A Business at a Glance
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HEALTHPEAK PROPERTIES, INC.
DOC
$15.7B
Mkt Cap
$22.27
+0.86%
HEALTHPEAK PROPERTIES, INC. (DOC) has a current P/E ratio of 222.7, compared to its historical median P/E of 25.8. The stock is currently considered Expensive based on its historical valuation range.
HEALTHPEAK PROPERTIES, INC. (DOC) has a 5-year average return on invested capital (ROIC) of 3.7%. This is below average and may indicate limited pricing power.
HEALTHPEAK PROPERTIES, INC. (DOC) has a market capitalization of $15.5B. It is classified as a large-cap stock.
Yes, HEALTHPEAK PROPERTIES, INC. (DOC) pays a dividend with a trailing twelve-month yield of 5.47%. The company also returns capital through share buybacks, with a buyback yield of 0.48%.
Based on historical P/E analysis, HEALTHPEAK PROPERTIES, INC. (DOC) appears expensive. The current P/E of 222.7 is 764% above its historical median of 25.8. The estimated fair value CAGR (P/E method) is -14.2%.
HEALTHPEAK PROPERTIES, INC. (DOC) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
Healthpeak Properties is a self-administered REIT that owns, operates, and develops high-quality healthcare real estate across three core segments: outpatient medical (507 properties), lab (145 properties), and senior housing (34 properties), with a diversified portfolio of 689 total properties focused on healthcare discovery and delivery in the United States. The outpatient medical segment comprises multi-tenant buildings typically located on or adjacent to hospital campuses and leased to healthcare providers, with approximately 72% structured as triple-net leases; the lab segment includes specialized research and development facilities; and the senior housing segment operates through RIDEA structures and life plan communities. The company generates revenue through long-term leases with healthcare operators, pharmaceutical and biotechnology companies, hospital systems, and specialty physician groups, with significant tenant concentration including HCA Healthcare (15% of segment revenues) and CommonSpirit Health (6% of segment revenues). Healthpeak's competitive advantages include its reputation built over decades of operations, deep relationships with leading healthcare tenants and institutional investors, scale in desirable markets, and a people-first culture supporting an industry-leading operational platform. The company finances its growth through a combination of cash flow from operations, debt issuances with staggered maturities, equity offerings, and capital recycling via dispositions and redeployment, while maintaining an investment-grade balance sheet and ample liquidity to support long-term dividend growth.
【Janus Living IPO and earnings accretion】 Management expects the Janus Living initial public offering to close in the first half of 2026, with the company retaining a substantial majority interest and consolidating the entity post-offering; the transaction is anticipated to be earnings neutral to Healthpeak in 2026 but accretive in 2027 and beyond as capital deployment into senior housing acquisitions flows through earnings. Occupancy growth is expected to continue across outpatient medical and lab segments through year-end 2026, with lab occupancy projected to increase by at least 100 basis points driven by new leasing commencements and a broad-based pipeline spanning venture-backed biotech to large-cap pharma. The company is progressing capital recycling initiatives targeting $1 billion in proceeds and has identified additional transactions generating $700 million or more at cap rates approximately 200 basis points inside implied stock price levels, while maintaining leverage-neutral stock buybacks to drive earnings accretion. Management views 2026 as a potential inflection point with 2027 growth outlook appearing even more favorable based on leasing trajectory and occupancy trends, supported by strong sector fundamentals in outpatient medical and senior housing.
| Metric | Target | Period |
|---|---|---|
| FFO as adjusted | $1.71–$1.75 per share | FY2026 |
| Lab occupancy growth | at least 100 basis points | FY2026 (year-end vs. year-end 2025) |
| Senior housing acquisitions deployment | $750 million | FY2026 (through year-end) |
FFO as adjusted (FY2026): “we expect the IPO to be earnings neutral to Healthpeak in 2026, and it will be accretive in 2027 and beyond as the capital deployment into acquisitions flows through to Healthpeak's earnings. In April, we repurchased $100 million of our stock at an implied FFO yield of over 10%. The repurchase is accretive to earnings and supports raising our FFO's adjusted guidance to a range of $1.71-$1.75 per share.”
Lab occupancy growth (FY2026 (year-end vs. year-end 2025)): “For the balance of the year, we expect to continue to capture occupancy from the benefit of new leasing commencements, which will support occupancy growth of at least 100 basis points versus year-end 2025.”
