Comprehensive Stock Comparison
Compare Healthpeak Properties, Inc. (DOC) vs Diversified Healthcare Trust (DHC) 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
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.
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.
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 | DOCHealthpeak Proper… | DHCDiversified Healt… |
|---|---|---|
| RevenueTrailing 12 months | $2.8B | $1.5B |
| EBITDAEarnings before interest/tax | $1.6B | $292M |
| Net IncomeAfter-tax profit | $71M | -$286M |
| Free Cash FlowCash after capex | $1.2B | -$16M |
| Gross MarginGross profit ÷ Revenue | +22.5% | -16.0% |
| Operating MarginEBIT ÷ Revenue | +19.3% | +2.0% |
| Net MarginNet income ÷ Revenue | +2.5% | -18.6% |
| FCF MarginFCF ÷ Revenue | +42.5% | -1.0% |
| Rev. Growth (YoY)Latest quarter vs prior year | +3.1% | -0.0% |
| 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 | DOCHealthpeak Proper… | DHCDiversified Healt… |
|---|---|---|
| Market CapShares × price | $12.3B | $1.6B |
| Enterprise ValueMkt cap + debt − cash | $22.2B | $1.5B |
| Trailing P/EPrice ÷ TTM EPS | 176.80x | -5.68x |
| Forward P/EPrice ÷ next-FY EPS est. | 66.59x | — |
| PEG RatioP/E ÷ EPS growth rate | — | — |
| EV / EBITDAEnterprise value multiple | 13.84x | 6.88x |
| Price / SalesMarket cap ÷ Revenue | 4.35x | 1.06x |
| Price / BookPrice ÷ Book value/share | 1.48x | 0.98x |
| 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 | DOCHealthpeak Proper… | DHCDiversified Healt… |
|---|---|---|
| ROE (TTM)Return on equity | +0.9% | -17.2% |
| ROA (TTM)Return on assets | +0.4% | -6.6% |
| ROICReturn on invested capital | +2.3% | -0.9% |
| ROCEReturn on capital employed | +2.8% | -0.8% |
| Piotroski ScoreFundamental quality 0–9 | 4 | 3 |
| Debt / EquityFinancial leverage | 1.26x | — |
| Net DebtTotal debt minus cash | $9.9B | -$105M |
| Cash & Equiv.Liquid assets | $538M | $105M |
| Total DebtShort + long-term debt | $10.4B | $0 |
| Interest CoverageEBIT ÷ Interest expense | 1.78x | -0.19x |
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 | DOCHealthpeak Proper… | DHCDiversified Healt… |
|---|---|---|
| YTD ReturnYear-to-date | +10.4% | +35.9% |
| 1-Year ReturnPast 12 months | -8.1% | +140.3% |
| 3-Year ReturnCumulative with dividends | -8.0% | +602.0% |
| 5-Year ReturnCumulative with dividends | -10.9% | +49.0% |
| 10-Year ReturnCumulative with dividends | +30.4% | -21.4% |
| CAGR (3Y)Annualised 3-year return | -2.8% | +91.5% |
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 | DOCHealthpeak Proper… | DHCDiversified Healt… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.48x | 0.75x |
| 52-Week HighHighest price in past year | $21.28 | $6.85 |
| 52-Week LowLowest price in past year | $15.71 | $2.00 |
| % of 52W HighCurrent price vs 52-week peak | +83.1% | +98.7% |
| RSI (14)Momentum oscillator 0–100 | 58.4 | 68.1 |
| Avg Volume (50D)Average daily shares traded | 8.1M | 1.4M |
Analyst Outlook
Wall Street rates DOC as "Buy" and DHC as "Hold". 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 | DOCHealthpeak Proper… | DHCDiversified Healt… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Hold |
| Price TargetConsensus 12-month target | $18.33 | $5.00 |
| # AnalystsCovering analysts | 40 | 17 |
| Dividend YieldAnnual dividend ÷ price | +6.9% | — |
| Dividend StreakConsecutive years of raises | 1 | 3 |
| Dividend / ShareAnnual DPS | $1.22 | — |
| Buyback YieldShare repurchases ÷ mkt cap | +0.8% | +0.1% |
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% |
| Diversified Healthc… (DHC) | 100 | 86.39 | -13.6% |
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 |
|---|---|---|---|
| Healthpeak Properti… (DOC) | $2.1B | $2.8B | +32.6% |
| Diversified Healthc… (DHC) | $1.1B | $1.5B | +45.4% |
Healthpeak Properties, Inc.'s revenue grew from $2.1B (2016) to $2.8B (2025) — a 3.2% CAGR. Diversified Healthcare Trust's revenue grew from $1.1B (2016) to $1.5B (2025) — a 4.2% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Healthpeak Properti… (DOC) | 29.5% | 2.5% | -91.4% |
| Diversified Healthc… (DHC) | 13.4% | -18.6% | -239.2% |
Healthpeak Properties, Inc.'s net margin went from 29% (2016) to 3% (2025). Diversified Healthcare Trust's net margin went from 13% (2016) to -19% (2025).
Chart 4P/E Ratio History — 9 Years
| Stock | 2017 | 2025 | Change |
|---|---|---|---|
| Healthpeak Properti… (DOC) | 29.6 | 160.8 | +443.2% |
| Diversified Healthc… (DHC) | 30.9 | 4.2 | -86.4% |
Healthpeak Properties, Inc. has traded in a 13x–383x P/E range over 9 years; current trailing P/E is ~177x. Diversified Healthcare Trust has traded in a 4x–31x P/E range over 3 years; current trailing P/E is ~-6x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Healthpeak Properti… (DOC) | 1.34 | 0.1 | -92.5% |
| Diversified Healthc… (DHC) | 0.6 | -1.19 | -298.3% |
Healthpeak Properties, Inc.'s EPS grew from $1.34 (2016) to $0.10 (2025) — a -25% CAGR. Diversified Healthcare Trust's EPS grew from $0.60 (2016) to $-1.19 (2025) — a NaN% CAGR.
Chart 6Free Cash Flow — 5 Years
Healthpeak Properties, Inc. generated $1B FCF in 2025 (+57% vs 2021). Diversified Healthcare Trust generated $-20M FCF in 2025 (+69% vs 2021).
DOC vs DHC: Frequently Asked Questions
8 questions · data-driven answers · updated daily
01Is DOC or DHC 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 — DOC or DHC?
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 — DOC or DHC?
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 — DOC or DHC?
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 DOC or DHC more undervalued right now?
Analyst consensus price targets imply the most upside for DOC: 3.7% to $18.33.
06Which pays a better dividend — DOC or DHC?
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 DOC or DHC 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 DOC and DHC?
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; DHC is a small-cap quality compounder 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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