Comprehensive Stock Comparison
Compare Welltower Inc. (WELL) vs Healthpeak Properties, Inc. (DOC) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
Selected Stocks
Add up to 10 tickers. Use presets or search to get started.
Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | WELL | 38.0% revenue growth vs DOC's 4.5% |
| Value | DOC | Lower P/E (66.6x vs 73.3x) |
| Quality / Margins | WELL | 8.6% net margin vs DOC's 2.5% |
| Stability / Safety | WELL | Beta 0.29 vs DOC's 0.48, lower leverage |
| Dividends | DOC | 6.9% yield; 1-year raise streak; WELL pays 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
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.
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.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
WELL leads in 3 of 6 categories (Profitability & Efficiency, Total Returns). DOC leads in 2 (Financial Metrics, Valuation Metrics).
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 | WELLWelltower Inc. | DOCHealthpeak Proper… |
|---|---|---|
| RevenueTrailing 12 months | $10.8B | $2.8B |
| EBITDAEarnings before interest/tax | $2.6B | $1.6B |
| Net IncomeAfter-tax profit | $934M | $71M |
| Free Cash FlowCash after capex | $2.1B | $1.2B |
| Gross MarginGross profit ÷ Revenue | +20.9% | +22.5% |
| Operating MarginEBIT ÷ Revenue | +4.9% | +19.3% |
| Net MarginNet income ÷ Revenue | +8.6% | +2.5% |
| FCF MarginFCF ÷ Revenue | +19.4% | +42.5% |
| Rev. Growth (YoY)Latest quarter vs prior year | +46.3% | +3.1% |
| EPS Growth (YoY)Latest quarter vs prior year | -26.3% | — |
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 | WELLWelltower Inc. | DOCHealthpeak Proper… |
|---|---|---|
| Market CapShares × price | $144.3B | $12.3B |
| Enterprise ValueMkt cap + debt − cash | $142.0B | $22.2B |
| Trailing P/EPrice ÷ TTM EPS | 149.01x | 176.80x |
| Forward P/EPrice ÷ next-FY EPS est. | 73.28x | 66.59x |
| PEG RatioP/E ÷ EPS growth rate | — | — |
| EV / EBITDAEnterprise value multiple | 54.40x | 13.84x |
| Price / SalesMarket cap ÷ Revenue | 13.31x | 4.35x |
| Price / BookPrice ÷ Book value/share | 3.26x | 1.48x |
| Price / FCFMarket cap ÷ FCF | 50.06x | 9.82x |
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), WELL scores 5/9 vs DOC's 4/9, reflecting solid financial health.
| Metric | WELLWelltower Inc. | DOCHealthpeak Proper… |
|---|---|---|
| ROE (TTM)Return on equity | +2.2% | +0.9% |
| ROA (TTM)Return on assets | +1.4% | +0.4% |
| ROICReturn on invested capital | +0.9% | +2.3% |
| ROCEReturn on capital employed | +0.9% | +2.8% |
| Piotroski ScoreFundamental quality 0–9 | 5 | 4 |
| Debt / EquityFinancial leverage | 0.07x | 1.26x |
| Net DebtTotal debt minus cash | -$2.2B | $9.9B |
| Cash & Equiv.Liquid assets | $5.0B | $538M |
| Total DebtShort + long-term debt | $2.8B | $10.4B |
| Interest CoverageEBIT ÷ Interest expense | 0.81x | 1.78x |
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 | WELLWelltower Inc. | DOCHealthpeak Proper… |
|---|---|---|
| YTD ReturnYear-to-date | +11.2% | +10.4% |
| 1-Year ReturnPast 12 months | +36.8% | -8.1% |
| 3-Year ReturnCumulative with dividends | +190.2% | -8.0% |
| 5-Year ReturnCumulative with dividends | +221.2% | -10.9% |
| 10-Year ReturnCumulative with dividends | +270.5% | +30.4% |
| CAGR (3Y)Annualised 3-year return | +42.6% | -2.8% |
Risk & Volatility
WELL is the less volatile stock with a 0.29 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. WELL currently trades 96.1% from its 52-week high vs DOC's 83.1% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | WELLWelltower Inc. | DOCHealthpeak Proper… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.29x | 0.48x |
| 52-Week HighHighest price in past year | $215.56 | $21.28 |
| 52-Week LowLowest price in past year | $130.29 | $15.71 |
| % of 52W HighCurrent price vs 52-week peak | +96.1% | +83.1% |
| RSI (14)Momentum oscillator 0–100 | 69.0 | 58.4 |
| Avg Volume (50D)Average daily shares traded | 2.5M | 8.1M |
Analyst Outlook
Wall Street rates WELL as "Buy" and DOC as "Buy". Consensus price targets imply 6.9% upside for WELL (target: $221) vs 3.7% for DOC (target: $18). DOC is the only dividend payer here at 6.90% yield — a key consideration for income-focused portfolios.
