Comprehensive Stock Comparison
Compare Healthpeak Properties, Inc. (DOC) vs Welltower Inc. (WELL) vs Ventas, Inc. (VTR) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | WELL | 38.0% revenue growth vs DOC's 4.5% |
| Value | DOC | Lower P/E (66.6x vs 114.3x) |
| Quality / Margins | WELL | 8.6% net margin vs DOC's 2.5% |
| Stability / Safety | VTR | Beta 0.23 vs DOC's 0.48, lower leverage |
| Dividends | DOC | 6.9% yield; 1-year raise streak; WELL, VTR pay no meaningful dividend |
| Momentum (1Y) | WELL | +36.8% vs DOC's -8.1% |
| Efficiency (ROA) | WELL | 1.4% ROA vs DOC's 0.4%, ROIC 0.9% vs 2.3% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Defensive / Recession hedge
Business Model
What each company does and how it makes money
Healthpeak Properties is a healthcare-focused real estate investment trust that owns, operates, and develops specialized properties for life sciences, medical offices, and senior housing. It generates revenue primarily through rental income from its portfolio — with life sciences (about 50%) and medical offices (about 40%) being the largest segments — supplemented by development fees and property sales. The company's competitive advantage lies in its specialized expertise in healthcare real estate and its high-quality, mission-critical properties that serve essential healthcare needs.
Welltower is a healthcare-focused real estate investment trust that owns and invests in seniors housing communities, post-acute care facilities, and outpatient medical properties. It generates revenue primarily through rental income from its healthcare real estate portfolio — with seniors housing contributing roughly 60% of net operating income, outpatient medical properties about 25%, and post-acute care facilities the remainder. The company's competitive advantage lies in its scale and strategic partnerships with leading healthcare operators, creating a diversified portfolio concentrated in high-growth markets across the U.S., Canada, and the U.K.
Ventas is a healthcare-focused real estate investment trust that owns and operates senior housing communities, medical office buildings, and life science research facilities. It generates revenue primarily through rental income from its diversified portfolio — roughly 60% from senior housing, 25% from medical office buildings, and 15% from life science and hospital properties. The company's competitive advantage lies in its scale, diversified healthcare property portfolio, and long-term relationships with leading healthcare operators across multiple care settings.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Financial Metrics Comparison
Side-by-side fundamentals across 3 stocks. BestLagging
Financial Scorecard
WELL leads in 2 of 6 categories (Profitability & Efficiency, Total Returns). DOC leads in 1 (Valuation Metrics). 2 tied.
Financial Metrics (TTM)
WELL is the larger business by revenue, generating $10.8B annually — 3.8x DOC's $2.8B. WELL is the more profitable business, keeping 8.6% of every revenue dollar as net income compared to DOC's 2.5%. On growth, WELL holds the edge at +46.3% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | DOCHealthpeak Proper… | WELLWelltower Inc. | VTRVentas, Inc. |
|---|---|---|---|
| RevenueTrailing 12 months | $2.8B | $10.8B | $5.6B |
| EBITDAEarnings before interest/tax | $1.6B | $2.6B | $2.2B |
| Net IncomeAfter-tax profit | $71M | $934M | $238M |
| Free Cash FlowCash after capex | $1.2B | $2.1B | $1.2B |
| Gross MarginGross profit ÷ Revenue | +22.5% | +20.9% | +42.0% |
| Operating MarginEBIT ÷ Revenue | +19.3% | +4.9% | +14.7% |
| Net MarginNet income ÷ Revenue | +2.5% | +8.6% | +4.3% |
| FCF MarginFCF ÷ Revenue | +42.5% | +19.4% | +20.7% |
| Rev. Growth (YoY)Latest quarter vs prior year | +3.1% | +46.3% | +20.4% |
| EPS Growth (YoY)Latest quarter vs prior year | — | -26.3% | +2.1% |
Valuation Metrics
At 149.0x trailing earnings, WELL trades at a 16% valuation discount to DOC's 176.8x P/E. On an enterprise value basis, DOC's 13.8x EV/EBITDA is more attractive than WELL's 54.4x.
| Metric | DOCHealthpeak Proper… | WELLWelltower Inc. | VTRVentas, Inc. |
|---|---|---|---|
| Market CapShares × price | $12.3B | $144.3B | $40.4B |
| Enterprise ValueMkt cap + debt − cash | $22.2B | $142.0B | $53.1B |
| Trailing P/EPrice ÷ TTM EPS | 176.80x | 149.01x | 159.56x |
| Forward P/EPrice ÷ next-FY EPS est. | 66.59x | 73.28x | 114.29x |
| PEG RatioP/E ÷ EPS growth rate | — | — | — |
| EV / EBITDAEnterprise value multiple | 13.84x | 54.40x | 24.07x |
| Price / SalesMarket cap ÷ Revenue | 4.35x | 13.31x | 6.93x |
| Price / BookPrice ÷ Book value/share | 1.48x | 3.26x | 3.08x |
| Price / FCFMarket cap ÷ FCF | 9.82x | 50.06x | 31.53x |
Profitability & Efficiency
WELL delivers a 2.2% return on equity — every $100 of shareholder capital generates $2 in annual profit, vs $1 for DOC. WELL carries lower financial leverage with a 0.07x debt-to-equity ratio, signaling a more conservative balance sheet compared to DOC's 1.26x. On the Piotroski fundamental quality scale (0–9), VTR scores 7/9 vs DOC's 4/9, reflecting strong financial health.
