HIW Real Estate

Highwoods Properties, Inc.

$30.81-1.60%

Price as of close on Nov 3, 2026 · Financials updated Oct 9, 2026

Basics

Sector: Real Estate
Industry: REIT - Office
Country: United States
Market cap: 3.5B USD
Enterprise value: 7.1B USD
Full-time employees: 315

Overall health

Strength: its shares are priced lower than most peers relative to what it earnspriced lower than peers for its earnings
Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.08 vs a peer median of 0.75) and more debt relative to equity (1.33× vs a peer median of 0.80×)higher risk: bigger price swings (beta 1.08 vs peers 0.75) and more debt vs equity (1.33× vs peers 0.80×)
About average: growth

Ranks #206 of 632 real estate companies (top 33%)

See how it ranks against its peers

Worth knowing

Cash flow well above reported profit. Free cash flow is 2.1× reported profit.
Free cash flow is 2.1× reported profit. Large non-cash charges, such as depreciation, amortization or stock-based pay, reduce reported profit without using cash.
Wide margins. Operating margin 67% (12 months to Jun 2026) vs a peer median of 27%.Operating margin 67% vs peers 27%.
Highwoods Properties keeps 67% of revenue as operating profit, more than 88% of peers (median 27%).

StockQuotient Score

59/ 100▲ 1 since Oct 27 close

Oct 5 58 → Nov 4 59 (+1)

Valuation

Is the price right?

66/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Stronger than most peers on:

▲ FCF yield
▲ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield5.1%

SEC filings · 12 months to Jun 2026Reported value30% base weight · Z-score -0.05Sector median: 0.0535 · MAD: 0.0484

EBITDA yield6.8%

Yahoo Finance fallback · SEC enterprise value unavailable (debt or EBITDA not reported in standard form) · trailing 12 monthsReported value50% base weight · Z-score 0.73Sector median: 0.0536 · MAD: 0.0204

Free cash flow yield10.9%

Yahoo Finance fallback · SEC cash flow or share count unavailable · trailing 12 months · operating cash flow − capital spendingReported value20% base weight · Z-score 0.98Sector median: 0.0650 · MAD: 0.0444

Other data (not scored)

Book yield70.4%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 1.1277 · MAD: 0.5490

Growth

Is it growing?

50/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Mixed versus peers:

▲ EPS growth
▼ 3-yr revenue

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth29.3%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.59Sector median: 0.1117 · MAD: 0.3101

3-year revenue growth-0.1%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score -0.53Sector median: 0.0378 · MAD: 0.0744

Revenue growth3.0%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.01Sector median: 0.0297 · MAD: 0.0927

Profitability

Does it earn well?

97/100

Strong▲ 1 since Oct 27 close

3/3 inputs reported · High confidence

Since last quarter: No major change

Why it changed since the Oct 27, 2026 close: Score 96 → 97

Peer companies moved+1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Stronger than most peers on:

▲ ROIC
▲ Operating margin
▲ ROA

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin67.2%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 1.79Sector median: 0.2683 · MAD: 0.2257

Return on assets2.7%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.42Sector median: 0.0211 · MAD: 0.0134

Return on invested capital19.8%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score 6.82Sector median: 0.0341 · MAD: 0.0197

Other data (not scored)

Gross margin67.3%

Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsReported valueInformational · 0% composite weightSector median: 0.5380 · MAD: 0.2259

Return on equity7.3%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0521 · MAD: 0.0465

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why it changed since the Oct 27, 2026 close: Safety percentile 22 → 21

Peer companies moved-1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Weaker than most peers on:

▼ Beta
▼ Debt / equity

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta1.08

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -1.01Sector median: 0.7490 · MAD: 0.3270

Current ratio1.05×

Yahoo Finance fallback · SEC figure unavailable or out of dateReported value33% base weight · Z-score -0.20Sector median: 1.1950 · MAD: 0.7210

Debt / equity1.33×

Yahoo Finance fallback · no standard SEC debt tagReported value33% base weight · Z-score -1.34Sector median: 0.8040 · MAD: 0.3893

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Highwoods Properties

Is Highwoods Properties getting weaker?: Its latest SEC filing (Jul 28, 2026) showed no major changes. Its overall score is 59/100, up 1 since Oct 28, 2026.
How is Highwoods Properties valued vs its peers?: Priced lower than most peers relative to what it earns. Valuation scores 66/100 against 762 real estate peers. Free cash flow yield 10.9% vs a peer median of 6.5% (stronger than 71% of peers).Free cash flow yield 10.9% vs peers 6.5% (stronger than 71% of peers).
Is Highwoods Properties growing?: At about the same pace as its peers. Growth scores 50/100 against 762 real estate peers. Earnings per share growth 29.3% vs a peer median of 11.2% (stronger than 68% of peers).Earnings per share growth 29.3% vs peers 11.2% (stronger than 68% of peers). 3-year revenue growth -0.1% vs a peer median of 3.8% (weaker than 66% of peers).3-year revenue growth -0.1% vs peers 3.8% (weaker than 66% of peers).
How profitable is Highwoods Properties?: More profitable than most of its peers. Profitability scores 97/100 against 762 real estate peers. Return on invested capital 19.8% vs a peer median of 3.4% (stronger than 95% of peers).Return on invested capital 19.8% vs peers 3.4% (stronger than 95% of peers).
How risky is Highwoods Properties?: Higher risk relative to 762 real estate peers, judged on debt, liquidity and share-price swings. Beta 1.08 vs a peer median of 0.75 (weaker than 77% of peers).Beta 1.08 vs peers 0.75 (weaker than 77% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Jul 28, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

