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Healthpeak Properties, Inc.

DOC Real Estate Reit Healthcare Facilities

Healthpeak Properties, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.8 billion, up 4.52% from fiscal 2024. In the quarter to June 2026, revenue grew 11.1%, EPS grew 60.0%, free cash flow fell 30.5% and total debt rose 11.0%, each against the same quarter a year earlier. Member of the S&P 500; revenue growth for five consecutive years, operating cash flow growth for five.

18.80 0.28 +1.51%
Market cap
$13.1B
P/E
53.8×
Fwd P/E
71.3×
Dividend yield
8.10%
F-score
4/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Insider Decisions trades per month

Total sells 0.21
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — — — — — — 1 — — — — —
Insider Ownership 0.36%

Capital & Financial Ratios $m

Market Cap 13,080.00
Revenue 2,949.81
Net Income 274.84
Free Cash Flow (19.33)
Net Debt 8,313.51
Current Ratio 3.02
Debt/Equity 1.06
P/E ratio 53.80 (above 35: high)
Fwd P/E 71.30 (above 35: high)
P/S ratio 4.40
P/B ratio 1.37
Past 5Y EPS Growth (33.52%) (below 0%: weak)
This Y EPS Growth 348.26% (at or above 15%: strong)
Next Y EPS Growth (50.77%) (below 0%: weak)
Next Y revenue growth 4.23%
Next 5Y EPS Growth 43.05% (at or above 15%: strong)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 7.2×, against a ten-year median of 10.4×; over the ten years it ranged from 7.0× in 2023 to 16.2× in 2016.
P/E against its own 10 years 71.74%
10-year low 10-year high
P/S against its own 10 years 8.75%
10-year low 10-year high
P/B against its own 10 years 7.27%
10-year low 10-year high
EV/Sales against its own 10 years 1.40%
10-year low 10-year high

Dividends

Payout Ratio 4.36
Annual Dividend Rate 1.53
Annual Dividend Yield 8.10%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 1.22
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
2025 1.22
0.31
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
2024 1.43
0.23
0.30
0.30
0.30
0.30
2023 2.12
0.23
0.30
0.23
0.30
0.23
0.30
0.23
0.30
2022 2.12
0.23
0.30
0.23
0.30
0.23
0.30
0.23
0.30
2021 2.12
0.23
0.30
0.23
0.30
0.23
0.30
0.23
0.30
2020 2.40
0.23
0.37
0.23
0.37
0.23
0.37
0.23
0.37
2019 2.40
0.23
0.37
0.23
0.37
0.23
0.37
0.23
0.37
2018 2.40
0.23
0.37
0.23
0.37
0.23
0.37
0.23
0.37
2017 2.39
0.23
0.37
0.23
0.37
0.23
0.37
0.23
0.37
2016 2.76
0.20
0.52
0.20
0.52
0.20
0.52
0.20
0.37
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 169 184 538 1,719
Receivables 56 77 78 72
Inventory — — — —
Other — — — —
443 1,854 2,025 2,052
2023 2024 2025 Q'26
Payables 657 725 719 679
ST’ Debt — — — —
Other — — — —
657 725 719 679

Compound Annual Growth %

10y 5y 3y
Sales 3.82% 11.40% 11.05%
Cash Flow 0.24% 10.54% 11.62%
Earnings 0.00% (29.72%) (47.87%)
Book Value (1.78%) 2.24% 4.27%

Revenue $m

Mar Jun Sep Dec Year
’26 753 772 — — —
’25 703 694 706 719 2,823
’24 607 696 700 698 2,700
’23 526 545 556 554 2,181
’22 498 518 520 524 2,061
’21 455 476 481 483 1,896
’20 381 409 424 432 1,645
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 261 361 — — —
’25 279 363 315 294 1,252
’24 153 316 318 284 1,070
’23 174 298 253 231 956
’22 194 255 244 207 900
’21 123 237 212 224 795
’20 95 225 220 219 758
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (219) 146 — — —
’25 76 210 112 (58) 339
’24 74 535 394 112 1,115
’23 100 103 65 82 351
’22 (105) 67 3 (57) (92)
’21 910 924 (288) (445) 1,101
’20 285 (108) 14 (90) 101
Fiscal quarters ending in the months shown.

EPS $

Mar Jun Sep Dec Year
’26 0.28 0.08 — — —
’25 0.06 0.05 (0.17) 0.16 0.10
’24 0.01 0.21 0.12 0.01 0.36
’23 0.22 0.09 0.12 0.13 0.56
’22 0.13 0.13 0.65 0.01 0.92
’21 0.27 0.51 0.10 0.05 0.93
’20 0.54 0.09 (0.12) 0.27 0.77
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.4
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 22.87 25.09 21.48 26.80 18.63 28.15 21.41 15.24 16.02 15.71

