Highwoods Properties Inc.

Real Estate Investment Trusts

HIWStrained8 of 11 basics passed

$29.04

-0.48%

Market cap $3.20B

$29.04

-0.48%

Market cap $3.20B

Highwoods Properties Inc is a fully integrated office REIT that owns, develops, acquires, leases, and manages office properties mainly in the best business districts of Atlanta, Charlotte, Dallas, Nashville, Orlando, Raleigh, Richmond, and Tampa.

It is a $3.20B real estate company. Revenue grew 3.0% over the last year, it keeps 20¢ of every dollar of sales as profit, and its net debt equals ~9.4 years of free cash flow. It trades at 19.0× earnings — around the middle of its own history.

Website: highwoods.com
Location: Raleigh, NC
Employees: 315
Sector: Real Estate

Share price · 3 years

$19.50 → $29.04+48.9%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $836M
Profit: keeps 20¢ of every $1 sold; $166M
Free cash flow: cash left after running the business; $384M
Net debt: debt minus cash on hand; $3.61B
P/E: years of profit in the price; 19.0
EPS: earnings per share, TTM; $1.50
Dividend: pays out 131% of profit · 58% of FCF; 6.91%
Shares: up 9% since 2016 — dilution; 110.6M
Volatility: beta vs the market — under 1 swings less; 1.09

Revenue, last 7 years

52-week range

Low $20.58$29.04High $34.40

Today's price is 61% of the way from the year's low to its high.

P/E vs its history5y

19.3×median 19.4×

Higher than 49% of past days — around the middle of its own history.

Valuation vs own history

P/E

19.3×

50%

P/S

3.8×

51%

P/B

1.2×

61%

Share of the last ~5 years that was pricier than today (in line with its own history). Based on the daily valuation record.

Standing in Real Estate

Size$3.20Btop 100%
Revenue growth-1%top 93%
Net margin24%top 47%
Return on equity7%top 62%
P/E19.0×top 20%
Dividend yield6.91%top 14%

Ranked against 46 Real Estate companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Growth, Health, Quality and Moat lag behind.

Valuation69

P/E vs own history49th pct · 12/25
FCF yield12.0% · 25/25
P/S5.1x · 12/25
EV/EBITDA13.0x · 20/25

Growth6

Revenue CAGR1.2% · 6/25
Net income CAGR-15.7% · 0/25
EPS CAGR ~5Y-15.1% · 0/25
Fwd implied growth-33.5% · 0/25

Profitability50

ROIC4.6% · 5/25
ROE7.1% · 5/25
Net margin19.9% · 20/25
Operating margin24.9% · 20/25

Health28

Altman Zn/a · 0/25
Current ratio1.87 · 18/25
Interest coverage2.1x · 10/25
Net cash / debtD/A 57% · 0/25

Quality35

Piotroski F4/9 · 10/25
Beneish M-2.65 · 25/25
FCF conversionn/a · 0/25
Margin stabilityn/a · 0/25

Moat25

ROIC >12% yearsn/a · 0/25
Median gross marginn/a · 0/25
FCF-positive yearsn/a · 0/25
Worst-year net marginworst 12.1% · 25/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2016Financial
Profitable every year on record
10 consecutive profitable years in our data
FY2016Financial
Positive free cash flow every year since
10-year streak
FY2016Financial
Best year on record
$522M net income

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$6 626 today — price return only

$806.1M revenue in FY2025

Profitable 10 years in a row

Positive free cash flow 10 years in a row

315 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

High gross margin (67.2%)
Strong cash conversion — FCF is 46.0% of revenue

Watch-outs

Net debt equals ~9.4 years of free cash flow

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

8 of 11 checks passed

Revenue growing — the company sells more than a year ago+3.0% YoY
Profitable — makes more than it spends$166M TTM
Profit growing — earnings are higher than last year-0.8% YoY
Generates cash — cash left after running and investing$384M TTM
Debt under control — could handle its obligations~9.4y of cash flow to repay
Established company — not a micro-cap — lower blow-up risk$3.20B market cap
Not printing shares — share count not ballooning — you keep your slice+3.6% shares over ~5y
Proven track record — years of profitability behind it10/10 profitable years
Financially stable — balance sheet not near distresshealth score 28/100
Pays a dividend — returns cash to shareholdersyield 6.91%
Valuation not extreme — price not wildly above earningsP/E 19.0

Peer comparisonHighwoods Properties Inc. vs 6 largest real estate peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
HIW this company	$3.2B	19.0	+3.0%	19.9%	Strained
WELL Welltower Inc.	$162.5B	108.1	+37.6%	12.1%	Strained
PLD Prologis, Inc.	$123.1B	29.8	+7.3%	45.8%	Strained
EQIX Equinix, Inc.	$101.2B	66.0	+9.6%	15.6%	Strained
AMT American Tower Corporation	$84.5B	25.0	+14.2%	31.1%	Strained
DLR Digital Realty Trust, Inc.	$66.6B	83.0	+17.4%	11.8%	Strained
SPG Simon Property Group, Inc.	$64.7B	14.0	+15.0%	66.5%	Strained

Head-to-head: HIW vs WELL · HIW vs PLD · HIW vs EQIX

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 2Buy 2Hold 10

Appendix · Financial records

The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $836M · net income $166M (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

RevenueNet income

Revenue (TTM)

$836M

YoY 3.0%

Net income (TTM)

$166M

Margin 19.9%

Gross margin

67.2%

Operating margin

24.9%

P/E ratio

19.0

Dividend yield

6.91%

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	0.7	0.8	0.8	0.8	0.8	0.8
Gross profit	—	—	—	—	—	—
Operating income (EBIT)	—	—	—	—	—	—
Net income	0.3	0.3	0.2	0.1	0.1	0.2
EPS (diluted)	3.23	2.90	1.46	1.36	0.92	1.42

Cash flowFree cash flow $384M · operating cash flow $384M (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$384M

Margin 46.0%

Operating cash flow (TTM)

$384M

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	0.4	0.4	0.4	0.4	0.4	0.4
Capital expenditure	—	—	—	—	—	—
Free cash flow	0.4	0.4	0.4	0.4	0.4	0.4
FCF margin	48.6%	54.0%	50.9%	46.4%	48.9%	44.6%

Balance sheetAssets $6.27B · net debt $3.61B (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $6.27B of assets is financed

62%

38%

Liabilities $3.84B — borrowed moneyEquity $2.38B — owners' stake

Cash vs debt

Total debt $3.63B − cash $27.4M = net debt $3.61B

Cash on hand covers 1% of debt.

Interest coverage

2.1x

EBIT ÷ interest expense

ROE

7.1%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	0.1	0.0	0.0	0.0	0.0	0.0
Total assets	5.2	5.7	6.1	6.0	6.0	6.3
Total liabilities	2.7	3.1	3.5	3.5	3.6	3.8
Total debt	—	2.8	3.2	3.2	3.3	3.6
Equity	2.3	2.5	2.5	2.4	2.4	2.4
Net debt	—	2.8	3.2	3.2	3.3	3.6

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of HIW on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $29.04 · market cap $3.20B.