Seaport Entertainment Group Inc.
SEG · Services-Miscellaneous Amusement & Recreation · 12.8M shares · +0%/yr ↓ buyback · EDGAR filings ↗
Grade
D48Recently spun-off NYC/Las Vegas entertainment-real-estate company with large, persistent losses and heavy operating cash burn.
Strengths
- Low leverage (D/E 0.08) and $77.8M cash plus $143M from the post-period 250 Water Street sale
- Unique, irreplaceable assets (Seaport, Las Vegas Ballpark, Fashion Show air rights)
Risks
- Net loss $116.7M and negative operating cash flow of ~$50M/yr (net margin -90%, ROE -25.6%)
- No longer funded by former parent HHH; cash-intensive model dependent on discretionary spending
- Concentrated in two markets; development/entitlement and going-concern-adjacent cash needs
Notable findings
- Auditor changeRecent 8-K item 4.01 8-K ↗
- Net lossNet loss (net margin -89.5%)
- Revenue declineRevenue -56.8% YoY
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
-90.6%
Net margin
-89.5%
Return on equity
-25.6%
Return on assets
-18.0%
ROIC
-18.9%
Revenue growth (QoQ)
-56.8%
Debt / equity
0.1×
EBITDA
-$86M
Tangible book value
$457M
Cash & investments
$78M
Stock comp / revenue
11.6%
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-12 | Shareholder vote | filing ↗ |
| 2026-05-06 | ResultsExhibits | filing ↗ |
| 2026-04-07 | Auditor changeExhibits | filing ↗ |
| 2026-03-05 | ResultsExhibits | filing ↗ |
| 2026-02-23 | Reg FDExhibits | filing ↗ |
| 2026-02-09 | Acquisition/dispositionReg FDExhibits | filing ↗ |
| 2026-01-29 | Material agreement | filing ↗ |
| 2025-12-17 | Material agreementExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-12 | 2026-06-08 | 0001104659-26-073508 ↗ |
| 8-K | 2026-05-06 | 2026-05-06 | 0001104659-26-056308 ↗ |
| 10-Q | 2026-05-06 | 2026-03-31 | 0001104659-26-056380 ↗ |
| 8-K | 2026-04-07 | 2026-04-01 | 0001104659-26-040479 ↗ |
| 8-K | 2026-03-05 | 2026-03-04 | 0001104659-26-023682 ↗ |
| 10-K | 2026-03-04 | 2025-12-31 | 0001104659-26-023561 ↗ |
| 8-K | 2026-02-23 | 2026-02-23 | 0001104659-26-018624 ↗ |
| 8-K | 2026-02-09 | 2026-02-06 | 0001104659-26-012164 ↗ |
| 8-K | 2026-01-29 | 2026-01-28 | 0001104659-26-007556 ↗ |
| 8-K | 2025-12-17 | 2025-12-15 | 0001104659-25-122063 ↗ |
| 8-K | 2025-12-02 | 2025-12-01 | 0001104659-25-117801 ↗ |
| 8-K | 2025-11-10 | 2025-11-10 | 0001104659-25-109303 ↗ |