Hudson Pacific Properties, Inc. is a US-listed company in the office REITs industry. Its financial year ends in December.
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Under review: every model's value for Hudson Pacific Properties, Inc. is far from the share price, which usually points to a data problem (a merger, a share-count change, a one-off) rather than a bargain or a bubble.
Under review: data-quality checks not passed. We'll show the comparison once resolved.
Hudson Pacific Properties, Inc. valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months to June 2026 was $813m, up 1.8% on a year earlier, against a decline of 1.5% a quarter earlier. Free-cash-flow margin rose to -27.2% from -34.0% a year earlier.
Our model value for Hudson Pacific Properties is under review, so past values are not shown until it is resolved.
Source: 10-Q filed August 10, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Hudson Pacific Properties, Inc.'s trailing-twelve-month revenue grew 1.8% year on year, with a free-cash-flow margin of -27.2%.
Current signal Free cash flow diverging from earnings: TTM free cash flow grew 18.4% while net income fell 35.3%: a 54pp divergence.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
The company also guided to average in-service office occupancy of 80.00 to 82.00 for the Full-Year 2026; growth in same-store cash noi of -1.75 to -0.75 for the Full-Year 2026.
The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.
We value Hudson Pacific Properties, Inc. as an equity reit, with every model that fits that kind of business. Cost of equity 9%: the 10-year Treasury yield (4.9%) plus a beta of 0.91 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Funds-from-operations model Funds from operations growing 2.5% a year, discounted at 8%. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Price-to-FFO vs peers Funds from operations per share times peers' typical (harmonic-mean) price-to-FFO. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Dividend discount (growing dividend) Today's dividend growing 2.5% a year, discounted at the cost of equity. | ~$0.2 ~$0.1–$0.2 | Left out: out of range vs price (0.02x) |
| Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. | — | Combined value withheld. Review the individual models and their assumptions. |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Hudson Pacific Properties, Inc. with equity REITs in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
| At fiscal year end | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Share price | $177.22 | $179.71 | $157.27 | $209.72 | $139.68 | $149.16 | $62.83 | $64.00 | $21.21 | $10.83 |
| Market value | $2.8bn | $4.0bn | $3.5bn | $4.7bn | $3.1bn | $3.2bn | $1.3bn | $1.3bn | $428m | $484m |
| + Net debt (− = net cash) | $2.6bn | $2.4bn | $2.6bn | −$46m | −$114m | −$97m | −$256m | −$100m | −$63m | −$138m |
| Enterprise value | $5.4bn | $6.3bn | $6.1bn | $4.6bn | $2.9bn | $3.1bn | $1.0bn | $1.2bn | $365m | $346m |
| Multiples | ||||||||||
| Price / sales | 4.4x | 5.4x | 4.8x | 5.7x | 3.8x | 3.6x | 1.3x | 1.4x | 0.5x | 0.6x |
| Price / earnings | 102.7x | 58.5x | 35.7x | 109.8x | n/m | n/m | — | — | — | — |
| Price / free cash flow | — | — | — | 16.3x | 10.1x | 10.3x | 3.5x | 5.5x | 2.6x | 4.0x |
| EV / EBITDA | 15.1x | 15.0x | — | — | — | — | — | — | — | — |
Moderate moat
How hard Hudson Pacific Properties's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
Net income has been a median -0.2% of total assets over 10 years.
Gross margin has been a median 59.3%, moving by 7.3 percentage points (standard deviation) across 8 years.
Net margin has been a median -3.0%; its worst year was -70.4%.
Free cash flow was positive in 1 of 9 years, at a median -11.7% of revenue.
The diluted share count fell 9.6% over five years; stock-based pay has been a median 2.4% of revenue.
AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.