| Metric | DOCHealthpeak Proper… | WELLWelltower Inc. | VTRVentas, Inc. |
|---|---|---|---|
| ROE (TTM)Return on equity | +0.9% | +2.2% | +1.9% |
| ROA (TTM)Return on assets | +0.4% | +1.4% | +0.9% |
| ROICReturn on invested capital | +2.3% | +0.9% | +2.5% |
| ROCEReturn on capital employed | +2.8% | +0.9% | +3.2% |
| Piotroski ScoreFundamental quality 0–9 | 4 | 5 | 7 |
| Debt / EquityFinancial leverage | 1.26x | 0.07x | 1.04x |
| Net DebtTotal debt minus cash | $9.9B | -$2.2B | $12.6B |
| Cash & Equiv.Liquid assets | $538M | $5.0B | $786M |
| Total DebtShort + long-term debt | $10.4B | $2.8B | $13.4B |
| Interest CoverageEBIT ÷ Interest expense | 1.78x | 0.81x | 1.35x |
Total Returns (with DRIP)
A $10,000 investment in WELL five years ago would be worth $32,119 today (with dividends reinvested), compared to $8,913 for DOC. Over the past 12 months, WELL leads with a +36.8% total return vs DOC's -8.1%. The 3-year compound annual growth rate (CAGR) favors WELL at 42.6% vs DOC's -2.8% — a key indicator of consistent wealth creation.
| Metric | DOCHealthpeak Proper… | WELLWelltower Inc. | VTRVentas, Inc. |
|---|---|---|---|
| YTD ReturnYear-to-date | +10.4% | +11.2% | +11.4% |
| 1-Year ReturnPast 12 months | -8.1% | +36.8% | +27.3% |
| 3-Year ReturnCumulative with dividends | -8.0% | +190.2% | +88.4% |
| 5-Year ReturnCumulative with dividends | -10.9% | +221.2% | +80.6% |
| 10-Year ReturnCumulative with dividends | +30.4% | +270.5% | +97.3% |
| CAGR (3Y)Annualised 3-year return | -2.8% | +42.6% | +23.5% |
Risk & Volatility
VTR is the less volatile stock with a 0.23 beta — it tends to amplify market swings less than DOC's 0.48 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. VTR currently trades 98.1% from its 52-week high vs DOC's 83.1% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | DOCHealthpeak Proper… | WELLWelltower Inc. | VTRVentas, Inc. |
|---|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.48x | 0.29x | 0.23x |
| 52-Week HighHighest price in past year | $21.28 | $215.56 | $87.87 |
| 52-Week LowLowest price in past year | $15.71 | $130.29 | $60.15 |
| % of 52W HighCurrent price vs 52-week peak | +83.1% | +96.1% | +98.1% |
| RSI (14)Momentum oscillator 0–100 | 58.4 | 69.0 | 77.7 |
| Avg Volume (50D)Average daily shares traded | 8.1M | 2.5M | 2.3M |
Analyst Outlook
Analyst consensus: DOC as "Buy", WELL as "Buy", VTR as "Buy". Consensus price targets imply 6.9% upside for WELL (target: $221) vs 2.9% for VTR (target: $89). DOC is the only dividend payer here at 6.90% yield — a key consideration for income-focused portfolios.
| Metric | DOCHealthpeak Proper… | WELLWelltower Inc. | VTRVentas, Inc. |
|---|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy | Buy |
| Price TargetConsensus 12-month target | $18.33 | $221.45 | $88.70 |
| # AnalystsCovering analysts | 40 | 34 | 32 |
| Dividend YieldAnnual dividend ÷ price | +6.9% | — | — |
| Dividend StreakConsecutive years of raises | 1 | 1 | 0 |
| Dividend / ShareAnnual DPS | $1.22 | — | — |
| Buyback YieldShare repurchases ÷ mkt cap | +0.8% | 0.0% | 0.0% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Mar 20 | Feb 26 | Change |
|---|---|---|---|
| Healthpeak Properti… (DOC) | 100 | 51.54 | -48.5% |
| Welltower Inc. (WELL) | 100 | 249.04 | +149.0% |
| Ventas, Inc. (VTR) | 100 | 147.84 | +47.8% |
Welltower Inc. (WELL) returned +221% over 5 years vs Healthpeak Properti… (DOC)'s -11%. A $10,000 investment in WELL 5 years ago would be worth $32,119 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Healthpeak Properti… (DOC) | $2.1B | $2.8B | +32.6% |
| Welltower Inc. (WELL) | $4.3B | $10.8B | +154.9% |
| Ventas, Inc. (VTR) | $3.4B | $5.8B | +69.4% |
Healthpeak Properties, Inc.'s revenue grew from $2.1B (2016) to $2.8B (2025) — a 3.2% CAGR. Welltower Inc.'s revenue grew from $4.3B (2016) to $10.8B (2025) — a 11.0% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Healthpeak Properti… (DOC) | 29.5% | 2.5% | -91.4% |
| Welltower Inc. (WELL) | 25.4% | 8.6% | -65.9% |
| Ventas, Inc. (VTR) | 18.9% | 4.3% | -77.1% |
Healthpeak Properties, Inc.'s net margin went from 29% (2016) to 3% (2025). Welltower Inc.'s net margin went from 25% (2016) to 9% (2025).
