Highwoods PROPERTIES, Inc. (HIW) intrinsic value & 10-year financials
Highwoods PROPERTIES, Inc. (HIW) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue grew 38.7% a year to $806.1M, with an average return on invested capital of 10.2%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $29.34
- Market cap
- $3.2B
- Revenue (FY2025)
- $806.1M
- Revenue growth (10-yr CAGR)
- 38.7%
- ROIC (10-yr avg)
- 10.2%
- Free cash flow (FY2025)
- —
HIW 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $806.1M | $162.7M | $1.45 | — | 67.6% | 6.9% |
| FY2024 | $825.9M | $104.3M | $0.94 | — | 67.0% | 4.3% |
| FY2023 | $834.0M | $151.3M | $1.39 | — | 67.8% | 6.2% |
| FY2022 | $828.9M | $164.0M | $1.49 | — | 68.7% | 6.6% |
| FY2021 | $768.0M | $323.3M | $2.98 | — | 69.2% | 13.4% |
| FY2020 | $736.9M | $357.9M | $3.32 | — | 68.5% | 15.9% |
| FY2019 | $736.0M | $141.7M | $1.30 | — | 66.2% | 6.4% |
| FY2018 | $720.0M | $177.6M | $1.64 | — | 66.3% | 8.0% |
| FY2017 | $702.7M | $191.7M | $1.78 | — | 66.3% | 8.8% |
| FY2016 | $42.3M | $541.1M | $5.30 | — | 1026.2% | 25.3% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
HIGHWOODS PROPERTIES, INC. is a consistent compounder, expanding top-line revenue at 38.7% annually over the past decade.
HIGHWOODS PROPERTIES, INC. 10-year average ROIC is N/A; capital efficiency cannot be assessed from the available history.
HIGHWOODS PROPERTIES, INC. has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, HIGHWOODS PROPERTIES, INC. is modeled at -13.4% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-22.92 per share.