olivLaw · US equity research
Seaport Entertainment Group Inc. SEG
Services-Miscellaneous Amusement & Recreation · SIC 7990 · Vertical: Services-Miscellaneous Amusement & Recreation (SIC 7990)
Seaport Entertainment Group (SEG) owns and runs assets at the crossroads of entertainment and real estate, mainly in Lower Manhattan and Las Vegas, from the Seaport district and The Rooftop at Pier 17 to the Las Vegas Aviators baseball team. In the second quarter of 2026 the company reported total revenues of 34.29 million USD, and says that each of its segments was profitable for the first time, progress that remains subject to demand recovery and successful leasing of vacant space.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Seaport Entertainment Group Inc. (SEG) stock was 23.52 USD (+3.29% on the day), with market capitalisation 301.9 m USD, beta 0.89, 52-week range 18.23–29.23 USD. Latest reported quarter (Q3 2026): revenue of 32.7 m USD (−27.4% YoY), net income of -8.4 m USD, diluted EPS -0.65 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 57.0
- strong (55–70)
- Bollinger (20, 2)
- 21.85 – 23.31
- above the upper band · %B 1.15 · band width 6.4%
- SMA 50 / 200
- 23.83 / 23.62
- mixed trend
- MACD (12, 26, 9)
- -0.16 / -0.35
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +4.5% | −1.1% | +5.6 pp | — |
| 3 months | −12.5% | −0.5% | −12.0 pp | — |
| 6 months | +2.7% | +4.4% | −1.7 pp | — |
| Year to date | +19.0% | +12.3% | +6.7 pp | — |
| 1 year | −1.1% | +13.5% | −14.6 pp | −31.8% |
| 3 years | unavailable | +76.4% | unavailable | −25.8% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 22.6 m | 16.1 m | 39.8 m | 45.1 m | 29.5 m | 12.7 m | 34.3 m | 32.7 m |
| Operating income | -25.4 m | -32.7 m | -16.0 m | -33.9 m | -35.5 m | -42.5 m | -11.1 m | -9.2 m |
| Depreciation & amortisation | 13.7 m | 8.1 m | 6.6 m | 6.9 m | 10.6 m | 20.1 m | 6.8 m | 4.3 m |
| Pre-tax income | -41.3 m | -31.5 m | -14.4 m | -32.9 m | -36.5 m | -43.8 m | -10.1 m | -8.0 m |
| Income tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net income | -41.6 m | -31.9 m | -14.8 m | -33.2 m | -36.9 m | -44.1 m | -10.5 m | -8.4 m |
| Diluted EPS | -2.10 ≈ | -2.51 | -1.16 | -2.61 | -2.89 ≈ | -3.47 | -0.82 | -0.65 |
| Operating cash flow | -4.7 m | -20.5 m | -754.0 k ≈ | -5.3 m ≈ | -23.1 m | -10.3 m | -1.4 m ≈ | -9.2 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 119.0 m | 114.9 m | 110.2 m | 130.4 m |
| Revenue YoY | unavailable | −3.5% | −4.0% | +18.3% |
| Net income | -111.3 m | -838.1 m | -153.2 m | -116.7 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | -20.15 | -151.77 | -16.82 | -9.18 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable |
| net % | -93.5% | -729.7% | -139.0% | -89.5% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 77.8 m USD
- Financial debt
- 38.3 m USD
- Net debt
- -39.5 m USD
- Equity
- 466.4 m USD
- Total assets
- 650.1 m USD
- Debt / equity
- 0.08x
- Current ratio
- unavailable
- ROE
- -22.5%
- ROA
- -16.8%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 119.0 m | 114.9 m | 110.2 m | 130.4 m | SEC (XBRL)· 04 Mar 2026verified |
| Operating income | -66.7 m | -756.7 m | -102.2 m | -118.2 m | SEC (XBRL)· 04 Mar 2026verified |
| Depreciation & amortisation | 47.4 m | 48.4 m | 34.8 m | 32.2 m | SEC (XBRL)· 04 Mar 2026verified |
| EBITDA | -19.3 m ≈ | -708.2 m ≈ | -67.4 m ≈ | -86.0 m ≈ | SEC (XBRL)· 04 Mar 2026derived |
| Pre-tax income | -107.8 m | -840.3 m | -152.6 m | -115.3 m | SEC (XBRL)· 04 Mar 2026verified |