| Metric | WELLWelltower Inc. | DOCHealthpeak Proper… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy |
| Price TargetConsensus 12-month target | $221.45 | $18.33 |
| # AnalystsCovering analysts | 34 | 40 |
| Dividend YieldAnnual dividend ÷ price | — | +6.9% |
| Dividend StreakConsecutive years of raises | 1 | 1 |
| Dividend / ShareAnnual DPS | — | $1.22 |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | +0.8% |
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 |
|---|---|---|---|
| Welltower Inc. (WELL) | 100 | 249.04 | +149.0% |
| Healthpeak Properti… (DOC) | 100 | 51.54 | -48.5% |
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 |
|---|---|---|---|
| Welltower Inc. (WELL) | $4.3B | $10.8B | +154.9% |
| Healthpeak Properti… (DOC) | $2.1B | $2.8B | +32.6% |
Welltower Inc.'s revenue grew from $4.3B (2016) to $10.8B (2025) — a 11.0% CAGR. Healthpeak Properties, Inc.'s revenue grew from $2.1B (2016) to $2.8B (2025) — a 3.2% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Welltower Inc. (WELL) | 25.4% | 8.6% | -65.9% |
| Healthpeak Properti… (DOC) | 29.5% | 2.5% | -91.4% |
Welltower Inc.'s net margin went from 25% (2016) to 9% (2025). Healthpeak Properties, Inc.'s net margin went from 29% (2016) to 3% (2025).
Chart 4P/E Ratio History — 9 Years
| Stock | 2017 | 2025 | Change |
|---|---|---|---|
| Welltower Inc. (WELL) | 50.6 | 133.5 | +163.8% |
| Healthpeak Properti… (DOC) | 29.6 | 160.8 | +443.2% |
Welltower Inc. has traded in a 27x–219x P/E range over 9 years; current trailing P/E is ~149x. Healthpeak Properties, Inc. has traded in a 13x–383x P/E range over 9 years; current trailing P/E is ~177x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Welltower Inc. (WELL) | 2.81 | 1.39 | -50.5% |
| Healthpeak Properti… (DOC) | 1.34 | 0.1 | -92.5% |
Welltower Inc.'s EPS grew from $2.81 (2016) to $1.39 (2025) — a -8% CAGR. Healthpeak Properties, Inc.'s EPS grew from $1.34 (2016) to $0.10 (2025) — a -25% CAGR.
Chart 6Free Cash Flow — 5 Years
Welltower Inc. generated $3B FCF in 2025 (+129% vs 2021). Healthpeak Properties, Inc. generated $1B FCF in 2025 (+57% vs 2021).
WELL vs DOC: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is WELL or DOC 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 Welltower Inc. (WELL) a "Buy" — based on 34 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 — WELL or DOC?
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 — WELL or DOC?
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 — WELL or DOC?
By beta (market sensitivity over 5 years), Welltower Inc. (WELL) is the lower-risk stock at 0.29β versus Healthpeak Properties, Inc.'s 0.48β — meaning DOC is approximately 67% more volatile than WELL 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 — WELL or DOC?
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 WELL or DOC more undervalued right now?
On forward earnings alone, Healthpeak Properties, Inc. (DOC) trades at 66.6x forward P/E versus 73.3x for Welltower Inc. — 6.7x 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 — WELL or DOC?
In this comparison, DOC (6.9% yield) pays a dividend. WELL does not pay a meaningful dividend and should not be held primarily for income.
08Is WELL or DOC 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%, WELL: +270.5%), 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 WELL and DOC?
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: WELL is a mid-cap quality compounder stock; DOC is a mid-cap income-oriented stock. DOC pays a dividend while WELL does 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.
Find Stocks Like These
Explore pre-built screens for each stock's profile, or build a custom screen to find stocks that beat both.