A Business at a Glance
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HIGHWOODS PROPERTIES, INC.
HIW
$3.6B
Mkt Cap
$33.65
+2.65%
HIGHWOODS PROPERTIES, INC. (HIW) has a current P/E ratio of 23.2, compared to its historical median P/E of 14.7. The stock is currently considered Expensive based on its historical valuation range.
HIGHWOODS PROPERTIES, INC. (HIW) has a 5-year average return on invested capital (ROIC) of 20.3%. This indicates strong capital allocation and a potential competitive advantage.
HIGHWOODS PROPERTIES, INC. (HIW) has a market capitalization of $3.7B. It is classified as a mid-cap stock.
Yes, HIGHWOODS PROPERTIES, INC. (HIW) pays a dividend with a trailing twelve-month yield of 5.87%.
Based on historical P/E analysis, HIGHWOODS PROPERTIES, INC. (HIW) appears expensive. The current P/E of 23.2 is 58% above its historical median of 14.7. The estimated fair value CAGR (P/E method) is -8.1%.
HIGHWOODS PROPERTIES, INC. (HIW) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
HIGHWOODS PROPERTIES, INC. (HIW) reported annual revenue of $806 million in its most recent fiscal year, based on SEC EDGAR filings.
Highwoods Properties, Inc., headquartered in Raleigh, is a publicly-traded real estate investment trust (“REIT”). The Company is a fully integrated office REIT that owns, develops, acquires, leases and manages properties primarily in the best business districts (BBDs) of Atlanta, Charlotte, Dallas, Nashville, Orlando, Raleigh, Richmond and Tampa. Our Common Stock is traded on the New York Stock Exchange (“NYSE”) under the symbol “HIW.” As of December 31, 2025, the Company owned all of the Preferred Units and 109.5 million, or 98.2%, of the Common Units in the Operating Partnership. Limited partners owned the remaining 2.0 million Common Units.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 820M | 806M | 826M | 834M | 829M | 768M |
| Net Income | 91M | 157M | 100M | 146M | 157M | 311M |
| EPS | $0.83 | $1.45 | $0.94 | $1.39 | $1.49 | $2.98 |
| Free Cash Flow | -238M | -82M | 353M | 368M | 197M | 109M |
| ROIC | 14.2% | 21.5% | 20.7% | 18.8% | 20.1% | 20.1% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 0.00 | 0.16 | 0.00 | 0.24 | 0.22 | 0.08 |
| Dividends/Share | $1.98 | $2.00 | $2.00 | $2.01 | $2.00 | $1.96 |
| Operating Income | 552M | 545M | 554M | 565M | 569M | 532M |
| Operating Margin | 67.4% | 67.6% | 67.0% | 67.8% | 68.7% | 69.2% |
| ROE | 3.8% | 6.6% | 4.2% | 6.0% | 6.3% | 12.9% |
| Shares Outstanding | 110M | 108M | 106M | 105M | 105M | 104M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 556M | 605M | 666M | 703M | 720M | 736M | 737M | 768M | 829M | 834M | 826M | 806M | 820M |
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 35M | 38M | 38M | 40M | 40M | 44M | 41M | 41M | 42M | 43M | 42M | 40M | 41M |
| EBIT | 350M | 389M | 435M | 466M | 478M | 487M | 505M | 532M | 569M | 565M | 554M | 545M | 552M |
| Op. Margin | 63.0% | 64.3% | 65.3% | 66.3% | 66.3% | 66.2% | 68.5% | 69.2% | 68.7% | 67.8% | 67.0% | 67.6% | 67.4% |
