Highwoods Properties, Inc. (HIW) Key Metrics
HIW valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $3.30B
- Enterprise value
- $6.79B
- P/E (TTM)
- 19.4 10-yr median 18.2
- Forward P/E
- 65.8
- PEG ratio
- 7.77
- Price / sales
- 3.9 10-yr median 5.7
- Price / book
- 1.4 10-yr median 1.7
- EV / EBITDA
- 10.6 10-yr median 11.8
- Dividend yield
- 6.69% $2.00 a year
- Beta
- 1.08
HIW key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsHIW valuation Price multiples at each fiscal year-end price.
HIW returns How much profit the business earns on the capital it uses.
HIW per-share figures Results divided by the shares outstanding at year-end.
HIW financial health Debt, liquidity and how easily interest is covered.
HIW efficiency & capital use Working capital cycle and where the cash goes.
HIW valuation history
HIW returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
HIW debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
HIW cash returned to shareholders
HIW price vs earnings per share
HIW key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $2.85B | $3.31B | $2.47B | $2.94B | $4.77B | $4.23B | $5.21B | $4.11B | $5.38B | $5.17B |
| Enterprise value | $6.46B | $6.58B | $5.66B | $6.12B | $7.75B | $6.74B | $7.74B | $6.20B | $7.39B | $9.02B |
| P/E ratio | 17.9 | 32.4 | 16.6 | 18.5 | 15.2 | 12.2 | 38.0 | 23.9 | 29.0 | 9.9 |
| Price / sales | 3.5 | 4.0 | 3.0 | 3.5 | 6.2 | 5.7 | 7.1 | 5.7 | 7.6 | 7.8 |
| Price / book | 1.2 | 1.4 | 1.0 | 1.1 | 1.8 | 1.7 | 2.3 | 1.7 | 2.3 | 2.2 |
| Price / free cash flow | 17.1 | 8.2 | 11.4 | 7.0 | 11.5 | 11.9 | — | 13.3 | 15.3 | 26.4 |
| Price / operating cash flow | 7.8 | 8.2 | 6.3 | 7.0 | 11.5 | 11.8 | 14.2 | 11.5 | 15.2 | 16.9 |
| EV / sales | 8.0 | 8.0 | 6.8 | 7.4 | 10.1 | 9.1 | 10.5 | 8.6 | 10.5 | 13.6 |
| EV / EBITDA | 10.6 | 12.0 | 9.6 | 11.0 | 11.6 | 9.9 | 16.2 | 12.9 | 15.1 | 21.5 |
| EV / free cash flow | 38.8 | 16.3 | 26.1 | 14.5 | 18.7 | 18.9 | — | 20.1 | 21.1 | 46.1 |
| Earnings yield | 5.6% | 3.1% | 6.0% | 5.4% | 6.6% | 8.2% | 2.6% | 4.2% | 3.4% | 10.1% |
| Free cash flow yield | 5.8% | 12.2% | 8.8% | 14.3% | 8.7% | 8.4% | −1.1% | 7.5% | 6.5% | 3.8% |
| Dividend yield | 7.7% | 6.5% | 8.6% | 7.2% | 4.3% | 4.8% | 3.8% | 4.7% | 4.9% | 3.3% |
| Shareholder yield (dividends + buybacks) | 7.7% | 6.5% | 8.6% | 7.4% | 4.4% | 4.8% | 3.9% | 4.8% | 5.0% | 3.4% |
| Share price at fiscal year-end | $25.82 | $30.58 | $22.96 | $27.98 | $44.59 | $39.63 | $48.91 | $38.69 | $50.91 | $51.01 |
| Per share | ||||||||||
| Revenue per share | $7.29 | $7.62 | $7.74 | $7.89 | $7.17 | $6.91 | $6.91 | $6.78 | $6.66 | $6.56 |
| Earnings per share | $1.44 | $0.94 | $1.38 | $1.51 | $2.93 | $3.26 | $1.29 | $1.62 | $1.76 | $5.17 |
| Operating cash flow per share | $3.32 | $3.73 | $3.65 | $4.01 | $3.87 | $3.36 | $3.44 | $3.37 | $3.34 | $3.02 |
