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Side-by-side financial comparison of Howard Hughes Holdings Inc. (HHH) and IES Holdings, Inc. (IESC). Click either name above to swap in a different company.
IES Holdings, Inc. is the larger business by last-quarter revenue ($871.0M vs $624.4M, roughly 1.4× Howard Hughes Holdings Inc.). IES Holdings, Inc. runs the higher net margin — 10.5% vs 1.0%, a 9.6% gap on every dollar of revenue. On growth, IES Holdings, Inc. posted the faster year-over-year revenue change (16.2% vs -33.2%). Howard Hughes Holdings Inc. produced more free cash flow last quarter ($348.6M vs $-18.9M). Over the past eight quarters, Howard Hughes Holdings Inc.'s revenue compounded faster (91.0% CAGR vs 11.1%).
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.
IES Holdings, Inc., formerly known as Integrated Electrical Services, Inc., designs and installs integrated electrical and technology systems and provides infrastructure products and services to a variety of end markets, including data centers, residential housing, and commercial and industrial facilities.
HHH vs IESC — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $624.4M | $871.0M |
| Net Profit | $6.0M | $91.8M |
| Gross Margin | — | 25.3% |
| Operating Margin | 4.2% | 11.2% |
| Net Margin | 1.0% | 10.5% |
| Revenue YoY | -33.2% | 16.2% |
| Net Profit YoY | -96.2% | 59.1% |
| EPS (diluted) | $0.20 | $4.51 |
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 | $624.4M | $871.0M | ||
| Q3 25 | $390.2M | $897.8M | ||
| Q2 25 | $260.9M | $890.2M | ||
| Q1 25 | $199.3M | $834.0M | ||
| Q4 24 | $935.0M | $749.5M | ||
| Q3 24 | $327.1M | $775.8M | ||
| Q2 24 | $317.4M | $768.4M | ||
| Q1 24 | $171.1M | $705.7M |
| Q4 25 | $6.0M | $91.8M | ||
| Q3 25 | $119.5M | $102.3M | ||
| Q2 25 | $-12.1M | $79.3M | ||
| Q1 25 | $10.5M | $72.6M | ||
| Q4 24 | $156.3M | $57.7M | ||
| Q3 24 | $72.8M | $65.5M | ||
| Q2 24 | $21.1M | $66.6M | ||
| Q1 24 | $-52.5M | $56.8M |
| Q4 25 | — | 25.3% | ||
| Q3 25 | — | 26.0% | ||
| Q2 25 | — | 26.9% | ||
| Q1 25 | — | 25.0% | ||
| Q4 24 | — | 23.8% | ||
| Q3 24 | — | 24.0% | ||
| Q2 24 | — | 25.3% | ||
| Q1 24 | — | 24.3% |
| Q4 25 | 4.2% | 11.2% | ||
| Q3 25 | 48.6% | 11.6% | ||
| Q2 25 | 26.0% | 12.6% | ||
| Q1 25 | 24.0% | 11.1% | ||
| Q4 24 | 33.5% | 10.0% | ||
| Q3 24 | 60.6% | 9.7% | ||
| Q2 24 | 20.4% | 11.7% | ||
| Q1 24 | -9.8% | 11.0% |
| Q4 25 | 1.0% | 10.5% | ||
| Q3 25 | 30.6% | 11.4% | ||
| Q2 25 | -4.7% | 8.9% | ||
| Q1 25 | 5.3% | 8.7% | ||
| Q4 24 | 16.7% | 7.7% | ||
| Q3 24 | 22.2% | 8.4% | ||
| Q2 24 | 6.6% | 8.7% | ||
| Q1 24 | -30.7% | 8.0% |
| Q4 25 | $0.20 | $4.51 | ||
| Q3 25 | $2.02 | $4.99 | ||
| Q2 25 | $-0.22 | $3.81 | ||
| Q1 25 | $0.21 | $3.50 | ||
| Q4 24 | $3.14 | $2.72 | ||
| Q3 24 | $1.46 | $3.06 | ||
| Q2 24 | $0.42 | $2.67 | ||
| Q1 24 | $-1.06 | $2.29 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.5B | $258.7M |
| Total DebtLower is stronger | $5.1B | — |
| Stockholders' EquityBook value | $3.8B | $961.1M |
| Total Assets | $10.6B | $1.7B |
