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. In the quarter to June 2026, revenue grew 7.87%, EPS grew 400.0%, free cash flow grew 364.5% and total debt rose 5.43%, each against the same quarter a year earlier. Dividend growth for five consecutive years.

29.34 0.13 +0.45%
Market cap
$3.2B
P/E
19.3×
Fwd P/E
31.1×
Dividend yield
6.82%
F-score
6/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a

Insider Decisions trades per month

Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 1.31%

Capital & Financial Ratios $m

Market Cap 3,220.00
Revenue 835.54
Net Income 173.55
Free Cash Flow (107.94)
Net Debt 3,349.58
Current Ratio 1.68
Debt/Equity 1.36
P/E ratio 19.30
Fwd P/E 31.10
P/S ratio 3.87
P/B ratio 1.26
Past 5Y EPS Growth (15.27%) (below 0%: weak)
This Y EPS Growth (2.55%) (below 0%: weak)
Next Y EPS Growth (48.94%) (below 0%: weak)
Next Y revenue growth 7.65%
Next 5Y EPS Growth (19.61%) (below 0%: weak)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/E against its own 10 years 45.34%
10-year low 10-year high
P/S against its own 10 years 26.50%
10-year low 10-year high
P/B against its own 10 years 22.01%
10-year low 10-year high
EV/Sales against its own 10 years 29.19%
10-year low 10-year high

Dividends

Payout Ratio 1.32
Annual Dividend Rate 2.00
Annual Dividend Yield 6.82%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 2.00
0.50
0.50
0.50
2025 2.00
0.50
0.50
0.50
0.50
2024 2.00
0.50
0.50
0.50
0.50
2023 2.00
0.50
0.50
0.50
0.50
2022 2.00
0.50
0.50
0.50
0.50
2021 1.96
0.48
0.48
0.50
0.50
2020 1.92
0.48
0.48
0.48
0.48
2019 1.90
0.48
0.48
0.48
0.48
2018 2.31
0.46
0.46
0.46
0.46
0.46
2017 1.76
0.44
0.44
0.44
0.44
2016 1.70
0.43
0.43
0.43
0.43
0.80
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 32 34 43 166
Receivables 339 337 346 336
Inventory — — — —
Other — — — —
375 382 402 515
2023 2024 2025 Q'26
Payables 302 305 284 306
ST’ Debt — — — —
Other — — — —
302 305 284 306

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%)

Revenue $m

Mar Jun Sep Dec Year
’26 214 216 — — —
’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 — — —
’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 — — —
’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.

EPS $

Mar Jun Sep Dec Year
’26 0.29 0.85 — — —
’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.

Target Price Range

Analyst price targets

Recommendation Rating

2.8
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 38.08 48.42 37.09 37.59 25.10 36.90 24.51 17.06 21.37 24.19

