Healthpeak Properties, Inc.

Real Estate Investment Trusts

DOCStrained7 of 11 basics passed

$18.80

+1.51%

Market cap $13.0B

$18.80

+1.51%

Market cap $13.0B

Healthpeak owns a diversified healthcare portfolio of nearly 700 in-place properties spread across mainly medical office and life science assets, plus a small portfolio of senior housing properties owned through the company's equity investment in Janus Living.

It is a $13.0B real estate company. Revenue grew 5.5% over the last year, and it keeps 8¢ of every dollar of sales as profit. It trades at 54.6× earnings — near the lowest of its own history.

Website: healthpeak.com
Location: Denver, CO
Employees: 411
Sector: Real Estate

Share price · 3 years

$11.74 → $18.80+60.1%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $2.95B
Profit: keeps 8¢ of every $1 sold; $243M
Free cash flow: cash left after running the business; $1.23B
P/E: years of profit in the price; 54.6
EPS: earnings per share, TTM; $0.35
Dividend: of the share price, paid yearly; 6.37%
Shares: up 434% since 2016 — dilution; 696.0M
Volatility: beta vs the market — under 1 swings less; 0.97

Revenue, last 8 years

52-week range

Low $15.78$18.80High $22.82

Today's price is 43% of the way from the year's low to its high.

P/E vs its history5y

53.3×median 94.6×

Higher than 6% of past days — near the lowest of its own history.

Valuation vs own history

P/E

53.3×

94%

P/S

4.4×

89%

EV/EBITDA

101.0×

97%

P/B

1.4×

95%

Share of the last ~5 years that was pricier than today (unusually cheap vs its own history). Based on the daily valuation record.

Standing in Real Estate

Size$13.0Btop 62%
Revenue growth+11%top 24%
Net margin8%top 78%
Return on equity3%top 87%
P/E54.6×top 84%
Dividend yield6.37%top 19%

Ranked against 46 Real Estate companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Strong valuation; Growth, Profitability, Health, Quality and Moat lag behind.

Valuation90

P/E vs own history6th pct · 25/25
FCF yield9.5% · 25/25
P/S4.5x · 20/25
EV/EBITDA12.5x · 20/25

Growth25

Revenue CAGR57.6% · 25/25
Net income CAGR-4.0% · 0/25
EPS CAGR ~5Y-19.7% · 0/25
Fwd implied growth-18.1% · 0/25

Profitability43

ROIC4.4% · 5/25
ROE3.2% · 5/25
Net margin8.2% · 13/25
Operating margin21.6% · 20/25

Health28

Altman Zn/a · 0/25
Current ratio2.30 · 25/25
Interest coverage1.9x · 3/25
Net cash / debtn/a · 0/25

Quality10

Piotroski F4/9 · 10/25
Beneish M0.92 · 0/25
FCF conversionn/a · 0/25
Margin stabilityσ 26.8% · 0/25

Moat12

ROIC >12% yearsn/a · 0/25
Median gross marginn/a · 0/25
FCF-positive yearsn/a · 0/25
Worst-year net marginworst 2.5% · 12/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2024Financial
Revenue crossed $1B
$2.70B for the year
FY2024Financial
Best year on record
$243M net income
FY2016Financial
Profitable every year on record
10 consecutive profitable years in our data
FY2016Financial
Positive free cash flow every year since
10-year streak

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$10 296 today — price return only

$2.8B revenue in FY2025

Revenue up 5.5% year over year

Profitable 10 years in a row

Positive free cash flow 10 years in a row

411 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

High gross margin (58.1%)
Strong cash conversion — FCF is 41.7% of revenue

Watch-outs

Thin interest coverage (1.9×)

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

7 of 11 checks passed

Revenue growing — the company sells more than a year ago+5.5% YoY
Profitable — makes more than it spends$243M TTM
Profit growing — earnings are higher than last year-52.0% YoY
Generates cash — cash left after running and investing$1.23B TTM
Debt under control — could handle its obligationscurrent ratio 2.30
Established company — not a micro-cap — lower blow-up risk$13.0B market cap
Not printing shares — share count not ballooning — you keep your slice+229.7% shares over ~5y
Proven track record — years of profitability behind it10/10 profitable years
Financially stable — balance sheet not near distresshealth score 28/100
Pays a dividend — returns cash to shareholdersyield 6.37%
Valuation not extreme — price not wildly above earningsP/E 54.6

Peer comparisonHealthpeak Properties, Inc. vs 6 largest real estate peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
DOC this company	$13.0B	54.6	+5.5%	8.2%	Strained
WELL Welltower Inc.	$162.5B	108.1	+37.6%	12.1%	Strained
PLD Prologis, Inc.	$123.1B	29.8	+7.3%	45.8%	Strained
EQIX Equinix, Inc.	$101.2B	66.0	+9.6%	15.6%	Strained
AMT American Tower Corporation	$84.5B	25.0	+14.2%	31.1%	Strained
DLR Digital Realty Trust, Inc.	$66.6B	83.0	+17.4%	11.8%	Strained
SPG Simon Property Group, Inc.	$64.7B	14.0	+15.0%	66.5%	Strained

Head-to-head: DOC vs WELL · DOC vs PLD · DOC vs EQIX

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 4Buy 6Hold 16

Appendix · Financial records

The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $2.95B · net income $243M (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2025 revenue flows to profit

RevenueNet income

Revenue (TTM)

$2.95B

YoY 5.5%

Net income (TTM)

$243M

Margin 8.2%

Gross margin

58.1%

Operating margin

21.6%

P/E ratio

54.6

Dividend yield

6.37%

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	0.4	0.5	0.5	0.5	2.7	2.8
Gross profit	—	—	—	—	1.6	0.2
Operating income (EBIT)	—	—	—	—	1.6	0.2
Net income	0.1	0.1	0.1	0.0	0.2	0.1
EPS (diluted)	0.31	0.38	0.44	0.17	0.36	0.10

Cash flowFree cash flow $1.23B · operating cash flow $1.23B (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$1.23B

Margin 41.7%

Operating cash flow (TTM)

$1.23B

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	0.2	0.2	0.3	0.3	1.1	1.3
Capital expenditure	—	—	—	—	—	—
Free cash flow	0.2	0.2	0.3	0.3	1.1	1.3
FCF margin	53.3%	54.1%	49.1%	50.3%	39.6%	44.4%

Balance sheetAssets $20.3B · debt n/a (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $20.3B of assets is financed

62%

38%

Liabilities $12.0B — borrowed moneyEquity $7.50B — owners' stake

Interest coverage

1.9x

EBIT ÷ interest expense

ROE

3.2%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	0.0	0.0	0.0	0.2	0.1	0.5
Total assets	4.4	5.2	5.1	5.2	19.9	20.3
Total liabilities	1.7	2.2	2.1	2.3	10.9	12.0
Total debt	—	—	—	—	—	—
Equity	2.6	2.8	2.9	2.8	8.4	7.5
Net debt	—	—	—	—	—	—

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of DOC on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $18.80 · market cap $13.0B.