	Previous quarter	Latest quarter	Change
Revenue (12 months)	819.8M USD	835.5M USD	+1.9%
Net income (12 months)	96.0M USD	173.6M USD	+80.8%
Operating margin	67.4%	67.2%	−0.2 pts
Cash	32.4M USD	145.4M USD	+348.4%
Shares outstanding	110.3M	110.3M	+0.0%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Sector: Real Estate · 124 companies

Valuations in Real Estate are within their usual range since 2016.

30% of months since 2016 were valued lower than now.
15% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +4% and earnings +25% (medians): earnings grew faster than prices.
Median price-to-sales is +112% vs the whole market, against a usual +154%.

2016Shaded: most expensive fifth of its range2026

Shown for Real Estate: too few REIT - Office companies have a long enough history of their own.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Operating margin	69.2%	68.7%	67.8%	67.0%	67.6%	▲ 0.5 pts
Net margin	42.1%	19.8%	18.1%	12.6%	20.2%	▲ 7.6 pts
Return on assets (ROA)	5.7%	2.7%	2.5%	1.7%	2.6%	▲ 0.9 pts
Return on equity (ROE)	13.1%	6.6%	6.2%	4.4%	6.8%	▲ 2.4 pts
Interest coverage	6.19×	5.40×	4.13×	3.76×	3.57×	▼ 5.0%

HIW price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Strength: its shares are priced lower than most peers relative to what it earnspriced lower than peers for its earnings

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.08 vs a peer median of 0.75) and more debt relative to equity (1.33× vs a peer median of 0.80×)higher risk: bigger price swings (beta 1.08 vs peers 0.75) and more debt vs equity (1.33× vs peers 0.80×)

About average: growth

Ranks #206 of 632 real estate companies (top 33%)

See how it ranks against its peers

Worth knowing

Cash flow well above reported profit. Free cash flow is 2.1× reported profit.

Free cash flow is 2.1× reported profit. Large non-cash charges, such as depreciation, amortization or stock-based pay, reduce reported profit without using cash.

Wide margins. Operating margin 67% (12 months to Jun 2026) vs a peer median of 27%.Operating margin 67% vs peers 27%.

Highwoods Properties keeps 67% of revenue as operating profit, more than 88% of peers (median 27%).

Questions investors ask about Highwoods Properties

Is Highwoods Properties getting weaker?

Its latest SEC filing (Jul 28, 2026) showed no major changes. Its overall score is 59/100, up 1 since Oct 28, 2026.

How is Highwoods Properties valued vs its peers?

Priced lower than most peers relative to what it earns. Valuation scores 66/100 against 762 real estate peers. Free cash flow yield 10.9% vs a peer median of 6.5% (stronger than 71% of peers).Free cash flow yield 10.9% vs peers 6.5% (stronger than 71% of peers).

Is Highwoods Properties growing?

At about the same pace as its peers. Growth scores 50/100 against 762 real estate peers. Earnings per share growth 29.3% vs a peer median of 11.2% (stronger than 68% of peers).Earnings per share growth 29.3% vs peers 11.2% (stronger than 68% of peers). 3-year revenue growth -0.1% vs a peer median of 3.8% (weaker than 66% of peers).3-year revenue growth -0.1% vs peers 3.8% (weaker than 66% of peers).

How profitable is Highwoods Properties?

More profitable than most of its peers. Profitability scores 97/100 against 762 real estate peers. Return on invested capital 19.8% vs a peer median of 3.4% (stronger than 95% of peers).Return on invested capital 19.8% vs peers 3.4% (stronger than 95% of peers).

How risky is Highwoods Properties?

Higher risk relative to 762 real estate peers, judged on debt, liquidity and share-price swings. Beta 1.08 vs a peer median of 0.75 (weaker than 77% of peers).Beta 1.08 vs peers 0.75 (weaker than 77% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

819.8M USD

835.5M USD

+1.9%

Net income (12 months)

96.0M USD

173.6M USD

+80.8%

Operating margin

67.4%

67.2%

−0.2 pts

Cash

32.4M USD

145.4M USD

+348.4%

Shares outstanding

110.3M

110.3M

+0.0%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Operating margin

69.2%

68.7%

67.8%

67.0%

67.6%

▲ 0.5 pts

Net margin

42.1%

19.8%

18.1%

12.6%

20.2%

▲ 7.6 pts

Return on assets (ROA)

5.7%

2.7%

2.5%

1.7%

2.6%

▲ 0.9 pts

Return on equity (ROE)

13.1%

6.6%

6.2%

4.4%

6.8%

▲ 2.4 pts

Interest coverage

6.19×

5.40×

4.13×

3.76×

3.57×

▼ 5.0%