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HIWHighwoods Properties, Inc.
$29.09$3.3B
Overview & Tools
OverviewChart Terminal ↗Visualize
Valuation & Forecasts
Valuation ModelsEstimatesDCF Model
Price & Analyst Data
Analyst TargetsPrice History
Financial Statements
Income StatementBalance SheetCash FlowRatios & Margins
Performance
P/E HistoryRevenue HistoryEarnings HistoryDividend HistoryTotal Return
Discovery & Screens
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HIW logo

Highwoods Properties, Inc.

HIW
NYSE · Office REITs
$29.09
At close - Oct 1, 4:00 PM EDT - USD
Market Cap$3.21B
P/E20.1x
52W High$35.44
Volume997.12K
OverviewTerminalAnalysisFinancialsValuationEarningsBreakoutsOwnership
VCP Research Verdict2026Q2

FFO Volatility Masks Stable NOI Margin Expansion

Highwoods Properties exhibits a resilient NOI margin of 67.6% in 2026Q2 despite a 2.4% year-over-year revenue decline, supported by stable same-store operations and a 7.9% sequential revenue gain. FFO per share surged 85.1% to $1.54 in 2026Q2, but this appears...

GrowthMixed
ProfitabilityStable
ValuationAttractive
TechnicalsMixed
Explore valuation models
MARKET ACTION

HIW price & volume

Price trend, volume and key moving averages

Launch Terminal
Loading chart...
Decision Checklist4 Core Signals

What matters now

The signals most likely to change the investment case.

01

Earnings momentum

6/12 Beats

EPS beat 6 of last 12 quarters

02

Valuation risk

-28% Peers

P/E is 28% below peer median

03

Market leadership

RS 71 · Avg

Average momentum (RS Rating: 71)

04

Mixed Trend

Mixed

Price < 50DMA but > 200DMA

Next CatalystEstimated earnings · Oct 28

Market performance

Price History →

Trailing total returns as of 10/3/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return
HIW+18.20%
S&P 500 (^GSPC)+11.83%
1-Year Return
HIW-3.03%
S&P 500 (^GSPC)+14.29%
3-Year Return
HIW+75.19%
S&P 500 (^GSPC)+79.15%
5-Year Return
HIW-13.69%
S&P 500 (^GSPC)+71.35%
02

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis
Trailing P/E5Y High
20.5x
Forward P/E
22.1x
EV/EBITDA80th %ile
13.6x
FCF YieldCash Flow
5.1%

Valuation vs 5-Year History

Multiple Range
Metric
Current
5Y Median
Historical Range
Percentile
P/E
20.5x
17.8x
80th· High
EV/EBITDA
13.6x
12.8x
80th· High
Price/FCF
19.6x
11.4x
100th· High
Current Multiple
5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection
Bear$22.97-21.0%
Base (Fair)$29.81+0.5%
Bull$37.72+29.7%
$22.97 Bear$29.81 Base$37.72 Bull
Current Market Price: $29.09
Trades at a 2.4% discount to Base DCF ($29.81)
Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend
Revenue
$806M-2.4% YoY
Net income
$160M+56.1% YoY
Free cash flow
$167M-58.7% YoY
Operating margin
26%+0.2 pts YoY
ROIC (TTM)2.7%
Avg ROIC 5Y-
ROE (TTM)6.6%
Piotroski Score6 / 9
Financial Statements →
03

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History
EPS Beat Rate6/12 (50%)
Revenue Beat Rate5/12 (42%)
QuarterEPS (Act vs Est)Revenue (Act vs Est)
Q3 2026Latest
Jul 28, 2026
$0.85+98.4%
vs $0.43
$216M+2.0%
vs $212M
Q2 2026
Apr 28, 2026
$0.29-65.5%
vs $0.84
$214M+2.4%
vs $209M
Q1 2026
Feb 10, 2026
$0.26-69.0%
vs $0.84
$203M-2.4%
vs $208M
Q4 2025
Oct 28, 2025
$0.12-14.3%
vs $0.14
$202M-0.4%
vs $203M
Historical baseline: 12 quarters analyzedGAAP / Adjusted
MARKET COVERAGE

Latest News

5 Stories
Seeking Alpha·Sep 20, 2026
The REIT Conundrum

REITs have evolved into a larger, more diversified, and better-capitalized asset class, now less sensitive to Treasury yields than in prior cycles. Modern REITs feature lower leverage (34.4% debt), predominantly fixed-rate, long-maturity debt, and strong liquidity, supporting resilience amid higher rates. Supply constraints and rising replacement costs create durable moats for select REIT sectors, especially those with HALO (Heavy Assets, Low Obsolescence) characteristics.

