DOC Real Estate

Healthpeak Properties, Inc.

$19.56+0.41%

Price as of close on Nov 3, 2026 · Financials updated Oct 8, 2026

Basics

Sector: Real Estate
Industry: REIT - Healthcare Facilities
Country: United States
Market cap: 13.9B USD
Enterprise value: 21.5B USD
Full-time employees: 411

Overall health

Drawback: less profitable than most peersless profitable than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: its share price swings more than most peers’ (beta 0.99 vs a peer median of 0.75), though less than the overall marketbigger price swings (beta 0.99 vs peers 0.75)
Drawback: more debt relative to equity (1.28× vs a peer median of 0.80×)more debt vs equity (1.28× vs peers 0.80×)
About average: risk (debt, liquidity and share-price swings)risk

Ranks #424 of 632 real estate companies (bottom 34%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 26% from December 2022 to August 2026.
Healthpeak Properties had 26% more shares at August 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Healthpeak Properties had 26% more shares at August 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Returning more cash than it generates. Paid out $2.6B vs $872M of free cash flow over the 3 fiscal years to 2025.
Healthpeak Properties returned $2.6B to shareholders over three years, 297% of the free cash flow it produced. That gap has to be covered by cash reserves or new debt, which can't last indefinitely.
Borrowing rising faster than profit. Since 2022: debt +52%, operating profit +25%.
Healthpeak Properties's debt grew 52% since 2022 while operating profit changed +25%.
Annual revenue rose 5 years in a row. Fiscal-year revenue rose from $1.6B in 2020 to $2.8B in 2025.
Healthpeak Properties's fiscal-year revenue rose in each of the five years to 2025, from $1.6B to $2.8B.

StockQuotient Score

43/ 100

Oct 5 42 → Nov 4 43 (+1)

Valuation

Is the price right?

32/100

Weak▼ 2 since Oct 27 close

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why it changed since the Oct 27, 2026 close: Score 34 → 32

Share price +2.8%-3
Company's reported figures updated+1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Weaker than most peers on:

▼ FCF yield
▼ Earnings yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield1.8%

SEC filings · 12 months to Jun 2026Reported value30% base weight · Z-score -0.73Sector median: 0.0535 · MAD: 0.0484

EBITDA yield5.7%

SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score 0.17Sector median: 0.0536 · MAD: 0.0204

Free cash flow yield2.5%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score -0.90Sector median: 0.0650 · MAD: 0.0444

Other data (not scored)

Book yield58.2%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 1.1277 · MAD: 0.5490

Growth

Is it growing?

73/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 2.7%

Why

Stronger than most peers on:

▲ EPS growth
▲ 3-yr revenue

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth48.7%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 1.21Sector median: 0.1117 · MAD: 0.3101

3-year revenue growth11.7%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 1.07Sector median: 0.0378 · MAD: 0.0744

Revenue growth5.5%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.27Sector median: 0.0297 · MAD: 0.0927

Profitability

Does it earn well?

23/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ ROIC
▼ Operating margin
▼ ROA

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin5.1%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.96Sector median: 0.2683 · MAD: 0.2257

Return on assets1.1%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.74Sector median: 0.0211 · MAD: 0.0134

Return on invested capital0.7%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -1.36Sector median: 0.0341 · MAD: 0.0197

Other data (not scored)

Gross margin57.6%

Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsReported valueInformational · 0% composite weightSector median: 0.5380 · MAD: 0.2259

Return on equity3.1%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0521 · MAD: 0.0465

Risk

Debt, liquidity, price swings

Moderate

Moderate relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Mixed versus peers:

▲ Current ratio
▼ Debt / equity
▼ Beta

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta0.99

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -0.73Sector median: 0.7490 · MAD: 0.3270

Current ratio2.29×

Yahoo Finance fallback · SEC figure unavailable or out of dateReported value33% base weight · Z-score 1.51Sector median: 1.1950 · MAD: 0.7210

Debt / equity1.28×

SEC filings · latest balance sheetReported value33% base weight · Z-score -1.22Sector median: 0.8040 · MAD: 0.3893

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Healthpeak Properties

Is Healthpeak Properties getting weaker?: Its latest SEC filing (Aug 5, 2026) showed no major changes. Its overall score is unchanged at 43/100 since Oct 28, 2026.
How is Healthpeak Properties valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 32/100 against 762 real estate peers. Free cash flow yield 2.5% vs a peer median of 6.5% (weaker than 76% of peers).Free cash flow yield 2.5% vs peers 6.5% (weaker than 76% of peers).
Is Healthpeak Properties growing?: Yes, faster than most of its peers. Growth scores 73/100 against 762 real estate peers. Earnings per share growth 48.7% vs a peer median of 11.2% (stronger than 77% of peers).Earnings per share growth 48.7% vs peers 11.2% (stronger than 77% of peers).
How profitable is Healthpeak Properties?: Less profitable than most of its peers. Profitability scores 23/100 against 762 real estate peers. Return on invested capital 0.7% vs a peer median of 3.4% (weaker than 81% of peers).Return on invested capital 0.7% vs peers 3.4% (weaker than 81% of peers).
How risky is Healthpeak Properties?: Moderate risk relative to 762 real estate peers, judged on debt, liquidity and share-price swings. Current ratio 2.29× vs a peer median of 1.20× (stronger than 78% of peers).Current ratio 2.29× vs peers 1.20× (stronger than 78% of peers). Debt / equity 1.28× vs a peer median of 0.80× (weaker than 75% of peers).Debt / equity 1.28× vs peers 0.80× (weaker than 75% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 5, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

	Previous quarter	Latest quarter	Change
Revenue (12 months)	2.9B USD	2.9B USD	+2.7%
Net income (12 months)	222.2M USD	243.3M USD	+9.5%
Operating margin	5.6%	5.1%	−0.5 pts
Debt	10.4B USD	10.0B USD	−3.7%
Cash	1.2B USD	1.6B USD	+38.9%
Shares outstanding	689.4M	689.5M	+0.0%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Sector: Real Estate · 124 companies

Valuations in Real Estate are within their usual range since 2016.

