WallStSmart

Highwoods Properties Inc (HIW)vsVornado Realty Trust (VNO)

VS

Smart Verdict

WallStSmart Research — data-driven comparison

Vornado Realty Trust generates 131% more annual revenue ($1.86B vs $808.48M). VNO leads profitability with a 48.5% profit margin vs 19.7%. VNO appears more attractively valued with a PEG of 7.37. VNO earns a higher WallStSmart Score of 61/100 (C+).

HIW

Buy

54

out of 100

Grade: C-

Growth: 2.0Profit: 6.5Value: 4.7Quality: 5.0

VNO

Buy

61

out of 100

Grade: C+

Growth: 5.3Profit: 6.5Value: 7.3Quality: 4.8
Piotroski: 4/9Altman Z: 0.45
IV

Intrinsic Value Comparison

Multi-model valuation · Graham Formula

HIWSignificantly Overvalued (-136.8%)

Margin of Safety

-136.8%

Fair Value

$9.86

Current Price

$21.12

$11.26 premium

UndervaluedFair: $9.86Overvalued
VNOUndervalued (+84.6%)

Margin of Safety

+84.6%

Fair Value

$196.56

Current Price

$25.98

$170.58 discount

UndervaluedFair: $196.56Overvalued

Key Strengths & Concerns

Side-by-side fundamental analysis

Key Strengths

HIW3 strengths · Avg: 8.7/10
Price/BookValuation
1.0x10/10

Reasonable price relative to book value

P/E RatioValuation
14.6x8/10

Attractively priced relative to earnings

Operating MarginProfitability
26.2%8/10

Strong operational efficiency at 26.2%

VNO3 strengths · Avg: 10.0/10
P/E RatioValuation
6.2x10/10

Attractively priced relative to earnings

Price/BookValuation
1.0x10/10

Reasonable price relative to book value

Profit MarginProfitability
48.5%10/10

Keeps 49 of every $100 in revenue as profit

Areas to Watch

HIW4 concerns · Avg: 2.3/10
Return on EquityProfitability
6.7%3/10

ROE of 6.7% — below average capital efficiency

PEG RatioValuation
7.772/10

Expensive relative to growth rate

Revenue GrowthGrowth
-1.6%2/10

Revenue declined 1.6%

EPS GrowthGrowth
-13.5%2/10

Earnings declined 13.5%

VNO4 concerns · Avg: 2.0/10
PEG RatioValuation
7.372/10

Expensive relative to growth rate

Revenue GrowthGrowth
-8.1%2/10

Revenue declined 8.1%

Free Cash FlowQuality
$-563.27M2/10

Negative free cash flow — burning cash

Altman Z-ScoreHealth
0.452/10

Distress zone — elevated risk

Comparative Analysis Report

WallStSmart Research

Bull Case : HIW

The strongest argument for HIW centers on Price/Book, P/E Ratio, Operating Margin. Profitability is solid with margins at 19.7% and operating margin at 26.2%.

Bull Case : VNO

The strongest argument for VNO centers on P/E Ratio, Price/Book, Profit Margin. Profitability is solid with margins at 48.5% and operating margin at 13.6%.

Bear Case : HIW

The primary concerns for HIW are Return on Equity, PEG Ratio, Revenue Growth.

Bear Case : VNO

The primary concerns for VNO are PEG Ratio, Revenue Growth, Free Cash Flow.

Key Dynamics to Monitor

VNO carries more volatility with a beta of 1.53 — expect wider price swings.

HIW is growing revenue faster at -1.6% — sustainability is the question.

HIW generates stronger free cash flow (42M), providing more financial flexibility.

Monitor REIT - OFFICE industry trends, competitive dynamics, and regulatory changes.

Bottom Line

VNO scores higher overall (61/100 vs 54/100), backed by strong 48.5% margins. Both earn "Buy" and "Buy" ratings respectively — the choice depends on your investment horizon and risk tolerance.

This analysis is generated from publicly available financial data. Not financial advice.

Highwoods Properties Inc

REAL ESTATE · REIT - OFFICE · USA

Highwoods Properties, Inc., based in Raleigh, is a publicly traded (NYSE: HIW) real estate investment trust (?

Vornado Realty Trust

REAL ESTATE · REIT - OFFICE · USA

Vornado Realty Trust is a real estate investment trust formed in Maryland, with its primary office in New York City. The company invests in office buildings and street retail in Manhattan.

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