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Highwoods Properties, Inc.

HIW Real Estate Reit Office

Highwoods Properties, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $806.1 million, down 2.39% from fiscal 2024.

Revenue
+8.13%
EPS
+157.4%
Free cash flow
+289.7%
Total debt
+3.15%

Quarter to September 2026, against a year earlier

31.46 0.26 −0.82%
Market cap
$3.5B
P/E
18.4×
Fwd P/E
18.1×
Dividend yield
6.36%
F-score
6/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 1.32%

Capital & Financial Ratios $m

Size
Market Cap 3,500.00
Revenue ttm 851.95
Net income ttm 193.92
Free cash flow ttm 55.60
Net debt Q 3,213.13
Valuation
P/E 18.41
Forward P/E 18.10
Price / sales 4.07
Forward P/S Powerpack
Price / FCF 62.41
Price / book 1.37
Financial health
Current ratio Q 2.08
Debt / equity Q 1.37
Interest coverage Q 1.41
Growth
Revenue growth Q +8.13% (above 0%: growing)
Operating income growth Q +29.64% (above 0%: growing)
EPS, this year −10.57% (below 0%: weak)
EPS, next year A −47.35% (below 0%: weak)
Revenue, next year A +7.57%
EPS, past 5 yrs −15.27% (below 0%: weak)
EPS, next 5 yrs A −21.39% (below 0%: weak)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 7.8×, against a ten-year median of 8.7×; over the ten years it ranged from 6.1× in 2023 to 11.3× in 2016.
P/E against its own 10 years 44.02%
10-year low 10-year high
P/S against its own 10 years 32.70%
10-year low 10-year high
P/B against its own 10 years 31.52%
10-year low 10-year high
EV/Sales against its own 10 years 28.26%
10-year low 10-year high
EV/FCF against its own 10 years 85.03%
10-year low 10-year high

Dividends

Yield
6.36%
Annual rate
2.00
Payout ratio
117.4%
Growth, 2018–26
−1.80%/yr
  1. 2.31 ’18
  2. 1.90 ’19 −18
  3. 1.92 ’20 +1
  4. 1.96 ’21 +2
  5. 2.00 ’22 +2
  6. 2.00 ’23 +0
  7. 2.00 ’24 +0
  8. 2.00 ’25 +0
  9. 2.00 ’26 +0
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 32 34 43 299
Receivables 339 337 346 335
Inventory — — — —
Other — — — —
375 382 402 646
2023 2024 2025 Q'26
Payables 302 305 284 310
ST’ Debt — — — —
Other — — — —
302 305 284 310

Compound Annual Growth %

10y 5y 3y
Sales 2.92% 1.81% (0.93%)
Cash Flow 2.20% 0.06% (5.21%)
Earnings 5.22% (14.54%) 0.14%
Book Value 3.94% 0.21% (1.57%)

