vs
Side-by-side financial comparison of Howard Hughes Holdings Inc. (HHH) and Cloudflare, Inc. (NET). 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 $614.5M, roughly 1.0× Cloudflare, Inc.). Howard Hughes Holdings Inc. runs the higher net margin — 1.0% vs -2.0%, a 2.9% gap on every dollar of revenue. On growth, Cloudflare, Inc. posted the faster year-over-year revenue change (33.6% vs -33.2%). Howard Hughes Holdings Inc. produced more free cash flow last quarter ($348.6M vs $105.2M). Over the past eight quarters, Howard Hughes Holdings Inc.'s revenue compounded faster (91.0% CAGR vs 27.4%).
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.
Cloudflare, Inc. is an American technology company headquartered in San Francisco, California, that provides a range of internet services, including content delivery network (CDN) services, cloud cybersecurity, DDoS mitigation, and ICANN-accredited domain registration. The company's services act primarily as a reverse proxy between website visitors and a customer's hosting provider, improving performance and protecting against malicious traffic.
HHH vs NET — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $624.4M | $614.5M |
| Net Profit | $6.0M | $-12.1M |
| Gross Margin | — | 73.6% |
| Operating Margin | 4.2% | -8.0% |
| Net Margin | 1.0% | -2.0% |
| Revenue YoY | -33.2% | 33.6% |
| Net Profit YoY | -96.2% | 6.0% |
| EPS (diluted) | $0.20 | $-0.03 |
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 | $614.5M | ||
| Q3 25 | $390.2M | $562.0M | ||
| Q2 25 | $260.9M | $512.3M | ||
| Q1 25 | $199.3M | $479.1M | ||
| Q4 24 | $935.0M | $459.9M | ||
| Q3 24 | $327.1M | $430.1M | ||
| Q2 24 | $317.4M | $401.0M | ||
| Q1 24 | $171.1M | $378.6M |
| Q4 25 | $6.0M | $-12.1M | ||
| Q3 25 | $119.5M | $-1.3M | ||
| Q2 25 | $-12.1M | $-50.4M | ||
| Q1 25 | $10.5M | $-38.5M | ||
| Q4 24 | $156.3M | $-12.8M | ||
| Q3 24 | $72.8M | $-15.3M | ||
| Q2 24 | $21.1M | $-15.1M | ||
| Q1 24 | $-52.5M | $-35.5M |
| Q4 25 | — | 73.6% | ||
| Q3 25 | — | 74.0% | ||
| Q2 25 | — | 74.9% | ||
| Q1 25 | — | 75.9% | ||
| Q4 24 | — | 76.4% | ||
| Q3 24 | — | 77.7% | ||
| Q2 24 | — | 77.8% | ||
| Q1 24 | — | 77.5% |
| Q4 25 | 4.2% | -8.0% | ||
| Q3 25 | 48.6% | -6.7% | ||
| Q2 25 | 26.0% | -13.1% | ||
| Q1 25 | 24.0% | -11.1% | ||
| Q4 24 | 33.5% | -7.5% | ||
| Q3 24 | 60.6% | -7.2% | ||
| Q2 24 | 20.4% | -8.7% | ||
| Q1 24 | -9.8% | -14.4% |
| Q4 25 | 1.0% | -2.0% | ||
| Q3 25 | 30.6% | -0.2% | ||
| Q2 25 | -4.7% | -9.8% | ||
| Q1 25 | 5.3% | -8.0% | ||
| Q4 24 | 16.7% | -2.8% | ||
| Q3 24 | 22.2% | -3.6% | ||
| Q2 24 | 6.6% | -3.8% | ||
| Q1 24 | -30.7% | -9.4% |
| Q4 25 | $0.20 | $-0.03 | ||
| Q3 25 | $2.02 | $0.00 | ||
| Q2 25 | $-0.22 | $-0.15 | ||
| Q1 25 | $0.21 | $-0.11 | ||
| Q4 24 | $3.14 | $-0.05 | ||
| Q3 24 | $1.46 | $-0.04 | ||
