Highwoods Properties, Inc. (HIW) vs Vornado Realty Trust (VNO)

Highwoods Properties, Inc. and Vornado Realty Trust are both Reit Office companies. Vornado Realty Trust is the larger, with a market value of $7.3B against $3.5B — 2.1× the size. Vornado Realty Trust has negative trailing earnings, so its P/E is not meaningful; Highwoods Properties, Inc. trades at 18.4×. Highwoods Properties, Inc. grew revenue faster over the last twelve months: 5.40% against 1.55%. Highwoods Properties, Inc. has the higher net margin (21.7% vs −2.87%) and the higher return on invested capital (2.37% vs 0.82%). Both pay a dividend; Highwoods Properties, Inc. yields more (6.36% vs 2.07%). Across the 22 metrics below, Highwoods Properties, Inc. leads on 15 and Vornado Realty Trust on 7.

Valuation

Metric HIW VNO Reit Office median
P/E 18.41 n/m 28.35
P/S 4.07 3.63 2.77
P/B 1.37 1.38 0.82
Price to free cash flow 62.41 130.19 13.95
EV/EBITDA 12.37 17.44 12.41
EV/Sales 7.84 7.19 6.90
Earnings yield 5.43% (0.80%) (2.06%)
Free cash flow yield 1.60% 0.77% 6.73%

Profitability

Metric HIW VNO Reit Office median
Gross margin 67.18% 48.48% 60.87%
Operating margin 25.77% 8.91% 17.78%
Net margin 21.74% (2.87%) (2.87%)
Free cash flow margin 6.53% 2.79% 14.89%
Return on equity 7.56% (1.07%) (1.07%)
Return on assets 2.94% (0.34%) (0.34%)
Return on invested capital 2.37% 0.82% 1.33%

Growth

Metric HIW VNO Reit Office median
Revenue growth (TTM) 5.40% 1.55% 2.67%
EPS growth (last fiscal year) 54.26% 10,900.00% 8.85%
Revenue growth, 5-year CAGR 1.81% 3.45% 3.91%
Net income growth, 5-year CAGR (14.54%) 0.00% 0.00%

Health

Metric HIW VNO Reit Office median
Debt to equity 1.37 1.24 1.24
Current ratio 2.08 4.44 1.98
Net debt to EBITDA 6.97 7.92 6.86

Dividend

Metric HIW VNO Reit Office median
Dividend yield 6.36% 2.07% 4.16%
Payout ratio 1.17 37.00 3.34

Size

Metric HIW VNO Reit Office median
Market cap 3.50b 7.30b 1.22b

Compare with another peer

Any metric, up to five companies and an Excel export Powerpack