Comprehensive Stock Comparison
Compare Diversified Healthcare Trust (DHC) vs Healthpeak Properties, Inc. (DOC) 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 | DOC | 4.5% revenue growth vs DHC's 2.8% |
| Quality / Margins | DOC | 2.5% net margin vs DHC's -18.6% |
| Stability / Safety | DOC | Beta 0.48 vs DHC's 0.75 |
| Dividends | DOC | 6.9% yield; 1-year raise streak; DHC pays no meaningful dividend |
| Momentum (1Y) | DHC | +140.3% vs DOC's -8.1% |
| Efficiency (ROA) | DOC | 0.4% ROA vs DHC's -6.6%, ROIC 2.3% vs -0.9% |
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
Diversified Healthcare Trust is a real estate investment trust that owns and operates healthcare-related properties including medical office buildings, senior living communities, and life science facilities. It generates revenue primarily through property rental income — with medical office properties contributing roughly 60% of net operating income and senior living communities about 40% — along with management fees from its operating partner. The company's competitive advantage lies in its specialized healthcare real estate portfolio and its long-term management relationship with The RMR Group, which provides operational expertise in the healthcare property sector.
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
DHC leads in 3 of 6 categories (Valuation Metrics, Total Returns). DOC leads in 2 (Financial Metrics, Profitability & Efficiency). 1 tied.
Financial Metrics (TTM)
DOC is the larger business by revenue, generating $2.8B annually — 1.8x DHC's $1.5B. DOC is the more profitable business, keeping 2.5% of every revenue dollar as net income compared to DHC's -18.6%. On growth, DOC holds the edge at +3.1% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | DHCDiversified Healt… | DOCHealthpeak Proper… |
|---|---|---|
| RevenueTrailing 12 months | $1.5B | $2.8B |
| EBITDAEarnings before interest/tax | $292M | $1.6B |
| Net IncomeAfter-tax profit | -$286M | $71M |
| Free Cash FlowCash after capex | -$16M | $1.2B |
| Gross MarginGross profit ÷ Revenue | -16.0% | +22.5% |
| Operating MarginEBIT ÷ Revenue | +2.0% | +19.3% |
| Net MarginNet income ÷ Revenue | -18.6% | +2.5% |
| FCF MarginFCF ÷ Revenue | -1.0% | +42.5% |
| Rev. Growth (YoY)Latest quarter vs prior year | -0.0% | +3.1% |
| EPS Growth (YoY)Latest quarter vs prior year | +75.5% | — |
Valuation Metrics
On an enterprise value basis, DHC's 6.9x EV/EBITDA is more attractive than DOC's 13.8x.
| Metric | DHCDiversified Healt… | DOCHealthpeak Proper… |
|---|---|---|
| Market CapShares × price | $1.6B | $12.3B |
| Enterprise ValueMkt cap + debt − cash | $1.5B | $22.2B |
| Trailing P/EPrice ÷ TTM EPS | -5.68x | 176.80x |
| Forward P/EPrice ÷ next-FY EPS est. | — | 66.59x |
| PEG RatioP/E ÷ EPS growth rate | — | — |
| EV / EBITDAEnterprise value multiple | 6.88x | 13.84x |
| Price / SalesMarket cap ÷ Revenue | 1.06x | 4.35x |
| Price / BookPrice ÷ Book value/share | 0.98x | 1.48x |
| Price / FCFMarket cap ÷ FCF | — | 9.82x |
Profitability & Efficiency
DOC delivers a 0.9% return on equity — every $100 of shareholder capital generates $1 in annual profit, vs $-17 for DHC. On the Piotroski fundamental quality scale (0–9), DOC scores 4/9 vs DHC's 3/9, reflecting mixed financial health.
| Metric | DHCDiversified Healt… | DOCHealthpeak Proper… |
|---|---|---|
| ROE (TTM)Return on equity | -17.2% | +0.9% |
| ROA (TTM)Return on assets | -6.6% | +0.4% |
| ROICReturn on invested capital | -0.9% | +2.3% |
| ROCEReturn on capital employed | -0.8% | +2.8% |
| Piotroski ScoreFundamental quality 0–9 | 3 | 4 |
| Debt / EquityFinancial leverage | — | 1.26x |
| Net DebtTotal debt minus cash | -$105M | $9.9B |
| Cash & Equiv.Liquid assets | $105M | $538M |
| Total DebtShort + long-term debt | $0 | $10.4B |
| Interest CoverageEBIT ÷ Interest expense | -0.19x | 1.78x |
Total Returns (with DRIP)
A $10,000 investment in DHC five years ago would be worth $14,904 today (with dividends reinvested), compared to $8,913 for DOC. Over the past 12 months, DHC leads with a +140.3% total return vs DOC's -8.1%. The 3-year compound annual growth rate (CAGR) favors DHC at 91.5% vs DOC's -2.8% — a key indicator of consistent wealth creation.
