HIW Stock Analysis: Highwoods Properties | NYSE
REIT - Office | NYSE, USA | Market Cap: 3.203m USD | 12M Return: 5.7% | US4312841087 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 34.2M
EPS Trend: 29.3%
Qual. Beats: 0
Rev. Trend: -58.4%
Qual. Beats: 2
Warnings
Tailwinds
No distinct edge detected
Seasonality 11.7 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Highwoods Properties (NYSE: HIW) is a fully integrated office REIT that owns, develops, acquires, leases, and manages commercial properties concentrated in the best business districts of eight Sunbelt markets: Atlanta, Charlotte, Dallas, Nashville, Orlando, Raleigh, Richmond, and Tampa. Headquartered in Raleigh and incorporated in Maryland in 1978, the company has been publicly traded since its 1994 IPO and classifies as a mid-cap stock within the GICS Office REITs sub-industry.
As an office REIT, Highwoods generates revenue primarily by leasing workspace to corporate tenants under multi-year contracts, with the fully integrated structure meaning it handles site selection, development, property management, and leasing in-house rather than outsourcing those functions. Its strategic focus on high-growth Sunbelt metros reflects a broader trend of corporate migration and population growth favoring southeastern U.S. business hubs over traditional coastal gateway markets.
- Sun Belt migration fuels office leasing demand in BBD markets
- Office occupancy recovery stalls amid persistent remote work trends
- Rising rates pressure borrowing costs and dividend yield competitiveness
| Net Income: 168.7m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.06 > 0.02 and ΔFCF/TA -0.22 > 1.0 |
| NWC/Revenue: 28.40% < 20% (prev 10.13%; Δ 18.26% < -1%) |
| CFO/TA 0.06 > 3% & CFO 386.2m > Net Income 168.7m |
| Net Debt (3.42b) to EBITDA (559.4m): 6.11 < 3 |
| Current Ratio: 1.78 > 1.5 & < 3 |
| Outstanding Shares: last quarter (112.3m) vs 12m ago 2.11% < -2% |
| Gross Margin: 67.21% > 18% (prev 67.26%; Δ -0.05% > 0.5%) |
| Asset Turnover: 13.34% > 50% (prev 13.40%; Δ -0.07% > 0%) |
| Interest Coverage Ratio: 1.57 > 6 (EBIT TTM 253.9m / Interest Expense TTM 161.5m) |
| A: 0.04 (Total Current Assets 543.0m - Total Current Liabilities 305.7m) / Total Assets 6.47b |
| B: -0.13 (Retained Earnings -855.4m / Total Assets 6.47b) |
| C: 0.04 (EBIT TTM 253.9m / Avg Total Assets 6.27b) |
| D: 0.62 (Book Value of Equity 2.39b / Total Liabilities 3.88b) |
| Altman-Z'' = 0.73 = B |
| DSRI: 0.88 (Receivables 315.5m/348.5m, Revenue 835.5m/812.1m) |
| GMI: 1.00 (GM 67.26% / 67.21%) |
| AQI: 0.94 (AQ_t 0.13 / AQ_t-1 0.13) |
| SGI: 1.03 (Revenue 835.5m / 812.1m) |
| TATA: -0.03 (NI 168.7m - CFO 386.2m) / TA 6.47b) |
| Beneish M = -3.15 (Cap -4..+1) = AA |
As of October 21, 2026, the stock is trading at USD 29.20 with a total of 1,216,436 shares traded. Over the past week, the price has changed by -1.88%, over one month by -6.05%, over three months by -10.01% and over the past year by +5.65%.
Current recommended Stop Loss: 27.70 (which is 5.1% or 1.8 ATR below the current price).
Highwoods Properties has received a consensus analysts rating of 3.20. Therefore, it is recommended to hold HIW.