Senior housing acquisitions deployment (FY2026 (through year-end)): “These impacts are expected to be offset by the senior housing portfolio outperformance and deployment of $750 million of cash into acquisitions through year-end.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 2.9B | 2.8B | 2.7B | 2.2B | 2.1B | 1.9B |
| Net Income | 222M | 71M | 242M | 304M | 498M | 502M |
| EPS | $0.32 | $0.10 | $0.36 | $0.56 | $0.92 | $0.93 |
| Free Cash Flow | 0 | 357M | 334M | 182M | -62M | 36M |
| ROIC | 0.0% | 2.2% | 3.3% | 3.5% | 4.8% | 4.8% |
| Gross Margin | - | 21.6% | 21.0% | 24.3% | 23.7% | 23.1% |
| Debt/Equity | 1.33 | 1.31 | 1.06 | 1.20 | 1.13 | 1.13 |
| Dividends/Share | $1.22 | $1.22 | $1.20 | $1.20 | $1.20 | $1.20 |
| Operating Income | 0 | 385M | 527M | 495M | 666M | 657M |
| Operating Margin | 0.0% | 13.6% | 19.5% | 22.7% | 32.3% | 34.6% |
| ROE | 2.8% | 0.9% | 3.3% | 4.7% | 7.6% | 7.6% |
| Shares Outstanding | 695M | 705M | 673M | 543M | 541M | 540M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 1.6B | 1.9B | 2.1B | 1.8B | 1.2B | 1.2B | 1.6B | 1.9B | 2.1B | 2.2B | 2.7B | 2.8B | 2.9B |
| Gross Margin | 48.9% | 42.5% | 38.6% | 35.0% | 34.2% | 32.2% | 18.7% | 23.1% | 23.7% | 24.3% | 21.0% | 21.6% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 82M | 96M | 104M | 89M | 97M | 93M | 93M | 98M | 131M | 95M | 97M | 90M | 89M |
| EBIT | 1.4B | -91M | 1.1B | 719M | 1.3B | 256M | 620M | 657M | 666M | 495M | 527M | 385M | 0 |
| Op. Margin | 83.0% | -4.7% | 51.4% | 38.9% | N/A | 20.6% | 37.7% | 34.6% | 32.3% | 22.7% | 19.5% | 13.6% | 0.0% |
| Net Income | 920M | -561M | 627M | 413M | 1.1B | 44M | 411M | 502M | 498M | 304M | 242M | 71M | 222M |
| Net Margin | 56.2% | -28.9% | 29.4% | 22.3% | 88.8% | 3.5% | 25.0% | 26.5% | 24.2% | 14.0% | 9.0% | 2.5% | 7.7% |
| Non-Recurring | 31M | 6.4M | 165M | 357M | 926M | 23M | 601M | 605M | 10M | 86M | 183M | 69M | 69M |
| Returns on Capital | |||||||||||||
| ROIC | 6.8% | -0.4% | 3.7% | 4.9% | 10.3% | 2.1% | 4.8% | 4.8% | 4.8% | 3.5% | 3.3% | 2.2% | 0.0% |
| ROE | 8.6% | -5.6% | 8.4% | 7.6% | 18.8% | 0.7% | 6.4% | 7.6% | 7.6% | 4.7% | 3.3% | 0.9% | 2.8% |
| ROA | 4.4% | -2.6% | 3.4% | 2.8% | 7.9% | 0.3% | 2.7% | 3.2% | 3.2% | 1.9% | 1.4% | 0.4% | 1.0% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 1.2B | 1.2B | 1.2B | 847M | 849M | 846M | 758M | 795M | 900M | 956M | 1.1B | 1.3B | 1.2B |
| Free Cash Flow | 976M | 837M | 755M | 375M | 288M | 169M | -30M | 36M | -62M | 182M | 334M | 357M | 0 |
| Owner Earnings | 772M | 691M | 623M | 298M | 427M | 393M | 187M | 93M | 163M | 192M | -2.3M | 179M | 139M |
| CapEx | 273M | 385M | 459M | 472M | 561M | 677M | 789M | 760M | 962M | 775M | 737M | 895M | 0 |
| Maint. CapEx | 455M | 505M | 568M | 535M | 405M | 435M | 554M | 684M | 711M | 750M | 1.1B | 1.1B | 1.1B |
| Growth CapEx | 0 | 0 | 0 | 0 | 156M | 242M | 235M | 75M | 251M | 25M | 0 | 0 | 0 |
| D&A | 455M | 505M | 568M | 535M | 405M | 435M | 554M | 684M | 711M | 750M | 1.1B | 1.1B | 1.1B |
| CapEx/OCF | N/A | 63.0% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 1.0B | 1.0B | 980M | 695M | 697M | 720M | 787M | 650M | 648M | 657M | 795M | 849M | 848M |
