Latest Ratios: P/E Ratio 22.0x · EV/EBITDA 14.1x · 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 | $3.5B | $2.9B | $3.3B | $2.5B | $2.9B | $4.8B | $4.2B | $5.2B | $4.1B | $5.4B | $5.2B |
| Enterprise Value | $7.1B | $6.5B | $6.6B | $5.7B | $6.1B | $7.5B | $6.6B | $7.7B | $6.2B | $7.4B | $7.1B |
| P/E Ratio → | 21.97 | 17.81 | 32.53 | 16.52 | 18.78 | 14.96 | 11.94 | 95.90 | 23.88 | 28.60 | 9.62 |
| P/S Ratio | 4.36 | 3.54 | 4.01 | 2.97 | 3.55 | 6.22 | 5.74 | 7.07 | 5.71 | 7.65 | 7.77 |
| P/B Ratio | 1.45 | 1.17 | 1.36 | 0.99 | 1.15 | 1.83 | 1.71 | 2.26 | 1.73 | 2.26 | 2.25 |
| P/FCF | 21.09 | 17.14 | 8.21 | 11.41 | 6.98 | 11.52 | 11.89 | — | 13.35 | 15.33 | 26.45 |
| P/OCF | 9.56 | 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 | 14.12 | 12.82 | 12.86 | 10.84 | 11.61 | 15.36 | 14.20 | 17.46 | 8.56 | 10.44 | 10.53 |
| EV / EBIT | 34.01 | 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 | 6.2% | 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% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.6% | 5.6% | 3.1% | 6.1% | 5.3% | 6.7% | 8.4% | 1.0% | 4.2% | 3.5% | 10.4% |
| FCF Yield | 4.7% | 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 | 6.2% | 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 |
Office demand cyclicality
As reported in financial statements, Highwoods Properties maintained an NOI margin of 66.8% in 2026Q1, yet the persistent pressure from rising tenant improvement costs suggests that organic profitability may be more constrained than the headline margin figures imply for the current office leasing environment.
While the NOI margin remains relatively stable, the reliance on high-cost tenant concessions to maintain occupancy levels suggests that net effective rents are likely under pressure. Investors should monitor whether the company can sustain these margins as the competitive landscape for high-quality office space in Sunbelt markets intensifies.
Based on the provided quarterly data, the FFO payout ratio fluctuated significantly, reaching 50.2% in 2026Q1, which indicates that while the dividend is currently covered, the underlying cash flow volatility warrants caution regarding the long-term sustainability of distributions in a capital-intensive business model.
The wide variance in FFO payout ratios over the last ten quarters highlights the sensitivity of HIW's distributable cash to leasing cycles and capital expenditure requirements. A higher payout ratio during periods of lower FFO suggests that the dividend may be vulnerable if the company's development pipeline fails to deliver expected returns.
According to recent SEC filings, the company's debt-to-equity ratio has trended upward to 1.42 in 2026Q1, suggesting that the balance sheet is becoming increasingly sensitive to interest rate volatility and potential refinancing risks within the current office market cycle.
The rising leverage profile appears to be a direct consequence of funding development projects in an environment where organic cash flow is pressured by high capital expenditure needs. This trend warrants further investigation into the company's ability to manage its debt maturity ladder without further diluting shareholder value.
As indicated by the provided valuation data, the market's reliance on standard P/E multiples for HIW is fundamentally flawed, as it fails to account for the massive non-cash depreciation charges that obscure the REIT's true cash-generating capacity and operational performance.
Investors should prioritize FFO and AFFO multiples over P/E, as the latter is heavily distorted by the accounting treatment of real estate assets. Relying on P/E ignores the recurring capital expenditures required to maintain the portfolio, leading to a potentially misleading assessment of the company's valuation relative to its peers.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying HIW stock.
Highwoods Properties, Inc.'s current P/E ratio is 22.0x. 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 14.1x. 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 22.0x. 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 6.15% 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.