| Income tax | 3.5 m | -2.2 m | 0 | 0 | SEC (XBRL)· 04 Mar 2026verified |
| Net income | -111.3 m | -838.1 m | -153.2 m | -116.7 m | SEC (XBRL)· 04 Mar 2026verified |
| Diluted EPS | -20.15 | -151.77 | -16.82 | -9.18 | SEC (XBRL)· 04 Mar 2026verified |
| Weighted average diluted shares | 5.5 m | 5.5 m | 9.1 m | 12.7 m | SEC (XBRL)· 04 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 16.4 m | 1.8 m | 165.7 m | 77.8 m | SEC (XBRL)· 04 Mar 2026verified |
| Inventories | — | 2.7 m | 1.9 m | 2.3 m | SEC (XBRL)· 04 Mar 2026verified |
| Total assets | — | 616.8 m | 743.6 m | 650.1 m | SEC (XBRL)· 04 Mar 2026verified |
| Long-term debt | — | 155.6 m | 101.6 m | 38.3 m | SEC (XBRL)· 04 Mar 2026verified |
| Total liabilities | — | 231.9 m | 172.2 m | 183.7 m | SEC (XBRL)· 04 Mar 2026verified |
| Equity | 1.1 bn | 384.9 m | 571.4 m | 466.4 m | SEC (XBRL)· 04 Mar 2026verified |
Cash flow · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | -29.6 m | -50.8 m | -52.7 m | -49.7 m | SEC (XBRL)· 04 Mar 2026verified |
| Investing cash flow | -198.0 m | -108.3 m | -102.9 m | -23.8 m | SEC (XBRL)· 04 Mar 2026verified |
| Financing cash flow | 237.4 m | 136.2 m | 279.6 m | -7.0 m | SEC (XBRL)· 04 Mar 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 25.0% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 301.9 m USD
Key indicators
Coverage and freshness
Score by group
25% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -21.5% | 13 (vs peers) | 42% |
| Net margin · Quality | -91.4% | 5 (vs peers) | 25% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 3.1% | 26 (on a fixed band) | 33% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partial26/100 · 1/2 factors with a value
- Quality10/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Seaport Entertainment Group Inc. (SEG). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 130.4 m USD in 2025; YoY growth 18.3%; net margin -91.4%; ROE -22.6%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- ROIC: -21.5%
- Net margin: -91.4%
- Revenue CAGR 3Y: 3.1%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Services-Miscellaneous Amusement & Recreation (SIC 7990) · same industry (4-digit SIC) · compared with 20 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| DISWalt Disney Co | 205.4 bn | 24.5 | 7.8% | 8.7% | +3.4% | +14% / +28% |
| MTNVail Resorts, Inc. | 5.7 bn | 39.1 | 44.4% | 5.2% | −4.3% | +15% / −26% |
| RSIRush Street Interactive, Inc. | 2.5 bn | 40.9 | 23.0% | 2.6% | +22.8% | −33% / +193% |
| BRSLBrightstar Lottery PLC | 1.9 bn | 13.7 | 11.6% | 5.9% | −0.0% | −35% / −62% |
| PRKSUnited Parks & Resorts Inc. | 1.6 bn | 13.5 | — | 8.1% | −3.6% | −5% / −30% |
| PRSUPursuit Attractions and Hospitality, Inc. | 1.5 bn | 33.6 | 7.7% | 9.6% | +23.4% | +65% / +70% |
| NIPGNIP Group Inc. | 471.7 m | — | -15.9% | -14.9% | +1.9% | −91% / unavailable |
| SEGSeaport Entertainment Group Inc. | 301.9 m | — | -22.6% | -91.4% | +18.3% | −1% / unavailable |
| GENIGenius Sports Limited | 70.1 m | — | -17.2% | -16.7% | +31.0% | −30% / +26% |
| SEATVivid Seats Inc. | 32.0 m | 0.0 | 2,000.9% | 278.1% | −30.5% | −63% / −98% |
| GRSDGrandstand Limited | 29.8 m | — | -28.5% | -19.9% | +30.1% | −85% / −91% |
| FCHLFitness Champs Holdings Limited | 12.0 m | — | -349.1% | -32.9% | +4.7% | −100% / unavailable |
| FBYDFalcon’s Beyond Global, Inc. | 77 | — | -100.8% | -36.0% | +120.8% | −62% / −26% |
| MSGEMadison Square Garden Entertainment Corp. | — | 38.7 | — | 8.6% | +12.5% | +59% / +160% |