| Dividend Yield | 10.9% | 11.1% | 11.0% | 7.9% | 8.7% | 6.4% | 7.0% | 4.7% | 5.2% | 6.8% | 6.5% | 6.9% | 5.5% |
| Share Buybacks | 13M | 8.7M | 8.7M | 4.8M | 3.4M | 5.0M | 11M | 13M | 68M | 6.5M | 191M | 97M | 74M |
| Buyback Yield | 0.1% | 0.1% | 0.1% | 0.1% | 0.0% | 0.0% | 0.1% | 0.1% | 0.6% | 0.1% | 1.5% | 0.9% | 0.5% |
| Stock-Based Comp | 22M | 26M | 23M | 14M | 17M | 18M | 17M | 18M | 26M | 14M | 16M | 14M | 14M |
| Debt Repayment | 17M | 20M | 55M | 51M | 42M | 81M | 47M | 237M | 4.2M | 7.3M | 20M | 2.7M | 2.7M |
| Balance Sheet | |||||||||||||
| Net Debt | 10.3B | 11.0B | 9.8B | 8.7B | 5.5B | 6.3B | 6.7B | 7.2B | 7.4B | 7.5B | 8.7B | 9.4B | 9.3B |
| Cash & Equiv. | 182M | 340M | 95M | 55M | 54M | 80M | 44M | 158M | 72M | 118M | 120M | 467M | 1.2B |
| Long-Term Debt | 9.7B | 11.0B | 9.1B | 7.8B | 5.5B | 6.3B | 6.6B | 6.2B | 6.5B | 6.9B | 8.7B | 9.8B | 10.4B |
| Debt/Equity | 0.98 | 1.22 | 1.80 | 1.66 | 0.93 | 1.05 | 1.00 | 1.13 | 1.13 | 1.20 | 1.06 | 1.31 | 1.33 |
| Interest Coverage | 3.1 | -0.2 | 2.4 | 2.3 | 5.0 | 1.2 | 2.8 | 4.2 | 3.9 | 2.5 | 1.9 | 1.3 | 1.3 |
| Equity | 10.7B | 9.3B | 5.5B | 5.3B | 5.9B | 6.1B | 6.7B | 6.5B | 6.7B | 6.4B | 8.4B | 7.5B | 7.8B |
| Total Assets | 21.3B | 21.4B | 15.8B | 14.1B | 12.7B | 14.0B | 15.9B | 15.3B | 15.8B | 15.7B | 19.9B | 20.3B | 21.6B |
| Total Liabilities | 10.3B | 11.7B | 9.8B | 8.5B | 6.2B | 7.4B | 8.6B | 8.1B | 8.5B | 8.8B | 10.9B | 12.0B | 12.6B |
| Intangibles | 481M | 587M | 480M | 410M | 305M | 260M | 520M | 520M | 418M | 314M | 817M | 655M | 758M |
| Retained Earnings | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | 392M | 458M | 761M | 755M | 772M | 657M | 725M | 719M | 671M |
| Per Share Data | |||||||||||||
| EPS | 2.00 | -1.21 | 1.34 | 0.88 | 2.24 | 0.09 | 0.77 | 0.93 | 0.92 | 0.56 | 0.36 | 0.10 | 0.32 |
| Owner EPS | 1.68 | 1.49 | 1.33 | 0.64 | 0.90 | 0.80 | 0.35 | 0.17 | 0.30 | 0.35 | -0.00 | 0.25 | 0.20 |
| Book Value | 23.34 | 20.17 | 11.86 | 11.29 | 12.58 | 12.45 | 12.61 | 12.06 | 12.30 | 11.69 | 12.48 | 10.64 | 11.26 |
| Cash Flow/Share | 2.71 | 2.64 | 2.60 | 1.80 | 1.80 | 1.73 | 1.42 | 1.47 | 1.66 | 1.76 | 1.59 | 1.78 | 1.87 |
| Dividends/Share | 2.18 | 2.26 | 2.10 | 1.48 | 1.48 | 1.48 | 1.48 | 1.20 | 1.20 | 1.20 | 1.20 | 1.22 | 1.22 |
| Shares Out. | 459.9M | 463.3M | 467.6M | 469.3M | 472.5M | 488.7M | 534.0M | 540.1M | 541.1M | 543.4M | 673.3M | 705.1M | 695.3M |
| Valuation | |||||||||||||
| P/E Ratio | 12.2 | N/A | 13.4 | 19.2 | 8.6 | 272.5 | 29.5 | 30.4 | 22.1 | 31.3 | 51.5 | 159.2 | 69.9 |
| P/FCF | 10.4 | 11.2 | 11.1 | 21.1 | 31.6 | 71.0 | N/A | 429.3 | N/A | 52.5 | 37.4 | 31.4 | N/A |
| EV/EBIT | 14.2 | N/A | 14.8 | 484.9 | 10.9 | 106.4 | 76.2 | 31.6 | 50.5 | 31.2 | 319.5 | 47.1 | N/A |
| Price/Book | 1.0 | 1.0 | 1.5 | 1.5 | 1.5 | 2.0 | 1.8 | 2.3 | 1.7 | 1.5 | 1.5 | 1.5 | 2.0 |
| Price/Sales | 4.5 | 4.9 | 4.2 | 4.8 | 4.3 | 9.1 | 6.9 | 7.4 | 6.1 | 4.4 | 4.5 | 4.4 | 5.4 |
| FCF Yield | 8.7% | 8.9% | 9.0% | 4.7% | 3.2% | 1.4% | -0.3% | 0.2% | -0.6% | 1.9% | 2.7% | 3.2% | N/A |
| Market Cap | 11.2B | 9.4B | 8.4B | 7.9B | 9.1B | 12.0B | 12.1B | 15.3B | 11.0B | 9.5B | 12.5B | 11.2B | 15.5B |
| Avg. Price | 20.06 | 20.42 | 19.07 | 18.84 | 16.93 | 23.03 | 21.20 | 25.87 | 23.09 | 17.66 | 18.13 | 17.55 | 22.27 |
