# Highwoods Properties Inc. (HIW) — Stock CV

Highwoods Properties Inc. 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.

> 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.

## Identity

- **Ticker**: HIW
- **Sector**: Real Estate
- **Industry**: Real Estate Investment Trusts
- **Headquarters**: RALEIGH, NC
- **Employees**: 315
- **Website**: https://www.highwoods.com
- **Market cap**: $3.20B
- **Last price**: $29.04
- **Financial profile**: Strained

## Vitals (TTM)

- **Revenue**: $836M
- **Net income**: $166M
- **Free cash flow**: $384M
- **Net debt**: $3.61B
- **P/E**: 19.0
- **Revenue growth (YoY)**: 3.0%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 69 |
| Growth | 6 |
| Profitability | 50 |
| Health | 28 |
| Quality | 35 |
| Moat | 25 |

## Qualifications (beginner checklist) — 8 of 11 passed

- [x] Revenue growing — +3.0% YoY
- [x] Profitable — $166M TTM
- [ ] Profit growing — -0.8% YoY
- [x] Generates cash — $384M TTM
- [ ] Debt under control — ~9.4y of cash flow to repay
- [x] Established company — $3.20B market cap
- [x] Not printing shares — +3.6% shares over ~5y
- [x] Proven track record — 10/10 profitable years
- [ ] Financially stable — health score 28/100
- [x] Pays a dividend — yield 6.91%
- [x] Valuation not extreme — P/E 19.0

## Experience (career milestones)

- **FY2016** — Profitable every year on record: 10 consecutive profitable years in our data
- **FY2016** — Positive free cash flow every year since: 10-year streak
- **FY2016** — Best year on record: $522M net income

## 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

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $768M | $311M | $415M |
| FY2022 | $829M | $157M | $422M |
| FY2023 | $834M | $146M | $387M |
| FY2024 | $826M | $99.8M | $404M |
| FY2025 | $806M | $157M | $359M |

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Source: https://stockcv.com/HIW — derived from company filings; may be delayed or incomplete. Information, not investment advice.