Hudson Pacific Properties

HPP

REIT - Office · Real Estate

Price

$15.72

-0.37 (-2.30%)

Market Cap

$852.7M

Exchange

New York Stock Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Share count rising — dilution

+105.9% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 21.7M (2021) → 44.7M (2025)

Hudson Pacific Properties owns and operates office buildings and film/TV production studios, mainly in major West Coast cities like Los Angeles, San Francisco, and Seattle. It rents space to technology companies, media firms, and entertainment studios — including big names in streaming and Hollywood production. The company is one of the few REITs that combines traditional office space with purpose-built studio lots used for filming movies and TV shows.

Hudson Pacific makes money by collecting rent from tenants who sign multi-year leases on its office and studio properties. It operates almost entirely in the United States, with a small presence in Vancouver, Canada, and manages roughly 50 properties across its portfolio. The company faces real pressure right now: remote work has hurt demand for office space, and the 2023 Hollywood strikes disrupted studio bookings, contributing to its negative operating margin — meaning it currently spends more than it earns from operations, which is a key risk for investors watching this stock.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-8.4% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+77.9% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

2.6%ownership

Relatively low insider ownership

Cash Position

Cash flow positive

$6.2B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Hudson Pacific Properties's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

-44.6%

Thin — -44.6% gross margin

Operating Margin

-8.2%

Losing money on operations — -8.2%

ROCE

-0.2%

Weak — -0.2% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

-1.5%

Shrinking sales (-1.5% YoY)

EPS YoY

N/A

—

Data not available

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

—

Data not available

FCF Margin

13.9%

Converts sales into free cash efficiently (13.9%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

1.17

Elevated debt (1.17)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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