Highwoods Properties, Inc. key statistics and ratios

In fiscal 2025, Highwoods Properties, Inc. had return on equity of 6.6%, an operating margin of 67.6% and debt equal to 0.0% of equity. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Highwoods Properties, Inc.: financial ratios, annual
Fiscal year	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
Operating margin	66.3%	66.3%	66.2%	68.5%	69.2%	68.7%	67.8%	67.0%	67.6%	67.2%
Net margin	26.0%	23.5%	18.3%	46.8%	40.5%	18.9%	17.5%	12.1%	19.5%	21.7%
Return on equity	8.2%	7.6%	6.1%	15.4%	12.9%	6.3%	6.0%	4.2%	6.6%	7.8%
Return on assets	4.0%	3.6%	2.7%	6.7%	5.7%	2.7%	2.4%	1.7%	2.6%	2.9%
Asset turnover	0.15	0.15	0.15	0.14	0.14	0.14	0.14	0.14	0.13	0.13
Debt to equity	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Interest cover (operating income ÷ interest)	6.7x	6.7x	6.0x	6.2x	6.2x	5.4x	4.1x	3.8x	3.6x	3.5x
Dividends ÷ net income	98.9%	113.0%	146.5%	57.8%	65.7%	134.2%	144.3%	212.9%	137.8%	118.9%

US$ thousands unless shown otherwise. Fiscal quarters.

Highwoods Properties, Inc.: financial ratios, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Operating margin	65.2%	67.5%	68.3%	67.3%	67.2%	66.8%	67.6%	67.2%
Net margin	−1.8%	48.6%	9.1%	6.4%	14.1%	14.7%	43.2%	14.6%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Moat

67 /100

Moderate moat

How hard Highwoods Properties's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 2 / 20

Net income has been a median 3.1% of total assets over 10 years.
Durability 20 / 20

Operating margin has been a median 67.6%; its worst year was 65.9%.
Cash conversion 17 / 20

Free cash flow was positive in 8 of 8 years, at a median 13.1% of revenue.
Discipline 15 / 20

The diluted share count rose 4.9% over five years; stock-based pay has been a median 1.0% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Highwoods Properties, Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Highwoods Properties, Inc.