Defense World·Sep 17, 2026
Corient Private Wealth LP Sells 40,685 Shares of Highwoods Properties, Inc. $HIW

Corient Private Wealth LP decreased its position in Highwoods Properties, Inc. (NYSE: HIW) by 10.4% during the undefined quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 349,259 shares of the real estate investment trust's stock after selling 40,685 shares during the period.

GlobeNewsWire·Sep 15, 2026
Highwoods to Release Third Quarter 2026 Results Tuesday, October 27th

RALEIGH, N.C., Sept. 15, 2026 (GLOBE NEWSWIRE) -- Highwoods Properties, Inc. (NYSE:HIW) will release its third quarter 2026 results on Tuesday, October 27th, after the market closes.

GlobeNewsWire·Sep 14, 2026
Highwoods Announces Leasing and Disposition Activity

2 nd Gen Leasing Activity Continues to be Strong 1,100,000 SF of Leases Signed to Date in Third Quarter Includes over 200,000 SF of New Leases ____________________________________ Closes $74 Million of Non-Core Dispositions ____________________________________ RALEIGH, N.C., Sept. 14, 2026 (GLOBE NEWSWIRE) -- Highwoods Properties, Inc. (NYSE: HIW) announced it has signed 1,100,000 square feet of second generation leases since July 1, 2026, including over 200,000 square feet of new leases.

Filtered for Highwoods Properties, Inc.More Headlines
04

Compare before deciding

Benchmark HIW against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for Highwoods Properties, Inc. (HIW)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
HIW logoHIWHighwoods Properties, Inc.Current
$29.09$3.21B20.06-2.39%19.8%6.56%6.74%
CUZ logoCUZCousins Properties Incorporated
$27.63$4.55B115.1316%0.64%0.14%—
EGP logoEGPEastGroup Properties, Inc.
$194.84$10.48B40.0112.97%40.47%8.61%—
PDM logoPDMPiedmont Office Realty Trust, Inc.
$8.81$1.1B-13.15-0.93%-14.17%-5.39%—
DEA logoDEAEasterly Government Properties, Inc.
$23.23$1.08B80.1011.27%2.86%0.75%—
VRE logoVREVeris Residential, Inc.
$18.99$1.78B23.746.4%24.74%5.72%—

Compare HIW vs Peers

Highwoods Properties, Inc. (HIW) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs CUZ

Most directly comparable listed peer for HIW.

Scale Benchmark

vs CBRE

Larger-name benchmark to compare HIW against a more recognizable public peer.

Peer Set

Compare Top 5

vs CUZ, EGP, PDM, DEA

05

Keep researching

Verify the primary filings, follow material updates, and answer the remaining questions.

HIW SEC Filings & Documents

Highwoods Properties, Inc. (HIW) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Jun 4, 2026·SEC

Material company update

May 12, 2026·SEC

Material company update

Feb 11, 2026·SEC

10-K Annual Reports

6
FY 2026

Feb 10, 2026·SEC

FY 2025

Feb 11, 2025·SEC

FY 2024

Feb 6, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

Jul 28, 2026·SEC

FY 2026

Apr 28, 2026·SEC

FY 2025

Oct 28, 2025·SEC

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HIW Frequently Asked Questions

Highwoods Properties, Inc. (HIW) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is Highwoods Properties, Inc.'s revenue?

Highwoods Properties, Inc. (HIW) reported $835.5M in revenue for fiscal year 2025. This represents a 506% increase from $137.9M in 1996.

How fast is Highwoods Properties, Inc. growing?

Highwoods Properties, Inc. (HIW) saw revenue decline by 2.4% over the past year.

Is HIW profitable?

Yes, Highwoods Properties, Inc. (HIW) is profitable, generating $168.7M in net income for fiscal year 2025 (19.8% net margin).

Dividend & Returns
Does HIW pay dividends?

Yes, Highwoods Properties, Inc. (HIW) pays a dividend with a yield of 6.74%. This makes it attractive for income-focused investors.

What is HIW's return on equity?

Highwoods Properties, Inc. (HIW) has a return on equity (ROE) of 6.6%. This is below average, suggesting room for improvement.

Industry Metrics
What is Highwoods Properties, Inc.'s FFO?

Highwoods Properties, Inc. (HIW) generated Funds From Operations (FFO) of $474.1M in the trailing twelve months. FFO is the primary profitability metric for REITs.

Is HIW a good dividend stock?

Highwoods Properties, Inc. (HIW) offers a 6.74% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

What if you invested $1,000 in HIW back in 1996?

Total return calculator · dividends reinvested · 30+ years of data

See returns →