Latest Ratios: P/E Ratio 20.5x · EV/EBITDA 13.6x · ROE 6.6%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.3B | $2.9B | $3.3B | $2.5B | $2.9B | $4.8B | $4.2B | $5.2B | $4.1B | $5.4B | $5.2B |
| Enterprise Value | $6.9B | $6.5B | $6.6B | $5.7B | $6.1B | $7.5B | $6.6B | $7.7B | $6.2B | $7.4B | $7.1B |
| P/E Ratio → | 20.46 | 17.81 | 32.53 | 16.52 | 18.78 | 14.96 | 11.94 | 95.90 | 23.88 | 28.60 | 9.62 |
| P/S Ratio | 4.06 | 3.54 | 4.01 | 2.97 | 3.55 | 6.22 | 5.74 | 7.07 | 5.71 | 7.65 | 7.77 |
| P/B Ratio | 1.35 | 1.17 | 1.36 | 0.99 | 1.15 | 1.83 | 1.71 | 2.26 | 1.73 | 2.26 | 2.25 |
| P/FCF | 19.65 | 17.14 | 8.21 | 11.41 | 6.98 | 11.52 | 11.89 | — | 13.35 | 15.33 | 26.45 |
| P/OCF | 8.91 | 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
Enterprise-value multiples — capital-structure-neutral measures of total business value
| 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 | 13.64 | 12.82 | 12.86 | 10.84 | 11.61 | 15.36 | 14.20 | 17.46 | 8.56 | 10.44 | 10.53 |
| EV / EBIT | 32.86 | 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 |
Margins and return-on-capital ratios measuring operating efficiency
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% |
| 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% |
Solvency and debt-coverage ratios — lower is generally safer
| 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 |
Short-term solvency ratios and asset-utilisation metrics
| 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 | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
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 | 6.6% | 7.6% | 6.4% | 8.5% | 7.1% | 4.3% | 4.7% | 3.8% | 4.7% | 4.9% | 3.2% |
| Payout Ratio | 135.8% | 135.8% | 207.7% | 141.9% | 132.1% | 65.2% | 57.4% | 143.8% | 111.3% | 141.3% | 31.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.9% | 5.6% | 3.1% | 6.1% | 5.3% | 6.7% | 8.4% | 1.0% | 4.2% | 3.5% | 10.4% |
| FCF Yield | 5.1% | 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 | 6.7% | 7.7% | 6.5% | 8.5% | 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 |
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Quick answers to the most common questions about buying HIW stock.
Highwoods Properties, Inc.'s current P/E ratio is 20.5x. The historical average is 38.1x. This places it at the 33th percentile of its historical range.
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.
Highwoods Properties, Inc.'s return on equity (ROE) is 6.6%. The historical average is 6.9%.
Based on historical data, Highwoods Properties, Inc. is trading at a P/E of 20.5x. This is at the 33th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Highwoods Properties, Inc.'s current dividend yield is 6.61% with a payout ratio of 135.8%.
Highwoods Properties, Inc. has 67.6% gross margin and 26.0% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Highwoods Properties, Inc.'s Debt/EBITDA ratio is 7.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Tenant retention and occupancy pressure
Metrics are mathematically derived from official filings.
P/FFO Premium Reflects Sunbelt Discount
HIW trades at 23.1x forward FFO, a premium to peers like CUZ, yet its implied cap rate suggests the market prices in secondary market risk, per reported figures.
With P/FFO at 23.06x in 2026Q2, HIW commands a higher multiple than CUZ's 13.37x EV/EBITDA, but this may reflect a quality premium for its BBD strategy. However, the implied cap rate, derived from NOI and enterprise value, appears to embed a discount for secondary markets like Pittsburgh and Richmond. Investors should monitor whether this premium is justified by superior same-store NOI growth or if it compresses as leasing headwinds persist.
NOI Margin Stability Masks Occupancy Risk
NOI margin held at 67.6% in 2026Q2, up from 66.8% in Q1, but same-store NOI growth appears negative, as per financial statements.
The stable NOI margin suggests effective cost control, but the underlying occupancy pressure is evident in the revenue decline of 2.4% YoY. The margin resilience may be due to asset sales of lower-margin properties, which could mask deteriorating same-store performance. If occupancy continues to fall, fixed costs will weigh on margins, potentially eroding the current stability.
Payout Ratio Cushion Thins on AFFO Basis
FFO payout ratio improved to 63.6% in 2026Q2, but AFFO coverage of 1.56x suggests a thinner cushion, based on reported cash flow data.
The FFO payout ratio of 63.6% appears safe, but AFFO coverage of 1.56x indicates that after maintenance capex, the dividend is less comfortably covered. The spike in capex to $48.7M in Q2 highlights the capital intensity of maintaining the portfolio. If AFFO declines due to rising tenant improvement costs, the payout ratio could approach levels that force a dividend cut, especially if occupancy weakens further.
Leverage Creeps Up Amid Debt Ladder
Debt-to-equity rose to 1.36 in 2026Q2 from 1.29 a year ago, while interest coverage fell to 1.37x, as per balance sheet data.
The increase in leverage, coupled with a decline in interest coverage to 1.37x, suggests that HIW is taking on more debt to fund growth, but its earnings are not expanding proportionally. The reported D/E of 1.49 in 2025Q4 appears anomalous and warrants verification, but even the current level indicates a balance sheet that is adequately, not conservatively, leveraged. With a staggered debt maturity profile, refinancing risk is mitigated, but rising rates could pressure coverage further.
Occupancy Pressure in Secondary Markets
G&A efficiency appears stable, but occupancy in secondary markets like Pittsburgh and Richmond may be under pressure, as per reported figures.
The portfolio's concentration in secondary Sunbelt markets provides a moat but also exposes HIW to tenants' flight to quality. While NOI margin held, the revenue decline suggests occupancy losses, particularly in markets with lower demand. The recent expansion into Dallas via JVs may diversify, but it also introduces execution risk. Investors should monitor same-store occupancy and retention rates, as these are leading indicators of future NOI.
P/E Misleads Due to Depreciation
Standard P/E of 21.66 is distorted by depreciation, obscuring HIW's true earnings power, as per financial statements.
For REITs, P/E is misleading because depreciation is a non-cash charge that reduces net income but not FFO. HIW's P/E of 21.66 appears elevated, but P/FFO of 23.06x provides a clearer picture of valuation. Investors should use P/AFFO, which accounts for maintenance capex, to assess dividend sustainability. The gap between FFO and net income, which widened in Q2, underscores the need to focus on FFO-based metrics.