30% of months since 2016 were valued lower than now.
15% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +4% and earnings +25% (medians): earnings grew faster than prices.
Median price-to-sales is +112% vs the whole market, against a usual +154%.

2016Shaded: most expensive fifth of its range2026

Shown for Real Estate: too few REIT - Healthcare Facilities companies have a long enough history of their own.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	59.2%	58.1%	58.6%	60.2%	—	—
Operating margin	8.3%	8.3%	10.2%	1.3%	7.6%	▲ 6.3 pts
Net margin	26.7%	24.3%	14.0%	9.0%	2.5%	▼ 6.5 pts
Return on assets (ROA)	3.3%	3.2%	1.9%	1.2%	0.4%	▼ 0.9 pts
Return on equity (ROE)	7.8%	7.5%	4.8%	2.9%	1.0%	▼ 1.9 pts
Free cash flow margin	1.9%	-3.0%	8.3%	12.4%	12.6%	▲ 0.3 pts
Debt to equity	0.95×	0.98×	1.08×	1.04×	1.31×	▲ 27%
Interest coverage	1.00×	0.99×	1.11×	0.13×	0.70×	▲ 461%

DOC price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Drawback: less profitable than most peersless profitable than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: its share price swings more than most peers’ (beta 0.99 vs a peer median of 0.75), though less than the overall marketbigger price swings (beta 0.99 vs peers 0.75)

Drawback: more debt relative to equity (1.28× vs a peer median of 0.80×)more debt vs equity (1.28× vs peers 0.80×)

About average: risk (debt, liquidity and share-price swings)risk

Ranks #424 of 632 real estate companies (bottom 34%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 26% from December 2022 to August 2026.

Healthpeak Properties had 26% more shares at August 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Healthpeak Properties had 26% more shares at August 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Returning more cash than it generates. Paid out $2.6B vs $872M of free cash flow over the 3 fiscal years to 2025.

Healthpeak Properties returned $2.6B to shareholders over three years, 297% of the free cash flow it produced. That gap has to be covered by cash reserves or new debt, which can't last indefinitely.

Borrowing rising faster than profit. Since 2022: debt +52%, operating profit +25%.

Healthpeak Properties's debt grew 52% since 2022 while operating profit changed +25%.

Annual revenue rose 5 years in a row. Fiscal-year revenue rose from $1.6B in 2020 to $2.8B in 2025.

Healthpeak Properties's fiscal-year revenue rose in each of the five years to 2025, from $1.6B to $2.8B.

Questions investors ask about Healthpeak Properties

Is Healthpeak Properties getting weaker?

Its latest SEC filing (Aug 5, 2026) showed no major changes. Its overall score is unchanged at 43/100 since Oct 28, 2026.

How is Healthpeak Properties valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 32/100 against 762 real estate peers. Free cash flow yield 2.5% vs a peer median of 6.5% (weaker than 76% of peers).Free cash flow yield 2.5% vs peers 6.5% (weaker than 76% of peers).

Is Healthpeak Properties growing?

Yes, faster than most of its peers. Growth scores 73/100 against 762 real estate peers. Earnings per share growth 48.7% vs a peer median of 11.2% (stronger than 77% of peers).Earnings per share growth 48.7% vs peers 11.2% (stronger than 77% of peers).

How profitable is Healthpeak Properties?

Less profitable than most of its peers. Profitability scores 23/100 against 762 real estate peers. Return on invested capital 0.7% vs a peer median of 3.4% (weaker than 81% of peers).Return on invested capital 0.7% vs peers 3.4% (weaker than 81% of peers).

How risky is Healthpeak Properties?

Moderate risk relative to 762 real estate peers, judged on debt, liquidity and share-price swings. Current ratio 2.29× vs a peer median of 1.20× (stronger than 78% of peers).Current ratio 2.29× vs peers 1.20× (stronger than 78% of peers). Debt / equity 1.28× vs a peer median of 0.80× (weaker than 75% of peers).Debt / equity 1.28× vs peers 0.80× (weaker than 75% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

2.9B USD

2.9B USD

+2.7%

Net income (12 months)

222.2M USD

243.3M USD

+9.5%

Operating margin

5.6%

5.1%

−0.5 pts

Debt

10.4B USD

10.0B USD

−3.7%

Cash

1.2B USD

1.6B USD

+38.9%

Shares outstanding

689.4M

689.5M

+0.0%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

59.2%

58.1%

58.6%

60.2%

—

Operating margin

8.3%

10.2%

1.3%

7.6%

▲ 6.3 pts

Net margin

26.7%

24.3%

14.0%

9.0%

2.5%

▼ 6.5 pts

Return on assets (ROA)

3.3%

3.2%

1.9%

1.2%

0.4%

▼ 0.9 pts

Return on equity (ROE)

7.8%

7.5%

4.8%

2.9%

1.0%

▼ 1.9 pts

Free cash flow margin

1.9%

-3.0%

8.3%

12.4%

12.6%

▲ 0.3 pts

Debt to equity

0.95×

0.98×

1.08×

1.04×

1.31×

▲ 27%

Interest coverage

1.00×

0.99×

1.11×

0.13×

0.70×

▲ 461%