| MSGSMsg Knickerbockers Corp. | — | 983.9 | — | 0.7% | +11.0% | +38% / +86% |
| XPOFXponential Fitness, Inc. | — | — | — | -401.5% | −20.7% | −32% / −67% |
| CDROCodere Online Luxembourg, S.A. | — | — | 17.3% | 1.9% | +24.2% | +25% / +173% |
| ENHAEnhanced Group Inc. | — | — | -1,903.4% | — | unavailable | unavailable / unavailable |
| STUBStubhub Holdings, Inc. | — | — | -145.8% | -91.3% | −1.4% | −44% / unavailable |
| GDHGGolden Heaven Group Holdings Ltd. | — | — | -6.5% | -56.2% | −31.5% | −75% / −100% |
| DKNGDraftkings Inc. | — | — | -21.1% | -2.7% | +27.0% | −30% / −40% |
1- and 3-year price returns: for SEG from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 10-Q (04 Nov 2026).
In brief
Seaport Entertainment Group (SEG) owns and runs assets at the crossroads of entertainment and real estate, mainly in Lower Manhattan and Las Vegas, from the Seaport district and The Rooftop at Pier 17 to the Las Vegas Aviators baseball team. In the second quarter of 2026 the company reported total revenues of 34.29 million USD 23, and says that each of its segments was profitable for the first time, progress that remains subject to demand recovery and successful leasing of vacant space 3.
SWOT
Strengths
- A distinctive portfolio of entertainment and real estate assets in locations that are hard to replicate in New York and Las Vegas 1.
- A management team experienced in operating entertainment assets, which could reduce costs and lift revenue 1.
- Visible progress in the second quarter of 2026, with improved net loss and adjusted results 3.
Weaknesses
Opportunities
Risks
- Losses and negative cash flowhigh
The company reported net losses and negative operating cash flow over the period reviewed and expects significant negative operating cash flow to continue for the foreseeable future 1.
- Dependence on discretionary spendinghigh
Revenue from restaurants and events depends on consumer willingness to spend, which could fall in difficult economic conditions 1.
- Leasing of vacant spacemedium
There is no assurance that vacant space will be leased or that rents will remain at current levels 1.
- Tin Building renovationmedium
Rental income could be delayed until renovation is complete, and costs could exceed estimates 12.
- Geographic concentrationmedium
With assets concentrated in New York and Las Vegas, local economic shifts or natural events could affect the whole portfolio at once 1.
Investment thesis
What would need to be true (bull case)
- If occupancy at the Seaport keeps rising and events maintain momentum, the company could turn recent progress into steadier operating performance.
- Unique assets in hard-to-replicate locations could support demand even amid intense competition.
- Development of the Fashion Show air rights and new leases could open additional revenue sources.
What would break the thesis
- If losses and negative cash flow persist, the company could be forced to sell assets or change its business plan.
- If discretionary spending falls, revenue from restaurants, events and retail could quickly return to weak levels.
- If financing becomes costly or unavailable, project development could be postponed.
What to watch
- Trend in revenue and net loss compared with the second quarter of 2026Q3 2026
- Progress in leasing vacant Seaport space and opening of Balloon Museum2026
- Development of operating cash flow and debtnext 10-K
- Status of development of the Fashion Show air rights2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 10-Q (04 Nov 2026).
