HIW Stock Analysis: Highwoods Properties | NYSE
REIT - Office | NYSE, USA | Market Cap: 3.507m USD | 12M Return: 18.4% | Charts, Fundamentals & Technical Analysis
Avg Turnover: 51.4M
EPS Trend: 4.2%
Qual. Beats: 0
Rev. Trend: -91.0%
Qual. Beats: 1
Warnings
Tailwinds
No distinct edge detected
Seasonality 10.5 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, Inc. (NYSE: HIW) is a fully integrated office real estate investment trust (REIT) that owns, develops, acquires, leases, and manages office properties. The company focuses on properties located in the best business districts (BBDs) of eight high-growth Sun Belt markets: Atlanta, Charlotte, Dallas, Nashville, Orlando, Raleigh, Richmond, and Tampa. Headquartered in Raleigh, Highwoods was incorporated in Maryland in 1978 and went public in 1994.
As an Office REIT, Highwoods generates revenue primarily by leasing workspace to corporate tenants under multi-year contracts, with earnings supplemented by property development, acquisitions, and management services. The company positions itself in the work-placemaking business, aiming to create high-quality office environments that add value for customers and shareholders. Office REITs like Highwoods typically operate under a structure that requires distributing the majority of taxable income to shareholders in the form of dividends, in exchange for favorable tax treatment.
- Sun Belt BBD office occupancy holds above national average
- Interest rate cuts expected to compress cap rates and lift valuations
- Same-property NOI growth driven by rental rate escalations
| Net Income: 93.5m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.05 > 0.02 and ΔFCF/TA -1.40 > 1.0 |
| NWC/Revenue: 24.77% < 20% (prev 12.58%; Δ 12.19% < -1%) |
| CFO/TA 0.06 > 3% & CFO 377.5m > Net Income 93.5m |
| Net Debt (3.67b) to EBITDA (554.6m): 6.62 < 3 |
| Current Ratio: 1.73 > 1.5 & < 3 |
| Outstanding Shares: last quarter (112.1m) vs 12m ago 2.03% < -2% |
| Gross Margin: 67.37% > 18% (prev 67.32%; Δ 0.06% > 0.5%) |
| Asset Turnover: 12.94% > 50% (prev 13.44%; Δ -0.50% > 0%) |
| Interest Coverage Ratio: 1.61 > 6 (EBIT TTM 253.5m / Interest Expense TTM 157.5m) |
| A: 0.03 (Total Current Assets 482.4m - Total Current Liabilities 279.4m) / Total Assets 6.60b |
| B: -0.14 (Retained Earnings -893.7m / Total Assets 6.60b) |
| C: 0.04 (EBIT TTM 253.5m / Avg Total Assets 6.34b) |
| D: 0.59 (Book Value of Equity 2.37b / Total Liabilities 3.98b) |
| Altman-Z'' = 0.65 = B |
| DSRI: 1.06 (Receivables 367.7m/346.7m, Revenue 819.8m/816.2m) |
| GMI: 1.00 (GM 67.32% / 67.37%) |
| AQI: 1.19 (AQ_t 0.16 / AQ_t-1 0.13) |
| SGI: 1.00 (Revenue 819.8m / 816.2m) |
| TATA: -0.04 (NI 93.5m - CFO 377.5m) / TA 6.60b) |
| Beneish M = -2.87 (Cap -4..+1) = A |
As of July 18, 2026, the stock is trading at USD 33.32 with a total of 704,501 shares traded. Over the past week, the price has changed by +6.73%, over one month by +16.42%, over three months by +44.26% and over the past year by +18.40%.
Current recommended Stop Loss: 32.10 (which is 3.7% or 1.5 ATR below the current price).
Highwoods Properties has received a consensus analysts rating of 3.40. Therefore, it is recommended to hold HIW.