| Free cash flow per share | $1.51 | $3.73 | $2.01 | $4.01 | $3.87 | $3.33 | −$0.55 | $2.90 | $3.32 | $1.93 |
| Cash per share | $0.25 | $0.21 | $0.23 | $0.20 | $0.22 | $1.02 | $0.09 | $0.04 | $0.03 | $0.49 |
| Book value per share | $21.52 | $21.80 | $22.58 | $24.40 | $24.39 | $23.15 | $21.68 | $22.30 | $22.55 | $22.67 |
| Tangible book value per share | $19.31 | $21.80 | $22.58 | $22.00 | $21.97 | $21.19 | $19.51 | $20.47 | $20.65 | $20.57 |
| Dividends per share | $1.98 | $1.98 | $1.98 | $2.02 | $1.93 | $1.89 | $1.87 | $1.82 | $2.50 | $1.67 |
| Capex per share | $1.82 | $1.71 | $1.64 | $2.56 | $3.58 | $0.02 | $3.99 | $0.48 | $0.02 | $1.09 |
| Debt per share | $32.90 | $30.41 | $29.81 | $30.48 | $27.98 | $24.56 | $23.90 | $19.66 | $19.08 | $38.44 |
| Shares outstanding | 110.6M | 108.3M | 107.8M | 105.1M | 107.1M | 106.7M | 106.4M | 106.3M | 105.6M | 101.4M |
| Change in shares outstanding | +2.1% | +0.5% | +2.5% | −1.8% | +0.3% | +0.3% | +0.2% | +0.6% | +4.1% | +4.1% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 6.7% | 4.3% | 6.0% | 6.1% | 12.3% | 14.5% | 5.9% | 7.2% | 7.9% | 25.9% |
| Return on invested capital (ROIC) | 2.8% | 3.0% | 2.0% | 2.1% | 3.0% | 3.3% | 2.0% | 3.6% | 2.1% | 2.7% |
| Return on assets (ROA) | 2.6% | 1.7% | 2.5% | 2.7% | 5.7% | 6.7% | 2.8% | 3.7% | 4.0% | 11.6% |
| Return on tangible assets | 2.6% | 1.7% | 2.5% | 2.7% | 5.8% | 6.9% | 2.8% | 3.8% | 4.2% | 12.1% |
| Free cash flow margin | 20.7% | 48.9% | 26.0% | 50.9% | 54.0% | 48.3% | −7.9% | 42.8% | 49.9% | 29.4% |
| Income quality (OCF / net income) | 2.30 | 3.95 | 2.65 | 2.65 | 1.32 | 1.03 | 2.67 | 2.09 | 1.90 | 0.58 |
| Financial health | ||||||||||
| Total debt | $3.64B | $3.29B | $3.21B | $3.20B | $3.00B | $2.62B | $2.54B | $2.09B | $2.01B | $3.90B |
| Cash & short-term investments | $27.4M | $22.4M | $25.1M | $21.4M | $23.2M | $109.3M | $9.5M | $3.8M | $3.3M | $49.5M |
| Net debt | $3.61B | $3.27B | $3.19B | $3.18B | $2.97B | $2.51B | $2.53B | $2.09B | $2.01B | $3.85B |
| Debt / equity | 1.53 | 1.39 | 1.32 | 1.25 | 1.15 | 1.06 | 1.10 | 0.88 | 0.85 | 1.70 |
| Debt / assets | 0.58 | 0.55 | 0.54 | 0.53 | 0.53 | 0.50 | 0.50 | 0.45 | 0.44 | 0.85 |
| Net debt / EBITDA | 5.92 | 5.94 | 5.43 | 5.71 | 4.45 | 3.69 | 5.30 | 4.35 | 4.12 | 9.18 |
| Current ratio | 42.45 | 1.64 | 2.27 | 1.38 | 1.33 | 2.01 | 1.17 | 1.33 | 1.53 | 1.01 |
| Quick ratio | 39.81 | 1.46 | 2.24 | 1.36 | 1.31 | 1.71 | 1.15 | 1.30 | 1.15 | 0.92 |
| Interest coverage | 1.4 | 1.4 | 1.6 | 2.3 | 2.7 | 2.7 | 2.3 | 2.9 | 2.9 | 2.3 |
| Working capital | $364.8M | $194.4M | $246.4M | $113.2M | $98.4M | $271.6M | $48.4M | $71.7M | $120.3M | $4.2M |
| Invested capital | $5.99B | $5.63B | $5.62B | $5.75B | $5.58B | $4.98B | $4.84B | $4.46B | $4.39B | $6.15B |
