COMP <GO>

HIW vs CDP // ALTMAN Z-SCORE & DEBT/EQUITY

Highwoods Properties Inc. (NYSE) VS. COPT Defense Properties of (NYSE) • 15-METRIC TALLY: HIW 5 — CDP 1

■ METRIC PARITY

LAST: $30.81 (-1.60%) • MKT CAP: $3.45B

balance-sheet

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LAST: $33.03 (-0.51%) • MKT CAP: $3.77B

balance-sheet

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15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (HIW VS. CDP) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	HIW	CDP	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	—	—	—	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	18.30%	—	—	TIE	/roic <GO>
EV/EBITDA & P/E Valuation	6.1x	—	—	TIE	/valuation <GO>
Free Cash Flow Yield	10.68%	7.98%	+2.70	HIW	/fcf-yield <GO>
Operating Margin	67.60%	—	—	TIE	/operating-margins <GO>
Net Profit Margin	—	—	—	TIE	/net-margins <GO>
Revenue Growth (YoY)	-2.40%	-44.30%	+41.90	HIW	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	6.44%	3.52%	+2.92	HIW	/dividend-safety <GO>
Altman Z-Score & Debt/Equity ACTIVE	—	—	—	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	3/9	2/9	+1.00	HIW	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	59.6	44.6	+15.00	HIW	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	—	—	—	TIE	/macro-sensitivity <GO>
Forward P/E Multiple	—	—	—	TIE	/forward-pe <GO>
Enterprise Scale & Market Cap	$3.45B	$3.77B	-$311.3M	CDP	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	HIW REV	CDP REV	HIW GROSS %	CDP GROSS %	HIW FCF	CDP FCF
FY 2025	$806.1M	$42.1M	—	—	$359.2M	$309.9M
FY 2024	$825.9M	$75.5M	—	—	$403.6M	$331.0M
FY 2023	$834.0M	$60.2M	—	—	$387.0M	$276.3M

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

HIW // BETA —

CDP // BETA —