HIGHWOODS PROPERTIES INC (HIW) Fundamental Analysis & Valuation

NYSE:HIW • US4312841087

22.14 USD
-0.83 (-3.61%)
At close: Mar 6, 2026
22.14 USD
0 (0%)
After Hours: 3/6/2026, 8:24:11 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Forecast Earnings Financials Ownership News

This HIW fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

Fundamental Rating

4

Overall HIW gets a fundamental rating of 4 out of 10. We evaluated HIW against 122 industry peers in the Diversified REITs industry. HIW has a medium profitability rating, but doesn't score so well on its financial health evaluation. HIW is valued correctly, but it does not seem to be growing. Finally HIW also has an excellent dividend rating.


Dividend Valuation Growth Profitability Health

5

1. HIW Profitability Analysis

1.1 Basic Checks

  • In the past year HIW was profitable.
  • In the past year HIW had a positive cash flow from operations.
  • HIW had positive earnings in each of the past 5 years.
  • HIW had a positive operating cash flow in each of the past 5 years.
HIW Yearly Net Income VS EBIT VS OCF VS FCFHIW Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 100M 200M 300M 400M 500M

1.2 Ratios

  • HIW has a Return On Assets of 2.51%. This is in the better half of the industry: HIW outperforms 64.75% of its industry peers.
  • Looking at the Return On Equity, with a value of 6.61%, HIW is in the better half of the industry, outperforming 74.59% of the companies in the same industry.
  • HIW has a Return On Invested Capital (2.76%) which is in line with its industry peers.
  • Measured over the past 3 years, the Average Return On Invested Capital for HIW is in line with the industry average of 3.10%.
Industry RankSector Rank
ROA 2.51%
ROE 6.61%
ROIC 2.76%
ROA(3y)2.2%
ROA(5y)2.93%
ROE(3y)5.61%
ROE(5y)7.14%
ROIC(3y)2.92%
ROIC(5y)3.11%
HIW Yearly ROA, ROE, ROICHIW Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 5 10 15 20

1.3 Margins

  • HIW has a Profit Margin of 19.51%. This is in the better half of the industry: HIW outperforms 66.39% of its industry peers.
  • In the last couple of years the Profit Margin of HIW has declined.
  • HIW's Operating Margin of 25.99% is in line compared to the rest of the industry. HIW outperforms 56.56% of its industry peers.
  • In the last couple of years the Operating Margin of HIW has declined.
  • The Gross Margin of HIW (67.58%) is comparable to the rest of the industry.
  • HIW's Gross Margin has been stable in the last couple of years.
Industry RankSector Rank
OM 25.99%
PM (TTM) 19.51%
GM 67.58%
OM growth 3Y-3.43%
OM growth 5Y-2.96%
PM growth 3Y1.07%
PM growth 5Y-16.06%
GM growth 3Y-0.53%
GM growth 5Y-0.28%
HIW Yearly Profit, Operating, Gross MarginsHIW Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 20 40 60

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3

2. HIW Health Analysis

2.1 Basic Checks

  • HIW has a Return on Invested Capital (ROIC), which is below the Cost of Capital (WACC), which means it is destroying value.
  • Compared to 1 year ago, HIW has more shares outstanding
  • Compared to 5 years ago, HIW has more shares outstanding
  • The debt/assets ratio for HIW is higher compared to a year ago.
HIW Yearly Shares OutstandingHIW Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 20M 40M 60M 80M 100M
HIW Yearly Total Debt VS Total AssetsHIW Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2B 4B 6B

2.2 Solvency

  • Based on the Altman-Z score of 0.46, we must say that HIW is in the distress zone and has some risk of bankruptcy.
  • HIW has a Altman-Z score (0.46) which is in line with its industry peers.
  • The Debt to FCF ratio of HIW is 11.48, which is on the high side as it means it would take HIW, 11.48 years of fcf income to pay off all of its debts.
  • With an excellent Debt to FCF ratio value of 11.48, HIW belongs to the best of the industry, outperforming 86.89% of the companies in the same industry.
  • A Debt/Equity ratio of 1.49 is on the high side and indicates that HIW has dependencies on debt financing.
  • HIW has a Debt to Equity ratio of 1.49. This is in the lower half of the industry: HIW underperforms 60.66% of its industry peers.
Industry RankSector Rank
Debt/Equity 1.49
Debt/FCF 11.48
Altman-Z 0.46
ROIC/WACC0.45
WACC6.16%
HIW Yearly LT Debt VS Equity VS FCFHIW Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 1B 2B 3B

