Comprehensive Stock Comparison
Compare Healthpeak Properties, Inc. (DOC) vs American Healthcare REIT, Inc. (AHR) 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 | AHR | 11.4% revenue growth vs DOC's 4.5% |
| Value | DOC | Lower P/E (66.6x vs 75.3x) |
| Quality / Margins | DOC | 2.5% net margin vs AHR's 1.2% |
| Stability / Safety | AHR | Beta 0.48 vs DOC's 0.48, lower leverage |
| Dividends | DOC | 6.9% yield, 1-year raise streak, vs AHR's 1.8% |
| Momentum (1Y) | AHR | +78.7% vs DOC's -8.1% |
| Efficiency (ROA) | AHR | 0.6% ROA vs DOC's 0.4%, ROIC 2.4% 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.
American Healthcare REIT is a real estate investment trust that owns and operates a diversified portfolio of healthcare properties including medical office buildings, senior housing facilities, and hospitals. It generates revenue primarily through rental income from its healthcare real estate portfolio — with senior housing and medical office buildings being its largest segments — supplemented by management fees from operating certain facilities. The company's competitive advantage lies in its fully integrated management platform with deep industry expertise and long-term relationships in the healthcare real estate sector.
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
DOC leads in 3 of 6 categories (Financial Metrics, Valuation Metrics). AHR leads in 3 (Profitability & Efficiency, Total Returns).
Financial Metrics (TTM)
DOC and AHR operate at a comparable scale, with $2.8B and $2.2B in trailing revenue. Profitability is closely matched — net margins range from 2.5% (DOC) to 1.2% (AHR). On growth, AHR holds the edge at +9.4% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | DOCHealthpeak Proper… | AHRAmerican Healthca… |
|---|---|---|
| RevenueTrailing 12 months | $2.8B | $2.2B |
| EBITDAEarnings before interest/tax | $1.6B | $378M |
| Net IncomeAfter-tax profit | $71M | $27M |
| Free Cash FlowCash after capex | $1.2B | $269M |
| Gross MarginGross profit ÷ Revenue | +22.5% | +20.7% |
| Operating MarginEBIT ÷ Revenue | +19.3% | +7.7% |
| Net MarginNet income ÷ Revenue | +2.5% | +1.2% |
| FCF MarginFCF ÷ Revenue | +42.5% | +12.2% |
| Rev. Growth (YoY)Latest quarter vs prior year | +3.1% | +9.4% |
| EPS Growth (YoY)Latest quarter vs prior year | — | +11.7% |
Valuation Metrics
On an enterprise value basis, DOC's 13.8x EV/EBITDA is more attractive than AHR's 29.9x.
| Metric | DOCHealthpeak Proper… | AHRAmerican Healthca… |
|---|---|---|
| Market CapShares × price | $12.3B | $8.9B |
| Enterprise ValueMkt cap + debt − cash | $22.2B | $10.7B |
| Trailing P/EPrice ÷ TTM EPS | 176.80x | -180.14x |
| Forward P/EPrice ÷ next-FY EPS est. | 66.59x | 75.30x |
| PEG RatioP/E ÷ EPS growth rate | — | — |
| EV / EBITDAEnterprise value multiple | 13.84x | 29.93x |
| Price / SalesMarket cap ÷ Revenue | 4.35x | 4.31x |
| Price / BookPrice ÷ Book value/share | 1.48x | 2.96x |
| Price / FCFMarket cap ÷ FCF | 9.82x | 106.18x |
Profitability & Efficiency
AHR delivers a 1.0% return on equity — every $100 of shareholder capital generates $1 in annual profit, vs $1 for DOC. AHR carries lower financial leverage with a 0.81x debt-to-equity ratio, signaling a more conservative balance sheet compared to DOC's 1.26x. On the Piotroski fundamental quality scale (0–9), AHR scores 7/9 vs DOC's 4/9, reflecting strong financial health.
| Metric | DOCHealthpeak Proper… | AHRAmerican Healthca… |
|---|---|---|
| ROE (TTM)Return on equity | +0.9% | +1.0% |
| ROA (TTM)Return on assets | +0.4% | +0.6% |
| ROICReturn on invested capital | +2.3% | +2.4% |
| ROCEReturn on capital employed | +2.8% | +4.1% |
| Piotroski ScoreFundamental quality 0–9 | 4 | 7 |
| Debt / EquityFinancial leverage | 1.26x | 0.81x |
| Net DebtTotal debt minus cash | $9.9B | $1.8B |
| Cash & Equiv.Liquid assets | $538M | $77M |
| Total DebtShort + long-term debt | $10.4B | $1.9B |
| Interest CoverageEBIT ÷ Interest expense | 1.78x | 1.07x |
Total Returns (with DRIP)
A $10,000 investment in AHR five years ago would be worth $41,029 today (with dividends reinvested), compared to $8,913 for DOC. Over the past 12 months, AHR leads with a +78.7% total return vs DOC's -8.1%. The 3-year compound annual growth rate (CAGR) favors AHR at 60.1% vs DOC's -2.8% — a key indicator of consistent wealth creation.
