Healthpeak Properties, Inc DOC

Real EstateResidential & Commercial REITsUnited States of America

Last close 19.48 USD on Nov 2, 2026, +27.8% year to date

Quant rating

Quant rating C Rank 85 of 175 in Real Estate

Growth C 74 of 175
Valuation C 79 of 175
Quality C 79 of 175
Revisions C 77 of 175
Momentum C 88 of 175

Wall Street consensus Hold (2.55)Average target 21.94 USD +12.6%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 13.4B
Enterprise value: 23.5B
52-week range: 15.71 – 22.95
3-year range: 15.57 – 23.12
Dividend yield: 6.41%
Beta (5 years): 0.98
Shares outstanding: 690M
Next earnings: Nov 2, 2026

About the company

Healthpeak Properties, Inc. is a fully integrated real estate investment trust (REIT). The Company acquires, develops, owns, leases, and manages healthcare real estate across the United States. It owns, operates, and develops real estate focused on healthcare discovery and delivery. The Company operates through three segments: outpatient medical, lab, and senior housing. Its outpatient medical and lab segments own, operates, and develops outpatient medical buildings, hospitals, and lab buildings. Its portfolio includes Baylor Scott & White Charles A. Sammons Cancer Center, 8 C1TY Blvd, The Boardwalk, Springwoods Outpatient Medical Facility: St Luke’s Health – Springwoods Village, Vantage, UF Health North Medical Building, Avondale Outpatient Medical Facility, Wesley Chapel Medical Building II: AdventHealth Wesley Chapel, Cambridge Discovery Park, and others. The Company owns approximately 700 properties nationwide.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	2,823	2,700	2,181	2,061	1,896	–
Revenue growth	4.5%	23.8%	5.8%	8.7%	15.3%	11.4%
EPS (basic, normalized)	0.35	0.36	0.56	0.92	0.93	–
EPS growth	−2.8%	−35.7%	−39.1%	−1.1%	–	–
Gross margin	60.3%	60.5%	59.0%	58.1%	59.2%	59.4%
Net margin	2.5%	9.0%	14.0%	24.0%	6.1%	11.1%
ROE	0.9%	3.3%	4.7%	7.6%	1.8%	3.7%

Balance sheet, last quarter
Cash & short-term investments (mil)	514
Current ratio	–
Long-term debt (mil)	10,032
Net debt (mil)	10,059
Total equity (mil)	7,866
Net debt / equity	1.28x
Net debt / EBITDA	6.37x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	2,823	+4.5%	8.3x	1,578	+3.6%	14.9x	0.35	−2.8%	55.7x
2026	3,003	+6.4%	7.8x	1,651	+4.6%	14.2x	0.35	+1.4%	54.9x
2027	3,202	+6.6%	7.3x	1,700	+3.0%	13.8x	0.28	−22.1%	70.4x
2028	3,521	+10.0%	6.7x	1,837	+8.1%	12.8x	0.34	+21.1%	58.1x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	3,003	+0.3%	+2.4%	+5.4%	0.35	0.0%	+31.5%	+84.9%
2027	3,202	+0.3%	+1.6%	+6.6%	0.28	0.0%	+6.4%	+14.3%
2028	3,521	+0.5%	+7.2%	+12.2%	0.34	0.0%	+11.7%	+11.7%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	607	696	700	698	703	694	706	719	753	772
Sales mean (mil)	557	669	680	689	682	690	692	691	695	720
Surprise	+8.9%	+4.0%	+3.0%	+1.3%	+3.1%	+0.6%	+1.9%	+4.1%	+8.4%	+7.2%
EPS reported	0.01	0.21	0.12	0.01	0.06	0.05	0.08	0.16	0.28	0.08
EPS mean	0.07	0.09	0.07	0.05	0.05	0.06	0.06	0.06	0.04	0.03
Surprise	−86.5%	+133.3%	+77.8%	−78.9%	+13.5%	−18.6%	+39.1%	+182.3%	+522.2%	+146.2%

Peer comparison Residential & Commercial REITs

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
DOC Healthpeak Properties, Inc	13.4B	6.37x	2.5%	1.71x	54.9x	70.4x	14.2x	13.8x
NHP National Healthcare Properties, Inc.	1.1B	–	−20.8%	1.04x	31.7x	301.8x	15.5x	15.4x
Mean		6.37x	−9.1%	1.38x	43.3x	186.1x	14.9x	14.6x
Median		6.37x	−9.1%	1.38x	43.3x	186.1x	14.9x	14.6x

