Highwoods Properties, Inc. (HIW) Financial Ratios
30 years of historical data (1996–2025) · Real Estate · REIT - Office
EV/EBITDA
↓
13.56
+7% vs avg
5yr avg: 12.70
30Y Low7.2·High25.3
P/FCF
↑
19.39
↑+75% vs avg
5yr avg: 11.05
30Y Low7.0·High63.9
P/B Ratio
↓
1.33
+2% vs avg
5yr avg: 1.30
30Y Low0.7·High2.5
ROE
↓
6.6%
-7% vs avg
5yr avg: 7.0%
30Y Low3%·High26%
Debt/EBITDA
↑
7.21
+14% vs avg
5yr avg: 6.31
30Y Low2.8·High10.4
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
HIW Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Highwoods Properties, Inc. trades at 20.2x earnings, roughly in line with its 5-year average of 20.1x, sitting at the 33rd percentile of its historical range. Compared to the Real Estate sector median P/E of 24.1x, the stock trades at a discount of 16%. On a free-cash-flow basis, the stock trades at 19.4x P/FCF, 75% above the 5-year average of 11.0x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.2B | $2.9B | $3.3B | $2.5B | $2.9B | $4.8B | $4.2B | $5.2B | $4.1B | $5.4B | $5.2B |
| Enterprise Value | $6.8B | $6.5B | $6.6B | $5.7B | $6.1B | $7.5B | $6.6B | $7.7B | $6.2B | $7.4B | $7.1B |
| P/E Ratio → | 20.19 | 17.81 | 32.53 | 16.52 | 18.78 | 14.96 | 11.94 | 95.90 | 23.88 | 28.60 | 9.62 |
| P/S Ratio | 4.01 | 3.54 | 4.01 | 2.97 | 3.55 | 6.22 | 5.74 | 7.07 | 5.71 | 7.65 | 7.77 |
| P/B Ratio | 1.33 | 1.17 | 1.36 | 0.99 | 1.15 | 1.83 | 1.71 | 2.26 | 1.73 | 2.26 | 2.25 |
| P/FCF | 19.39 | 17.14 | 8.21 | 11.41 | 6.98 | 11.52 | 11.89 | — | 13.35 | 15.33 | 26.45 |
| P/OCF | 8.79 | 7.77 | 8.21 | 6.29 | 6.97 | 11.52 | 11.81 | 14.23 | 11.46 | 15.25 | 16.91 |
P/E links to full P/E history page with 30-year chart
HIW EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Highwoods Properties, Inc.'s enterprise value stands at 13.6x EBITDA, 7% above its 5-year average of 12.7x. The Real Estate sector median is 17.0x, placing the stock at a 20% discount on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 8.02 | 7.97 | 6.79 | 7.38 | 9.82 | 8.94 | 10.52 | 8.60 | 10.51 | 10.62 |
| EV / EBITDA | 13.56 | 12.82 | 12.86 | 10.84 | 11.61 | 15.36 | 14.20 | 17.46 | 8.56 | 10.44 | 10.53 |
| EV / EBIT | 32.65 | 20.52 | 26.18 | 19.66 | 22.71 | 18.43 | 15.02 | 34.66 | 24.87 | 28.33 | 35.50 |
| EV / FCF | — | 38.81 | 16.31 | 26.10 | 14.51 | 18.19 | 18.52 | — | 20.11 | 21.06 | 36.16 |
HIW Profitability
Margins and return-on-capital ratios measuring operating efficiency
Highwoods Properties, Inc. earns an operating margin of 26.0%, roughly in line with the Real Estate sector average. ROE of 6.6% is modest. ROIC of 2.7% represents below-average returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 67.6% | 67.6% | 67.0% | 67.8% | 68.7% | 69.2% | 68.5% | 66.2% | 66.3% | 66.3% | 65.3% |
| Operating Margin | 26.0% | 26.0% | 25.8% | 26.7% | 28.9% | 30.2% | 30.2% | 25.7% | 28.8% | 28.2% | 26.5% |