| Q2 24 | $0.42 | $-0.04 | ||
| Q1 24 | $-1.06 | $-0.10 |
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 | $943.5M |
| Total DebtLower is stronger | $5.1B | — |
| Stockholders' EquityBook value | $3.8B | $1.5B |
| Total Assets | $10.6B | $6.0B |
| Debt / EquityLower = less leverage | 1.35× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $943.5M | ||
| Q3 25 | $1.5B | $1.1B | ||
| Q2 25 | $1.4B | $1.5B | ||
| Q1 25 | $493.7M | $204.5M | ||
| Q4 24 | $596.1M | $147.7M | ||
| Q3 24 | $400.7M | $182.9M | ||
| Q2 24 | $436.8M | $157.0M | ||
| Q1 24 | $462.7M | $254.4M |
| Q4 25 | $5.1B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $5.1B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $3.8B | $1.5B | ||
| Q3 25 | $3.8B | $1.3B | ||
| Q2 25 | $3.6B | $1.2B | ||
| Q1 25 | $2.8B | $1.4B | ||
| Q4 24 | $2.8B | $1.0B | ||
| Q3 24 | $2.6B | $973.1M | ||
| Q2 24 | $3.0B | $881.5M | ||
| Q1 24 | $2.9B | $797.2M |
| Q4 25 | $10.6B | $6.0B | ||
| Q3 25 | $10.7B | $5.8B | ||
| Q2 25 | $10.3B | $5.6B | ||
| Q1 25 | $9.3B | $3.7B | ||
| Q4 24 | $9.2B | $3.3B | ||
| Q3 24 | $9.4B | $3.1B | ||
| Q2 24 | $9.9B | $2.9B | ||
| Q1 24 | $9.6B | $2.8B |
| 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 | $190.4M |
| Free Cash FlowOCF − Capex | $348.6M | $105.2M |
| FCF MarginFCF / Revenue | 55.8% | 17.1% |
| Capex IntensityCapex / Revenue | 1.9% | 13.9% |
| Cash ConversionOCF / Net Profit | 60.04× | — |
| TTM Free Cash FlowTrailing 4 quarters | $417.6M | $287.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $360.3M | $190.4M | ||
| Q3 25 | $149.8M | $167.1M | ||
| Q2 25 | $177.3M | $99.8M | ||
| Q1 25 | $-224.9M | $145.8M | ||
| Q4 24 | $337.1M | $127.3M | ||
| Q3 24 | $248.3M | $104.7M | ||
| Q2 24 | $-17.5M | $74.8M | ||
| Q1 24 | $-171.2M | $73.6M |
| Q4 25 | $348.6M | $105.2M | ||
| Q3 25 | $137.7M | $82.5M | ||
| Q2 25 | $169.7M | $39.9M | ||
| Q1 25 | $-238.4M | $59.9M | ||
| Q4 24 | $317.1M | $54.2M | ||
| Q3 24 | $238.7M | $54.5M | ||
| Q2 24 | $-25.1M | $45.2M | ||
| Q1 24 | $-182.0M | $41.5M |
| Q4 25 | 55.8% | 17.1% | ||
| Q3 25 | 35.3% | 14.7% | ||
| Q2 25 | 65.1% | 7.8% | ||
| Q1 25 | -119.6% | 12.5% | ||
| Q4 24 | 33.9% | 11.8% | ||
| Q3 24 | 73.0% | 12.7% | ||
| Q2 24 | -7.9% | 11.3% | ||
| Q1 24 | -106.4% | 11.0% |
| Q4 25 | 1.9% | 13.9% | ||
| Q3 25 | 3.1% | 15.1% | ||
| Q2 25 | 2.9% | 11.7% | ||
| Q1 25 | 6.8% | 17.9% | ||
| Q4 24 | 2.1% | 15.9% | ||
| Q3 24 | 2.9% | 11.7% | ||
| Q2 24 | 2.4% | 7.4% | ||
| Q1 24 | 6.3% | 8.5% |
| Q4 25 | 60.04× | — | ||
| Q3 25 | 1.25× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -21.35× | — | ||
| Q4 24 | 2.16× | — | ||
| Q3 24 | 3.41× | — | ||
| Q2 24 | -0.83× | — | ||
| Q1 24 | — | — |
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% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