| Net Income | 108M | 95M | 522M | 183M | 169M | 134M | 345M | 311M | 157M | 146M | 100M | 157M | 91M |
| Net Margin | 19.5% | 15.6% | 78.4% | 26.0% | 23.5% | 18.3% | 46.8% | 40.5% | 18.9% | 17.5% | 12.1% | 19.5% | 11.1% |
| Non-Recurring | 45M | 11M | 15M | 56M | 38M | 45M | 218M | 174M | 100M | 48M | 71M | 116M | 116M |
| Returns on Capital | |||||||||||||
| ROIC | 21.3% | 20.0% | 20.2% | 18.2% | 17.5% | 17.8% | 18.3% | 20.1% | 20.1% | 18.8% | 20.7% | 21.5% | 14.2% |
| ROE | 7.2% | 6.0% | 27.9% | 8.4% | 7.6% | 6.1% | 15.4% | 12.9% | 6.3% | 6.0% | 4.2% | 6.6% | 3.8% |
| ROA | 2.8% | 2.2% | 11.5% | 4.0% | 3.6% | 2.7% | 6.7% | 5.7% | 2.7% | 2.4% | 1.7% | 2.6% | 1.4% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 267M | 289M | 306M | 353M | 359M | 366M | 358M | 415M | 422M | 387M | 404M | 359M | 376M |
| Free Cash Flow | 103M | -120M | 196M | 351M | 308M | -58M | 356M | 109M | 197M | 368M | 353M | -82M | -238M |
| Owner Earnings | 79M | 80M | 79M | 118M | 121M | 104M | 110M | 147M | 127M | 81M | 97M | 56M | 65M |
| CapEx | 164M | 409M | 110M | 1.9M | 51M | 424M | 1.9M | 305M | 225M | 19M | 51M | 442M | 614M |
| Maint. CapEx | 181M | 202M | 220M | 228M | 230M | 255M | 242M | 259M | 288M | 299M | 299M | 295M | 301M |
| Growth CapEx | 0 | 207M | 0 | 0 | 0 | 170M | 0 | 46M | 0 | 0 | 0 | 147M | 312M |
| D&A | 181M | 202M | 220M | 228M | 230M | 255M | 242M | 259M | 288M | 299M | 299M | 295M | 301M |
| CapEx/OCF | 2.0% | 0.9% | 2.8% | 0.5% | 0.0% | 1.5% | 0.5% | 2.4% | 0.3% | 0.6% | 0.7% | 2.1% | 163.3% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 154M | 160M | 167M | 181M | 191M | 197M | 199M | 204M | 210M | 211M | 212M | 217M | 218M |
| Dividend Yield | 7.9% | 7.2% | 6.1% | 5.7% | 6.4% | 6.5% | 7.2% | 6.2% | 7.4% | 10.7% | 8.0% | 7.2% | 5.9% |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 6.9M | 6.9M | 6.3M | 6.7M | 7.5M | 7.2M | 6.2M | 8.6M | 7.6M | 7.0M | 8.0M | 8.2M | 9.7M |
| Debt Repayment | 174M | 156M | 396M | 833M | 212M | 327M | 252M | 354M | 456M | 207M | 7.1M | 39M | 39M |
| Balance Sheet | |||||||||||||
| Net Debt | 288M | 470M | 101M | 653M | 342M | 738M | 289M | 177M | 529M | 565M | -22M | 353M | -31M |
| Cash & Equiv. | 8.8M | 5.0M | 49M | 3.3M | 3.8M | 9.5M | 109M | 23M | 21M | 25M | 22M | 27M | 32M |
| Long-Term Debt | 297M | 475M | 150M | 656M | 346M | 748M | 398M | 200M | 550M | 590M | 0 | 380M | 1.7M |
| Debt/Equity | 0.19 | 0.30 | 0.07 | 0.30 | 0.15 | 0.35 | 0.17 | 0.08 | 0.22 | 0.24 | 0.00 | 0.16 | 0.00 |
| Interest Coverage | 4.1 | 4.5 | 5.7 | 6.7 | 6.7 | 6.0 | 6.2 | 6.2 | 5.4 | 4.1 | 3.8 | 3.6 | 3.5 |
| Equity | 1.5B | 1.6B | 2.1B | 2.2B | 2.2B | 2.2B | 2.3B | 2.5B | 2.5B | 2.4B | 2.4B | 2.4B | 2.4B |
| Total Assets | 4.0B | 4.5B | 4.6B | 4.6B | 4.7B | 5.1B | 5.2B | 5.7B | 6.1B | 6.0B | 6.0B | 6.3B | 6.6B |
| Total Liabilities | 2.3B | 2.7B | 2.3B | 2.2B | 2.3B | 2.8B | 2.7B | 3.1B | 3.5B | 3.5B | 3.6B | 3.8B | 4.0B |
| Intangibles | 222M | 232M | 214M | 201M | 195M | 231M | 209M | 259M | 253M | 226M | 210M | 244M | 289M |