| Tangible asset value | $2.19B | $2.43B | $2.49B | $2.31B | $2.35B | $2.26B | $2.08B | $2.17B | $2.18B | $2.09B |
| Net current asset value | −$3.46B | −$3.10B | −$3.08B | −$3.08B | −$2.69B | −$2.20B | −$2.50B | −$2.01B | −$1.89B | −$1.94B |
| Graham number | $26.44 | $21.52 | $26.47 | $28.82 | $40.07 | $41.18 | $25.05 | $28.49 | $29.84 | $51.36 |
| Graham net-net per share | −$31.93 | −$30.42 | −$29.96 | −$30.77 | −$26.56 | −$22.24 | −$24.64 | −$19.85 | −$19.16 | −$20.20 |
| Capital allocation | ||||||||||
| Dividends paid | $219.1M | $214.8M | $213.5M | $212.7M | $206.7M | $201.8M | $199.4M | $193.8M | $264.5M | $169.4M |
| Share buybacks (net) | $2.1M | $1.4M | $173,000 | $5.9M | $1.7M | $1.2M | $1.8M | $1.7M | $4.0M | $4.4M |
| Dividend payout ratio | 137.3% | 210.1% | 143.6% | 133.7% | 66.0% | 58.1% | 145.7% | 112.8% | 142.7% | 32.3% |
| Dividends + buybacks / free cash flow | 132.8% | 53.6% | 98.5% | 51.8% | 50.3% | 57.1% | — | 63.5% | 76.6% | 88.9% |
| Capex / revenue | 24.9% | 22.4% | 21.2% | 32.5% | 49.9% | 0.3% | 57.6% | 7.0% | 0.3% | 16.6% |
| Capex / operating cash flow | 54.7% | 45.8% | 44.9% | 63.8% | 92.4% | 0.7% | 116.0% | 14.1% | 0.5% | 36.1% |
| Capex / depreciation | 0.68 | 0.62 | 0.59 | 0.94 | 1.49 | 0.01 | 1.67 | 0.22 | 0.01 | 0.50 |
| Stock-based compensation / revenue | 1.0% | 1.0% | 0.8% | 0.9% | 1.1% | 0.8% | 1.0% | 1.0% | 1.0% | 0.9% |
| R&D / revenue | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| SG&A / revenue | 5.0% | 5.1% | 5.1% | 5.1% | 5.3% | 5.6% | 6.0% | 5.6% | 5.6% | 5.7% |
| Efficiency | ||||||||||
| Days sales outstanding | 157.5 | 150.4 | 145.2 | 132.9 | 135.9 | 136.2 | 127.3 | 122.5 | 111.8 | 104.4 |
| Days of inventory on hand | 54.9 | 41.5 | 7.6 | 9.0 | 67.9 | 67.0 | 8.5 | 68.9 | 88.0 | 213.3 |
| Days payables outstanding | — | 262.5 | 290.2 | 353.6 | 410.7 | 437.4 | 371.5 | 336.6 | 417.6 | 432.7 |
| Cash conversion cycle (days) | — | -70.6 | -137.3 | -211.6 | -206.9 | -234.2 | -235.7 | -145.3 | -217.8 | -115.0 |
| Receivables turnover | 2.32 | 2.43 | 2.51 | 2.75 | 2.69 | 2.68 | 2.87 | 2.98 | 3.26 | 3.50 |
| Payables turnover | — | 1.39 | 1.26 | 1.03 | 0.89 | 0.83 | 0.98 | 1.08 | 0.87 | 0.84 |
| Inventory turnover | 6.65 | 8.80 | 48.02 | 40.50 | 5.37 | 5.44 | 42.81 | 5.30 | 4.15 | 1.71 |
| Asset turnover | 0.13 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.15 | 0.15 | 0.15 | 0.15 |
| Average receivables | $347.8M | $340.3M | $331.9M | $301.9M | $285.9M | $274.9M | $256.6M | $241.6M | $215.3M | $190.3M |
| Average payables | — | $195.8M | $213.7M | $251.7M | $266.0M | $277.8M | $252.9M | $223.6M | $271.1M | $273.9M |
| Average inventory | $39.3M | $30.9M | $5.6M | $6.4M | $44.0M | $42.6M | $5.8M | $45.7M | $57.1M | $135.0M |
