $5.5B | $2.8B | ||
| Q3 24 | $5.4B | $2.6B | ||
| Q2 24 | $5.5B | $3.0B | ||
| Q1 24 | $5.5B | $2.9B |
| Q4 25 | $13.2B | $10.6B | ||
| Q3 25 | $13.2B | $10.7B | ||
| Q2 25 | $13.2B | $10.3B | ||
| Q1 25 | $13.2B | $9.3B | ||
| Q4 24 | $12.9B | $9.2B | ||
| Q3 24 | $12.6B | $9.4B | ||
| Q2 24 | $12.5B | $9.9B | ||
| Q1 24 | $12.9B | $9.6B |
| Q4 25 | — | 1.35× | ||
| Q3 25 | 1.15× | — | ||
| Q2 25 | 1.14× | — | ||
| Q1 25 | 1.22× | — | ||
| Q4 24 | — | 1.85× | ||
| Q3 24 | 1.18× | — | ||
| Q2 24 | 1.13× | — | ||
| Q1 24 | 1.19× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $1.1B | $360.3M |
| Free Cash FlowOCF − Capex | — | $348.6M |
| FCF MarginFCF / Revenue | — | 55.8% |
| Capex IntensityCapex / Revenue | — | 1.9% |
| Cash ConversionOCF / Net Profit | 12.53× | 60.04× |
| TTM Free Cash FlowTrailing 4 quarters | — | $417.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1B | $360.3M | ||
| Q3 25 | $342.6M | $149.8M | ||
| Q2 25 | $216.1M | $177.3M | ||
| Q1 25 | $281.5M | $-224.9M | ||
| Q4 24 | $1.1B | $337.1M | ||
| Q3 24 | $316.2M | $248.3M | ||
| Q2 24 | $218.9M | $-17.5M | ||
| Q1 24 | $314.9M | $-171.2M |
| Q4 25 | — | $348.6M | ||
| Q3 25 | — | $137.7M | ||
| Q2 25 | — | $169.7M | ||
| Q1 25 | — | $-238.4M | ||
| Q4 24 | — | $317.1M | ||
| Q3 24 | — | $238.7M | ||
| Q2 24 | — | $-25.1M | ||
| Q1 24 | — | $-182.0M |
| Q4 25 | — | 55.8% | ||
| Q3 25 | — | 35.3% | ||
| Q2 25 | — | 65.1% | ||
| Q1 25 | — | -119.6% | ||
| Q4 24 | — | 33.9% | ||
| Q3 24 | — | 73.0% | ||
| Q2 24 | — | -7.9% | ||
| Q1 24 | — | -106.4% |
| Q4 25 | — | 1.9% | ||
| Q3 25 | — | 3.1% | ||
| Q2 25 | — | 2.9% | ||
| Q1 25 | — | 6.8% | ||
| Q4 24 | — | 2.1% | ||
| Q3 24 | — | 2.9% | ||
| Q2 24 | — | 2.4% | ||
| Q1 24 | — | 6.3% |
| Q4 25 | 12.53× | 60.04× | ||
| Q3 25 | 1.98× | 1.25× | ||
| Q2 25 | 0.93× | — | ||
| Q1 25 | 1.32× | -21.35× | ||
| Q4 24 | 3.54× | 2.16× | ||
| Q3 24 | 2.52× | 3.41× | ||
| Q2 24 | 2.21× | -0.83× | ||
| Q1 24 | 1.10× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ESS
Segment breakdown not available.
HHH
| Transferred At Point In Time | $499.8M | 80% |
| Operating Assets Segment | $117.9M | 19% |
| Builder Price Participation | $12.9M | 2% |