Next results: November 5, 2026. Analysts expect revenue of $185m for the quarter.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | −$3.82 | +70% | $743m | −11% |
| Next | −$2.62 | +32% | $780m | +5% |
The consensus EPS forecast for the current fiscal year is +29.5% on 90 days ago. In the last 30 days, 0 analysts raised Hudson Pacific Properties, Inc.'s forecast and 1 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | −$2.95 | −$3.01 |
| 60 days ago | −$3.02 | −$2.74 |
| 30 days ago | −$3.81 | −$2.69 |
| 7 days ago | −$3.80 | −$2.67 |
| Now | −$3.82 | −$2.62 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | −$0.73 | −$1.62 | −121.2% |
| Mar 2026 | −$0.94 | −$0.82 | +12.8% |
| Dec 2025 | −$0.47 | −$4.31 | −817.0% |
| Sept 2025 | −$1.54 | −$0.84 | +45.4% |
Adjusted EPS as companies report it, against the average analyst estimate.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| HPP | +7% | −58% | +2% | −67% | −49% | −9% |
| Industry peers (median) | +20% | −37% | +3% | +12% | −12% | +5% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| HPP | 50% | 42% | 42% | 17% | 33% | 27% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| HPP | −21% | −65% | −64% | −73% | −56% | −51% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since November 2, 2015: 97% from February 14, 2020 to April 1, 2026. Getting back needed a 3812% gain, and the shares have not yet recovered.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| August 5, 2026 | −3.9% | −0.4% | +2.4% | −8.9% |
| May 7, 2026 | +3.0% | +0.5% | +10.7% | +37.3% |
| February 26, 2026 | +13.8% | −1.0% | +17.6% | −11.9% |
| November 5, 2025 | −1.3% | −0.7% | −4.4% | −14.4% |
| August 5, 2025 | +11.6% | +0.3% | +3.3% | +18.7% |
| May 7, 2025 | +1.8% | +1.1% | −6.3% | +5.4% |
| February 20, 2025 | −2.9% | −2.1% | +6.5% | −5.5% |
| November 12, 2024 | −5.2% | −0.3% | −25.0% | −25.7% |
| August 7, 2024 | −13.9% | +1.6% | −16.6% | −11.2% |
| May 1, 2024 | −6.2% | +0.6% | −11.0% | −15.3% |
| February 12, 2024 | −12.7% | −1.4% | −12.7% | −13.1% |
| November 1, 2023 | +8.5% | +3.0% | +16.8% | +50.4% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q3 | $998.8M |
| FY23 Q4 | $952.3M |
| FY24 Q1 | $914.1M |
| FY24 Q2 | $886.9M |
| FY24 Q3 | $855.8M |
| FY24 Q4 | $842.1M |
| FY25 Q1 | $826.5M |
| FY25 Q2 | $798.5M |
| FY25 Q3 | $784.7M |
| FY25 Q4 | $831.1M |
| FY26 Q1 | $814.5M |
| FY26 Q2 | $812.8M |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY23 Q3 | 0.2% |
| FY23 Q4 | -7.2% |
| FY24 Q1 | -11.6% |
| FY24 Q2 | -13.7% |
| FY24 Q3 | -14.3% |
| FY24 Q4 | -11.6% |
| FY25 Q1 | -9.6% |
| FY25 Q2 | -10.0% |
| FY25 Q3 | -8.3% |
| FY25 Q4 | -1.3% |
| FY26 Q1 | -1.5% |
| FY26 Q2 | 1.8% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY17 Q4 | 18.8% |
| FY18 Q1 | 19.5% |
| FY18 Q2 | 20.7% |
| FY18 Q3 | 21.0% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY23 Q3 | -12.7% |
| FY23 Q4 | -17.4% |
| FY24 Q1 | -20.5% |
| FY24 Q2 | -22.4% |
| FY24 Q3 | -22.8% |
| FY24 Q4 | -22.5% |
| FY25 Q1 | -27.3% |
| FY25 Q2 | -34.0% |
| FY25 Q3 | -39.4% |
| FY25 Q4 | -30.6% |
| FY26 Q1 | -28.0% |
| FY26 Q2 | -27.2% |
| Fiscal year | 2012 Dec 2012 | 2013 Dec 2013 | 2014 Dec 2014 | 2016 Dec 2016 | 2017 Dec 2017 | 2018 Dec 2018 | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income | ||||||||||||||
| Revenue | 0 | 0 | 0 | 640 | 728 | 728 | 818 | 805 | 897 | 1,026 | 952 | 842 | 831 | 813 |
| Gross profit | 86 | 118 | 149 | — | — | 461 | 517 | 505 | 561 | 612 | 502 | 388 | 403 | 401 |