| Net Profit Margin | 19.8% | 19.8% | 12.4% | 17.8% | 19.2% | 40.8% | 47.1% | 18.6% | 23.9% | 26.4% | 78.8% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 6.6% | 6.6% | 4.2% | 5.9% | 6.1% | 12.3% | 14.5% | 5.9% | 7.2% | 7.9% | 25.9% |
| ROA | 2.6% | 2.6% | 1.7% | 2.5% | 2.7% | 5.7% | 6.7% | 2.8% | 3.7% | 4.0% | 11.6% |
| ROIC | 2.7% | 2.7% | 2.8% | 2.9% | 3.2% | 3.4% | 3.4% | 3.0% | 3.5% | 3.5% | 3.1% |
| ROCE | 3.5% | 3.5% | 3.7% | 3.8% | 4.3% | 4.5% | 4.5% | 4.0% | 4.7% | 4.6% | 4.2% |
HIW Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Highwoods Properties, Inc. carries a Debt/EBITDA ratio of 7.2x, which is highly leveraged (9% below the sector average of 7.9x). Net debt stands at $3.6B ($3.6B total debt minus $27M cash). Interest coverage of just 2.1x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.49 | 1.49 | 1.35 | 1.29 | 1.25 | 1.07 | 1.00 | 1.10 | 0.88 | 0.85 | 0.85 |
| Debt / EBITDA | 7.21 | 7.21 | 6.44 | 6.15 | 6.07 | 5.68 | 5.32 | 5.74 | 2.88 | 2.85 | 2.90 |
| Net Debt / Equity | — | 1.48 | 1.35 | 1.28 | 1.24 | 1.06 | 0.96 | 1.10 | 0.88 | 0.84 | 0.83 |
| Net Debt / EBITDA | 7.16 | 7.16 | 6.39 | 6.10 | 6.03 | 5.63 | 5.09 | 5.72 | 2.88 | 2.84 | 2.83 |
| Debt / FCF | — | 21.67 | 8.11 | 14.69 | 7.53 | 6.67 | 6.64 | — | 6.76 | 5.73 | 9.71 |
| Interest Coverage | 2.07 | 2.07 | 1.71 | 2.11 | 2.56 | 4.77 | 5.42 | 2.74 | 3.49 | 3.77 | 2.60 |
HIW Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
Highwoods Properties, Inc.'s current ratio of 42.45x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The current ratio has improved from 2.27x to 42.45x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 42.45 | 42.45 | 1.64 | 2.27 | 1.50 | 1.33 | 2.28 | 1.16 | 1.33 | 1.53 | 1.01 |
| Quick Ratio | 42.45 | 42.45 | 1.46 | 2.27 | 1.50 | 1.33 | 2.28 | 1.16 | 1.30 | 1.15 | 0.92 |
| Cash Ratio | 3.11 | 3.11 | 0.07 | 0.13 | 0.08 | 0.08 | 0.46 | 0.04 | 0.02 | 0.01 | 0.16 |
| Asset Turnover | — | 0.13 | 0.14 | 0.14 | 0.14 | 0.13 | 0.14 | 0.14 | 0.15 | 0.15 | 0.15 |
| Inventory Turnover | — | — | 4.91 | — | — | — | — | — | 38.03 | 2.78 | 7.93 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
HIW Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Highwoods Properties, Inc. returns 6.8% to shareholders annually — split between a 6.7% dividend yield and 0.1% buyback yield. The payout ratio exceeds 100% at 135.8%, meaning the company is paying out more than it earns — this level is unsustainable long-term without earnings recovery. The earnings yield of 5.0% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 6.7% | 7.6% | 6.4% | 8.6% | 7.1% | 4.3% | 4.7% | 3.8% | 4.7% | 4.9% | 3.2% |
| Payout Ratio | 135.8% | 135.8% | 207.7% | — | 132.1% | 65.2% | 57.4% | 143.8% | 111.3% | 141.3% | 31.8% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.0% | 5.6% | 3.1% | 6.1% | 5.3% | 6.7% | 8.4% | 1.0% | 4.2% | 3.5% | 10.4% |
