Seaport Entertainment Group Inc. (SEG) Stock Analysis and Metrics

Seaport Entertainment

NYSE: SEG

$26.03 ▼ -0.03 (-0.12%)

At close: Jul 24, 2026 · 3:59 PM UTC

Financial Ratios

Market Cap330.93 Mn

P/E-2.57

P/S2.60

Div. Yield0.00

ROIC (Qtr)-0.61

Total Debt (Qtr)38.36 Mn

Revenue Growth (1y) (Qtr)-20.74

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About

Seaport Entertainment Group Inc. owns, operates, and develops a portfolio of entertainment and real estate assets focused on delivering integrated experiences through restaurants, entertainment venues, sports teams, retail, and hospitality in New York City and Las Vegas.

The company generates revenue from ticket sales, concessions, merchandise, and sponsorships at its sports and entertainment venues; from food and beverage sales at its restaurant concepts; and from lease income generated by its real estate holdings.

The company operates through the following segments: Hospitality, Entertainment, and Landlord Operations.

• Hospitality: This segment includes ownership interests in food and beverage operating businesses, sponsorship agreements related to these businesses, fine dining and casual dining restaurants such as The Fulton, Mister Dips, Carne Mare and Gitano, cocktail bars, nightlife venues, and the unconsolidated Lawn Club venture, as well as a 25% interest in Jean-Georges Restaurants.

• Entertainment: This segment comprises the Las Vegas Aviators minor league baseball team, the Las Vegas Ballpark, the company's interest in the Fashion Show Mall Air Rights, events and concerts hosted at The Rooftop at Pier 17, and related sponsorship agreements.

• Landlord Operations: This segment encompasses the ownership and operation of physical real estate assets in the Seaport district, including Pier 17, the Tin Building, the Fulton Market Building, cobblestone retail spaces, 250 Water Street, and 85 South Street, generating lease income from tenants.

Seaport Entertainment holds a distinctive position in the industry as one of few publicly traded firms that combine real estate ownership with entertainment-focused operating assets, giving it flexibility to invest in both areas; its competitive advantages stem from prime locations in lower Manhattan and Las Vegas, strong brand recognition, and the ability to create unique, destination‑level experiences that differentiate it from traditional real estate owners and pure-play entertainment venues.

The company serves a diverse customer base that includes tourists, local residents, sports fans, concertgoers, diners, retail shoppers, and office tenants seeking space in its mixed‑use properties.

Investment Thesis

▲ Bull case

Sadie's Restaurant and Garden Bar have already surpassed internal expectations since opening, drawing strong crowds for brunch and evening events. The outdoor video wall and flexible layout allow the venue to host sporting watch parties, live music and cultural programming that drives repeat visitation. This ability to activate the space with the Seaport’s growing calendar of seasonal and evergreen events creates a virtuous loop where higher foot traffic supports higher food and beverage sales. As a result Sadie's is positioned to become a consistent cash flow contributor and a platform for testing new F&B concepts that can be rolled out across the portfolio. The early success also validates the company’s strategy of developing proprietary concepts that blend food, beverage and experiential programming.
The Balloon Museum’s flagship U.S. location is on track to open this summer after the landlord work is delivered to the tenant in late June. The museum will feature a major installation by Marina Abramovic alongside interactive exhibits from other notable artists, creating a high profile cultural attraction. This experience driven anchor is expected to generate consistent visitation during traditionally slower months and increase dwell time in the neighborhood. Longer dwell time translates into higher spending at adjacent restaurants, retail and entertainment venues, amplifying the overall economic impact of the Seaport. The presence of such a world class museum also enhances the area’s reputation as a destination for arts and culture, supporting higher rental rates for surrounding spaces.
The partnership with Public Service to bring a new hospitality concept to the Seaport is scheduled to open in 2027 and will add a distinct layer of vibrancy to the Cobblestones. Public Service’s track record of creating inclusive, community driven programming that blends food, beverage, art and music aligns with the Seaport’s focus on memorable in person experiences. By locating the concept in a historic building the partnership also adds a narrative of preservation and adaptive reuse that can attract both locals and tourists. The anticipated opening will complement existing anchors such as Sadie's and the Balloon Museum, creating a diversified mix that encourages repeat visits throughout the year. This diversification reduces reliance on any single venue and stabilizes overall foot traffic across the portfolio.
Plans for the expanded event space at Pier 17 are advancing with design largely complete and the Nike lease termination accelerating the timeline toward a mid 2027 opening. The enclosed indoor facility will allow the Seaport to host large scale activations, concerts and private events regardless of weather, unlocking high margin revenue streams. The ability to book events year round will improve the predictability of operating cash flow and reduce seasonality in the entertainment segment. Additionally, the space can be configured for multiple configurations, enabling the company to capture a broader range of promoters and increase utilization rates. Securing this asset transforms a previously underutilized area into a core driver of profitability and scalability for the platform.
The company’s balance sheet reflects a net cash position of over one hundred million dollars after the sale of 250 Water Street, providing ample liquidity to fund the remaining seventy to ninety million dollar capex program. With only the thirty nine million dollar Las Vegas ballpark loan as outstanding debt, the leverage profile is modest relative to the asset base. This strong liquidity position enables the board to continue the share buyback program once the two year anniversary restriction lapses and to pursue opportunistic investments or asset light partnerships. The asset light model would allow Seaport Entertainment Group to export its experiential expertise to third party owned real estate while earning management fees and minimizing capital exposure. Together these financial strengths create a foundation for sustained earnings growth and shareholder returns over the next three to five years.

