HIW vs VNO: Highwoods Properties and Vornado Realty Trust compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Vornado Realty Trust is the larger company, worth $6.8B, about 2.1 times Highwoods Properties.
- Highwoods Properties grew revenue faster over the last year (+6.8% vs +4.7%).
- Highwoods Properties keeps more of each dollar of revenue as operating profit (67.4% vs 48.3%).
- On earnings, Vornado Realty Trust is the cheaper stock (9.1x vs 33.8x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | HIW | VNO |
|---|---|---|
| Market cap | $3.2B | $6.8B |
| Share price | $29.04 | $33.78 |
| Revenue (last fiscal year) | $806M | $1.8B |
| Free cash flow (last fiscal year) | — | — |
| Revenue growth, last year | +6.8% | +4.7% |
| Revenue growth per year, last 5 fiscal years | +1.2% | +3.3% |
| Operating margin | 67.4% | 48.3% |
| Net margin | 11.1% | 3.7% |
| Return on equity | 3.9% | 1.2% |
| P/E (trailing) | 33.8x | 9.14x |
| Price / free cash flow | 19.1x | 5.43x |
| EV / EBITDA | 11.7x | 16.1x |
| FCF growth the price implies | — | — |
| Dividend yield | 7.1% | 2.1% |
| Debt / equity | 1.68x | 1.54x |
| Fundamental grade | D | D |
| Superinvestors holding it | 0 | 3 |
| Insider purchases, last 12 months | 0 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Highwoods Properties
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $768M | — | 69.2% |
| 2022 | $829M | — | 68.7% |
| 2023 | $834M | — | 67.8% |
| 2024 | $826M | — | 67.0% |
| 2025 | $806M | — | 67.6% |
Vornado Realty Trust
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $1.6B | — | 49.8% |
| 2022 | $1.8B | — | 51.4% |
| 2023 | $1.8B | — | 50.0% |
| 2024 | $1.8B | — | 48.1% |
| 2025 | $1.8B | — | 49.2% |
Where the revenue comes from
Highwoods Properties · by segments, 2025
Raleigh, NC$181M22%
Nashville, TN$157M19%
Atlanta, GA$145M18%
Charlotte, NC$93M12%
Tampa, FL$88M11%
Orlando, FL$57M7%
Vornado Realty Trust · by segments, 2025
New York$1.5B82%
Other$334M18%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open HIW in InvestinglyQuestions
Which is bigger, Highwoods Properties or Vornado Realty Trust?
Vornado Realty Trust (VNO), at $6.8B against $3.2B.
Is HIW or VNO cheaper?
By trailing P/E, Vornado Realty Trust (9.14x) is cheaper than Highwoods Properties (33.8x). A lower multiple can also mean the market expects less growth.
Which grows faster, HIW or VNO?
Highwoods Properties: revenue grew +6.8% over the last year, against +4.7%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.