| EBITDA | 69 | 98 | 121 | 358 | 420 | — | — | — | — | — | — | — | — | — |
| Operating income | 14 | 28 | 49 | 89 | 137 | — | — | — | — | — | — | — | — | — |
| Net income | −17 | −15 | 10 | 27 | 68 | 98 | 43 | 0 | 6 | −56 | −192 | −364 | −572 | −572 |
| Diluted EPS | −$2.87 | −$1.89 | $0.15 | $0.25 | $0.44 | $0.63 | $0.28 | $0.00 | $0.04 | −$0.39 | −$9.54 | −$18.05 | −$12.81 | — |
| Growth (year on year) | ||||||||||||||
| Revenue | — | — | — | — | +13.8% | +0.0% | +12.3% | −1.6% | +11.4% | +14.4% | −7.2% | −11.6% | −1.3% | +1.8% |
| EBITDA | — | +42.0% | +23.3% | +196.5% | +17.2% | — | — | — | — | — | — | — | — | — |
| Operating income | — | +96.0% | +74.1% | +83.7% | +52.8% | — | — | — | — | — | — | — | — | — |
| Net income | — | — | — | +173.4% | +148.3% | +45.1% | −56.4% | −99.1% | — | — | — | — | — | — |
| Diluted EPS | — | — | — | +66.7% | +76.0% | +43.2% | −55.6% | −100.0% | — | — | — | — | — | — |
| Margins | ||||||||||||||
| Gross margin | — | — | — | — | — | 63.2% | 63.1% | 62.8% | 62.6% | 59.7% | 52.7% | 46.1% | 48.5% | 49.4% |
| EBITDA margin | — | — | — | 56.0% | 57.7% | — | — | — | — | — | — | — | — | — |
| Operating margin | — | — | — | 14.0% | 18.8% | — | — | — | — | — | — | — | — | — |
| Net margin | — | — | — | 4.3% | 9.3% | 13.5% | 5.2% | 0.0% | 0.7% | −5.5% | −20.2% | −43.2% | −68.9% | −70.4% |
| Free-cash-flow margin | — | — | — | −5.0% | −1.3% | −18.8% | 35.2% | 37.5% | 35.1% | 36.0% | 24.4% | 19.6% | 14.6% | 15.8% |
| Cash flow | ||||||||||||||
| Cash from operations | 43 | 42 | 63 | 227 | 293 | 215 | 288 | 302 | 315 | 370 | 232 | 165 | 121 | 129 |
| Capital spending | 27 | 87 | 123 | 259 | 302 | 351 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free cash flow | 16 | −46 | −60 | −32 | −9 | −137 | 288 | 302 | 315 | 370 | 232 | 165 | 121 | 129 |
| Stock-based pay | 4 | 6 | 8 | 14 | 15 | 17 | 19 | 23 | 21 | 24 | 24 | 26 | 30 | 11 |
| Free cash flow after stock pay | 11 | −52 | −68 | −46 | −25 | −154 | 269 | 279 | 294 | 345 | 208 | 139 | 91 | 118 |
| Balance sheet | ||||||||||||||
| Cash | 19 | 30 | 18 | 83 | 79 | 54 | 46 | 114 | 97 | 256 | 100 | 63 | 138 | 81 |
| Total debt | 582 | 888 | 961 | 2,708 | 2,439 | 2,640 | — | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net debt (negative = net cash) | 563 | 858 | 943 | 2,625 | 2,360 | 2,587 | −46 | −114 | −97 | −256 | −100 | −63 | −138 | −81 |
| Diluted shares | 6m | 8m | 10m | 16m | 22m | 22m | 22m | 22m | 22m | 21m | 20m | 20m | 45m | — |
| Returned to shareholders | ||||||||||||||
| Dividends | 23 | 30 | 35 | 118 | 159 | 157 | 158 | 155 | 155 | 145 | 55 | 15 | 0 | 1 |
| Buybacks | 1 | 3 | 3 | 0 | 0 | 50 | 0 | 80 | 46 | 37 | 1 | 0 | 0 | — |
| Total returned | 25 | 32 | 38 | 118 | 159 | 207 | 158 | 235 | 201 | 183 | 56 | 15 | 0 | 1 |
| Quarter | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 200 | 210 | 198 | 190 | 187 | 256 | 182 | 188 |
| Gross profit | 86 | 94 | 85 | 82 | 83 | 154 | 80 | 85 |
| Net income | −98 | −167 | −75 | −83 | −136 | −278 | −53 | −105 |
| Diluted EPS | −$4.83 | −$16.65 | −$3.70 | −$2.87 | −$2.10 | −$11.70 | −$0.82 | −$1.62 |
| Growth (year on year) | ||||||||
| Revenue | −13.4% | −6.2% | −7.3% | −12.8% | −6.9% | +22.1% | −8.4% | −0.9% |
| Margins | ||||||||
| Gross margin | 42.7% | 44.7% | 42.9% | 43.1% | 44.3% | 60.0% | 44.2% | 44.9% |
| Net margin | −48.9% | −79.6% | −37.6% | −43.8% | −73.1% | −108.6% | −29.2% | −55.5% |
| Free-cash-flow margin | 31.8% | 0.1% | 15.4% | −1.1% | 17.8% | 23.2% | 24.4% | −4.3% |
| Cash flow | ||||||||