Sadie's Restaurant and Garden Bar have already surpassed internal expectations since opening, drawing strong crowds for brunch and evening events. The outdoor video wall and flexible layout allow the venue to host sporting watch parties, live music and cultural programming that drives repeat visitation. This ability to activate the space with the Seaport’s growing calendar of seasonal and evergreen events creates a virtuous loop where higher foot traffic supports higher food and beverage sales. As a result Sadie's is positioned to become a consistent cash flow contributor and a platform for testing new F&B concepts that can be rolled out across the portfolio. The early success also validates the company’s strategy of developing proprietary concepts that blend food, beverage and experiential programming.
The Balloon Museum’s flagship U.S. location is on track to open this summer after the landlord work is delivered to the tenant in late June. The museum will feature a major installation by Marina Abramovic alongside interactive exhibits from other notable artists, creating a high profile cultural attraction. This experience driven anchor is expected to generate consistent visitation during traditionally slower months and increase dwell time in the neighborhood. Longer dwell time translates into higher spending at adjacent restaurants, retail and entertainment venues, amplifying the overall economic impact of the Seaport. The presence of such a world class museum also enhances the area’s reputation as a destination for arts and culture, supporting higher rental rates for surrounding spaces.
The partnership with Public Service to bring a new hospitality concept to the Seaport is scheduled to open in 2027 and will add a distinct layer of vibrancy to the Cobblestones. Public Service’s track record of creating inclusive, community driven programming that blends food, beverage, art and music aligns with the Seaport’s focus on memorable in person experiences. By locating the concept in a historic building the partnership also adds a narrative of preservation and adaptive reuse that can attract both locals and tourists. The anticipated opening will complement existing anchors such as Sadie's and the Balloon Museum, creating a diversified mix that encourages repeat visits throughout the year. This diversification reduces reliance on any single venue and stabilizes overall foot traffic across the portfolio.
Plans for the expanded event space at Pier 17 are advancing with design largely complete and the Nike lease termination accelerating the timeline toward a mid 2027 opening. The enclosed indoor facility will allow the Seaport to host large scale activations, concerts and private events regardless of weather, unlocking high margin revenue streams. The ability to book events year round will improve the predictability of operating cash flow and reduce seasonality in the entertainment segment. Additionally, the space can be configured for multiple configurations, enabling the company to capture a broader range of promoters and increase utilization rates. Securing this asset transforms a previously underutilized area into a core driver of profitability and scalability for the platform.
The company’s balance sheet reflects a net cash position of over one hundred million dollars after the sale of 250 Water Street, providing ample liquidity to fund the remaining seventy to ninety million dollar capex program. With only the thirty nine million dollar Las Vegas ballpark loan as outstanding debt, the leverage profile is modest relative to the asset base. This strong liquidity position enables the board to continue the share buyback program once the two year anniversary restriction lapses and to pursue opportunistic investments or asset light partnerships. The asset light model would allow Seaport Entertainment Group to export its experiential expertise to third party owned real estate while earning management fees and minimizing capital exposure. Together these financial strengths create a foundation for sustained earnings growth and shareholder returns over the next three to five years.