| Retained Earnings | -957M | -1.0B | -749M | -747M | -769M | -832M | -686M | -580M | -633M | -698M | -811M | -870M | -894M |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 1.19 | 1.00 | 5.30 | 1.78 | 1.64 | 1.30 | 3.32 | 2.98 | 1.49 | 1.39 | 0.94 | 1.45 | 0.83 |
| Owner EPS | 0.87 | 0.85 | 0.81 | 1.15 | 1.17 | 1.01 | 1.06 | 1.41 | 1.20 | 0.77 | 0.91 | 0.52 | 0.59 |
| Book Value | 16.82 | 16.93 | 21.70 | 21.61 | 21.76 | 20.81 | 22.49 | 23.75 | 23.57 | 23.13 | 22.25 | 21.94 | 21.48 |
| Cash Flow/Share | 2.93 | 3.05 | 3.11 | 3.43 | 3.47 | 3.54 | 3.45 | 3.97 | 4.01 | 3.68 | 3.80 | 3.31 | 3.56 |
| Dividends/Share | 1.70 | 1.70 | 1.69 | 1.76 | 1.85 | 1.90 | 1.92 | 1.96 | 2.00 | 2.01 | 2.00 | 2.00 | 1.98 |
| Shares Out. | 91.1M | 94.6M | 98.5M | 102.7M | 103.3M | 103.4M | 103.9M | 104.3M | 105.1M | 105.2M | 106.1M | 108.5M | 110.3M |
| Valuation | |||||||||||||
| P/E Ratio | 20.5 | 24.8 | 5.5 | 17.6 | 15.0 | 24.8 | 8.3 | 11.0 | 14.2 | 14.4 | 29.5 | 17.3 | 40.4 |
| P/FCF | 21.6 | N/A | 14.7 | 9.2 | 8.3 | N/A | 8.0 | 31.2 | 11.3 | 5.7 | 8.3 | N/A | N/A |
| EV/EBIT | 22.1 | 26.7 | 7.9 | 20.7 | 19.2 | 27.1 | 12.0 | 15.5 | 20.5 | 18.6 | 501.9 | 648.2 | 6.7 |
| Price/Book | 1.5 | 1.5 | 1.3 | 1.4 | 1.1 | 1.6 | 1.2 | 1.4 | 0.9 | 0.9 | 1.2 | 1.1 | 1.6 |
| Price/Sales | 3.5 | 3.7 | 4.1 | 4.5 | 4.1 | 4.1 | 3.8 | 4.3 | 3.4 | 2.4 | 3.2 | 3.7 | 4.5 |
| FCF Yield | 4.6% | -5.1% | 6.8% | 10.9% | 12.1% | -1.8% | 12.5% | 3.2% | 8.9% | 17.5% | 12.0% | -3.0% | -6.4% |
| Market Cap | 2.2B | 2.3B | 2.9B | 3.2B | 2.5B | 3.3B | 2.9B | 3.4B | 2.2B | 2.1B | 2.9B | 2.7B | 3.7B |
| Avg. Price | 21.40 | 23.70 | 27.83 | 30.87 | 28.88 | 29.23 | 26.61 | 31.71 | 27.06 | 18.75 | 24.92 | 27.79 | 33.65 |
| Year-End Price | 24.42 | 24.81 | 29.24 | 31.30 | 24.63 | 32.26 | 27.48 | 32.68 | 21.13 | 19.96 | 27.73 | 25.04 | 33.65 |
HIGHWOODS PROPERTIES, INC. passes 3 of 9 quality checks, indicating weak fundamentals.
HIGHWOODS PROPERTIES, INC. trades at 23.2x trailing earnings, compared to its 15-year median P/E of 14.7x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 10.5x vs a median of 8.8x. The company's 5-year average ROIC is 20.3%. Total shareholder yield (dividends) is 5.9%. At current prices, the estimated annualized return to fair value is +0.6%.
HIGHWOODS PROPERTIES, INC. (HIW) has a net profit margin of 19.5%. This is a healthy margin.
HIGHWOODS PROPERTIES, INC. (HIW) generated $-82 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
HIGHWOODS PROPERTIES, INC. (HIW) has a debt-to-equity ratio of 0.16. This indicates a conservatively financed balance sheet.
HIGHWOODS PROPERTIES, INC. (HIW) reported earnings per share (EPS) of $1.45 in its most recent fiscal year.
HIGHWOODS PROPERTIES, INC. (HIW) has a return on equity (ROE) of 6.6%. This indicates moderate shareholder returns.
The Ledger Terminal provides 15 years of financial data for HIGHWOODS PROPERTIES, INC. (HIW), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
HIGHWOODS PROPERTIES, INC. (HIW) has a book value per share of $21.94, based on its most recent annual SEC filing.
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