| Metric | DHCDiversified Healt… | DOCHealthpeak Proper… |
|---|---|---|
| YTD ReturnYear-to-date | +35.9% | +10.4% |
| 1-Year ReturnPast 12 months | +140.3% | -8.1% |
| 3-Year ReturnCumulative with dividends | +602.0% | -8.0% |
| 5-Year ReturnCumulative with dividends | +49.0% | -10.9% |
| 10-Year ReturnCumulative with dividends | -21.4% | +30.4% |
| CAGR (3Y)Annualised 3-year return | +91.5% | -2.8% |
Risk & Volatility
DOC is the less volatile stock with a 0.48 beta — it tends to amplify market swings less than DHC's 0.75 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. DHC currently trades 98.7% from its 52-week high vs DOC's 83.1% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | DHCDiversified Healt… | DOCHealthpeak Proper… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.75x | 0.48x |
| 52-Week HighHighest price in past year | $6.85 | $21.28 |
| 52-Week LowLowest price in past year | $2.00 | $15.71 |
| % of 52W HighCurrent price vs 52-week peak | +98.7% | +83.1% |
| RSI (14)Momentum oscillator 0–100 | 68.1 | 58.4 |
| Avg Volume (50D)Average daily shares traded | 1.4M | 8.1M |
Analyst Outlook
Wall Street rates DHC as "Hold" and DOC as "Buy". Consensus price targets imply 3.7% upside for DOC (target: $18) vs -26.0% for DHC (target: $5). DOC is the only dividend payer here at 6.90% yield — a key consideration for income-focused portfolios.
| Metric | DHCDiversified Healt… | DOCHealthpeak Proper… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Hold | Buy |
| Price TargetConsensus 12-month target | $5.00 | $18.33 |
| # AnalystsCovering analysts | 17 | 40 |
| Dividend YieldAnnual dividend ÷ price | — | +6.9% |
| Dividend StreakConsecutive years of raises | 3 | 1 |
| Dividend / ShareAnnual DPS | — | $1.22 |
| Buyback YieldShare repurchases ÷ mkt cap | +0.1% | +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 |
|---|---|---|---|
| Diversified Healthc… (DHC) | 100 | 86.39 | -13.6% |
| Healthpeak Properti… (DOC) | 100 | 51.54 | -48.5% |
Diversified Healthc… (DHC) returned +49% over 5 years vs Healthpeak Properti… (DOC)'s -11%. A $10,000 investment in DHC 5 years ago would be worth $14,904 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Diversified Healthc… (DHC) | $1.1B | $1.5B | +45.4% |
| Healthpeak Properti… (DOC) | $2.1B | $2.8B | +32.6% |
Diversified Healthcare Trust's revenue grew from $1.1B (2016) to $1.5B (2025) — a 4.2% 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 |
|---|---|---|---|
| Diversified Healthc… (DHC) | 13.4% | -18.6% | -239.2% |
| Healthpeak Properti… (DOC) | 29.5% | 2.5% | -91.4% |
Diversified Healthcare Trust's net margin went from 13% (2016) to -19% (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 |
|---|---|---|---|
| Diversified Healthc… (DHC) | 30.9 | 4.2 | -86.4% |
| Healthpeak Properti… (DOC) | 29.6 | 160.8 | +443.2% |
Diversified Healthcare Trust has traded in a 4x–31x P/E range over 3 years; current trailing P/E is ~-6x. 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 |
|---|---|---|---|
| Diversified Healthc… (DHC) | 0.6 | -1.19 | -298.3% |
| Healthpeak Properti… (DOC) | 1.34 | 0.1 | -92.5% |
Diversified Healthcare Trust's EPS grew from $0.60 (2016) to $-1.19 (2025) — a NaN% CAGR. Healthpeak Properties, Inc.'s EPS grew from $1.34 (2016) to $0.10 (2025) — a -25% CAGR.
Chart 6Free Cash Flow — 5 Years
Diversified Healthcare Trust generated $-20M FCF in 2025 (+69% vs 2021). Healthpeak Properties, Inc. generated $1B FCF in 2025 (+57% vs 2021).
DHC vs DOC: Frequently Asked Questions
8 questions · data-driven answers · updated daily
01Is DHC or DOC a better buy right now?
Healthpeak Properties, Inc. (DOC) offers the better valuation at 176.8x trailing P/E (66.6x 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 is the better long-term investment — DHC or DOC?
Over the past 5 years, Diversified Healthcare Trust (DHC) delivered a total return of +49.0%, compared to -10.9% for Healthpeak Properties, Inc. (DOC). A $10,000 investment in DHC five years ago would be worth approximately $15K today (assuming dividends reinvested). Over 10 years, the gap is even starker: DOC returned +30.4% versus DHC's -21.4%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
03Which is safer — DHC or DOC?
By beta (market sensitivity over 5 years), Healthpeak Properties, Inc. (DOC) is the lower-risk stock at 0.48β versus Diversified Healthcare Trust's 0.75β — meaning DHC is approximately 56% more volatile than DOC relative to the S&P 500.
04Which has better profit margins — DHC or DOC?
Healthpeak Properties, Inc. (DOC) is the more profitable company, earning 2.5% net margin versus -18.6% for Diversified Healthcare Trust — meaning it keeps 2.5% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: DOC leads at 19.3% versus -2.6% for DHC. 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.
05Is DHC or DOC more undervalued right now?
Analyst consensus price targets imply the most upside for DOC: 3.7% to $18.33.
06Which pays a better dividend — DHC or DOC?
In this comparison, DOC (6.9% yield) pays a dividend. DHC does not pay a meaningful dividend and should not be held primarily for income.
07Is DHC 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%, DHC: -21.4%), 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.
08What are the main differences between DHC 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: DHC is a small-cap quality compounder stock; DOC is a mid-cap income-oriented stock. DOC pays a dividend while DHC 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.
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