Highwoods Properties (HIW) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Highwoods Properties

NYSE•Real Estate•REIT - Office

$30.70-0.06(<0.01%)Pre-market

Market Cap

$3.35B

P/E

19.3x

P/S

4.0x

P/B

1.4x

Highwoods Properties, Inc. is a publicly traded fully integrated office real estate investment trust that owns, develops, acquires, leases and manages properties primarily in the best business districts (BBDs) of Atlanta, Charlotte, Dallas, Nashville, Orlando, Raleigh, Richmond and Tampa. The firm's vision is to be a leader in the evolution of commercial real estate for the benefit of customers, their communities and those who invest with them. Highwood Properties' mission is to create environments and experiences that inspire their teammates and their customers to achieve more together. They are in the work-placemaking business and believe that by creating exceptional environments and experiences, they can deliver greater value to customers, their teammates and, in turn, their shareholders. Highwoods Properties, Inc., is headquarters in Raleigh. Highwoods Properties, Inc. was incorporated in 1978 in Maryland, USA.

How this company scores

AverageMetricSide Score: 52/100

Strongest: Profitability (21/25); weakest: Cash & Earnings Quality (4/25).

Profitability21/25

Growth15/25

Balance Sheet & Red Flags12/25

Cash & Earnings Quality4/25

Strengths

Strong marginsRising earningsProfit converts from growthImproving margins

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 19.3x5y range 10.6x – 30.9x

Currently near its 20-quarter median.

P/S · 4.0x5y range 2.6x – 6.3x

Currently near its 20-quarter median.

P/B · 1.4x5y range 0.9x – 2.0x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Earnings Quality

Red Flag

Free cash flow has been negative in 4 of the last 8 quarters — earnings are not translating to cash.

Revenue Decline

Watch

Revenue has softened, declining in 5 quarters. Watch for further erosion.

Price & Volume

Market Cap $3.35B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $835.54M
Q. Revenue: $216.38M
TTM EBITDA: $867.05M
TTM Op. Income: $561.59M
Q. Op. Income: $146.22M
TTM Net Income: $173.55M
Q. Net Income: $96.76M
EPS: $0.85
Shares Out.: $110.28M

$835.54M in TTM revenue grew 3.0% YoY, reaching $216.38M last quarter. TTM EBITDA of $867.05M and TTM operating income of $561.59M show growth is flowing through to the bottom line. TTM net income of $173.55M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 2 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: 104.1%
Op. Margin: 67.6%
Net Margin: 44.7%

Op. margin of 67.6% is down 0.7% YoY — costs are rising relative to revenue. Net margin at 44.7% Over the past year, operating margin is down 1% — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 19.3x
P/S Ratio: 4.0x
P/B Ratio: 1.4x

At 19.3x P/E, the stock trades within typical market levels. P/S of 4.0x and P/B of 1.4x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Over the past year, P/E is down 24% — an improving trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $6.47B
Cash: $145.38M
Long-Term Debt: $3.52B
Book Value: $2.39B
D/E Ratio: 1.5
Debt/EBITDA: 15.6

With $6.47B in assets and $3.52B in long-term debt, D/E is 1.5and book value is $2.39B — moderate leverage. Over the past year, debt/equity is up 5% — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $125.23M
TTM Free Cash Flow: $-229.10M
FCF Margin: -27.4%
FCF / Net Income: -1.3

TTM FCF of $-229.10M on $125.23M in operating cash flow. The FCF / Net Income ratio of -1.3x means the business consumes cash — it is not yet self-funding. Over the past year, free cash flow is down 231% — an improving trend.