# Healthpeak Properties, Inc. (DOC) — Stock CV

Healthpeak Properties, Inc. 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.

> 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.

## Identity

- **Ticker**: DOC
- **Sector**: Real Estate
- **Industry**: Real Estate Investment Trusts
- **Headquarters**: DENVER, CO
- **Employees**: 411
- **Website**: https://www.healthpeak.com
- **Market cap**: $13.0B
- **Last price**: $18.80
- **Financial profile**: Strained

## Vitals (TTM)

- **Revenue**: $2.95B
- **Net income**: $243M
- **Free cash flow**: $1.23B
- **P/E**: 54.6
- **Revenue growth (YoY)**: 5.5%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 90 |
| Growth | 25 |
| Profitability | 43 |
| Health | 28 |
| Quality | 10 |
| Moat | 12 |

## Qualifications (beginner checklist) — 7 of 11 passed

- [x] Revenue growing — +5.5% YoY
- [x] Profitable — $243M TTM
- [ ] Profit growing — -52.0% YoY
- [x] Generates cash — $1.23B TTM
- [x] Debt under control — current ratio 2.30
- [x] Established company — $13.0B market cap
- [ ] Not printing shares — +229.7% shares over ~5y
- [x] Proven track record — 10/10 profitable years
- [ ] Financially stable — health score 28/100
- [x] Pays a dividend — yield 6.37%
- [ ] Valuation not extreme — P/E 54.6

## Experience (career milestones)

- **FY2024** — Revenue crossed $1B: $2.70B for the year
- **FY2024** — Best year on record: $243M net income
- **FY2016** — Profitable every year on record: 10 consecutive profitable years in our data
- **FY2016** — Positive free cash flow every year since: 10-year streak

## Strengths

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

## Watch-outs

- Thin interest coverage (1.9×)

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $458M | $84.0M | $248M |
| FY2022 | $527M | $104M | $258M |
| FY2023 | $543M | $41.9M | $273M |
| FY2024 | $2.70B | $243M | $1.07B |
| FY2025 | $2.82B | $71.3M | $1.25B |

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Source: https://stockcv.com/DOC — derived from company filings; may be delayed or incomplete. Information, not investment advice.