| Intangibles / total assets | 3.9% | 0.0% | 0.0% | 4.2% | 4.5% | 4.0% | 4.5% | 4.2% | 4.3% | 4.7% |
Computed from HIW's annual financial statements (latest annual report filed February 10, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
HIW valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Highwoods Properties traded at 17.9 times earnings, against a 10-year median of 18.2. Based on the latest twelve months, the trailing P/E is 19.4 and the forward P/E is 65.8. Highwoods Properties earned a return on equity of 6.7% and a return on invested capital of 2.8% in fiscal 2025. It ended the year with $3.6 billion of debt and $27.4 million in cash and short-term investments, net debt of $3.6 billion. It returned $221.2 million to shareholders: $219.1 million in dividends and $2.1 million in share buybacks, 133% of free cash flow. The share count rose 9.0% from 101.4M to 110.6M over 9 years.
See the HIW income statement, the HIW chart for price history, or the HIW stock overview for the latest quote and news.
HIW key metrics FAQ
What is Highwoods Properties's P/E ratio?
Highwoods Properties's trailing P/E ratio is 19.4 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 65.8. At the end of fiscal 2025 it was 17.9, compared with a 10-year median of 18.2.
What is Highwoods Properties's EV/EBITDA?
Highwoods Properties's enterprise value was 10.6 times EBITDA at the end of fiscal 2025 (enterprise value $6.5 billion, EBITDA $610.0 million); the current EV/EBITDA is 10.6.
What is Highwoods Properties's return on equity?
Highwoods Properties's return on equity (ROE) was 6.7% in fiscal 2025: net income of $159.6 million on average shareholders' equity of $2.4 billion.
What is Highwoods Properties's ROIC?
Highwoods Properties's return on invested capital was 2.8% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Highwoods Properties have?
Highwoods Properties had total debt of $3.6 billion at the end of fiscal 2025, a debt-to-equity ratio of 1.53 and $3.6 billion of net debt (5.92 times EBITDA).
What is Highwoods Properties's dividend yield?
Highwoods Properties's forward dividend yield is 6.69%. Highwoods Properties paid $219.1 million in dividends in fiscal 2025 ($1.98 per share), a payout ratio of 137.3%.
Does Highwoods Properties buy back its shares?
Yes. Highwoods Properties spent $2.1 million on net share repurchases in fiscal 2025 Shares outstanding changed +2.1% over the year, to 110.6M..
What is Highwoods Properties's free cash flow yield?
Highwoods Properties generated $166.6 million of free cash flow in fiscal 2025, a free cash flow yield of 5.8% on its market value at year-end ($2.9 billion).
What is Highwoods Properties's current ratio?
Highwoods Properties's current ratio was 42.45 at the end of fiscal 2025: current assets were 42.45 times current liabilities.