Seaport Entertainment Group Inc. (SEG) Market Cap
Seaport Entertainment Group Inc. has a market capitalization of $290.6M.
Financials based on reported quarter end 2025-12-31
Price: $22.71
▲ 0.27 (1.20%)
Market Cap: 290.60M
NYSE · time unavailable
CEO: Matthew Morris Partridge
Sector: Real Estate
Industry: Real Estate - Services
IPO Date: 2024-07-29
Website: https://www.seaportentertainment.com
Seaport Entertainment Group Inc. (SEG) - Company Information
Market Cap: 290.60M · Sector: Real Estate
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: Landlord Operations; Hospitality; and Sponsorships, Events, and Entertainment. The Landlord Operations segment engages in the holding of ownership interests in and operation of physical real estate assets, such as restaurant, retail, office, and entertainment properties, as well as residential units. The Hospitality segment operates six fine dining and casual dining restaurants, cocktail bars, and nightlife and entertainment venues under The Fulton, Mister Dips, Carne Mare, Malibu Farm, Gitano, and The Lawn Club brands; and the Tin Building, which offers restaurants, bars, grocery markets, retail, and private dining experiences. The Sponsorships, Events, and Entertainment segment includes the Las Vegas Aviators Triple-A Minor League Baseball team, the Las Vegas Ballpark, the Fashion Show Mall Air Rights, Seaport events, and concerts, as well as various sponsorship agreements across the Seaport and the Las Vegas Ballpark. Seaport Entertainment Group Inc. was incorporated in 2024 and is headquartered in New York, New York.
Analyst Sentiment
Based on 1 ratings
Analyst 1Y Forecast: $27.50
Average target (based on 1 sources)
Consensus Price Target
Low
$28
Median
$28
High
$28
Average
$28
Potential Upside: 21.1%
Price & Moving Averages
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Management’s tone is bullish on liquidity and de-risking the portfolio, highlighting $163M pro forma cash after the 250 Water Street sale and a major Tin Building reset via a Balloon Museum lease. The EBITDA inflection is quantified: pro forma annual EBITDA improvement of >$22M and an overall Pier 17 event-space plan targeting unlevered cash-on-cash returns above 20% with payback under five years. However, the Q&A pressure reveals real friction points: capital deployment is still expected to require another $70M–$90M beyond 2025’s ~$30M spend, and management admitted there are no “hard and fast” targets yet. They also flagged a structural limitation—hospitality is “notorious for relatively low margins”—meaning flow-through may lag depending on what types of concepts they can source and integrate. Net: confident about catalysts, but ROI execution and margin realities remain the key watch items analysts will push on next.
Growth Catalysts
- Tin Building repositioning: Balloon Museum flagship lease (5-year initial term, 2x 5-year options) expected to shift Tin Building from negative cash burn to stabilized positive free cash flow
- Estimated pro forma annual EBITDA improvement from Balloon Museum lease: >$22 million
- Pier 17 event space expansion from 17,500 sq ft to >40,000 sq ft across three floors; targeting unlevered cash-on-cash returns above 20% with estimated payback under five years
- Opening summer 2026 of Balloon Museum after ~ $5 million work by company; Lux completes interior fit-out at its own expense
- Seaport vacancy leasing/activation: >90% leased/programmed as of Dec 31; remaining ~47,000 sq ft vacancy (pro forma ~53,000 sq ft with Malibu Farm closure) with restaurant concepts planned for ~1/3 of remaining space
- Las Vegas operational ramp: efficiencies from internalizing Enchant day-to-day ops; 2026 margin improvement expected across Las Vegas operation
Business Development
- Meow Wolf agreement (Seaport; referenced as coming)
- Planker Kitchen and Sports Bar
- Hidden Boots Saloon
- Willits NYC
- Cork Wine Bar
- Lux Entertainment partnership: Balloon Museum at Tin Building; Lux will open this summer 2026
- Chef Jean-Georges: Tin Building partnership continues; additionally stated as 25% owner in Jean-Georges Restaurants
- Sadie’s: new restaurant anchored in planned open container district; occupies 1st/2nd floors at 19 Fulton Street and includes outdoor garden bar centered on the cobblestones
- Las Vegas Aviators: Opening Day March 27; Big League Weekend vs Angels on March (specific date for Big League Weekend not fully provided)
- Savannah Bananas return to Las Vegas Ballpark: three games starting April 30; ticket sales outpacing 2024
Financial Highlights
- Net loss attributable to common stockholders: $36.9M in Q4 2025 (11% YoY improvement); $116.7M full year 2025 (24% YoY improvement)
- EPS: net loss per share -$2.89 (Q4 2025) and -$9.18 (full year 2025)
- Non-GAAP adjusted net loss: $17.5M (Q4 2025) and $54.1M (full year 2025); per share -$1.30 (Q4) and -$4.26 (full year)
- Total consolidated revenue: $29.5M in Q4 2025 (+7% YoY vs pro forma 2024); $130.4M full year 2025 (essentially flat YoY on pro forma basis)
- Hospitality segment: Q4 2025 revenues declined 23% on pro forma basis, mainly Tin Building underperformance and non-repeat of Q4 2024 activations (including The Dead Rabbit partnership on Rooftop at Pier 17 and a multi-venue Pier 17 event)
- Hospitality operating EBITDA (Q4): +17% YoY on pro forma basis driven by better flow-through at Tin Building, Lawn Club growth, Gitano ramp, and cost savings from internalizing F&B operations
- Entertainment segment: Q4 2025 revenues +68% YoY (mainly internalizing Enchant ops); Q4 2025 Entertainment operating EBITDA +18% YoY