| Year-End Price | 22.15 | 20.25 | 17.91 | 16.91 | 19.22 | 24.52 | 22.72 | 28.24 | 20.29 | 17.54 | 18.55 | 15.92 | 22.27 |
HEALTHPEAK PROPERTIES, INC. passes 1 of 9 quality checks, indicating weak fundamentals.
HEALTHPEAK PROPERTIES, INC. trades at 222.7x trailing earnings, compared to its 15-year median P/E of 25.8x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 12.5x vs a median of 31.6x. The company's 5-year average ROIC is 3.7% with a gross margin of 22.7%. Total shareholder yield (dividends + buybacks) is 5.9%. At current prices, the estimated annualized return to fair value is +0.7%.
HEALTHPEAK PROPERTIES, INC. (DOC) reported annual revenue of $2.8 billion in its most recent fiscal year, based on SEC EDGAR filings.
HEALTHPEAK PROPERTIES, INC. (DOC) has a net profit margin of 2.5%. This is a modest margin.
HEALTHPEAK PROPERTIES, INC. (DOC) generated $357 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
HEALTHPEAK PROPERTIES, INC. (DOC) has a debt-to-equity ratio of 1.31. This indicates moderate leverage.
HEALTHPEAK PROPERTIES, INC. (DOC) reported earnings per share (EPS) of $0.10 in its most recent fiscal year.
HEALTHPEAK PROPERTIES, INC. (DOC) has a return on equity (ROE) of 0.9%. This indicates moderate shareholder returns.
HEALTHPEAK PROPERTIES, INC. (DOC) has a 5-year average gross margin of 22.7%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 19 years of financial data for HEALTHPEAK PROPERTIES, INC. (DOC), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
HEALTHPEAK PROPERTIES, INC. (DOC) has a book value per share of $10.64, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects the Janus Living initial public offering to close in the first half of 2026, with the company retaining a substantial majority interest and consolidating the entity post-offering; the transaction is anticipated to be earnings neutral to Healthpeak in 2026 but accretive in 2027 and beyond as capital deployment into senior housing acquisitions flows through earnings. Occupancy growth is expected to continue across outpatient medical and lab segments through year-end 2026, with lab occupancy projected to increase by at least 100 basis points driven by new leasing commencements and a broad-based pipeline spanning venture-backed biotech to large-cap pharma. The company is progressing capital recycling initiatives targeting $1 billion in proceeds and has identified additional transactions generating $700 million or more at cap rates approximately 200 basis points inside implied stock price levels, while maintaining leverage-neutral stock buybacks to drive earnings accretion. Management views 2026 as a potential inflection point with 2027 growth outlook appearing even more favorable based on leasing trajectory and occupancy trends, supported by strong sector fundamentals in outpatient medical and senior housing.
Based on recent SEC filings and earnings calls, HEALTHPEAK PROPERTIES, INC. (DOC) has provided the following forward guidance: FFO as adjusted: $1.71–$1.75 per share (FY2026); Lab occupancy growth: at least 100 basis points (FY2026 (year-end vs. year-end 2025)); Senior housing acquisitions deployment: $750 million (FY2026 (through year-end)).