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.88 Actual 0.89

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.84 0.90 Beat by 0.06
Q1 FY26 0.84 0.84 Met by 0.00
Q2 FY26 0.86 0.90 Beat by 0.04
Q3 FY26 0.88 0.89 Beat by 0.01
Q4 FY26 0.91 — Reports 9 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.29 0.85 0.30 — —
’25 0.91 0.17 0.12 0.26 1.45
’24 0.25 0.59 0.14 (0.03) 0.94
’23 0.42 0.40 0.21 0.36 1.39
’22 0.38 0.47 0.36 0.26 1.49
’21 0.52 0.57 0.69 1.19 2.98
’20 1.79 0.36 0.39 0.79 3.32
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 214 216 218 — —
’25 200 201 202 203 806
’24 211 205 204 206 826
’23 213 207 207 207 834
’22 206 204 207 212 829
’21 184 186 195 203 768
’20 193 183 181 180 737
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 63 125 92 — —
’25 46 117 97 100 359
’24 72 130 97 104 404
’23 66 115 103 103 387
’22 74 128 118 102 422
’21 83 114 112 105 415
’20 64 117 95 83 358
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (257) 320 107 — —
’25 10 69 (56) (114) (92)
’24 48 145 54 18 265
’23 10 97 59 93 260
’22 25 150 (112) 23 85
’21 56 89 (86) 204 263
’20 294 19 49 117 479
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.6
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 666 703 720 736 737 768 829 834 826 806 852 +2.2% 867 898 920 +4.5%
Gross margin, % 65.28 66.29 66.33 66.23 68.54 69.21 68.66 67.77 67.04 67.58 67.18 +2.3 pt
EBT 123 192 178 142 358 323 164 151 104 163 194 +3.2%
EBT margin, % 18.41 27.27 24.67 19.25 48.57 42.10 19.78 18.15 12.62 20.18 22.76 +1.8 pt
Net income 541 192 178 142 358 323 164 151 104 163 194 (12.5%)
Per share, $
Per share, $ Revenue 6.76 6.84 6.96 7.10 7.09 7.37 7.89 7.90 7.78 7.43 7.72 +1.1%
Earnings 5.30 1.78 1.64 1.30 3.32 2.98 1.49 1.39 0.94 1.45 1.71 (13.4%)
Cash flow 3.11 3.43 3.47 3.53 3.45 3.98 4.01 3.67 3.80 3.31 3.44 +0.7%
Capex 2.28 (1.92) (2.92) (5.78) 1.17 (1.45) (3.20) (1.20) (1.31) (4.16) (2.94) n/m
Free cash flow 5.38 1.52 0.55 (2.25) 4.61 2.53 0.81 2.46 2.49 (0.85) 0.50 n/m
Book value 21.88 21.79 21.89 20.97 22.70 23.98 23.77 23.10 22.28 21.97 23.27 0.0%
Shares, m 98 103 103 104 104 104 105 106 106 108 110 +1.1%
Valuation, ×
Valuation, × P/E 9.55 28.53 23.74 37.62 11.90 15.01 18.99 16.78 32.26 17.68 18.41 21.2
P/S 7.60 7.42 5.56 6.89 5.59 6.05 3.56 2.95 3.93 3.47 4.07 5.3
P/B 2.38 2.36 1.79 2.36 1.77 1.88 1.20 1.02 1.39 1.19 1.37 1.7
EV/Sales 10.40 10.16 8.44 10.33 8.68 9.64 7.39 6.77 7.88 7.83 7.84 8.8
EV/FCF 13.07 45.85 107.21 (32.51) 13.35 28.12 71.74 21.72 24.58 (68.72) 120.20 22.4
Cash, $m
Cash, $m Operating cash flow 306 353 359 366 358 415 422 387 404 359 380 +1.8%
Capex 224 (197) (302) (600) 121 (151) (336) (127) (139) (451) (324) n/m
Free cash flow 530 156 57 (234) 479 263 85 260 265 (92) 56 n/m
Balance, $m
Balance, $m Working capital (36) 91 43 (13) 209 20 45 73 77 118 336 n/m
Net debt 1,869 1,926 2,076 2,529 2,281 2,758 3,171 3,182 3,260 3,511 3,213 +7.3%
Shareholders’ equity 2,154 2,237 2,264 2,174 2,358 2,500 2,499 2,438 2,365 2,383 2,566 +1.1%
Returns, %
Returns, % ROA 11.54 3.98 3.64 2.74 6.67 5.70 2.66 2.42 1.66 2.56 2.94 (9.0) pt
ROIC 2.74 2.96 2.98 2.43 2.97 2.76 2.23 2.48 2.09 2.13 2.37 (0.6) pt
ROE 28.09 8.44 7.62 6.14 15.42 12.95 6.34 5.99 4.20 6.70 7.56 (21.4) pt
People
People Employees 438 441 442 431 359 348 345 349 350 315 — (3.6%)
Revenue/emp, $m 1.52 1.59 1.63 1.71 2.05 2.21 2.40 2.39 2.36 2.56 — +6.0%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Highwoods Properties, Inc. vs peers in Reit Office (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
ARE Alexandria Real Estate Equities, Inc. $7.9B — (loss-making) — (loss-making) −10.74% (below 0%: shrinking) n/m +260.64% (above 0%: growing) 66.04% 14.59% Compare
CDP COPT Defense Properties $7.3B 22.1× 23.1× +10.57% (above 0%: growing) +10.81% (above 0%: growing) +76.90% (above 0%: growing) 56.90% 30.30% Compare
VNO Vornado Realty Trust $7.3B — (loss-making) — (loss-making) +3.08% (above 0%: growing) n/m +35.90% (above 0%: growing) 47.42% 4.77% Compare
CUZ Cousins Properties Incorporated $4.9B 317× 137× +4.47% (above 0%: growing) +106.60% (above 0%: growing) +232.54% (above 0%: growing) 69.13% 25.47% Compare
KRC Kilroy Realty Corporation $4.3B 149× 135× −2.91% (below 0%: shrinking) −90.15% (below 0%: shrinking) −73.05% (below 0%: shrinking) 62.78% 21.70% Compare
SLG SL Green Realty Corporation $3.9B — (loss-making) 123× +11.52% (above 0%: growing) +188.57% (above 0%: growing) +7,443.12% (above 0%: growing) 44.79% 6.38% Compare
HIW Highwoods Properties, Inc. $3.5B 18.4× 18.1× +8.13% (above 0%: growing) +157.42% (above 0%: growing) +289.74% (above 0%: growing) 67.18% 26.24%
DEI Douglas Emmett, Inc. $1.8B — (loss-making) — (loss-making) +4.10% (above 0%: growing) n/m +41.06% (above 0%: growing) 61.41% 18.15% Compare
PDM Piedmont Realty Trust, Inc. $1.2B — (loss-making) — (loss-making) +8.68% (above 0%: growing) n/m −4,096.18% (below 0%: shrinking) 60.31% 14.53% Compare
Median of peers $4.6B 149× 129× +4.29% +58.71% +58.98% 60.86% 16.37%