The business
Seaport Entertainment Group Inc. was incorporated in 2024 in connection with the spin-off of entertainment assets from Howard Hughes Holdings and trades on the NYSE under SEG 1. It analyzes its assets through three segments: Hospitality, Entertainment and Landlord Operations 1. The portfolio includes the Seaport in Lower Manhattan, a 25% stake in Jean-Georges Restaurants, the Las Vegas Aviators and Las Vegas Ballpark, and an 80% interest in the air rights above the Fashion Show mall in Las Vegas 1.
The business model combines restaurants, concerts, baseball, retail and events within real estate it owns, which the company says is difficult to replicate 1. Management focuses on operating existing assets, expanding partnerships and making strategic acquisitions 1. An important factor is that operating cash flows stayed negative over the period reviewed, making financing and cost control essential 1.
In 2026 the company sold the 250 Water Street development site and signed a lease with Lux Entertainment for the Tin Building, where the Balloon Museum is to open 23. These moves signal a shift in emphasis from directly operating restaurants toward managing spaces and events 2.
Segments
Hospitality
The segment includes stakes in restaurants and venues at the Seaport, such as The Fulton, Mister Dips, Carne Mare, Sadie’s and Sadie’s Garden Bar, plus the interest in JG and the Lawn Club 12. The company brought food and beverage operations in-house starting in 2025 1.
Entertainment
It includes the Las Vegas Aviators, Las Vegas Ballpark, the Fashion Show air rights and events at The Rooftop at Pier 17 1. The ballpark seats 10000 and hosts about 75 baseball games a year plus other special events 1. The company says demand for live music and private events is strong 1.
Market context
SEG operates in entertainment and urban experiences, where demand depends on discretionary spending and on the appeal of locations in New York and Las Vegas 1. The company cites that the Seaport attracts millions of visitors a year 1. If discretionary spending falls, revenue from restaurants, events and retail could be affected directly 1.
Seasonality is strong: concerts and baseball games mainly take place between May and October, and poor weather can cancel events and temporarily halt activity 2. Demand in Las Vegas and New York may also vary with local economic conditions 1.
Trends
- Preference for experiencestailwind
The company argues that consumers increasingly prefer experiences over products, which could support demand for its spaces 1.
- Discretionary spending under pressureheadwind
Inflation, high interest rates and trade uncertainty could reduce spending at restaurants and events, directly affecting revenue 12.
- Leasing and repurposing of spacemixed
If vacant Seaport space is leased successfully, occupancy and foot traffic could rise, but leasing depends on demand and capital spending 1.
- Access to capitalheadwind
The company states it cannot assure that additional funding will be available on acceptable terms, so planned investments depend on capital markets 1.
Competitive position
The company faces intense competition in entertainment, baseball and restaurants, both from other New York destinations and from Las Vegas venues 1. Professional and minor league sports compete for consumers’ time and money 1.
SEG’s advantage lies in locating assets in areas with substantial barriers to entry, such as Lower Manhattan and Downtown Summerlin in Las Vegas 1. However, those same areas attract other operators, and competition remains a significant risk 1.
- Other entertainment destinations in New York
Compete for visitors and events in Lower Manhattan and nearby areas 1.
- Other minor league teams in Las Vegas
Compete with the Aviators for spectators and sponsorships in the same local market 1.
- Restaurant and concert venue operators
Compete for discretionary spending in areas where SEG runs restaurants and events 1.
- Other mixed-use properties
Compete for tenants and visitors in projects combining retail, offices and entertainment 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report04 Nov 2026
- Quarterly report05 Aug 2026
- Current report05 Aug 2026Results of operations · Financial statements and exhibits
- Current report29 Jun 2026Departure or appointment of officers · Financial statements and exhibits
- Current report12 Jun 2026Shareholder vote
- Quarterly report06 May 2026
- Current report06 May 2026Results of operations · Financial statements and exhibits
- Proxy statement23 Apr 2026
- Current report07 Apr 2026Item 4.01 · Financial statements and exhibits
- Current report05 Mar 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Seaport Entertainment Group Inc. · 04 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Seaport Entertainment Group Inc. · 05 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Seaport Entertainment Group Inc. · 05 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.