HIW
Highwoods Properties, Inc.
HIW's fundamentals are mixed, but it looks expensive: trading right at its usual 18x earnings, but 44x next year's expected earnings.
HIW Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| N/A | |
| N/A |
HIW's profitability is currently strong, and its revenue is stable. Free cash flow and net leverage aren't meaningful measures for real estate companies like HIW.
HIW PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 13x | $21.09 | -32% |
| Fair | 18x | $29.92 | -3.3% |
| Current | 18x | $30.93 | — |
| Expensive | 24x | $40.87 | +32% |
| Forward | 44x | $30.93 | — |
Historical ranges are pointers, not guarantees.
HIW's PE is in its fair range at 18x. Analysts expect earnings to fall, which would put today's price at 44x next year's earnings, in its expensive range.
HIW Forward outlook
| Metric | Outlook |
|---|---|
| Strongly deteriorating | |
| Strong decline | |
| Stable | |
| Strongly weakening | |
| Limited | |
| High |
Analysts expect HIW's earnings and profitability to decline, with its revenue holding steady.
HIW Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.71 | -58% |
| Q3 2026 | $1.68 | +45% |
| Q2 2026 | $1.51 | +28% |
| Q1 2026 | $0.83 | -48% |
| Q4 2025 | $1.45 | +54% |
| Q3 2025 | $1.16 | -13% |
| Q2 2025 | $1.18 | -16% |
| Q1 2025 | $1.60 | +31% |
| Q4 2024 | $0.94 | -32% |
HIW's earnings per share have fallen from their peak: $1.68 over the past year, against $3.33 in late 2020.
HIW Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $218.2M | +8.1% |
| Q2 2026 | $216.4M | +7.9% |
| Q1 2026 | $214M | +6.8% |
| Q4 2025 | $203.4M | -1.1% |
| Q3 2025 | $201.8M | -1.2% |
| Q2 2025 | $200.6M | -2% |
| Q1 2025 | $200.4M | -5.2% |
| Q4 2024 | $205.5M | -0.6% |
HIW's revenue has picked up after five years of holding roughly level: $218M last quarter, up 8.1% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 67% | -0.1 points |
| Q1 2026 | 67% | -0.8 points |
| Q4 2025 | 67% | +2 points |
| Q3 2025 | 67% | -0.5 points |
| Q2 2025 | 68% | -0.2 points |
| Q1 2025 | 68% | +0.9 points |
| Q4 2024 | 65% | -1.2 points |
| Q3 2024 | 68% | +0.3 points |
HIW's operating margin was 67% last quarter, down 1.1 points from the same quarter a year ago.
HIW Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $91.8M | -5.1% |
| Q2 2026 | $125.2M | +7.5% |
| Q1 2026 | $62.8M | +36% |
| Q4 2025 | $99.7M | -3.9% |
| Q3 2025 | $96.7M | -0.8% |
| Q2 2025 | $116.5M | -10% |
| Q1 2025 | $46.3M | -36% |
| Q4 2024 | $103.7M | +0.9% |
HIW's free cash flow was $380M over the past year, up 4.5% from the year before. Free cash flow isn't a meaningful measure for real estate companies like HIW.
HIW Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | +22K shares |
| 1 year | +1.6% | +1.8M shares |
| 3 years | +4.2% | +4.5M shares |
| 5 years | +4.8% | +5.2M shares |
| Available history | +5.5% | +5.9M shares |
HIW has 112M diluted shares, up 1.6% from a year ago.
HIW Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q1 2026 | -0.0x | Net Cash |
| Q4 2025 | -0.0x | Net Cash |
| Q3 2025 | -0.0x | Net Cash |
| Q2 2025 | -0.0x | Net Cash |
| Q1 2025 | -0.0x | Net Cash |
| Q4 2024 | -0.0x | Net Cash |
| Q3 2024 | -0.0x | Net Cash |
| Q2 2024 | -0.0x | Net Cash |
HIW has more cash than debt. Net leverage isn't a meaningful measure for real estate companies like HIW.
HIW Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 57.0 | Neutral |
| Stochastic | 52.0 | Neutral |
HIW's weekly RSI is 57 (neutral) and its Stochastic is 52 (neutral).
HIW PE vs Real Estate Sector
| Metric | HIW | Sector median | Relative |
|---|---|---|---|
| PE | 18x | 24x | 23% below |
| PE % | 53 | 23 | 30 pts above |
HIW is trading at 18x earnings, a 23% discount to the Real Estate sector's median of 24x.
HIW Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $30.3 | 2.2% above |
| 20 week MA | $31.2 | 0.7% below |
| 50 week MA | $27.5 | 13% above |
| 100 week MA | $28.6 | 8.1% above |
| 200 week MA | $27.1 | 14% above |
HIW's trend is mixed: it's above four of its five weekly moving averages, and 14% above its 200-week average.
HIW Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $48.4 | $38.7 | -20% |
| 2021 | $38.7 | $43.8 | +13% |
| 2022 | $43.8 | $27.8 | -37% |
| 2023 | $27.8 | $23.0 | -17% |
| 2024 | $23.0 | $30.3 | +32% |
| 2025 | $30.3 | $25.6 | -16% |
| 2026 YTD | $25.6 | $30.9 | +21% |
HIW has finished lower in four of the last six years. It's up 21% so far in 2026.