All 19 Reit Office stocks →

Pay and ownership Proxy statement filed 27 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 5.12m 3.48m 90.72
2024 5.15m 8.69m 100.32
2023 4.70m 3.04m 70.13
2022 4.96m 2.58m 78.12
2021 4.08m 4.69m 117.61

Ownership

Directors and executive officers, together 1.30%
BlackRock, Inc. 13.80%
Cohen & Steers, Inc. 11.20%
Vanguard Portfolio Management LLC 10.50%
State Street Corporation 5.90%
Massachusetts Financial Services Company 5.60%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Highwoods Properties, Inc. (HIW) Latest News

28 Oct

Impact 4 · · The Motley Fool transcript
Impact 4 · · MarketBeat transcript
Impact 4 · · Moby
Impact 3 · · Associated Press earnings

27 Oct

Impact 3 · · Zacks
Impact 3 · · GlobeNewswire

27 Aug

Impact 3 ·

30 Jul

Impact 3 · · dallasnews.com
Impact 3 · · MarketBeat transcript

29 Jul

Impact 4 ·

28 Jul

Impact 3 ·

14 May

Impact 4 · · Simply Wall St.

12 May

Impact 3 · · GlobeNewswire

30 Apr

Impact 4 · · MarketBeat
Impact 4 · · GuruFocus.com

29 Apr

Impact 3 · · Zacks
Impact 3 · · Moby
Impact 3 · · Simply Wall St.

28 Apr

Impact 4 · · Simply Wall St.
Impact 3 · · GlobeNewswire

22 Apr

Impact 4 · · GlobeNewswire

15 Feb

Impact 4 · · Simply Wall St.

11 Feb

Impact 4 · · MarketBeat transcript
Impact 4 · · The Motley Fool transcript
Impact 4 · · Moby transcript
Impact 3 · · ZacksMT NewswiresEuronewsBloombergMT NewswiresBloomberg

10 Feb

Impact 4 · · ZacksAssociated Press FinanceZacksZacksZacks
Impact 3 · · Zacks
Impact 3 · · Associated Press FinanceAssociated Press FinanceAssociated Press FinanceAssociated Press FinanceAssociated Press FinanceSimply Wall St.Associated Press FinanceAssociated Press Finance
Impact 3 · · GlobeNewswireZacksTipRanksSimply Wall St.ZacksZacksMarketBeatInsider Monkey

HIW metrics, ten years each

stockrow.com/HIW · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com