- StrongBuy: 3
- Buy: 0
- Hold: 6
- Sell: 0
- StrongSell: 1
| Analysts Target Price | 26.8 | -19.6% |
P/E Trailing = 37.6145
P/E Forward = 65.7895
P/S = 4.2565
P/B = 1.4696
P/EG = 7.7739
Revenue TTM = 819.8m USD
EBIT TTM = 253.5m USD
EBITDA TTM = 554.6m USD
Long Term Debt = 3.70b USD (from longTermDebt, last quarter)
Short Term Debt = 8.80m USD (from shortTermDebt, last fiscal year)
Debt = 3.70b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 3.67b USD (calculated: Debt 3.70b - CCE 32.4m)
Enterprise Value = 7.18b USD (3.51b + Debt 3.70b - CCE 32.4m)
Interest Coverage Ratio = 1.61 (Ebit TTM 253.5m / Interest Expense TTM 157.5m)
EV/FCF = 22.60x (Enterprise Value 7.18b / FCF TTM 317.6m)
FCF Yield = 4.43% (FCF TTM 317.6m / Enterprise Value 7.18b)
FCF Margin = 38.75% (FCF TTM 317.6m / Revenue TTM 819.8m)
Net Margin = 11.40% (Net Income TTM 93.5m / Revenue TTM 819.8m)
Gross Margin = 67.37% ((Revenue TTM 819.8m - Cost of Revenue TTM 267.5m) / Revenue TTM)
Gross Margin QoQ = 66.77% (prev 67.17%)
Tobins Q-Ratio = 1.09 (Enterprise Value 7.18b / Total Assets 6.60b)
Interest Expense / Debt = 4.25% (Interest Expense 157.5m / Debt 3.70b)
Taxrate = 21.0% (US federal default 21%)
NOPAT = 200.3m (EBIT 253.5m * (1 - 21.00%))
Current Ratio = 1.73 (Total Current Assets 482.4m / Total Current Liabilities 279.4m)
Debt / Equity = 1.56 (Debt 3.70b / totalStockholderEquity, last quarter 2.37b)
Debt / EBITDA = 6.62 (Net Debt 3.67b / EBITDA 554.6m)
Debt / FCF = 11.56 (Net Debt 3.67b / FCF TTM 317.6m)
Total Stockholder Equity = 2.38b (last 4 quarters mean from totalStockholderEquity)
RoA = 1.48% (Net Income 93.5m / Total Assets 6.60b)
RoE = 3.94% (Net Income TTM 93.5m / Total Stockholder Equity 2.38b)
RoCE = 4.17% (EBIT 253.5m / Capital Employed (Equity 2.38b + L.T.Debt 3.70b))
RoIC = 3.18% (NOPAT 200.3m / Invested Capital 6.29b)
WACC = 5.36% (E(3.51b)/V(7.21b) * Re(7.47%) + D(3.70b)/V(7.21b) * Rd(4.25%) * (1-Tc(0.21)))
Discount Rate = 7.47% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 95.45 | Cagr: 2.63%
[DCF] Terminal Value 73.10% ; FCFF base≈341.6m ; Y1≈299.5m ; Y5≈242.0m
[DCF] Fair Price = 1.94 (EV 3.88b - Net Debt 3.67b = Equity 213.5m / Shares 110.3m; r=8.35% [WACC [floored]]; 5y FCF grow -15.0% → 2.50% )
EPS Correlation: 4.15 | EPS CAGR: 1.57% | SUE: 0.13 | # QB: 0
Revenue Correlation: -91.00 | Revenue CAGR: -1.39% | SUE: 1.48 | # QB: 1
EPS current Quarter (2026-06-30): EPS=0.16 | Chg30d=-5.88% | Revisions=-25% | Analysts=1
EPS next Quarter (2026-09-30): EPS=0.17 | Chg30d=+6.25% | Revisions=+25% | Analysts=1
EPS current Year (2026-12-31): EPS=0.61 | Chg30d=+1.67% | Revisions=+25% | GrowthEPS=+15.1% | GrowthRev=+6.0%
EPS next Year (2027-12-31): EPS=0.76 | Chg30d=+22.58% | Revisions=+25% | GrowthEPS=+24.6% | GrowthRev=+4.0%