Healthpeak Properties, Inc. (DOC)
Real Estate · Health Care REITs · US stock · S&P 500 component
$19.34
▲ +0.86 (4.65%)
Fair valueFair
$20 +4.0% to fair value
$10fair band $17–$24$30
Day's range
$18.47 – $19.36
52-week range
$15.70 – $22.95
About Healthpeak Properties, Inc.
Healthpeak Properties is a real estate investment trust that owns and operates healthcare property in the United States. Its portfolio is built around laboratory and life science buildings, outpatient medical offices and senior living communities, including continuing care retirement communities. Tenants include biotechnology and pharmaceutical firms, health systems, physician groups and senior living operators.
Income comes mainly from rent and related charges paid by tenants. Revenue is $2.9 billion over the last twelve months, rising 11.0% a year across the last three years. The operating margin is 26.5%, and the business earns a profit of 4% on the capital invested in it. Healthpeak carries net debt of 4.6 times EBITDA, and the dividend yield is 6.3%. On the site's X-Ray Score it receives 39 out of 100.
Price chart
52-wk range $15.70 – $22.95Volume 7,368,487Daily, split-adjusted
Vitals
Market cap$13.3B
52-week range$15.70 – $22.95
Volume (last day)7,368,487
P/E (TTM)55.2
EBIT / EV yield3.3%
Free-cash-flow yield–
Dividend yield6.3%
Revenue (TTM)$2.9B
Net income (TTM)$243M
Operating margin26.5%
Return on capital4.3%
Debt incl. leases$10.3B
Cash & securities$1.6B
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$20middle half of models $19 – $21
Fair
+4.0% to fair value
Average of the 4 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is Medium, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $19
Undervalued < $17Fair $17 – $24Overvalued > $24
P/B multiple
$20
P/S multiple
$22
P/FFO multiple
$20
P/AFFO multiple
$19
Dividend discount, stable · not used
$81
Dividend discount, multi-stage · not used
$157
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Weak business, fairly priced
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Real Estate peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Weak
42/100
Expensive against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield3.3%
Fair value vs price1.0×
Growth
Weak
38/100
Growing slower than most of its sector.
See the numbers →
Revenue growth (3y)11.0%
EPS growth (3y)-52.3%
Growth consistency90%
Profitability
Weak
42/100
Earns lower returns on its capital than most peers.
See the numbers →
Return on invested capital4.3%
Operating margin26.5%
Financial health
Weak
23/100
Balance sheet is more stretched than most peers.
See the numbers →
Piotroski F-Score4 / 9
Net debt / EBITDA4.6×
Interest cover2.3×
Dividends
Fair
57/100
Dividend is typical for its sector.
See the numbers →
Dividend yield6.3%
Dividend growth9.4%
Quarterly results: last 6 quarters
+15.9%
Mar '25
-0.2%
Jun '25
+0.8%
Sep '25
+3.1%
Dec '25
+7.1%
Mar '26
+11.1%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $772M, diluted EPS $0.08.
Compare with peers
WELL Welltower Inc.48 VTR Ventas, Inc.45Other Health Care REITs companies by X-Ray Score.
SWOT analysis: Healthpeak Properties, Inc.
Strengthsinside the company
- Revenue has grown 11.0% a year over three years (median 6.6% for sector peers).
Weaknessesinside the company
- Return on invested capital is only 4.3% (median 7.7% for sector peers), so the business earns little above its cost of capital.
- Earnings per share have declined 52.3% a year over three years.
- Net debt is 4.6x EBITDA, above the 3x level that lenders usually watch.
- Operating profit covers interest only 2.3x.
Opportunitiesvaluation and setting
- No specific opportunity is visible in our valuation, sector or growth data.
Threatsvaluation and setting
- Revenue growth slowed to 4.5% last year from 11.0% a year over three years.
- Heavy debt makes profits sensitive to interest rates and refinancing conditions.
- Trades at 54.8x earnings, 72% above the 31.9x median of sector peers, so the price already assumes better results.
- Our Market Compass rates the backdrop for Real Estate as unfavourable.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare DOC with peers and sector
Medians of 28 Real Estate peers and of 28 Real Estate stocks in our universe.
Largest peers (X-Ray Score): WELL 48, PLD 43, EQIX 51, AMT 53, SPG 42, DLR 37.
