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BDN vs HIW
Revenue, margins, valuation, and 5-year total return — side by side.
REIT - Office
BDN vs HIW — Key Financials
Market cap, revenue, margins, and valuation side-by-side.
| Company Snapshot | ||
|---|---|---|
| Industry | REIT - Office | REIT - Office |
| Market Cap | $525M | $2.85B |
| Revenue (TTM) | $490M | $820M |
| Net Income (TTM) | $-201M | $93M |
| Gross Margin | 70.2% | 67.4% |
| Operating Margin | -1.2% | 25.6% |
| Forward P/E | — | 40.0x |
| Total Debt | $2.58B | $3.64B |
| Cash & Equiv. | $32M | $27M |
BDN vs HIW — Long-Term Stock Performance
Price return indexed to 100 at period start. Dividends excluded.
| Stock | May 20 | May 26 | Return |
|---|---|---|---|
| Brandywine Realty T… (BDN) | 100 | 31.3 | -68.7% |
| Highwoods Propertie… (HIW) | 100 | 67.5 | -32.5% |
Price return only. Dividends and distributions are not included.
Quick Verdict: BDN vs HIW
Each card shows where this stock fits in a portfolio — not just who wins on paper.
BDN is the clearest fit if your priority is income & stability and sleep-well-at-night.
- Dividend streak 0 yrs, beta 0.73, yield 17.8%
- Lower volatility, beta 0.73, current ratio 10.51x
- Beta 0.73, yield 17.8%, current ratio 10.51x
HIW carries the broadest edge in this set and is the clearest fit for growth exposure and long-term compounding.
- Rev growth -2.4%, EPS growth 54.3%, 3Y rev CAGR -0.9%
- -5.8% 10Y total return vs BDN's -37.0%
- -2.4% FFO/revenue growth vs BDN's -4.2%
See the full category breakdown
| Category | Winner | Why |
|---|---|---|
| Growth | -2.4% FFO/revenue growth vs BDN's -4.2% | |
| Value | Better valuation composite | |
| Quality / Margins | 11.4% margin vs BDN's -41.0% | |
| Stability / Safety | Beta 0.73 vs HIW's 0.76 | |
| Dividends | 17.8% yield, vs HIW's 7.6% | |
| Momentum (1Y) | -4.7% vs BDN's -18.0% | |
| Efficiency (ROA) | 1.5% ROA vs BDN's -5.8%, ROIC 2.7% vs 1.9% |
BDN vs HIW — Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
BDN vs HIW — Financial Metrics
Side-by-side numbers across 2 stocks — who leads on profitability, valuation, growth, and risk.
Income & Cash Flow (Last 12 Months)
HIW leads this category, winning 5 of 6 comparable metrics.
Income & Cash Flow (Last 12 Months)
HIW is the larger business by revenue, generating $820M annually — 1.7x BDN's $490M. HIW is the more profitable business, keeping 11.4% of every revenue dollar as net income compared to BDN's -41.0%.
| Metric | ||
|---|---|---|
| RevenueTrailing 12 months | $490M | $820M |
| EBITDAEarnings before interest/tax | $167M | $511M |
| Net IncomeAfter-tax profit | -$201M | $93M |
| Free Cash FlowCash after capex | $53M | $318M |
| Gross MarginGross profit ÷ Revenue | +70.2% | +67.4% |
| Operating MarginEBIT ÷ Revenue | -1.2% | +25.6% |
| Net MarginNet income ÷ Revenue | -41.0% | +11.4% |
| FCF MarginFCF ÷ Revenue | +10.8% | +38.7% |
| Rev. Growth (YoY)Latest quarter vs prior year | +4.5% | +6.8% |
| EPS Growth (YoY)Latest quarter vs prior year | -75.0% | -67.8% |
Valuation Metrics
BDN leads this category, winning 5 of 5 comparable metrics.