- Landlord segment: Q4 2025 rental revenue +14% YoY on pro forma basis; Landlord consolidated adjusted EBITDA declined $10.1M YoY on pro forma basis due to $7M write-down of 250 Water Street to final sales price
- Landlord full year 2025: consolidated adjusted EBITDA -55% YoY on pro forma basis driven by $13.4M nonrecurring charges (including $11M 250 Water Street write-down and $2M rooftop winter structure write-off)
- G&A: $6.8M in Q4 2025 (-31% YoY); $42.8M full year 2025 (-32% YoY). Partial offset from $12M leadership transition costs
- Interest expense: Q4 2025 +$3.3M YoY (due to 250 Water Street interest capitalization suspension once held-for-sale); full year net interest income ~$0.5M vs net interest expense $6.8M in prior year (+$7.2M YoY)
- Balance sheet / liquidity: year-end 2025 cash, restricted cash, and cash equivalents just over $87M; pro forma including 250 Water Street proceeds: $163M
Capital Funding
- Cash pro forma liquidity (proceeds reflected): ~$163M (from ~$87M year-end cash + proceeds from 250 Water Street)
- Capital expenditures: $30.8M in full year 2025; $2.8M in Q4 2025
- Expected additional capex to reach stabilization (company commentary): another ~$70M to $90M
- Earlier stabilization capex range cited: $100M to $125M initially (implying incremental total unchanged range approach)
- Board-approved: $150M shelf registration statement
- Board-approved: $50M stock repurchase program (not characterized as immediate execution plan)
Strategy & Ops
- Internalization: internalized Enchant day-to-day ops in Las Vegas in Q4 (transition costs noted, but positioned for improved execution/profitability in 2026)
- Internalization of food & beverage operations: consolidated Tin Building into Hospitality in 2025 and internalized F&B across many wholly owned/joint venture restaurants
- Tin Building closure/restructure: signed new lease with Lux Entertainment replacing Tin Building’s prior culinary model; estimated company work cost ~$5M with delivery expected in 2026
- Malibu Farm closure: difficult decision to close Malibu Farm location at Pier 17 in January 2026 (relevant to vacancy increase to ~53,000 sq ft pro forma)
- Operations/ticketing: 2026 Seaport Concert Series begins May 2; management cited highest ever total attendance in 2025
- Revenue optimization: expanding premium upsell offerings at Liberty Club and Patriot
- Event space expansion planning: >40,000 sq ft across three floors; dedicated ground-floor elevator entrance and stair connectivity to Rooftop at Pier 17
Market Outlook
- Seaport Concert Series in 2026 begins May 2
- Las Vegas Aviators: Big League Weekend vs Angels in March (date not specified in transcript); Opening Day March 27
- Savannah Bananas: three games starting April 30; ticket sales outpacing 2024 levels
- Company expects margin improvement in 2026 across Las Vegas operations due to Enchant learnings and variable expense control
Risks & Headwinds
- Hospitality margin headwind: management explicitly cautioned hospitality is “notorious for relatively low margins,” implying execution risk for ROI/flow-through
- Event timing/cycle risk: Hospitality Q4 2025 decline attributed to non-repeat of prior-year Q4 activations (Dead Rabbit holiday partnership; large-scale multi-venue Pier 17 private event)
- Tin Building legacy underperformance risk: Q4 2025 Hospitality revenue down 23% on pro forma basis primarily driven by Tin Building lower performance and venue closures
- Nonrecurring charges burden in Landlord segment: full year 2025 impacted by $13.4M charges (including $11M 250 Water Street write-down and $2M rooftop winter structure write-off); this distorts comparability
- Operational transition costs: internalizing Enchant resulted in transitional costs (not quantified)
Sentiment: MIXED
Note: This summary was synthesized by AI from the SEG Q4 2025 earnings transcript. Financial data is complex; please verify all metrics against official SEC filings before making investment decisions.
Fundamentals Overview
📊 AI Financial Analysis
Powered by StockMarketInfo"SEG has reported revenue of $29.5M amidst a challenging environment, with a notable net loss of $36.9M. The company's earnings per share (EPS) stands at -$2.90, indicating ongoing struggles in profitability. Total assets are recorded at $650.1M against total liabilities of $183.7M, resulting in a solid equity position of $466.4M. However, the operational cash flow is negative at -$20.5M, along with free cash flow severely impacted at -$34.8M, illustrating challenges in cash generation. Although net debt is relatively manageable at $17.1M, the lack of dividends and negative shareholder returns (down 3.75% over the past year) reflect investor sentiment woes. The stock is currently priced at $20.51 with a consensus target price of $27.5, suggesting potential upside if fundamentals improve."
Revenue Growth
Minimal revenue growth relative to industry benchmarks, with current revenue of $29.5M.
Profitability
Net income is negative, indicating significant losses and lack of profitability.
Cash Flow Quality
Negative operating cash flow and free cash flow raise concerns over cash sustainability.
Leverage & Balance Sheet
Strong equity position and manageable debt levels indicate solid balance sheet health.
Shareholder Returns
Negative price change of -3.75% over the past year reflects poor shareholder returns.
Analyst Sentiment & Valuation
Target price suggests potential for upside, though current market performance is weak.
Disclaimer:This analysis is AI-generated for informational purposes only. Accuracy is not guaranteed and this does not constitute financial advice.