| Debt / EquityLower = less leverage | 1.35× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $258.7M | ||
| Q3 25 | $1.5B | $231.8M | ||
| Q2 25 | $1.4B | $168.3M | ||
| Q1 25 | $493.7M | $88.3M | ||
| Q4 24 | $596.1M | $112.0M | ||
| Q3 24 | $400.7M | $135.8M | ||
| Q2 24 | $436.8M | $44.9M | ||
| Q1 24 | $462.7M | $106.0M |
| Q4 25 | $5.1B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $5.1B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $3.8B | $961.1M | ||
| Q3 25 | $3.8B | $884.0M | ||
| Q2 25 | $3.6B | $781.4M | ||
| Q1 25 | $2.8B | $705.8M | ||
| Q4 24 | $2.8B | $652.4M | ||
| Q3 24 | $2.6B | $611.1M | ||
| Q2 24 | $3.0B | $567.5M | ||
| Q1 24 | $2.9B | $534.8M |
| Q4 25 | $10.6B | $1.7B | ||
| Q3 25 | $10.7B | $1.6B | ||
| Q2 25 | $10.3B | $1.5B | ||
| Q1 25 | $9.3B | $1.4B | ||
| Q4 24 | $9.2B | $1.3B | ||
| Q3 24 | $9.4B | $1.2B | ||
| Q2 24 | $9.9B | $1.2B | ||
| Q1 24 | $9.6B | $1.1B |
| Q4 25 | 1.35× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.85× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $360.3M | $27.7M |
| Free Cash FlowOCF − Capex | $348.6M | $-18.9M |
| FCF MarginFCF / Revenue | 55.8% | -2.2% |
| Capex IntensityCapex / Revenue | 1.9% | 5.3% |
| Cash ConversionOCF / Net Profit | 60.04× | 0.30× |
| TTM Free Cash FlowTrailing 4 quarters | $417.6M | $175.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $360.3M | $27.7M | ||
| Q3 25 | $149.8M | $132.0M | ||
| Q2 25 | $177.3M | $92.0M | ||
| Q1 25 | $-224.9M | $24.8M | ||
| Q4 24 | $337.1M | $37.3M | ||
| Q3 24 | $248.3M | $92.8M | ||
| Q2 24 | $-17.5M | $82.9M | ||
| Q1 24 | $-171.2M | $33.7M |
| Q4 25 | $348.6M | $-18.9M | ||
| Q3 25 | $137.7M | $112.0M | ||
| Q2 25 | $169.7M | $74.8M | ||
| Q1 25 | $-238.4M | $7.9M | ||
| Q4 24 | $317.1M | $24.1M | ||
| Q3 24 | $238.7M | $78.5M | ||
| Q2 24 | $-25.1M | $65.4M | ||
| Q1 24 | $-182.0M | $26.9M |
| Q4 25 | 55.8% | -2.2% | ||
| Q3 25 | 35.3% | 12.5% | ||
| Q2 25 | 65.1% | 8.4% | ||
| Q1 25 | -119.6% | 0.9% | ||
| Q4 24 | 33.9% | 3.2% | ||
| Q3 24 | 73.0% | 10.1% | ||
| Q2 24 | -7.9% | 8.5% | ||
| Q1 24 | -106.4% | 3.8% |
| Q4 25 | 1.9% | 5.3% | ||
| Q3 25 | 3.1% | 2.2% | ||
| Q2 25 | 2.9% | 1.9% | ||
| Q1 25 | 6.8% | 2.0% | ||
| Q4 24 | 2.1% | 1.8% | ||
| Q3 24 | 2.9% | 1.8% | ||
| Q2 24 | 2.4% | 2.3% | ||
| Q1 24 | 6.3% | 1.0% |
| Q4 25 | 60.04× | 0.30× | ||
| Q3 25 | 1.25× | 1.29× | ||
| Q2 25 | — | 1.16× | ||
| Q1 25 | -21.35× | 0.34× | ||
| Q4 24 | 2.16× | 0.65× | ||
| Q3 24 | 3.41× | 1.42× | ||
| Q2 24 | -0.83× | 1.24× | ||
| Q1 24 | — | 0.59× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HHH
| Transferred At Point In Time | $499.8M | 80% |
| Operating Assets Segment | $117.9M | 19% |
| Builder Price Participation | $12.9M | 2% |
IESC
| Communications | $351.9M | 40% |
| Single Family Electrical Contracts | $137.0M | 16% |
| Custom Engineered Solutions | $116.0M | 13% |
| Commercialand Industrial | $94.8M | 11% |
| Single Family Contracts Plumbing HVAC | $82.9M | 10% |
| Multi Familyand Other | $64.2M | 7% |
| Industrial Services | $24.2M | 3% |
