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Seaport Entertainment Group Inc.
(NYSE:SEG)
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Rating:61Neutral
Price Target:
$23.50
▼(-13.03% Downside)
Action:Reiterated
Date:08/07/26
SEG’s overall score is held back primarily by weak financial performance—persistent losses, negative margins, and ongoing cash burn—despite improved leverage. Offsetting this, technicals are favorable with the stock trading above key moving averages and positive momentum indicators, and the earnings call signaled a meaningful operational inflection (positive operating EBITDA and non-GAAP profitability) with a constructive outlook, though still tempered by continuing GAAP losses and some one-time benefits.
Positive Factors
Growth Pipeline
The planned openings provide a defined avenue for expanding venue capacity and recurring operating earnings. Balloon Museum, Meow Wolf, event space, and restaurant projects could broaden SEG’s destination offering and convert currently non-income-producing space into productive assets.
Negative Factors
Persistent Losses and Cash Burn
SEG’s core operations are not yet self-funding, and continued negative cash flow can require reliance on existing liquidity or external funding. Persistent losses also weaken the company’s ability to reinvest organically and make future profitability dependent on sustained operational improvement.
Read all positive and negative factors
Positive Factors
Negative Factors
Growth Pipeline
The planned openings provide a defined avenue for expanding venue capacity and recurring operating earnings. Balloon Museum, Meow Wolf, event space, and restaurant projects could broaden SEG’s destination offering and convert currently non-income-producing space into productive assets.
Read all positive factors
Seaport Entertainment Group Inc. (SEG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$286.68M
Dividend YieldN/A
Average Volume (3M)66.91K
Price to Earnings (P/E)―
Beta (1Y)0.84
Revenue Growth2.66%
EPS Growth22.67%
CountryUS
Employees627
SectorGeneral
Sector StrengthN/A
IndustryReal Estate - Services
Share Statistics
EPS (TTM)-9.80
Shares Outstanding12,809,536
10 Day Avg. Volume92,872
30 Day Avg. Volume66,910
Financial Highlights & Ratios
PEG Ratio0.05
Price to Book (P/B)0.55
Price to Sales (P/S)1.93
P/FCF Ratio-3.68
Enterprise Value/Market Cap1.11
Enterprise Value/Revenue2.61
Enterprise Value/Gross Profit-12.67
Enterprise Value/Ebitda-3.97
Forecast
1Y Price Target
$36.00Price Target Upside33.23% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)-2.26
Revenue Forecast (FY)$109.13M
Seaport Entertainment Group Inc. Business Overview & Revenue Model
Company Description
Seaport Entertainment Group Inc. owns, develops, and operates a portfolio of entertainment and real estate assets primarily in New York City and Las Vegas. The company operates through three segments: Hospitality; Entertainment; and Landlord Opera...
How the Company Makes Money
SEG makes money primarily through venue-level hospitality and entertainment revenues generated at the properties and concepts it operates. Key revenue streams typically include (1) food and beverage sales from restaurants, bars, and other onsite c...
Seaport Entertainment Group Inc. Earnings Call Summary
Earnings Call Date:Aug 05, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 05, 2026
Earnings Call Sentiment Positive
The call emphasized a meaningful inflection toward profitability: the company reported its first positive operating EBITDA across segments and first-ever positive non-GAAP adjusted net income, delivered substantial G&A reductions, strong event and hospitality execution (notably Sadie's and Pier 17 concerts), and strengthened liquidity. Several one-time or timing-related benefits (Nike termination payment, Tin Building closure) contributed materially to results, and challenges remain in the entertainment segment (sponsorship shortfall, higher R&M), unconsolidated venture earnings, and ongoing net losses. Management reiterated a clear path and timeline (stabilization target in 2028) and has significant near-term growth projects and potential incremental EBITDA from upcoming openings, supporting a constructive outlook despite remaining operational variability.Positive Updates
Positive Operating EBITDA and First-Time Non-GAAP Profitability
Total operating EBITDA improved by $5.6M from a loss of $1.1M in Q2 2025 to positive operating EBITDA of $4.5M in Q2 2026. The company reported positive non-GAAP adjusted net income of $0.32M ($0.02 per share) — the first time in company history — a $7.7M year-over-year improvement from a non-GAAP adjusted net loss of $7.4M.
Negative Updates
Continuing Net Loss
Despite operational improvements, second quarter net loss attributable to common stockholders remained $10.5M (improved 29% YoY) and net loss per share was $0.82 (vs. $1.16 loss in Q2 2025). The company is not yet GAAP profitable on a net basis.
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Q2-2026 Updates
Positive
Negative
Positive Operating EBITDA and First-Time Non-GAAP Profitability
Total operating EBITDA improved by $5.6M from a loss of $1.1M in Q2 2025 to positive operating EBITDA of $4.5M in Q2 2026. The company reported positive non-GAAP adjusted net income of $0.32M ($0.02 per share) — the first time in company history — a $7.7M year-over-year improvement from a non-GAAP adjusted net loss of $7.4M.