Valuation Metrics
On an enterprise value basis, BDN's 11.9x EV/EBITDA is more attractive than HIW's 12.8x.
| Metric | ||
|---|---|---|
| Market CapShares × price | $525M | $2.8B |
| Enterprise ValueMkt cap + debt − cash | $3.1B | $6.5B |
| Trailing P/EPrice ÷ TTM EPS | -2.93x | 17.81x |
| Forward P/EPrice ÷ next-FY EPS est. | — | 39.98x |
| PEG RatioP/E ÷ EPS growth rate | — | — |
| EV / EBITDAEnterprise value multiple | 11.95x | 12.80x |
| Price / SalesMarket cap ÷ Revenue | 1.08x | 3.53x |
| Price / BookPrice ÷ Book value/share | 0.66x | 1.17x |
| Price / FCFMarket cap ÷ FCF | 12.29x | 17.09x |
Profitability & Efficiency
HIW leads this category, winning 7 of 9 comparable metrics.
Profitability & Efficiency
HIW delivers a 3.8% return on equity — every $100 of shareholder capital generates $4 in annual profit, vs $-25 for BDN. HIW carries lower financial leverage with a 1.49x debt-to-equity ratio, signaling a more conservative balance sheet compared to BDN's 3.23x. On the Piotroski fundamental quality scale (0–9), HIW scores 6/9 vs BDN's 4/9, reflecting solid financial health.
| Metric | ||
|---|---|---|
| ROE (TTM)Return on equity | -24.6% | +3.8% |
| ROA (TTM)Return on assets | -5.8% | +1.5% |
| ROICReturn on invested capital | +1.9% | +2.7% |
| ROCEReturn on capital employed | +2.4% | +3.5% |
| Piotroski ScoreFundamental quality 0–9 | 4 | 6 |
| Debt / EquityFinancial leverage | 3.23x | 1.49x |
| Net DebtTotal debt minus cash | $2.5B | $3.6B |
| Cash & Equiv.Liquid assets | $32M | $27M |
| Total DebtShort + long-term debt | $2.6B | $3.6B |
| Interest CoverageEBIT ÷ Interest expense | -0.28x | 2.07x |
Total Returns (Dividends Reinvested)
HIW leads this category, winning 5 of 6 comparable metrics.
Total Returns (Dividends Reinvested)
A $10,000 investment in HIW five years ago would be worth $8,050 today (with dividends reinvested), compared to $4,487 for BDN. Over the past 12 months, HIW leads with a -4.7% total return vs BDN's -18.0%. The 3-year compound annual growth rate (CAGR) favors HIW at 13.3% vs BDN's 6.9% — a key indicator of consistent wealth creation.
| Metric | ||
|---|---|---|
| YTD ReturnYear-to-date | +7.8% | +1.7% |
| 1-Year ReturnPast 12 months | -18.0% | -4.7% |
| 3-Year ReturnCumulative with dividends | +22.0% | +45.5% |
| 5-Year ReturnCumulative with dividends | -55.1% | -19.5% |
| 10-Year ReturnCumulative with dividends | -37.0% | -5.8% |
| CAGR (3Y)Annualised 3-year return | +6.9% | +13.3% |
Risk & Volatility
Evenly matched — BDN and HIW each lead in 1 of 2 comparable metrics.
Risk & Volatility
BDN is the less volatile stock with a 0.73 beta — it tends to amplify market swings less than HIW's 0.76 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. HIW currently trades 78.8% from its 52-week high vs BDN's 65.2% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | ||
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.73x | 0.76x |
| 52-Week HighHighest price in past year | $4.63 | $32.76 |
| 52-Week LowLowest price in past year | $2.47 | $20.45 |
| % of 52W HighCurrent price vs 52-week peak | +65.2% | +78.8% |
| RSI (14)Momentum oscillator 0–100 | 57.7 | 65.5 |
| Avg Volume (50D)Average daily shares traded | 2.6M | 1.3M |
Analyst Outlook
BDN leads this category, winning 1 of 1 comparable metric.