| FCF Yield | 5.2% | 5.8% | 12.2% | 8.8% | 14.3% | 8.7% | 8.4% | — | 7.5% | 6.5% | 3.8% |
| Buyback Yield | 0.1% | 0.1% | 0.0% | 0.0% | 0.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.1% |
| Total Shareholder Yield | 6.8% | 7.7% | 6.5% | 8.6% | 7.3% | 4.3% | 4.7% | 3.8% | 4.7% | 4.9% | 3.3% |
| Shares Outstanding | — | $111M | $108M | $108M | $105M | $107M | $107M | $106M | $106M | $106M | $101M |
Peer Comparison
Compare HIW with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 HIWYou | $3B | 20.2 | 13.6 | 19.4 | 67.6% | 26.0% | 6.6% | 2.7% | 7.2 |
 CUZ | $5B | 117.8 | 13.0 | 34.5 | 26.5% | 22.4% | 0.8% | 2.0% | 5.8 |
 EGP | $11B | 41.1 | 24.8 | 26.5 | 43.3% | 39.9% | 7.6% | 4.3% | 3.5 |
 PDM | $1B | -13.3 | 11.1 | — | -20.7% | 14.1% | -5.4% | 1.5% | 7.4 |
 DEA | $1B | 79.9 | 13.8 | 4.1 | -0.9% | 24.9% | 0.9% | 2.1% | 8.5 |
 VRE | $2B | 23.7 | 23.1 | 32.4 | 1.3% | 17.1% | 6.0% | 1.3% | 10.1 |
 BDN | $537M | -3.0 | 12.0 | 12.6 | -11.1% | 16.7% | -19.5% | 1.9% | 10.0 |
 SLG | $4B | -42.8 | 27.6 | 44.1 | 34.1% | 15.4% | -2.0% | 1.1% | 19.5 |
 BXP | $10B | 37.2 | 9.2 | 14.9 | 60.6% | 55.7% | 3.5% | 6.1% | 6.1 |
 KRC | $4B | 15.9 | 13.7 | — | 67.0% | 28.4% | 4.9% | 2.3% | 7.3 |
 HPP | $793M | -1.1 | 13.5 | 8.0 | -42.1% | -5.7% | -17.3% | -0.5% | 11.5 |
| Real Estate Median | — | 24.1 | 17.0 | 15.4 | 49.3% | 24.8% | 3.7% | 2.7% | 7.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 30 years · Updated daily
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HIW — Frequently Asked Questions
Quick answers to the most common questions about buying HIW stock.
What is Highwoods Properties, Inc.'s P/E ratio?
Highwoods Properties, Inc.'s current P/E ratio is 20.2x. The historical average is 38.1x. This places it at the 33th percentile of its historical range.
What is Highwoods Properties, Inc.'s EV/EBITDA?
Highwoods Properties, Inc.'s current EV/EBITDA is 13.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.1x.
What is Highwoods Properties, Inc.'s ROE?
Highwoods Properties, Inc.'s return on equity (ROE) is 6.6%. The historical average is 6.9%.
Is HIW stock overvalued?
Based on historical data, Highwoods Properties, Inc. is trading at a P/E of 20.2x. This is at the 33th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Highwoods Properties, Inc.'s dividend yield?
Highwoods Properties, Inc.'s current dividend yield is 6.69% with a payout ratio of 135.8%.
What are Highwoods Properties, Inc.'s profit margins?
Highwoods Properties, Inc. has 67.6% gross margin and 26.0% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Highwoods Properties, Inc. have?
Highwoods Properties, Inc.'s Debt/EBITDA ratio is 7.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.