HIW
HIGHWOODS PROPERTIES, INC.
Real Estate • CIK: 0000921082
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Market Cap
$2.80B
P/E (TTM)
17.7x
Rev Growth (TTM)
-2.4%
Net Margin (TTM)
19.5%
FCF Yield (TTM)
12.8%
FCF Margin (TTM)
44.6%
LATEST EARNINGS
No earnings in last 90 days
Check back after next 8-K filing
Cash Flow Health
Free Cash Flow8/8 positive
TTM$359M
Q4 '25
$100M+3%
Q3 '25
$97M-17%
FCF Margin
TTM44.6%
Q4 '2549.0%+2%
Sector: 13.8%Above Avg
OCF Margin44.6%
OCF/NI2.28x
CapEx Coverage–
FCF Yield12.8%
FCF Growth (2Y)-5%
Cash Conversion Cycle
13 days
DSO: 13+DIO: –−DPO: –
Capital Allocation & Returns
Shareholder Friendly
Total Shareholder YieldEst.
Est.7.7%
Div Yield7.7%
+Est. Buyback3.1%
Strong capital returns to shareholders
Dividend & Payout Metrics
Dividend Yield (TTM)7.7%
FCF Payout Ratio60.3%
Free Cash Flow (TTM)$359.2M
Capital Return / FCF60.3%
Est. Dividends Paid (TTM)$216.7M
Estimated: Buyback data estimated from FCF. Actual repurchase data not available for this company.
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
–
P25MedianP75
(med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
–
Asset Turnover
0.13x
8Q: 0.13x
Leverage (1+D/E)
1.00x
D/E: 0.00x
Asset & CapEx Efficiency
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $806.1M | $203.4M↑0.8% | $201.8M↑0.6% | $200.6M↑0.1% | $200.4M↓2.5% | $205.5M↑0.6% | $204.3M↓0.2% | $204.7M↓3.1% | $211.3M |
Operating Income | $544.7M | $136.6M↑0.5% | $135.8M↓0.8% | $136.9M↑1.2% | $135.3M↑1.0% | $134.1M↓3.3% | $138.6M↓1.1% | $140.2M↓0.5% | $140.8M |
Net Income | $157.3M | $28.7M↑122.5% | $12.9M↓29.5% | $18.3M↓81.3% | $97.4M↑2713.3% | $-3.7M↓125.6% | $14.6M↓76.8% | $62.9M↑141.2% | $26.1M |
Operating Cash Flow | $359.2M | $99.7M↑3.1% | $96.7M↓17.0% | $116.5M↑151.6% | $46.3M↓55.3% | $103.7M↑6.4% | $97.5M↓25.0% | $130.0M↑79.5% | $72.4M |
Free Cash Flow | $359.2M | $99.7M↑3.1% | $96.7M↓17.0% | $116.5M↑151.6% | $46.3M↓55.3% | $103.7M↑6.4% | $97.5M↓25.0% | $130.0M↑79.5% | $72.4M |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
17.7x
Volatile
8Q: 102.0x+14108%
Valuation Lenses
Earnings
17.7x
vs – sector
Cash Flow
7.7x
EV/FCF vs –
Growth-Adj
0.3xPEG
Undervalued for growth
Quality-Adj
–P/E per %ROIC
ROIC: –
Shareholder Returns
Dividend
7.7%
Buyback
–
Total Yield
7.7%
Market Cap$2.80B
EV$2.76B
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
62/100
High Quality
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Above Avg
6.6%
8Q:–
Return on Invested Capital (ROIC)
–
8Q:–
vs Sector:0.1%
Earnings Quality
Cash Conversion
2.28x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin–
Capital Efficiency
Invested Capital Turnover–
Working Capital
Cash Conversion Cycle13 days
Growth Quality & Momentum
Low Quality
Growth Quality Score
45/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
-2.4%
OpInc Growth YoY
1.9%
EPS Growth YoY
55.3%
FCF 3Y CAGR
-5.2%
Growth Quality Analysis
⚠Sustainability Index: 3.0/10 - Growth sustainability concerns
Margin Quality & Sustainability
Low Quality
Profitability Cascade
Gross
—
Operating
—
Net
19.5%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+25.1 pts
FCF: 44.6% | Net: 19.5%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Fortress
Net Debt / EBITDA
Net Cash
(0.0x)Net Cash: $43.05M
Interest Coverage
–
+Net cash position: $43.05M
Leverage Metrics
Debt-to-Equity
0.00x
Balance sheet risk & solvency analysis