Analyst Outlook
Wall Street rates BDN as "Hold" and HIW as "Hold". Consensus price targets imply 15.9% upside for BDN (target: $4) vs 4.6% for HIW (target: $27). For income investors, BDN offers the higher dividend yield at 17.76% vs HIW's 7.59%.
| Metric | ||
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Hold | Hold |
| Price TargetConsensus 12-month target | $3.50 | $27.00 |
| # AnalystsCovering analysts | 24 | 22 |
| Dividend YieldAnnual dividend ÷ price | +17.8% | +7.6% |
| Dividend StreakConsecutive years of raises | 0 | 0 |
| Dividend / ShareAnnual DPS | $0.54 | $1.96 |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | +0.1% |
HIW leads in 3 of 6 categories (Income & Cash Flow, Profitability & Efficiency). BDN leads in 2 (Valuation Metrics, Analyst Outlook). 1 tied.
BDN vs HIW: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is BDN or HIW a better buy right now?
For growth investors, Highwoods Properties, Inc.
(HIW) is the stronger pick with -2. 4% revenue growth year-over-year, versus -4. 2% for Brandywine Realty Trust (BDN). Highwoods Properties, Inc. (HIW) offers the better valuation at 17. 8x trailing P/E (40. 0x forward), making it the more compelling value choice. Analysts rate Brandywine Realty Trust (BDN) a "Hold" — based on 24 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which is the better long-term investment — BDN or HIW?
Over the past 5 years, Highwoods Properties, Inc.
(HIW) delivered a total return of -19. 5%, compared to -55. 1% for Brandywine Realty Trust (BDN). Over 10 years, the gap is even starker: HIW returned -5. 8% versus BDN's -37. 0%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
03Which is safer — BDN or HIW?
By beta (market sensitivity over 5 years), Brandywine Realty Trust (BDN) is the lower-risk stock at 0.
73β versus Highwoods Properties, Inc. 's 0. 76β — meaning HIW is approximately 4% more volatile than BDN relative to the S&P 500. On balance sheet safety, Highwoods Properties, Inc. (HIW) carries a lower debt/equity ratio of 149% versus 3% for Brandywine Realty Trust — giving it more financial flexibility in a downturn.
04Which is growing faster — BDN or HIW?
By revenue growth (latest reported year), Highwoods Properties, Inc.
(HIW) is pulling ahead at -2. 4% versus -4. 2% for Brandywine Realty Trust (BDN). On earnings-per-share growth, the picture is similar: Highwoods Properties, Inc. grew EPS 54. 3% year-over-year, compared to 9. 6% for Brandywine Realty Trust. Over a 3-year CAGR, HIW leads at -0. 9% annualised revenue growth. Higher growth typically commands a higher valuation multiple — check whether the premium P/E or P/S is justified by the growth rate using the PEG ratio.
05Which has better profit margins — BDN or HIW?
Highwoods Properties, Inc.
(HIW) is the more profitable company, earning 19. 8% net margin versus -37. 0% for Brandywine Realty Trust — meaning it keeps 19. 8% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: HIW leads at 26. 0% versus 16. 7% for BDN. At the gross margin level — before operating expenses — HIW leads at 67. 6%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
06Is BDN or HIW more undervalued right now?
Analyst consensus price targets imply the most upside for BDN: 15.
9% to $3. 50.
07Which pays a better dividend — BDN or HIW?
All stocks in this comparison pay dividends.
Brandywine Realty Trust (BDN) offers the highest yield at 17. 8%, versus 7. 6% for Highwoods Properties, Inc. (HIW).
08Is BDN or HIW better for a retirement portfolio?
For long-horizon retirement investors, Brandywine Realty Trust (BDN) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.
73), 17. 8% yield). Both have compounded well over 10 years (BDN: -37. 0%, HIW: -5. 8%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
09What are the main differences between BDN and HIW?
Both stocks operate in the Real Estate sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both.
In terms of investment character: BDN is a small-cap income-oriented stock; HIW is a small-cap deep-value stock. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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