Read all positive updates
Company Guidance
Guidance from the call emphasized continued year‑over‑year improvement over the next three quarters (though not necessarily matching this quarter’s per‑share gains), an improved earnings profile in 2027 and initial stabilization by 2028, supported by $70M–$90M of expected CapEx (about $20M spent in H1 and ~$50M–$70M remaining over the next ~2 years), a strong balance sheet (net cash $88.9M, $127M total cash/cash equivalents/restricted cash, only $38.1M outstanding debt with ~$1M principal paid in Q2, and $20.8M of $27.8M escrow received), and a pipeline that includes ~194,000 sq ft opening in the next 18 months (including the Balloon Museum and Meow Wolf) expected to deliver more than $20M of incremental annualized operating EBITDA (and roughly $26M of potential revenue pre‑G&A if leases are in place). Key near‑term metrics cited: Q2 total operating EBITDA turned positive to $4.5M (up $5.6M YoY), positive non‑GAAP adjusted net income of $0.32M (a $7.7M YoY swing to $0.02 per share from a $0.58 loss), net loss attributable to common improved 29% to $10.5M (loss per share $0.82 vs $1.16), trailing‑12‑month G&A reduced from $34M to < $27M (>20% decline), Q2 G&A $6.6M (‑20% YoY; excluding one‑time items down 35% YoY), landlord EBITDA $0.6M (+$3.6M YoY), hospitality EBITDA ~$0.28M (+$3.1M YoY), entertainment EBITDA down $1M (‑23% YoY), rooftop concerts in Q2: 22 shows, 13 sellouts, 91% sell‑through (with >40 shows remaining), Sadie’s Garden Bar +125% revenue YoY, and Las Vegas ballpark highlights including a >11,000 single‑game attendance record, a 6‑game sold‑out Athletics series (>50,000 fans) and >50% quarter merchandise lift from those games.Seaport Entertainment Group Inc. Financial Statement Overview
Summary
Income Statement
14
Very Negative
Balance Sheet
46
Neutral
Cash Flow
18
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 121.56M | 130.41M | 111.14M | 115.68M | 119.05M |
| Gross Profit | -25.06M | 2.05M | 36.38M | 36.78M | 42.24M |
| EBITDA | -79.88M | -83.15M | -111.09M | -788.65M | -56.44M |
| Net Income | -124.29M | -116.74M | -153.21M | -838.07M | -111.28M |
Balance Sheet | |||||
| Total Assets | 543.30M | 650.12M | 743.56M | 616.81M | 1.31B |
| Cash, Cash Equivalents and Short-Term Investments | 117.80M | 77.81M | 165.67M | 1.83M | 16.45M |
| Total Debt | 94.06M | 156.18M | 149.06M | 203.78M | 190.53M |
| Total Liabilities | 129.47M | 183.72M | 172.17M | 231.92M | 218.33M |
| Stockholders Equity | 403.93M | 456.51M | 561.48M | 384.89M | 1.10B |
Cash Flow | |||||
| Free Cash Flow | -68.17M | -68.42M | -59.42M | -69.53M | -41.76M |
| Operating Cash Flow | -40.19M | -43.40M | -52.70M | -50.78M | -29.55M |
| Investing Cash Flow | 110.10M | -30.08M | -102.88M | -108.30M | -198.03M |
| Financing Cash Flow | -68.30M | -6.97M | 279.58M | 136.21M | 237.41M |
Seaport Entertainment Group Inc. Technical Analysis
Negative
27.02
Price Trends
25.95
Negative
25.50
Negative
23.35
Negative
Market Momentum
-0.97
Positive
18.66
Positive
13.46
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SEG, the sentiment is Negative. The current price of 27.02 is above the 20-day moving average (MA) of 24.33, above the 50-day MA of 25.95, and above the 200-day MA of 23.35, indicating a bearish trend. The MACD of -0.97 indicates Positive momentum. The RSI at 18.66 is Positive, neither overbought nor oversold. The STOCH value of 13.46 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SEG.
Seaport Entertainment Group Inc. Risk Analysis
Seaport Entertainment Group Inc. disclosed 76 risk factors in its most recent earnings report. Seaport Entertainment Group Inc. reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Seaport Entertainment Group Inc. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $286.68M | -2.28 | -28.26% | ― | 2.66% | 22.67% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
52 Neutral | $15.73M | -0.32 | -98.86% | ― | -42.49% | 50.50% | |
51 Neutral | $140.88M | 5.96 | 15.69% | 6.66% | -2.75% | ― | |
48 Neutral | $389.56M | 47.77 | 0.95% | ― | 5.33% | 22.04% |
* General Sector Average
SEG
Seaport Entertainment Group Inc.
22.38
-2.16
-8.80%
NEN
New England Realty Associates Partnershi
49.01
-22.33
-31.30%
TCI
Transcontinental Realty Investors
44.40
-1.38
-3.01%
OPAD
Offerpad Solutions
3.26
-37.35
-91.98%
DOUG
Douglas Elliman Inc.
1.55
-1.43
-47.99%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.