- StrongBuy: 1
- Buy: 0
- Hold: 9
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 31.9 | 9.2% |
P/E Trailing = 18.8874
P/E Forward = 65.7895
P/S = 3.8188
P/B = 1.4343
P/EG = 7.7739
Revenue TTM = 835.5m USD
EBIT TTM = 253.9m USD
EBITDA TTM = 559.4m USD
Long Term Debt = 3.55b USD (from longTermDebt, last fiscal year)
Short Term Debt = 8.80m USD (from shortTermDebt, last fiscal year)
Debt = 3.56b USD (corrected: LT Debt 3.55b + ST Debt 8.80m)
Net Debt = 3.42b USD (calculated: Debt 3.56b - CCE 145.4m)
Enterprise Value = 6.62b USD (3.20b + Debt 3.56b - CCE 145.4m)
Interest Coverage Ratio = 1.57 (Ebit TTM 253.9m / Interest Expense TTM 161.5m)
EV/FCF = 17.66x (Enterprise Value 6.62b / FCF TTM 375.0m)
FCF Yield = 5.66% (FCF TTM 375.0m / Enterprise Value 6.62b)
FCF Margin = 44.88% (FCF TTM 375.0m / Revenue TTM 835.5m)
Net Margin = 20.19% (Net Income TTM 168.7m / Revenue TTM 835.5m)
Gross Margin = 67.21% ((Revenue TTM 835.5m - Cost of Revenue TTM 274.0m) / Revenue TTM)
Gross Margin QoQ = 67.58% (prev 66.77%)
Tobins Q-Ratio = 1.02 (Enterprise Value 6.62b / Total Assets 6.47b)
Interest Expense / Debt = 4.53% (Interest Expense 161.5m / Debt 3.56b)
Taxrate = 21.0% (US federal default 21%)
NOPAT = 200.6m (EBIT 253.9m * (1 - 21.00%))
Current Ratio = 1.78 (Total Current Assets 543.0m / Total Current Liabilities 305.7m)
Debt / Equity = 1.49 (Debt 3.56b / totalStockholderEquity, last quarter 2.39b)
Debt / EBITDA = 6.11 (Net Debt 3.42b / EBITDA 559.4m)
Debt / FCF = 9.11 (Net Debt 3.42b / FCF TTM 375.0m)
Total Stockholder Equity = 2.38b (last 4 quarters mean from totalStockholderEquity)
RoA = 2.69% (Net Income 168.7m / Total Assets 6.47b)
RoE = 7.09% (Net Income TTM 168.7m / Total Stockholder Equity 2.38b)
RoCE = 4.28% (EBIT 253.9m / Capital Employed (Equity 2.38b + L.T.Debt 3.55b))
RoIC = 3.27% (NOPAT 200.6m / Invested Capital 6.13b)
WACC = 4.87% (E(3.20b)/V(6.77b) * Re(6.31%) + D(3.56b)/V(6.77b) * Rd(4.53%) * (1-Tc(0.21)))
Discount Rate = 6.31% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 95.74 | Cagr: 2.68%
[DCF] Terminal Value 75.83% ; FCFF base≈370.6m ; Y1≈381.4m ; Y5≈424.4m
[DCF] Fair Price = 28.55 (EV 6.57b - Net Debt 3.42b = Equity 3.15b / Shares 110.3m; r=8.35% [WACC [floored]]; 5y FCF grow 2.99% → 2.50% )
EPS Correlation: 29.34 | EPS CAGR: 12.17% | SUE: 0.18 | # QB: 0
Revenue Correlation: -58.44 | Revenue CAGR: -0.87% | SUE: 1.31 | # QB: 2
EPS current Quarter (2026-09-30): EPS=0.13 | Chg30d=-13.33% | Revisions=+0% | Analysts=1
EPS current Year (2026-12-31): EPS=0.54 | Chg30d=-8.47% | Revisions=+0% | GrowthEPS=+1.9% | GrowthRev=+7.3%
EPS next Year (2027-12-31): EPS=0.57 | Chg30d=-18.57% | Revisions=+0% | GrowthEPS=+5.6% | GrowthRev=+3.6%