2.3 Liquidity

  • A Current Ratio of 1.48 indicates that HIW should not have too much problems paying its short term obligations.
  • Looking at the Current ratio, with a value of 1.48, HIW is in the better half of the industry, outperforming 77.05% of the companies in the same industry.
  • HIW has a Quick Ratio of 1.39. This is a normal value and indicates that HIW is financially healthy and should not expect problems in meeting its short term obligations.
  • HIW has a better Quick ratio (1.39) than 72.13% of its industry peers.
Industry RankSector Rank
Current Ratio 1.48
Quick Ratio 1.39
HIW Yearly Current Assets VS Current LiabilitesHIW Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 100M 200M 300M 400M

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

3

3. HIW Growth Analysis

3.1 Past

  • The Earnings Per Share has grown by an impressive 28.21% over the past year.
  • Measured over the past years, HIW shows a very negative growth in Earnings Per Share. The EPS has been decreasing by -14.74% on average per year.
  • HIW shows a decrease in Revenue. In the last year, the revenue decreased by -2.39%.
  • The Revenue has been growing slightly by 1.81% on average over the past years.
EPS 1Y (TTM)28.21%
EPS 3Y0.45%
EPS 5Y-14.74%
EPS Q2Q%57.89%
Revenue 1Y (TTM)-2.39%
Revenue growth 3Y-0.92%
Revenue growth 5Y1.81%
Sales Q2Q%-1.06%

3.2 Future

  • Based on estimates for the next years, HIW will show a very negative growth in Earnings Per Share. The EPS will decrease by -28.31% on average per year.
  • HIW is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 4.89% yearly.
EPS Next Y-36.26%
EPS Next 2Y-28.31%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue Next Year6.24%
Revenue Next 2Y4.85%
Revenue Next 3Y3.94%
Revenue Next 5Y4.89%

3.3 Evolution

  • The EPS growth rate is decreasing: in the next years the growth will be less than in the last years.
  • When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
HIW Yearly Revenue VS EstimatesHIW Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 200M 400M 600M 800M 1B
HIW Yearly EPS VS EstimatesHIW Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 1 2 3 4 5

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5

4. HIW Valuation Analysis

4.1 Price/Earnings Ratio

  • The Price/Earnings ratio is 14.76, which indicates a correct valuation of HIW.
  • Based on the Price/Earnings ratio, HIW is valued cheaper than 88.52% of the companies in the same industry.
  • The average S&P500 Price/Earnings ratio is at 26.29. HIW is valued slightly cheaper when compared to this.
  • Based on the Price/Forward Earnings ratio of 23.16, the valuation of HIW can be described as rather expensive.
  • Based on the Price/Forward Earnings ratio, HIW is valued cheaper than 90.16% of the companies in the same industry.
  • HIW is valuated at similar levels of the S&P average when we compare the Price/Forward Earnings ratio to 24.57, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 14.76
Fwd PE 23.16
HIW Price Earnings VS Forward Price EarningsHIW Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 20 40 60

4.2 Price Multiples

  • Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of HIW indicates a somewhat cheap valuation: HIW is cheaper than 73.77% of the companies listed in the same industry.
  • Compared to the rest of the industry, the Price/Free Cash Flow ratio of HIW indicates a rather cheap valuation: HIW is cheaper than 94.26% of the companies listed in the same industry.
Industry RankSector Rank
P/FCF 7.86
EV/EBITDA 12
HIW Per share dataHIW EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 5 10 15 20

4.3 Compensation for Growth

  • HIW's earnings are expected to decrease with -28.31% in the coming years. This may justify a cheaper valuation.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y-28.31%
EPS Next 3YN/A