▼ Bear case

The Seaport’s performance is tightly linked to discretionary consumer spending and tourism flows making it vulnerable to broader economic slowdowns geopolitical tensions or shifts in travel behavior. A decline in New York City visitation whether due to macroeconomic headwinds or external events would directly reduce foot traffic at Sadie's the Balloon Museum and other venues pressuring food and beverage and ticket sales. Because many of the recent initiatives rely on attracting out of town visitors for events such as the World Cup festivities or major concerts any reduction in tourist arrivals could blunt the expected uplift from programming. This dependence on external demand streams means that even successful execution of internal projects may not translate into proportional revenue growth if the macro environment deteriorates. Consequently investors should watch for signs of weakening tourism metrics as an early warning of potential revenue shortfalls.
Execution risk surrounds the delivery of major tenant projects such as Meow Wolf and the Balloon Museum, where delays in fit out or construction could push back the anticipated opening dates and postpone cash flow generation. Any slippage in these timelines would increase carrying costs for the landlord while delaying the percentage rent upside that comes from strong tenant performance. The company has already noted that it is still early in realizing the full EBITDA benefit from the Tin Building repositioning, indicating that transition periods can be longer than expected. If similar delays occur with the upcoming anchors, the stabilization target of 2028 may be pushed further out, prolonging the period of negative GAAP earnings. This uncertainty adds a layer of volatility to forward looking estimates and could weigh on investor sentiment until milestones are met with confidence.
The business retains a notable fixed cost base from lease obligations landlord responsibilities and the thirty nine million dollar Las Vegas ballpark loan which requires regular debt service. Ongoing capex requirements of seventy to ninety million dollars to complete the portfolio stabilization plan will continue to consume cash even as revenue growth remains uncertain. If the top line does not accelerate sufficiently the fixed cost burden could outweigh incremental gains keeping the company in a GAAP loss position despite improvements in non GAAP measures. This scenario would limit the ability to return capital to shareholders through dividends or buybacks and could force a reevaluation of the capital allocation strategy. Investors should assess whether the projected revenue uplift from new anchors is sufficient to cover these persistent financial obligations.
Vacant spaces such as One Seaport Plaza and Schermerhorn Row remain unleased and securing suitable tenants at desired rents may take longer than management anticipates. The company may need to offer concessions, shorter lease terms or lower base rents to fill these large footprints which would dilute the potential uplift from percentage rent structures. A prolonged vacancy period also means that carrying costs such as property taxes insurance and maintenance continue to weigh on the landlord segment without offsetting income. This drag on the landlord operations could offset improvements seen in hospitality and entertainment, slowing the overall march toward positive operating cash flow. Market conditions for office and retail space in Lower Manhattan remain competitive, adding uncertainty to the timeline for full occupancy.
The experiential retail and hospitality landscape is becoming increasingly crowded as new developers launch innovative concepts that compete for the same consumer wallet share. If rivals succeed in attracting visitors with novel food, beverage, art or entertainment offerings the Seaport may need to continually increase its programming spend to maintain differentiation. This constant need for innovation raises the risk of overspending on events or activations that do not generate adequate returns, potentially eroding margins. Moreover, the success of the Seaport’s strategy depends on its ability to curate a cohesive, community driven experience that resonates with both locals and tourists, a task that requires ongoing investment in talent, marketing and programming. Failure to sustain this differentiation could lead to stagnating foot traffic and a reevaluation of the premium placed on the Seaport’s real estate assets.

