Seaport Entertainment Group

SEG

Travel Lodging · Consumer Cyclical

Price

$26.48

-0.21 (-0.79%)

Market Cap

$339.0M

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Share count rising — dilution

+1.1% over 4y

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

Diluted shares outstanding: 12.6M (2021) → 12.7M (2025)

Seaport Entertainment Group is a real estate and entertainment company that owns and operates a collection of venues, restaurants, and entertainment spaces in New York City's Seaport District. Its properties include live music venues, food and beverage outlets, and event spaces, with customers being tourists, local residents, and event-goers. The company was spun off from Howard Hughes Holdings in 2024, making it a newly independent publicly traded business focused on urban entertainment destinations.

The company earns money through a mix of venue admissions, food and beverage sales, retail leases, and event hosting fees — not a single clean revenue stream. It currently operates primarily in lower Manhattan, and with a market cap of roughly $300 million, it is a small company still building toward profitability. The negative margins across the board reflect heavy operating costs relative to revenue, and the key risk is whether the company can grow foot traffic and tenant occupancy fast enough to reach breakeven before it needs to raise additional capital.

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

-20.7% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-38.2% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

3.1%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

~4 years

$145M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

$145M cash & investments at current burn rate

Revenue declining

Seaport Entertainment Group'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

-194.9%

Thin — -194.9% gross margin

Operating Margin

-313.5%

Losing money on operations — -313.5%

ROCE

-8.8%

Weak — -8.8% return on capital

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

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Growth

Sales YoY

+12.9%

Fast-growing sales (12.9% 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

-29.5%

Burning cash (-29.5%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

0.10

Conservative — low debt load (0.10)

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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