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Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

7

5. HIW Dividend Analysis

5.1 Amount

  • HIW has a Yearly Dividend Yield of 8.65%, which is a nice return.
  • Compared to an average industry Dividend Yield of 7.04, HIW pays a better dividend. On top of this HIW pays more dividend than 86.89% of the companies listed in the same industry.
  • Compared to an average S&P500 Dividend Yield of 1.82, HIW pays a better dividend.
Industry RankSector Rank
Dividend Yield 8.65%

5.2 History

  • The dividend of HIW has a limited annual growth rate of 0.72%.
  • HIW has been paying a dividend for at least 10 years, so it has a reliable track record.
  • HIW has not decreased its dividend for at least 10 years, so it has a reliable track record of non decreasing dividend.
Dividend Growth(5Y)0.72%
Div Incr Years0
Div Non Decr Years20
HIW Yearly Dividends per shareHIW Yearly Dividends per shareYearly Dividends per share 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 0.5 1 1.5

5.3 Sustainability

  • 139.32% of the earnings are spent on dividend by HIW. This is not a sustainable payout ratio.
  • HIW's earnings are declining while the Dividend Rate has been growing. This means the dividend growth is most likely not sustainable.
DP139.32%
EPS Next 2Y-28.31%
EPS Next 3YN/A
HIW Yearly Income VS Free CF VS DividendHIW Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 100M 200M 300M 400M 500M
HIW Dividend Payout.HIW Dividend Payout, showing the Payout Ratio.HIW Dividend Payout.PayoutRetained Earnings

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HIW Fundamentals: All Metrics, Ratios and Statistics

HIGHWOODS PROPERTIES INC

NYSE:HIW (3/6/2026, 8:24:11 PM)

After market: 22.14 0 (0%)

22.14

-0.83 (-3.61%)

Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)02-10
Earnings (Next)04-27
Inst Owners108.41%
Inst Owner Change-1.87%
Ins Owners1.86%
Ins Owner Change-0.18%
Market Cap2.43B
Revenue(TTM)806.11M
Net Income(TTM)157.25M
Analysts68.57
Price Target28.22 (27.46%)
Short Float %6.31%
Short Ratio4.9
Dividend
Industry RankSector Rank
Dividend Yield 8.65%
Yearly Dividend2.01
Dividend Growth(5Y)0.72%
DP139.32%
Div Incr Years0
Div Non Decr Years20
Ex-Date02-17
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)9.72%
Min EPS beat(2)-29.07%
Max EPS beat(2)48.51%
EPS beat(4)2
Avg EPS beat(4)82.13%
Min EPS beat(4)-29.07%
Max EPS beat(4)314.25%
EPS beat(8)5
Avg EPS beat(8)64.27%
EPS beat(12)8
Avg EPS beat(12)51.48%
EPS beat(16)10
Avg EPS beat(16)39.15%
Revenue beat(2)0
Avg Revenue beat(2)-3.03%
Min Revenue beat(2)-3.13%
Max Revenue beat(2)-2.94%
Revenue beat(4)0
Avg Revenue beat(4)-2.67%
Min Revenue beat(4)-3.13%
Max Revenue beat(4)-2.25%
Revenue beat(8)1
Avg Revenue beat(8)-1.53%
Revenue beat(12)1
Avg Revenue beat(12)-1.57%
Revenue beat(16)2
Avg Revenue beat(16)-1.28%
PT rev (1m)-6.53%
PT rev (3m)-11.61%
EPS NQ rev (1m)-38.1%
EPS NQ rev (3m)-7.14%
EPS NY rev (1m)28.8%
EPS NY rev (3m)28.36%
Revenue NQ rev (1m)1.33%
Revenue NQ rev (3m)0.2%
Revenue NY rev (1m)0.51%
Revenue NY rev (3m)0.12%
Valuation
Industry RankSector Rank
PE 14.76
Fwd PE 23.16
P/S 3.02
P/FCF 7.86
P/OCF 6.77
P/B 1.02
P/tB 1.02
EV/EBITDA 12
EPS(TTM)1.5
EY6.78%
EPS(NY)0.96
Fwd EY4.32%
FCF(TTM)2.82
FCFY12.72%
OCF(TTM)3.27
OCFY14.76%
SpS7.34
BVpS21.65
TBVpS21.65
PEG (NY)N/A
PEG (5Y)N/A
Graham Number27.03
Profitability
Industry RankSector Rank
ROA 2.51%
ROE 6.61%
ROCE 3.49%
ROIC 2.76%
ROICexc 2.77%
ROICexgc 2.77%
OM 25.99%
PM (TTM) 19.51%
GM 67.58%
FCFM 38.39%
ROA(3y)2.2%
ROA(5y)2.93%
ROE(3y)5.61%
ROE(5y)7.14%
ROIC(3y)2.92%
ROIC(5y)3.11%
ROICexc(3y)2.94%
ROICexc(5y)3.12%
ROICexgc(3y)2.94%
ROICexgc(5y)3.12%
ROCE(3y)3.7%
ROCE(5y)3.94%
ROICexgc growth 3Y-5.47%
ROICexgc growth 5Y-5.79%
ROICexc growth 3Y-5.47%
ROICexc growth 5Y-5.79%
OM growth 3Y-3.43%
OM growth 5Y-2.96%
PM growth 3Y1.07%
PM growth 5Y-16.06%
GM growth 3Y-0.53%
GM growth 5Y-0.28%
F-Score6
Asset Turnover0.13
Health
Industry RankSector Rank
Debt/Equity 1.49
Debt/FCF 11.48
Debt/EBITDA 7.05
Cap/Depr 16.86%
Cap/Sales 6.17%
Interest Coverage 1.45
Cash Conversion 71.21%
Profit Quality 196.8%
Current Ratio 1.48
Quick Ratio 1.39
Altman-Z 0.46
F-Score6
WACC6.16%
ROIC/WACC0.45
Cap/Depr(3y)21.58%
Cap/Depr(5y)46.7%
Cap/Sales(3y)7.8%
Cap/Sales(5y)16.24%
Profit Quality(3y)249.74%
Profit Quality(5y)185.4%
High Growth Momentum
Growth
EPS 1Y (TTM)28.21%
EPS 3Y0.45%
EPS 5Y-14.74%
EPS Q2Q%57.89%
EPS Next Y-36.26%
EPS Next 2Y-28.31%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue 1Y (TTM)-2.39%
Revenue growth 3Y-0.92%
Revenue growth 5Y1.81%
Sales Q2Q%-1.06%
Revenue Next Year6.24%
Revenue Next 2Y4.85%
Revenue Next 3Y3.94%
Revenue Next 5Y4.89%
EBIT growth 1Y-2%
EBIT growth 3Y-4.33%
EBIT growth 5Y-1.2%
EBIT Next Year153.66%
EBIT Next 3Y37.25%
EBIT Next 5YN/A
FCF growth 1Y-13.66%
FCF growth 3Y19.73%
FCF growth 5YN/A
OCF growth 1Y-11%
OCF growth 3Y-5.21%
OCF growth 5Y0.06%

HIGHWOODS PROPERTIES INC / HIW FAQ

What is the fundamental rating for HIW stock?

ChartMill assigns a fundamental rating of 4 / 10 to HIW.


Can you provide the valuation status for HIGHWOODS PROPERTIES INC?

ChartMill assigns a valuation rating of 5 / 10 to HIGHWOODS PROPERTIES INC (HIW). This can be considered as Fairly Valued.


How profitable is HIGHWOODS PROPERTIES INC (HIW) stock?

HIGHWOODS PROPERTIES INC (HIW) has a profitability rating of 5 / 10.


How financially healthy is HIGHWOODS PROPERTIES INC?

The financial health rating of HIGHWOODS PROPERTIES INC (HIW) is 3 / 10.


Can you provide the dividend sustainability for HIW stock?

The dividend rating of HIGHWOODS PROPERTIES INC (HIW) is 7 / 10 and the dividend payout ratio is 139.32%.