| Metric | DOCHealthpeak Proper… | AHRAmerican Healthca… |
|---|---|---|
| YTD ReturnYear-to-date | +10.4% | +10.6% |
| 1-Year ReturnPast 12 months | -8.1% | +78.7% |
| 3-Year ReturnCumulative with dividends | -8.0% | +310.3% |
| 5-Year ReturnCumulative with dividends | -10.9% | +310.3% |
| 10-Year ReturnCumulative with dividends | +30.4% | +310.3% |
| CAGR (3Y)Annualised 3-year return | -2.8% | +60.1% |
Risk & Volatility
AHR is the less volatile stock with a 0.48 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. AHR currently trades 95.6% 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… | AHRAmerican Healthca… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.48x | 0.48x |
| 52-Week HighHighest price in past year | $21.28 | $54.67 |
| 52-Week LowLowest price in past year | $15.71 | $26.48 |
| % of 52W HighCurrent price vs 52-week peak | +83.1% | +95.6% |
| RSI (14)Momentum oscillator 0–100 | 58.4 | 73.2 |
| Avg Volume (50D)Average daily shares traded | 8.1M | 2.3M |
Analyst Outlook
Wall Street rates DOC as "Buy" and AHR as "Buy". Consensus price targets imply 3.7% upside for DOC (target: $18) vs -3.5% for AHR (target: $50). For income investors, DOC offers the higher dividend yield at 6.90% vs AHR's 1.77%.
| Metric | DOCHealthpeak Proper… | AHRAmerican Healthca… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy |
| Price TargetConsensus 12-month target | $18.33 | $50.43 |
| # AnalystsCovering analysts | 40 | 11 |
| Dividend YieldAnnual dividend ÷ price | +6.9% | +1.8% |
| Dividend StreakConsecutive years of raises | 1 | 0 |
| Dividend / ShareAnnual DPS | $1.22 | $0.93 |
| Buyback YieldShare repurchases ÷ mkt cap | +0.8% | +0.0% |
Historical Charts
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Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Mar 24 | Feb 26 | Change |
|---|---|---|---|
| Healthpeak Properti… (DOC) | 100 | 98.95 | -1.1% |
| American Healthcare… (AHR) | 103.48 | 359.91 | +247.8% |
American Healthcare… (AHR) returned +310% over 5 years vs Healthpeak Properti… (DOC)'s -11%. A $10,000 investment in AHR 5 years ago would be worth $41,029 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Healthpeak Properti… (DOC) | $2.1B | $2.8B | +32.6% |
| American Healthcare… (AHR) | $980M | $2.1B | +111.2% |
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 |
|---|---|---|---|
| Healthpeak Properti… (DOC) | 29.5% | 2.5% | -91.4% |
| American Healthcare… (AHR) | -14.9% | -1.8% | +87.7% |
Healthpeak Properties, Inc.'s net margin went from 29% (2016) to 3% (2025).
Chart 4P/E Ratio History — 9 Years
| Stock | 2017 | 2025 | Change |
|---|---|---|---|
| Healthpeak Properti… (DOC) | 29.6 | 160.8 | +443.2% |
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 |
|---|---|---|---|
| Healthpeak Properti… (DOC) | 1.34 | 0.1 | -92.5% |
| American Healthcare… (AHR) | -3.01 | -0.29 | +90.4% |
Healthpeak Properties, Inc.'s EPS grew from $1.34 (2016) to $0.10 (2025) — a -25% CAGR.
Chart 6Free Cash Flow — 5 Years
Healthpeak Properties, Inc. generated $1B FCF in 2025 (+57% vs 2021). American Healthcare REIT, Inc. generated $84M FCF in 2024 (+236% vs 2021).
DOC vs AHR: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is DOC or AHR 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 has the better valuation — DOC or AHR?
On forward P/E, Healthpeak Properties, Inc. is actually cheaper at 66.6x.
03Which is the better long-term investment — DOC or AHR?
Over the past 5 years, American Healthcare REIT, Inc. (AHR) delivered a total return of +310.3%, compared to -10.9% for Healthpeak Properties, Inc. (DOC). A $10,000 investment in AHR five years ago would be worth approximately $41K today (assuming dividends reinvested). Over 10 years, the gap is even starker: AHR returned +310.3% 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 AHR?
By beta (market sensitivity over 5 years), American Healthcare REIT, Inc. (AHR) is the lower-risk stock at 0.48β versus Healthpeak Properties, Inc.'s 0.48β — meaning DOC is approximately 1% more volatile than AHR relative to the S&P 500. On balance sheet safety, American Healthcare REIT, Inc. (AHR) carries a lower debt/equity ratio of 81% versus 126% for Healthpeak Properties, Inc. — giving it more financial flexibility in a downturn.
05Which has better profit margins — DOC or AHR?
Healthpeak Properties, Inc. (DOC) is the more profitable company, earning 2.5% net margin versus -1.8% for American Healthcare REIT, Inc. — 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 6.6% for AHR. 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 AHR more undervalued right now?
On forward earnings alone, Healthpeak Properties, Inc. (DOC) trades at 66.6x forward P/E versus 75.3x for American Healthcare REIT, Inc. — 8.7x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for DOC: 3.7% to $18.33.
07Which pays a better dividend — DOC or AHR?
All stocks in this comparison pay dividends. Healthpeak Properties, Inc. (DOC) offers the highest yield at 6.9%, versus 1.8% for American Healthcare REIT, Inc. (AHR).
08Is DOC or AHR better for a retirement portfolio?
For long-horizon retirement investors, American Healthcare REIT, Inc. (AHR) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.48), 1.8% yield, +310.3% 10Y return). Both have compounded well over 10 years (AHR: +310.3%, DOC: +30.4%), 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.
09What are the main differences between DOC and AHR?
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; AHR is a small-cap quality compounder stock. 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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