| Cash from operations | 64 | 0 | 31 | −2 | 33 | 59 | 44 | −8 |
| Capital spending | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free cash flow | 64 | 0 | 31 | −2 | 33 | 59 | 44 | −8 |
| Stock-based pay | 6 | 7 | 5 | 18 | 4 | 4 | 2 | 1 |
| Free cash flow after stock pay | 58 | −6 | 25 | −20 | 30 | 56 | 42 | −9 |
| Last 12 months unless stated | HPP | CDP | ESBA | ESRT | HIW | DEI | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $813m | $784m | $784m | $784m | $852m | $1.0bn | $784m |
| Revenue growth, last 12 months | 1.8% | 4.5% | 2.0% | 2.0% | 5.4% | 0.8% | 1.9% |
| Revenue growth, 3-year average | −7.5% | 4.1% | 2.9% | 2.9% | 0.5% | −0.2% | 0.3% |
| Revenue growth, latest quarter | −0.9% | 3.9% | 3.0% | 3.0% | 8.1% | 1.6% | 3.0% |
| Gross margin | 49.4% | 77.5% | — | — | — | 63.2% | 59.7% |
| Operating margin | 21.0% | 22.6% | −4.4% | −4.4% | 67.2% | 19.2% | 22.0% |
| Operating margin, 3-year average | — | 17.9% | 11.8% | 11.8% | 67.2% | 25.5% | 17.1% |
| Net margin | −70.4% | 20.9% | 0.6% | 0.4% | 21.7% | −2.3% | −2.3% |
| Cash from operations / revenue | 15.8% | 43.0% | 29.0% | 29.0% | 44.5% | 38.3% | 29.0% |
| Free-cash-flow margin | −27.2% | 40.6% | 13.2% | 13.2% | 8.0% | 17.8% | 7.5% |
| Free-cash-flow margin, 3-year average | −27.9% | 39.3% | 9.9% | 9.9% | 9.5% | 20.9% | 9.5% |
| Stock pay / revenue | 1.3% | 1.6% | 3.9% | 3.9% | 1.1% | 2.1% | 1.7% |
| Change in share count | −3.8% | 0.9% | −0.0% | −0.0% | 2.1% | 0.0% | 0.2% |
| Line of business | Revenue | YoY |
|---|---|---|
| Studio | $80.2M | ▼ 16.4% |
| Office | $14.3M | ▼ 2.7% |
These categories overlap or exclude eliminations, so shares aren't shown.
| Line of business | Revenue | YoY |
|---|---|---|
| Ancillary Revenue | $75.2M | ▼ 17.6% |
| Other Revenues | $17.1M | ▼ 0.3% |
| Studio Related Tenant Recoveries | $2.1M | ▼ 1.7% |
These categories overlap or exclude eliminations, so shares aren't shown.
From Hudson Pacific Properties, Inc.'s 10-K filed February 27, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Cohen & Steers, Inc. | $150M | 9.8M | 15.1% | ▲ 2.1% |
| Blackrock, Inc. | $103M | 6.8M | 10.4% | ▼ 4.0% |
| Vanguard Portfolio Management LLC | $44.6M | 2.9M | 4.5% | ▲ 2.9% |
| T. Rowe Price Investment Management, Inc. | $43.2M | 2.8M | 4.4% | ▲ 0.5% |
| Philosophy Capital Management LLC | $42M | 2.8M | 4.2% | ▼ 22.0% |
| Vanguard Capital Management LLC | $36.3M | 2.4M | 3.7% | ▲ 0.3% |
| AQR Capital Management LLC | $34M | 2.2M | 3.4% | ▲ 485.6% |
| Principal Financial Group Inc | $33.6M | 2.2M | 3.4% | ▲ 5.6% |
| Valueworks LLC | $25.7M | 1.7M | 2.6% | ▼ 8.2% |
| Charles Schwab Investment Management Inc | $24.7M | 1.6M | 2.5% | ▲ 1.0% |
| D. E. Shaw & Co., Inc. | $23.9M | 1.6M | 2.4% | ▼ 5.3% |
| Wellington Management Group LLP | $23.3M | 1.5M | 2.4% | New |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Hudson Pacific Properties, Inc.'s complete shareholder register. Values are as reported by the filers ; 3 inconsistently scaled filing rows were excluded.
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Bortz Jon E Director | August 11, 2026 | Buy | 25,000 | $13.40 | $335,000 |
| Ferguson T Ritson Director | March 30, 2026 | Buy | 16,000 | $5.97 | $95,520 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
No trades in Hudson Pacific Properties, Inc. disclosed in the last 12 months; 8 earlier trades on record.
Next expected around November 4, 2026 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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