Highwoods PropertiesFRA:HQS 65 Piotroski F-Score is 4 as of Jun. 30, 2026, which is 20% below its 10-year median of 5.00. GuruFocus rates FRA:HQS with a GF Score™ of 65/100 and a GF Value™ of €22.72 (Modestly Overvalued). The stock has 13 warning signs investors should review. Among 890 REITs companies, Highwoods Properties ranks worse than 76.4% on this metric.
The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Highwoods Properties has an F-score of 4 indicating the company's financial situation is typical for a stable company.
The historical rank and industry rank for Highwoods Properties's Piotroski F-Score or its related term are showing as below:
FRA:HQS'
s Piotroski F-Score Range Over the Past 10 Years
Min: 3 Med: 5 Max: 7
Current: 4
During the past 13 years, the highest Piotroski F-Score of Highwoods Properties was 7. The lowest was 3. And the median was 5.
The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.
He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.
He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.
What he found was something that exceeded his most optimistic expectations.
Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.
Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).
Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.
Highwoods Properties Piotroski F-Score Related Terms
Highwoods Properties Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for Highwoods Properties's Piotroski F-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
FRA:HQS vs SLG, CDP, KRC: Piotroski F-Score Comparison
For the REIT - Office subindustry, Highwoods Properties's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Highwoods Properties Piotroski F-Score vs REITs Industry
For the REITs industry and Real Estate sector, Highwoods Properties's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Highwoods Properties's Piotroski F-Score falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.
Profitability
Question 1. Return on Assets (ROA)
Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
Highwoods Properties's current Net Income (TTM) was 80.4.
==> Positive ==> Score 1.
Question 2. Cash Flow Return on Assets (CFROA)
Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.
Highwoods Properties's return on assets of this year was 0.01430726. Highwoods Properties's return on assets of last year was 0.0289945.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Highwoods Properties's gearing of this year was 0.58958749. Highwoods Properties's gearing of last year was 0.55365012.
==> Last year is lower than this year ==> Score 0.
Question 6. Change in Working Capital (Liquidity)
Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.
Score 1 if this year's current ratio is higher, 0 if it's lower
Highwoods Properties's current ratio of this year was 1.72680698. Highwoods Properties's current ratio of last year was 1.75777819.
==> Last year's current ratio is higher ==> Score 0.
Question 7. Change in Shares in Issue
Compare the number of shares in issue this year, to the number in issue last year.
Score 0 if there is larger number of shares in issue this year, 1 otherwise.
Highwoods Properties's number of shares in issue this year was 112.062. Highwoods Properties's number of shares in issue last year was 109.834.
==> There is larger number of shares in issue this year. ==> Score 0.
Efficiency
Question 8. Change in Gross Margin
Compare this year's gross margin (Gross Profit divided by sales) to last year's.
Score 1 if this year's gross margin is higher, 0 if it's lower.
Highwoods Properties's gross margin of this year was 0.6737507. Highwoods Properties's gross margin of last year was 0.67247013.
==> This year's gross margin is higher. ==> Score 1.
Question 9. Change in asset turnover
Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.
Score 1 if this year's asset turnover ratio is higher, 0 if it's lower
Highwoods Properties's asset turnover of this year was 0.12538915. Highwoods Properties's asset turnover of last year was 0.13663839.
==> Last year's asset turnover is higher ==> Score 0.
Evaluation
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4
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Highwoods Properties has an F-score of 4 indicating the company's financial situation is typical for a stable company.
Highwoods Properties (FRA:HQS) has a Piotroski F-Score of 4 as of Jun. 30, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Highwoods Properties and its competitors. This is 20% below median its historical median of 5.00. Over the past decade, Highwoods Properties' Piotroski F-Score has ranged from 3.00 to 7.00. According to the industry distribution chart, Highwoods Properties ranks #680 out of 890 companies in the REITs industry, placing it in the top 76.4%.
Is Highwoods Properties' Piotroski F-Score too high?
Highwoods Properties' current Piotroski F-Score of 4 is 20% below median its 10-year median of 5.00. Over the past 10 years, this metric has ranged from a low of 3.00 to a high of 7.00. The REITs industry median Piotroski F-Score is 6.00. Highwoods Properties' value of 4 is 33.3% below this industry median. Based on the distribution chart, Highwoods Properties ranks #680 out of 890 companies in the REITs industry, which is in the bottom quartile relative to peers. Overall, Highwoods Properties has a GF Score™ of 65/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Highwoods Properties' Piotroski F-Score compare to SLG and CDP?
According to the REITs industry distribution chart, Highwoods Properties ranks #680 out of 890 companies for Piotroski F-Score. This places Highwoods Properties in the lower half of its industry. The industry median Piotroski F-Score is 6.00. Highwoods Properties' value of 4 is 33.3% below this benchmark. Historically, Highwoods Properties' own Piotroski F-Score has ranged from 3.00 to 7.00 over the past decade. While the company's 10-year median is 5.00 vs. the industry median of 6.00, Highwoods Properties has consistently been below the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Piotroski F-Score for a REITs company?
The median Piotroski F-Score among REITs companies is 6.00, based on 890 companies in the industry. Companies in the top quartile (top 25%) have a Piotroski F-Score significantly above this median, while those in the bottom quartile fall well below. However, Piotroski F-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Highwoods Properties's current Piotroski F-Score of 4 is 33.3% below the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Piotroski F-Score mean?
A high Piotroski F-Score can signal that a stock is expensive relative to its fundamentals. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Highwoods Properties and its competitors. For the REITs industry, the median Piotroski F-Score is 6.00 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Highwoods Properties's current Piotroski F-Score is 4, which is 20% below median its own 10-year median of 5.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Highwoods Properties stock overvalued right now?
Based on GuruFocus' analysis, Highwoods Properties (FRA:HQS) is currently considered Modestly Overvalued. The stock's GF Value™ is €22.72, compared to a current price of €26.20 — trading 15.3% above its estimated fair value. The current Piotroski F-Score is 4, which is 20% below median its 10-year median of 5.00 and 33.3% below the REITs industry median of 6.00. Highwoods Properties' overall GF Score™ is 65/100 with 13 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Piotroski F-Score calculated?
Piotroski F-Score is calculated from a company's financial statements. For Highwoods Properties (FRA:HQS), the current Piotroski F-Score is 4 as of Jun. 30, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Highwoods Properties (FRA:HQS) Overvalued in 2026?
Based on GuruFocus' analysis, Highwoods Properties stock appears to be overvalued.
The current stock price of €26.20 is trading 15.3% above its estimated GF Value™ of €22.72.
GuruFocus considers Highwoods Properties to be Modestly Overvalued.
Key valuation signals for FRA:HQS:
Piotroski F-Score: 4 (20% below median its 10-year median of 5.00)
GF Value™: €22.72 vs. price of €26.20 (15.3% above fair value)
Industry Position: 33.3% below the REITs median (#680 of 890)
No single metric tells the full story. See the FRA:HQS stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Highwoods Properties Inc is a fully integrated office REIT that owns, develops, acquires, leases, and manages office properties mainly in the best business districts of Atlanta, Charlotte, Dallas, Nashville, Orlando, Raleigh, Richmond, and Tampa. Its principal business is the operation, acquisition, and development of rental office properties, with no material inter-segment transactions. The Company evaluates performance by geographic location, and the operating results by geographic grouping are regularly reviewed by the chief operating decision maker. The core portfolio consists mainly of office properties in its key markets, with the majority of revenue derived from its Raleigh properties.
65GF Score
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