The Seaport’s performance is tightly linked to discretionary consumer spending and tourism flows making it vulnerable to broader economic slowdowns geopolitical tensions or shifts in travel behavior. A decline in New York City visitation whether due to macroeconomic headwinds or external events would directly reduce foot traffic at Sadie's the Balloon Museum and other venues pressuring food and beverage and ticket sales. Because many of the recent initiatives rely on attracting out of town visitors for events such as the World Cup festivities or major concerts any reduction in tourist arrivals could blunt the expected uplift from programming. This dependence on external demand streams means that even successful execution of internal projects may not translate into proportional revenue growth if the macro environment deteriorates. Consequently investors should watch for signs of weakening tourism metrics as an early warning of potential revenue shortfalls.
Execution risk surrounds the delivery of major tenant projects such as Meow Wolf and the Balloon Museum, where delays in fit out or construction could push back the anticipated opening dates and postpone cash flow generation. Any slippage in these timelines would increase carrying costs for the landlord while delaying the percentage rent upside that comes from strong tenant performance. The company has already noted that it is still early in realizing the full EBITDA benefit from the Tin Building repositioning, indicating that transition periods can be longer than expected. If similar delays occur with the upcoming anchors, the stabilization target of 2028 may be pushed further out, prolonging the period of negative GAAP earnings. This uncertainty adds a layer of volatility to forward looking estimates and could weigh on investor sentiment until milestones are met with confidence.
The business retains a notable fixed cost base from lease obligations landlord responsibilities and the thirty nine million dollar Las Vegas ballpark loan which requires regular debt service. Ongoing capex requirements of seventy to ninety million dollars to complete the portfolio stabilization plan will continue to consume cash even as revenue growth remains uncertain. If the top line does not accelerate sufficiently the fixed cost burden could outweigh incremental gains keeping the company in a GAAP loss position despite improvements in non GAAP measures. This scenario would limit the ability to return capital to shareholders through dividends or buybacks and could force a reevaluation of the capital allocation strategy. Investors should assess whether the projected revenue uplift from new anchors is sufficient to cover these persistent financial obligations.
Vacant spaces such as One Seaport Plaza and Schermerhorn Row remain unleased and securing suitable tenants at desired rents may take longer than management anticipates. The company may need to offer concessions, shorter lease terms or lower base rents to fill these large footprints which would dilute the potential uplift from percentage rent structures. A prolonged vacancy period also means that carrying costs such as property taxes insurance and maintenance continue to weigh on the landlord segment without offsetting income. This drag on the landlord operations could offset improvements seen in hospitality and entertainment, slowing the overall march toward positive operating cash flow. Market conditions for office and retail space in Lower Manhattan remain competitive, adding uncertainty to the timeline for full occupancy.
The experiential retail and hospitality landscape is becoming increasingly crowded as new developers launch innovative concepts that compete for the same consumer wallet share. If rivals succeed in attracting visitors with novel food, beverage, art or entertainment offerings the Seaport may need to continually increase its programming spend to maintain differentiation. This constant need for innovation raises the risk of overspending on events or activations that do not generate adequate returns, potentially eroding margins. Moreover, the success of the Seaport’s strategy depends on its ability to curate a cohesive, community driven experience that resonates with both locals and tourists, a task that requires ongoing investment in talent, marketing and programming. Failure to sustain this differentiation could lead to stagnating foot traffic and a reevaluation of the premium placed on the Seaport’s real estate assets.

Consolidation Items Breakdown of Revenue (2025)

Peer Comparison

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4	CBRE	Cbre Group, Inc.	39.71 Bn	0.00 Mn	0.94	7.88 Bn
5	JLL	Jones Lang Lasalle Inc	14.96 Bn	0.00 Mn	0.56	0.80 Bn
6	CSGP	Costar Group, Inc.	11.08 Bn	0.00 Mn	3.25	1.00 Bn
7	COMP	Compass, Inc.	7.92 Bn	0.00 Mn	0.95	3.14 Bn
8	FSV	FirstService Corp	6.01 Bn	0.00 Mn	2.10	1.25 Bn

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Investment Thesis

Product and Service Breakdown of Revenue (2025)

Consolidation Items Breakdown of Revenue (2025)

Peer Comparison

Research Tools

Developers

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Investment Thesis

Product and Service Breakdown of Revenue (2025)

Consolidation Items Breakdown of Revenue (2025)

Peer Comparison

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