Healthpeak Properties (DOC)
Real Estate · $14.6B market cap · SEC CIK 0000765880
fundamentals score out of 100
Next reports on Oct 21, 2026, with analysts expecting $0.03 in earnings per share.
The case for DOC
- Generated $357M of free cash flow in FY2025, 59% of revenue.
- Earnings per share up 48.4%.
- Has compounded revenue at 11.4% a year over five years.
- Gross margin of 58% absorbs cost shocks.
- Current assets cover the near-term bills 2.3 times over.
The case against
- Very expensive at 60.2× earnings. Years of growth are already in the price.
- Long-term debt of $9.8B would take 8 years of operating cash flow to repay.
- A yield of 8.2% is usually the market pricing in a cut.
- Return on equity of only 3%.
- Dividend takes 176% of earnings, leaving little cushion.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Real Estate companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 38 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 74 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 40 |
| Momentumhow the price has behaved lately | 65 |
| Stabilityhow violently it moves, what it owes and what it pays you | 37 |
- Each factor except momentum is half fixed thresholds, half rank among the 31 Real Estate companies.
Key numbers
| Price / earnings | 60.2× |
|---|---|
| Price / book | 1.88× |
| Price / sales | 5.0× |
| Revenue growth (YoY) | +5.5% |
| EPS growth (YoY) | +48.4% |
| Gross margin | 58% |
| Operating margin | 22% |
| Net margin | 8% |
| Return on equity | 3% |
| Debt / equity | 1.28× |
| Current ratio | 2.30 |
| Dividend yield | 8.16% |
| Beta | 0.99 |
| 52-week range | $15.70 – $22.95 |
| Position in that range | 68% of the way up |
| 3-month return | +5.9% |
| 1-year return | +12.2% |
Five years of financials, as filed
Pulled from Healthpeak Properties's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $604M | $568M | $527M | $495M | $471M |
| Net income | $71.3M | $243M | $306M | $500M | $506M |
| Operating cash flow | $1.3B | $1.1B | $956M | $900M | $795M |
| Capital expenditure | $895M | $737M | $775M | $962M | $760M |
| Total assets | $20.3B | $19.9B | $15.7B | $15.8B | $15.3B |
| Total liabilities | $12.0B | $10.9B | $8.8B | $8.5B | $8.1B |
| Shareholder equity | $7.5B | $8.4B | $6.4B | $6.7B | $6.5B |
| Cash | $467M | $120M | $118M | $72.0M | $158M |
| Long-term debt | $9.8B | $8.7B | $6.9B | $6.5B | $6.2B |
| Free cash flow | $357M | $334M | $182M | -$61.7M | $35.5M |
| Net margin | 11.8% | 42.8% | 58.0% | 101.1% | 107.3% |
| Diluted shares | 696M | 676M | 547M | 539M | 539M |
Share count is up 29.1% over 4 years. Your slice has been diluted.
What Healthpeak Properties says it does
Overview Healthpeak Properties, Inc. is a Standard & Poor’s ("S&P") 500 company that owns, operates, and develops high-quality real estate focused on healthcare discovery and delivery in the United States ("U.S."). Our company was originally founded in 1985. We are organized as an umbrella partnership REIT ("UPREIT"). We hold substantially all of our assets and conduct our operations through our operating subsidiary, Healthpeak OP, a consolidated subsidiary of which we are the managing member. We are a Maryland corporation and qualify as a self-administered REIT. We are headquartered in Denver, Colorado, with additional corporate offices in California, Tennessee, Wisconsin, and Massachusetts and property management offices in several locations throughout the U.S. We have a diversified portfolio of high-quality healthcare properties across three core asset classes of outpatient medical, lab, and senior housing real estate. Under the…
Risk factors DOC lists in its 10-K
- Risks Related to Our Business and Operations
- Changes to regulatory, funding, staffing, trade, and other policies and actions by the U.S. political administration could adversely affect our business operations or the operations of our tenants or operators
- We may be negatively impacted by macroeconomic trends that may increase borrowing, construction, labor, and other operating or administrative costs for us and our tenants, operators, and borrowers
- Life science industry changes could have a material adverse effect on our business, results of operations, and financial condition
- Our lab tenants face significant regulation, funding requirements, and uncertainty
- We may be negatively impacted by the insolvency or bankruptcy of, or the inability to obtain funding by, one or more of our major tenants, operators, or borrowers
- The illiquidity of our real estate investments may prevent us from timely responding to economic or investment performance changes
- Identifying and securing new or replacement tenants or operators can be time consuming and costly
- Property development, redevelopment, and tenant improvement risks can render a project less profitable or unprofitable and delay or prevent its undertaking or completion
- We assume operational risks with respect to our senior housing properties managed in RIDEA structures that could have a material adverse effect on our business, results of operations, and financial condition
- Required regulatory approvals can delay or prohibit transfers of our senior housing properties
- Compliance with the Americans with Disabilities Act and fire, safety, and other regulations may require us to make expenditures that adversely affect our cash flows
- Uninsured or underinsured losses could result in a significant loss of capital invested in a property, lower than expected future revenues, and unanticipated expenses
- Our use of joint ventures may limit our returns on and our flexibility with jointly owned investments