Technical analysis

1M+0.5%
3M−9.4%
1Y+15.9%
3Y+41.3%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Healthpeak Properties, Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	2,823	2,700	2,181	2,061	1,896	1,645
Cost of revenue	1,120	1,066	894	863	773	783
Gross profit	1,702	1,635	1,287	1,198	1,123	862
Selling, general & administrative expenses	99.4	106	103	98.3	94.7	90.3
Research & development	–	–	–	–	–	–
Depreciation/amortization	1,059	1,057	750	711	684	554
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	23.9	172	13.5	49.0	260	−52.9
Other operating expenses	−0.9	9.9	−5.6	0	0	0
Operating income	521	290	426	340	84.3	271
Net interest income (expense)	−305	−280	−200	−173	−158	−218
Gain (loss) on sale of assets	69.5	256	86.7	321	192	90.3
Other non-operating income (expense)	−1.1	7.6	2.5	19.2	10.4	74.7
Net income before taxes	284	273	315	507	128	218
Provision for taxes	9.3	4.3	−9.6	−4.4	−3.3	−9.4
Minority interest	−29.7	−24.2	−28.7	−16.0	−17.9	−14.4
Equity in affiliates	−174	−1.5	10.2	2.0	6.1	−66.6
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	71.3	243	306	498	120	146
Extraordinary items	–	0	0	2.9	386	267
Net income	71.3	243	306	500	506	414
EBIT, normalized	721	461	441	389	342	219
EBITDA, normalized	1,780	1,519	1,191	1,100	890	657
Basic EPS, normalized	0.35	0.36	0.56	0.92	0.93	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Healthpeak Properties, Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	467	120	118	72.0	158	44.2
Receivables	78.3	76.8	55.8	53.4	48.7	42.3
Total inventory	–	–	–	–	–	–
Prepaid expenses	–	–	–	–	–	–
Other current assets	–	–	–	–	–	–
Total current assets	–	–	–	–	–	–
Property, plant & equipment	16,511	16,256	13,269	13,261	12,901	11,312
Goodwill	68.5	–	–	–	–	–
Intangibles	655	817	314	418	520	520
Long-term investments	803	937	783	707	404	403
Note receivable	606	717	218	375	462	250
Other long-term assets	1,693	1,211	1,115	1,011	971	3,435
Total assets	20,336	19,938	15,699	15,771	15,258	15,920
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	264	276	240	266	228	763
Accrued expenses	530	520	372	446	444	180
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	995	807	7.0	90.1	5.0	143
Other current liabilities	–	–	–	–	–	–
Total current liabilities	–	–	–	–	–	–
Long-term debt	8,853	7,909	6,869	6,408	6,165	6,155
Minority interest	802	656	574	634	631	556
Other liabilities	3,181	2,972	1,905	2,075	1,946	2,420
Total liabilities	12,836	11,537	9,348	9,117	8,742	9,132
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	695	699	547	547	539	538
Additional paid-in capital	12,768	12,847	10,406	10,350	10,100	10,230
Retained earnings (accumulated deficit)	−5,953	−5,174	−4,622	−4,270	−4,121	−3,976
Treasury stock	–	–	–	–	–	–
Other equity	−9.9	28.8	19.4	28.1	−3.1	−3.7
Total equity	7,500	8,401	6,350	6,655	6,515	6,788
Total liabilities & shareholders' equity	20,336	19,938	15,699	15,771	15,258	15,920

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Healthpeak Properties, Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	101	267	335	516	526	428
Depreciation, depletion & amortization	1,059	1,057	750	711	684	697
Deferred taxes	3.8	−1.7	−14.6	−6.0	−5.8	−14.6
Non-cash items	−34.6	−325	−198	−441	−441	−473
Changes in working capital	123	73.0	83.9	120	31.4	121
Cash from operations	1,252	1,070	956	900	795	758
Investing activities
Capital expenditures	−1,384	−720	−861	−1,148	−2,205	−2,056
Other investing cash flows	350	606	284	272	2,736	1,049
Cash from investing	−1,035	−114	−577	−876	531	−1,008
Financing activities
Financing cash flow items	−27.5	−109	−52.1	−33.3	−330	−87.8
Cash dividends paid	−849	−795	−657	−648	−650	−787
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	1,013	−37.2	372	565	−309	1,121
Cash from financing	136	−941	−337	−117	−1,289	246
Foreign exchange effects	–	–	–	0	0	−0.2
Net change in cash	353	15.3	42.2	−92.6	37.8	−3.0
Free cash flow	−132	350	95.6	−248	−1,410	−1,298

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.