Analyst estimates 2026–2028

Powerpack
High 36.82 33.67 30.27 37.93 37.64 37.69 36.85 28.43 23.26 21.28
People
People Employees 188 190 201 204 217 196 199 193 387 411
Revenue/emp, $m 11.33 9.73 5.93 6.08 7.58 9.67 10.36 11.30 6.98 6.87
Income, $m
Income, $m Revenue 2,129 1,848 1,191 1,240 1,645 1,896 2,061 2,181 2,700 2,823
Gross margin, % 65.32 63.95 68.22 67.33 52.43 59.22 58.13 58.64 60.20 60.00
EBT 367 410 839 176 218 128 507 315 273 284
EBT margin, % 17.25 22.20 70.39 14.22 13.23 6.77 24.60 14.44 10.12 10.07
Net income 640 423 1,073 60 428 526 516 335 267 101
Depreciation 616 564 579 689 625 599 619 653 966 955
Per share, $
Per share, $ Revenue 4.56 3.94 2.53 2.55 3.10 3.52 3.83 3.99 4.00 4.06
Earnings 1.34 0.88 2.25 0.09 0.77 0.93 0.92 0.56 0.36 0.10
Cash flow 2.60 1.81 1.80 1.74 1.43 1.48 1.67 1.75 1.58 1.80
Capex (0.52) 0.81 2.37 (4.11) (1.24) 0.57 (1.84) (1.11) 0.07 (1.31)
Free cash flow 2.08 2.62 4.17 (2.37) 0.19 2.04 (0.17) 0.64 1.65 0.49
Book value 12.72 11.94 13.84 13.71 13.74 13.10 13.33 12.57 13.40 11.70
Shares, m 467 469 471 486 531 539 539 547 676 696
Valuation, ×
Valuation, × P/E 22.22 29.78 12.52 344.70 38.27 38.81 27.35 35.77 57.91 160.80
P/S 6.53 6.57 7.15 9.60 9.89 10.26 6.65 5.02 5.07 3.97
P/B 2.34 2.17 2.03 2.57 2.23 2.76 1.91 1.59 1.51 1.37
EV/Sales 10.79 10.79 10.09 12.91 13.66 13.40 9.74 8.10 8.23 7.26
EV/FCF 23.59 16.25 9.49 (19.96) 223.30 23.08 (219.14) 50.35 19.94 60.42
Cash, $m
Cash, $m Operating cash flow 1,214 847 849 846 758 795 900 956 1,070 1,252
Capex (241) 380 1,115 (2,001) (658) 306 (992) (605) 44 (913)
Free cash flow 973 1,227 1,963 (1,155) 101 1,101 (92) 351 1,115 339
Balance, $m
Balance, $m Working capital 573 35 (141) (128) (412) (79) (217) (214) 1,129 1,306
Total debt 9,189 7,880 5,568 6,002 6,298 6,170 6,498 6,876 8,716 9,860
Net debt 9,053 7,798 5,428 5,908 6,187 5,958 6,371 6,707 8,532 9,322
Shareholders’ equity 5,941 5,595 6,513 6,667 7,290 7,059 7,183 6,876 9,055 8,143
Returns, %
Returns, % ROA 3.37 2.77 7.90 0.33 2.75 3.22 3.21 1.93 1.36 0.35
ROIC 2.96 1.79 1.57 1.43 0.71 1.51 1.59 1.94 1.12 1.86
ROE 7.99 7.16 17.48 0.67 5.89 7.00 6.99 4.33 3.04 0.82
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Healthpeak Properties, Inc. vs peers in Reit Healthcare Facilities (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
VTR Ventas, Inc. $42.9B 149× 133× +21.73% (above 0%: growing) −6.67% (below 0%: shrinking) +13.60% (above 0%: growing) 95.22% 13.43% Compare
OHI Omega Healthcare Investors, Inc. $13.4B 15.7× 22.5× +16.19% (above 0%: growing) +163.04% (above 0%: growing) +710.56% (above 0%: growing) 100.00% 57.45% Compare
DOC Healthpeak Properties, Inc. $13.1B 53.8× 71.3× +11.12% (above 0%: growing) +60.00% (above 0%: growing) −30.47% (below 0%: shrinking) 56.83% 16.18%
AHR American Healthcare REIT, Inc. $11.1B 74.7× 80.1× +24.29% (above 0%: growing) +166.67% (above 0%: growing) +9.53% (above 0%: growing) 20.35% 6.29% Compare
CTRE CareTrust REIT, Inc. $8.5B 22.7× 25.4× +43.46% (above 0%: growing) +5.56% (above 0%: growing) +88.99% (above 0%: growing) 98.66% 67.53% Compare
HR Healthcare Realty Trust Incorporated $5.9B — (loss-making) — (loss-making) −5.26% (below 0%: shrinking) n/m −28.80% (below 0%: shrinking) 64.88% 13.83% Compare
SBRA Sabra Healthcare REIT, Inc. $4.8B 72.9× 27.3× +24.70% (above 0%: growing) n/m −666.09% (below 0%: shrinking) 100.00% (13.59%) Compare
NHI National Health Investors, Inc. $3.2B 18.7× 20.2× +33.81% (above 0%: growing) +45.57% (above 0%: growing) +2,585.45% (above 0%: growing) 72.18% 41.09% Compare
LTC LTC Properties, Inc. $2.3B 15.5× 18.8× +64.11% (above 0%: growing) +72.73% (above 0%: growing) −213.92% (below 0%: shrinking) 100.00% 31.24% Compare
Median of peers $7.2B 22.7× 25.4× +24.50% +59.15% +11.57% 96.94% 22.54%

All 16 Reit Healthcare Facilities stocks →

DOC metrics, ten years each

Healthpeak Properties, Inc. (DOC) key facts

  • Concern: Net income was $101.0 million, or $0.10 per share (basic), a net margin of 2.50%.
  • Strength: Healthpeak Properties, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.8 billion, up 4.52% from fiscal 2024.
  • Healthpeak Properties, Inc. (DOC) is a Reit Healthcare Facilities company in the Real Estate sector, listed on the New York Stock Exchange.
  • As of October 9, 2026, DOC traded at $18.80, a market capitalization of $13.1 billion.
  • At that price the stock trades at 53.8× trailing-twelve-month earnings and 4.4× sales; its P/E is higher than 72% of its own readings over the past ten years.
  • Healthpeak Properties, Inc. pays an annual dividend of $1.53 per share, a yield of 8.10%.
  • Return on equity was 0.82% and debt-to-equity 1.06.
  • Its Piotroski F-score is 4 out of 9 for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Healthpeak Properties, Inc. (DOC) Latest News

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stockrow.com/DOC · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com