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SEG

Seaport Entertainment Group Inc.

SEG

Seaport Entertainment Group Inc. • NYSE
$21.46 ▲ 1.32% (+0.28)
Market Cap $273.29 M
52w High $33.94
52w Low $16.52
Dividend Yield 0%
P/E -7.4
Volume 39.62K
Outstanding Shares 12.74M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $45.05M ▲ $25.437M ▲ $-33.214M ▼ -73.727% ▼ $-2.61 ▼ $-25.455M ▼
Q2-2025 $39.801M ▲ $22.682M ▼ $-14.774M ▲ -37.12% ▲ $-1.16 ▲ $-9.426M ▲
Q1-2025 $16.069M ▼ $25.952M ▼ $-31.888M ▲ -198.444% ▼ $-2.51 ▲ $-24.611M ▲
Q4-2024 $22.844M ▼ $31.247M ▼ $-41.626M ▼ -182.219% ▼ $-3.63 ▲ $-29.73M ▼
Q3-2024 $39.697M $33.128M $-32.511M -81.898% $-5.89 $-21.447M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $106.215M ▼ $699.074M ▼ $203.333M ▲ $485.841M ▼
Q2-2025 $123.276M ▼ $717.226M ▼ $189.421M ▲ $517.905M ▼
Q1-2025 $129.921M ▼ $718.414M ▼ $177.355M ▲ $531.159M ▼
Q4-2024 $165.667M ▲ $743.556M ▲ $172.174M ▼ $561.482M ▲
Q3-2024 $23.727M $622.804M $179.097M $433.807M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-32.864M ▼ $-2.844M ▼ $-4.805M ▲ $-914K ▲ $-8.563M ▼ $-2.844M ▼
Q2-2025 $-14.774M ▲ $1.657M ▲ $-6.665M ▲ $-1.629M ▼ $-6.637M ▲ $1.657M ▲
Q1-2025 $-31.538M ▲ $-20.478M ▼ $-14.497M ▲ $-870K ▼ $-35.845M ▼ $-34.793M ▼
Q4-2024 $-41.276M ▼ $-4.729M ▲ $-20.681M ▲ $165.487M ▲ $140.077M ▲ $-8.474M ▲
Q3-2024 $-32.274M $-8.822M $-49.173M $40.187M $-17.808M $-9.48M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Hospitality
Hospitality
 $0 ▲$0 ▲$0 ▲$20.00M ▲
Other
Other
 $0 ▲$0 ▲$0 ▲$0 ▲
Rental
Rental
 $0 ▲$0 ▲$0 ▲$10.00M ▲
Entertainment
Entertainment
 $0 ▲$0 ▲$20.00M ▲$0 ▼
Hospitality Revenue
Hospitality Revenue
 $10.00M ▲$10.00M ▲$20.00M ▲$0 ▼
Other Revenue
Other Revenue
 $0 ▲$0 ▲$0 ▲$0 ▲
Rental Revenue
Rental Revenue
 $10.00M ▲$0 ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement SEG is still in an early, build‑out phase where it is clearly spending more than it earns. Revenue is small and has only inched up over the past few years, while profits remain firmly negative. The core pattern is thin gross profits and sizeable operating losses, with one particularly weak year in the recent past that looks like a reset or heavy investment period. The latest year shows some improvement versus that low point, but the business has not yet shown a clear path to consistent profitability. Investors will be watching whether the new venues, partnerships, and operational changes start to translate into meaningfully higher revenue and better margins over time.

Balance Sheet

Balance Sheet The balance sheet looks modest and still in transition after the spin‑off. Total assets and equity dropped from earlier levels and then recovered somewhat in the most recent year, suggesting restructuring and asset repositioning. Cash has improved from almost nothing to a more noticeable cushion, likely helped by capital raises or asset sales, but it is still not large relative to the company’s needs. Debt is present but not excessive, which is a positive, yet the company’s small overall scale means there is limited room for prolonged losses without additional financing or successful asset monetization.

Cash Flow

Cash Flow SEG has been consistently using, not generating, cash from its day‑to‑day operations. Operating cash flow has been negative for several years, and after including modest but recurring capital spending, free cash flow is also negative each year. The good news is that cash burn appears relatively steady rather than rapidly escalating, and investment spending is not overly heavy. The trade‑off is that, until the underlying businesses become self‑funding, SEG will depend on outside capital or asset sales to support operations and future projects. The key question is how quickly new venues, leases, and efficiency upgrades can narrow this cash deficit.

Competitive Edge

Competitive Edge SEG’s main strength is its ownership and control of rare, high‑profile locations rather than any one piece of technology. The Seaport district in Lower Manhattan, the Rooftop at Pier 17, the Las Vegas Aviators and Ballpark, plus valuable air rights on the Las Vegas Strip, are difficult for rivals to copy. These “trophy” assets in prime entertainment and tourism markets create a natural barrier to entry. The company is trying to turn these locations into must‑visit destinations by combining live entertainment, dining, and experiences under one umbrella, supported by partnerships with well‑known brands in music, food, and immersive art. The flip side is concentration risk: performance depends heavily on a small set of markets and venues, and on continued strength in tourism, live events, and discretionary consumer spending.

Innovation and R&D

Innovation and R&D Innovation at SEG is more about concept and operations than traditional research and development. The company is centralizing systems like payments and purchasing to manage its many restaurants and venues more efficiently and to make better use of data. It is also innovating in how it uses its spaces: enclosing the Pier 17 rooftop to run events year‑round, hosting immersive art through a long‑term Meow Wolf lease, optimizing the Tin Building’s food hall concept, and layering in new sports‑bar and dining brands. Rather than building new technology, SEG is betting on curated experiences, strong partners, and better operational discipline to lift revenue and margins from its fixed, hard‑to‑replicate real estate base.

Summary

SEG is an early‑stage, experience‑focused real estate platform with standout properties but immature financials. The income statement and cash flow show a business still in investment mode: small revenue, ongoing losses, and steady cash burn. The balance sheet is relatively clean, with manageable debt and some cash improvement, but not yet large enough to comfortably absorb many years of underperformance. Strategically, the company’s edge lies in irreplaceable locations in New York and Las Vegas and in its ability to bundle entertainment, hospitality, and retail into destination districts. Execution risk remains high: success will hinge on filling and activating its venues year‑round, improving underperforming assets like the Tin Building, and turning operational tweaks and partnerships into durable, growing cash flows. For now, SEG is best viewed as a long‑term build story centered on unique real estate rather than a mature, cash‑generating enterprise.

NEWS

November 10, 2025 · 4:15 PM UTC

Seaport Entertainment Group Reports Third Quarter 2025 Results

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November 4, 2025 · 7:10 AM UTC

Seaport Entertainment Group and Carver Road Hospitality Announce Flanker Kitchen + Sports Bar Opening on Pier 17 in New York City's Seaport

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October 21, 2025 · 7:30 AM UTC

Seaport Entertainment Group Announces Third Quarter 2025 Earnings Release and Conference Call

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September 10, 2025 · 7:55 AM UTC

Seaport Entertainment Group Names Matt Partridge President and Chief Executive Officer

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