Highwoods Properties, Inc. (HIW) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+218.4%

$99.97

vs $31.40 price

Levered DCF

$48.57

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.63

Distress zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	17.81×	32.53×	16.52×	18.78×	14.96×	11.94×	94.06×	23.31×
P/B	1.18×	1.37×	1×	1.19×	1.88×	1.76×	2.36×	1.78×
P/S	3.47×	3.93×	2.91×	3.55×	6.05×	5.59×	6.89×	5.56×
EV / EBITDA	10.51×	11.84×	9.55×	10.98×	11.09×	9.52×	15.92×	12.7×
Gross margin	67.6%	67.0%	67.8%	68.7%	69.2%	68.5%	66.2%	66.3%
Operating margin	26.0%	25.8%	26.7%	28.9%	30.2%	30.2%	25.7%	28.8%
Net margin	19.8%	12.4%	17.8%	19.2%	40.8%	47.1%	18.6%	23.9%
Current ratio	42.45×	1.64×	2.27×	1.5×	1.33×	2.28×	1.16×	1.33×
Debt / equity	1.53×	1.39×	1.32×	1.29×	1.13×	1.06×	1.18×	0.93×
Interest coverage	1.37×	1.45×	1.63×	2.27×	2.7×	2.75×	2.31×	2.91×
Dividend yield	7.8%	6.6%	8.8%	7.2%	4.4%	4.9%	3.9%	4.8%
Payout ratio	137.3%	210.1%	143.6%	133.7%	66.0%	58.1%	145.7%	112.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	6.7%	4.3%	6.1%	6.4%	12.6%	14.9%	6.4%	7.6%
Return on invested capital	24.8%	3.7%	3.8%	4.1%	4.3%	4.5%	3.9%	4.7%
Return on assets	2.5%	1.7%	2.5%	2.6%	5.5%	6.7%	2.7%	3.7%
Free cash flow yield	5.9%	12.4%	9.0%	14.3%	8.9%	8.6%	-1.2%	7.7%
Earnings yield	5.7%	3.1%	6.1%	5.4%	6.7%	8.4%	2.7%	4.3%
Enterprise value	$6.4B	$6.5B	$5.6B	$6.1B	$7.4B	$6.5B	$7.6B	$6.1B
Net debt / EBITDA	5.92×	5.94×	5.43×	5.7×	4.14×	3.47×	5.3×	4.35×
Cash conversion cycle (days)	162	-51	-104	-243	-272	-237	-243	-192