Analyst estimates 2026–2028

Powerpack
High 56.23 53.34 52.00 49.04 52.76 48.98 47.44 31.88 36.78 32.76
People
People Employees 438 441 442 431 359 348 345 349 350 315
Revenue/emp, $m 1.52 1.59 1.63 1.71 2.05 2.21 2.40 2.39 2.36 2.56
Income, $m
Income, $m Revenue 666 703 720 736 737 768 829 834 826 806
Gross margin, % 65.28 66.29 66.33 66.23 68.54 69.21 68.66 67.77 67.04 67.58
EBT 123 192 178 142 358 323 164 151 104 163
EBT margin, % 18.41 27.27 24.67 19.25 48.57 42.10 19.78 18.15 12.62 20.18
Net income 541 192 178 142 358 323 164 151 104 163
Depreciation 224 232 230 257 244 263 292 305 306 303
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
Earnings 5.30 1.78 1.64 1.30 3.32 2.98 1.49 1.39 0.94 1.45
Cash flow 3.11 3.43 3.47 3.53 3.45 3.98 4.01 3.67 3.80 3.31
Capex 2.28 (1.92) (2.92) (5.78) 1.17 (1.45) (3.20) (1.20) (1.31) (4.16)
Free cash flow 5.38 1.52 0.55 (2.25) 4.61 2.53 0.81 2.46 2.49 (0.85)
Book value 21.88 21.79 21.89 20.97 22.70 23.98 23.77 23.10 22.28 21.97
Shares, m 98 103 103 104 104 104 105 106 106 108
Valuation, ×
Valuation, × P/E 9.55 28.53 23.74 37.62 11.90 15.01 18.99 16.78 32.26 17.68
P/S 7.60 7.42 5.56 6.89 5.59 6.05 3.56 2.95 3.93 3.47
P/B 2.38 2.36 1.79 2.36 1.77 1.88 1.20 1.02 1.39 1.19
EV/Sales 10.40 10.16 8.44 10.33 8.68 9.64 7.39 6.77 7.88 7.83
EV/FCF 13.07 45.85 107.21 (32.51) 13.35 28.12 71.74 21.72 24.58 (68.72)
Cash, $m
Cash, $m Operating cash flow 306 353 359 366 358 415 422 387 404 359
Capex 224 (197) (302) (600) 121 (151) (336) (127) (139) (451)
Free cash flow 530 156 57 (234) 479 263 85 260 265 (92)
Balance, $m
Balance, $m Working capital (36) 91 43 (13) 209 20 45 73 77 118
Total debt 1,948 2,014 2,086 2,544 2,470 2,789 3,197 3,213 3,294 3,554
Net debt 1,869 1,926 2,076 2,529 2,281 2,758 3,171 3,182 3,260 3,511
Shareholders’ equity 2,154 2,237 2,264 2,174 2,358 2,500 2,499 2,438 2,365 2,383
Returns, %
Returns, % ROA 11.54 3.98 3.64 2.74 6.67 5.70 2.66 2.42 1.66 2.56
ROIC 2.74 2.96 2.98 2.43 2.97 2.76 2.23 2.48 2.09 2.13
ROE 28.09 8.44 7.62 6.14 15.42 12.95 6.34 5.99 4.20 6.70
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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
CDP COPT Defense Properties $7.5B 23.1× 24.5× +3.94% (above 0%: growing) +17.65% (above 0%: growing) +76.90% (above 0%: growing) 60.18% 32.03% Compare
ARE Alexandria Real Estate Equities, Inc. $7.4B — (loss-making) — (loss-making) −13.03% (below 0%: shrinking) n/m −158.14% (below 0%: shrinking) 68.72% 17.23% Compare
VNO Vornado Realty Trust $6.8B 1,642× — (loss-making) +4.71% (above 0%: growing) −97.93% (below 0%: shrinking) −90.54% (below 0%: shrinking) 51.58% 5.54% Compare
CUZ Cousins Properties Incorporated $4.5B 691× 145× +11.83% (above 0%: growing) +77.78% (above 0%: growing) +811.42% (above 0%: growing) 68.47% 24.85% Compare
KRC Kilroy Realty Corporation $4.1B 24.4× 155× −6.04% (below 0%: shrinking) −70.69% (below 0%: shrinking) −83.18% (below 0%: shrinking) 65.29% 23.99% Compare
SLG SL Green Realty Corporation $3.6B — (loss-making) — (loss-making) +9.13% (above 0%: growing) n/m +7,443.12% (above 0%: growing) 48.82% 7.84% Compare
HIW Highwoods Properties, Inc. $3.2B 19.3× 31.1× +7.87% (above 0%: growing) +400.00% (above 0%: growing) +364.51% (above 0%: growing) 67.58% 26.47%
DEI Douglas Emmett, Inc. $1.6B — (loss-making) — (loss-making) +1.63% (above 0%: growing) n/m +41.06% (above 0%: growing) 63.19% 19.62% Compare
PDM Piedmont Realty Trust, Inc. $1.1B — (loss-making) — (loss-making) +2.73% (above 0%: growing) n/m −9.08% (below 0%: shrinking) 61.15% 14.29% Compare
Median of peers $4.3B 358× 145× +3.34% −26.52% +15.99% 62.17% 18.43%

All 18 Reit Office stocks →

Highwoods Properties, Inc. (HIW) key facts

  • Concern: Highwoods Properties, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $806.1 million, down 2.39% from fiscal 2024.
  • Highwoods Properties, Inc. (HIW) is a Reit Office company in the Real Estate sector, listed on the New York Stock Exchange.
  • As of October 16, 2026, HIW traded at $29.34, a market capitalization of $3.2 billion.
  • Highwoods Properties, Inc. pays an annual dividend of $2.00 per share, a yield of 6.82%, with a payout ratio of 131.6%.
  • Return on equity was 6.70% and debt-to-equity 1.36.
  • Its Piotroski F-score is 6 out of 9 for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Highwoods Properties, Inc. (HIW) Latest News

11 Feb

12 Jan

2 Jun

Impact 4 ·
stockrow.com/HIW · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com