Chart 4P/E Ratio History — 9 Years
| Stock | 2017 | 2025 | Change |
|---|---|---|---|
| Healthpeak Properti… (DOC) | 29.6 | 160.8 | +443.2% |
| Welltower Inc. (WELL) | 50.6 | 133.5 | +163.8% |
| Ventas, Inc. (VTR) | 15.9 | 143.3 | +801.3% |
Healthpeak Properties, Inc. has traded in a 13x–383x P/E range over 9 years; current trailing P/E is ~177x. Welltower Inc. has traded in a 27x–219x P/E range over 9 years; current trailing P/E is ~149x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Healthpeak Properti… (DOC) | 1.34 | 0.1 | -92.5% |
| Welltower Inc. (WELL) | 2.81 | 1.39 | -50.5% |
| Ventas, Inc. (VTR) | 1.86 | 0.54 | -71.0% |
Healthpeak Properties, Inc.'s EPS grew from $1.34 (2016) to $0.10 (2025) — a -25% CAGR. Welltower Inc.'s EPS grew from $2.81 (2016) to $1.39 (2025) — a -8% CAGR.
Chart 6Free Cash Flow — 5 Years
Healthpeak Properties, Inc. generated $1B FCF in 2025 (+57% vs 2021). Welltower Inc. generated $3B FCF in 2025 (+129% vs 2021).
DOC vs WELL vs VTR: Key Questions Answered
9 questions · data-driven answers · updated daily
01Is DOC or WELL or VTR a better buy right now?
Welltower Inc. (WELL) offers the better valuation at 149.0x trailing P/E (73.3x forward), making it the more compelling value choice. Analysts rate Healthpeak Properties, Inc. (DOC) a "Buy" — based on 40 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — DOC or WELL or VTR?
On trailing P/E, Welltower Inc. (WELL) is the cheapest at 149.0x versus Healthpeak Properties, Inc. at 176.8x. On forward P/E, Healthpeak Properties, Inc. is actually cheaper at 66.6x — notably different from the trailing picture, reflecting expected earnings growth.
03Which is the better long-term investment — DOC or WELL or VTR?
Over the past 5 years, Welltower Inc. (WELL) delivered a total return of +221.2%, compared to -10.9% for Healthpeak Properties, Inc. (DOC). A $10,000 investment in WELL five years ago would be worth approximately $32K today (assuming dividends reinvested). Over 10 years, the gap is even starker: WELL returned +270.5% versus DOC's +30.4%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — DOC or WELL or VTR?
By beta (market sensitivity over 5 years), Ventas, Inc. (VTR) is the lower-risk stock at 0.23β versus Healthpeak Properties, Inc.'s 0.48β — meaning DOC is approximately 111% more volatile than VTR relative to the S&P 500. On balance sheet safety, Welltower Inc. (WELL) carries a lower debt/equity ratio of 7% versus 126% for Healthpeak Properties, Inc. — giving it more financial flexibility in a downturn.
05Which has better profit margins — DOC or WELL or VTR?
Welltower Inc. (WELL) is the more profitable company, earning 8.6% net margin versus 2.5% for Healthpeak Properties, Inc. — meaning it keeps 8.6% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: DOC leads at 19.3% versus 4.9% for WELL. At the gross margin level — before operating expenses — DOC leads at 22.5%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
06Is DOC or WELL or VTR more undervalued right now?
On forward earnings alone, Healthpeak Properties, Inc. (DOC) trades at 66.6x forward P/E versus 114.3x for Ventas, Inc. — 47.7x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for WELL: 6.9% to $221.45.
07Which pays a better dividend — DOC or WELL or VTR?
In this comparison, DOC (6.9% yield) pays a dividend. WELL, VTR do not pay a meaningful dividend and should not be held primarily for income.
08Is DOC or WELL or VTR better for a retirement portfolio?
For long-horizon retirement investors, Healthpeak Properties, Inc. (DOC) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.48), 6.9% yield). Both have compounded well over 10 years (DOC: +30.4%, VTR: +97.3%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
09What are the main differences between DOC and WELL and VTR?
Both stocks operate in the Real Estate sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. In terms of investment character: DOC is a mid-cap income-oriented stock; WELL is a mid-cap quality compounder stock; VTR is a mid-cap quality compounder stock. DOC pays a dividend while WELL, VTR do not, making them suitable for different income and tax situations. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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