| Metric | DOC | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 39 | 52 | 52 |
| Valuation | 42 | 53 | 53 |
| Growth | 38 | 56 | 56 |
| Profitability | 42 | 53 | 53 |
| Financial health | 23 | 56 | 56 |
| Dividends | 57 | 47 | 47 |
Sector leaders: highest X-Ray Score in Real Estate
DOC ranks #27 of 29 in Real Estate by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for DOC
Each factor is rated by where DOC stands among the 29 Real Estate stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 6 Good · 4 Average · 7 Bad of 17
Growth: 1 · 1 · 1
Profitability: 0 · 1 · 3
Financial strength: 0 · 1 · 2
Valuation: 3 · 0 · 1
Cash flow: 2 · 1 · 0
| Factor | DOC | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | +11.0% | Good beats 74% | +6.8% | – | – |
| Revenue growth, last year | +4.5% | Average beats 43% | +5.1% | +8.7% | ▼ Worse |
| EPS growth, 3 years a year | −52.3% | Bad beats 6% | −1.9% | – | – |
| Profitability | |||||
| Operating margin | 26.5% | Average beats 40% | 34.3% | 20.9% | ▲ Better |
| Net margin | 8.2% | Bad beats 22% | 21.5% | 14.0% | ▼ Worse |
| Return on invested capital | 4.3% | Bad beats 19% | 7.5% | – | – |
| Return on equity | 3.1% | Bad beats 13% | 7.3% | 4.8% | ≈ In line |
| Financial strength | |||||
| Net debt / EBITDA | 4.6x | Average beats 47% | 4.6x | 5.3x | ▲ Better |
| Interest cover | 2.3x | Bad beats 19% | 3.4x | 2.0x | ≈ In line |
| Piotroski F-score | 4 / 9 | Bad beats 9% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 54.8x | Bad beats 20% | 32.1x | 38.5x | ▼ Worse |
| Price / book | 1.7x | Good beats 79% | 2.6x | 1.7x | ≈ In line |
| Price / sales | 4.5x | Good beats 74% | 7.0x | 5.1x | ▲ Better |
| EV / EBITDA | 12.6x | Good beats 77% | 18.6x | 13.9x | ≈ In line |
| Cash flow | |||||
| Free cash flow margin | 41.7% | Average beats 43% | 44.6% | 8.3% | ▲ Better |
| Cash from operations / net income | 5.06 | Good beats 91% | 1.91 | 3.12 | ▲ Better |
| Accruals (lower is better) | −4.6% | Good beats 67% | −3.7% | – | – |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 2 Good · ● 4 Average · ● 5 BadCash quality
Earnings backed by cashGood
Risk models
Piotroski F-ScoreBad
Growth
EPS growth (3y)Bad
Revenue growth (3y)Good
Growth consistencyBad
Balance sheet
Net debt / EBITDAAverage
Interest coverBad
Valuation
Fair value vs priceAverage
EBIT / EV yieldAverage
Profitability
Return on invested capitalBad
Operating marginAverage
Each check is graded against the company's sector, not a fixed number. Checklist score 39/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $1.9B | $2.1B | $2.2B | $2.7B | $2.8B |
| Operating income | $286M | $680M | $515M | $554M | $589M |
| Net income | $506M | $500M | $306M | $243M | $71M |
| Operating cash flow | $795M | $900M | $956M | $1.1B | $1.3B |
| Operating margin | 15.1% | 33.0% | 23.6% | 20.5% | 20.9% |
| Free cash flow | $36M | −$62M | $182M | $334M | $357M |
| Diluted EPS | $0.93 | $0.92 | $0.56 | $0.36 | $0.10 |
Fiscal years, from SEC filings.
Technical summary
Daily
Neutral
7 bullish · 2 neutral · 7 bearish
Weekly
Neutral
6 bullish · 1 neutral · 5 bearish
Monthly
Strongly bullish
7 bullish · 1 neutral · 0 bearish
Moving averages (daily)
| SMA 10 | 18.79 | Bullish |
| EMA 10 | 18.88 | Bullish |
| SMA 20 | 19.12 | Bullish |
| EMA 20 | 19.15 | Bullish |
| SMA 50 | 20.05 | Bearish |
| EMA 50 | 19.76 | Bearish |
| SMA 100 | 20.50 | Bearish |
| EMA 100 | 19.77 | Bearish |
| SMA 200 | 18.70 | Bullish |
| EMA 200 | 19.10 | Bullish |
Oscillators (daily)
| RSI (14) | 49.98 | Neutral |
| MACD (12, 26) | -0.39 | Bearish |
| Momentum (12) | 1.79 | Bullish |
| Stochastic %K (14) | 80.49 | Bearish |
| Williams %R (14) | -19.51 | Bearish |
| CCI (20) | -10.23 | Neutral |
Pivot points (classic, last session)
S3 17.86 | S2 18.17 | S1 18.75 | Pivot 19.06 | R1 19.64 | R2 19.95 | R3 20.53 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
1.22 USD
Yield on today's price
6.33%
Frequency
Monthly
Next ex-dividend date
13 Nov 2026
| Ex-dividend date | Amount per share |
|---|---|
| (upcoming) | 0.1017 |
| (upcoming) | 0.1017 |
| 0.1017 | |
| 0.1020 | |
| 0.1020 | |
| 0.1020 | |
| 0.1020 | |
| 0.1020 | |
| 0.1020 | |
| 0.1020 | |
| 0.1020 | |
| 0.1020 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold DOC
| ETF | Share of the fund |
|---|---|
| SPHD Invesco S&P 500 High Dividend Low Vola... | 3.22% |
| REZ iShares Residential and Multisector Re... | 3.04% |
| XLRE The Real Estate Select Sector SPDR | 1.53% |
| SPYD SPDR Portfolio S&P 500 High Dividend | 1.43% |
| RWR SPDR Dow Jones REIT | 1.39% |
| WTV WisdomTree U.S. Quality Shareholder Yi... | 1.27% |
| USRT iShares Core U.S. REIT | 1.22% |
| DFAR DFA Investment Dimensions Group Inc. | 1.14% |
The eight funds with the largest weight in DOC among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
DOC stock splits
DOC has split its stock 2 times since 1992. The latest was a 2-for-1 split on 2 Mar 2004.
Full DOC stock split history →DOC SEC filings
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations; Regulation FD disclosure
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations; Regulation FD disclosure
8-KSEC EDGAR
Shareholder vote results
8-KSEC EDGAR
Entered a material agreement
DEF 14ASEC EDGAR
Proxy statement
8-KSEC EDGAR
Regulation FD disclosure
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.