Intravascular papillary endothelial hyperplasia is an interesting endothelial proliferation, the nature of which has aroused some controversy. Five cases were studied by light microscopy and by immunohistochemistry using antibodies to Factor VHI‐related antigen (FVIII‐rAg), ferritin, α1‐antitrypsin, α1‐antichymotrypsin and vimentin and were compared with conventional intravascular organizing thrombi. The results show a similar progression of the immunophenotype of the endothelial cells in both entities: they are initially positive for ferritin, then acquire vimentin positivity and only display FVIII‐rAg positivity in advanced (“mature”) lesions. This suggests that intravascular endothelial hyperplasia is closely related to organizing thrombi and is probably a peculi