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DOC logoHealthpeak Properties, Inc.(DOC)Earnings, Financials & Key Ratios

DOC•NYSE•REIT / Real Estate
$19.50
$13.56B mkt cap·195.0× P/E·Price updated May 6, 2026
SectorReal EstateIndustryHealthcare REITsSub-IndustryDiversified healthcare real estate
AboutHealthpeak Properties, Inc. is a fully integrated real estate investment trust (REIT) and S&P 500 company. Healthpeak owns, operates, and develops high-quality real estate for healthcare discovery and delivery.Show more
  • Revenue$2.82B+4.5%
  • FFO$1.13B-13.1%
  • FFO/Share1.62-15.6%
  • FFO Payout75.13%+22.9%
  • FFO per Share1.62-15.6%
  • NOI Margin22.48%-62.7%
  • FFO Margin40.04%-16.8%
  • ROE0.82%-73.0%
  • ROA0.35%-74.0%
  • Debt/Assets51.34%+13.4%
  • Net Debt/EBITDA6.18+6.0%
  • Book Value/Share11.93-10.9%
Analysis→Technical→

DOC Key Insights

Healthpeak Properties, Inc. (DOC) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Sustainable FFO payout ratio of 75.1%
  • ✓Trading near 52-week high

✗Weaknesses

  • ✗Weak 3Y average ROE of 2.7%
  • ✗Profits declining 29.6% over 5 years
  • ✗Low NOI margin of 22.5%
  • ✗Dividend payout exceeds 100% of earnings

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

DOC Price & Volume

Healthpeak Properties, Inc. (DOC) stock price & volume — 10-year historical chart

Loading chart...

DOC Growth Metrics

Healthpeak Properties, Inc. (DOC) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years3.82%
5 Years11.4%
3 Years11.05%
TTM2.71%

Profit CAGR

10 Years-
5 Years-29.63%
3 Years-47.76%
TTM-20.46%

EPS CAGR

10 Years-
5 Years-33.52%
3 Years-52.28%
TTM-20.53%

Return on Capital

10 Years8.9%
5 Years2.75%
3 Years2.91%
Last Year2.83%

DOC Recent Earnings

Healthpeak Properties, Inc. (DOC) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 10/12 qtrs (83%)●Beat Revenue 8/12 qtrs (67%)
Q2 2026Latest
May 5, 2026
EPS
$0.28
Est $0.05
+430.7%
Revenue
$739M
Est $695M
+6.4%
Q1 2026
Feb 2, 2026
EPS
$0.47
Est $0.45
+4.4%
Revenue
$705M
Est $692M
+1.9%
Q4 2025
Oct 23, 2025
EPS
$0.46
Est $0.45
+2.2%
Revenue
$706M
Est $685M
+3.0%
Q3 2025
Jul 24, 2025
EPS
$0.46
Est $0.46
+0.0%
Revenue
$694M
Est $702M
-1.1%
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMay 5, 2026
$0.28vs $0.05+430.7%
$739Mvs $695M+6.4%
Q1 2026Feb 2, 2026
$0.47vs $0.45+4.4%
$705Mvs $692M+1.9%
Q4 2025Oct 23, 2025
$0.46vs $0.45+2.2%
$706Mvs $685M+3.0%
Q3 2025Jul 24, 2025
$0.46vs $0.46+0.0%
$694Mvs $702M-1.1%
Based on last 12 quarters of dataView full earnings history →

DOC Peer Comparison

Healthpeak Properties, Inc. (DOC) competitors in Diversified healthcare real estate — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
VTR logoVTRVentas, Inc.Direct Competitor41.18B86.62160.4118.47%4.25%2.08%1.05
WELL logoWELLWelltower Inc.Direct Competitor151.66B216.47155.7335.82%12.31%3.49%0.49
HR logoHRHealthcare Realty Trust IncorporatedDirect Competitor7.06B20.24-28.51-6.92%-17.51%-4.28%0.89
OHI logoOHIOmega Healthcare Investors, Inc.Direct Competitor13.72B46.0723.7513.95%51.02%11.85%0.78
SABR logoSABRSabre CorporationDirect Competitor723.17M1.831.37-8.54%18.44%
MPW logoMPWMedical Properties Trust, Inc.Product Competitor3.37B5.65-17.12-2.36%-20.44%-4.31%0.03
GMRE logoGMREGlobal Medical REIT Inc.Product Competitor94.26M35.74115.29-1.79%1.69%0.49%1.18
CHCT logoCHCTCommunity Healthcare Trust IncorporatedProduct Competitor500.29M17.51226.234.67%4.95%1.41%1.25

Compare DOC vs Peers

Healthpeak Properties, Inc. (DOC) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs VTR

Most directly comparable listed peer for DOC.

Scale Benchmark

vs WELL

Larger-name benchmark to compare DOC against a more recognizable public peer.

Peer Set

Compare Top 5

vs VTR, WELL, HR, OHI

DOC Income Statement

Healthpeak Properties, Inc. (DOC) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Revenue1.85B1.19B1.24B1.64B1.9B2.06B2.18B2.7B2.82B2.87B
Revenue Growth %-13.19%-35.55%4.11%32.62%15.28%8.7%5.81%23.82%4.52%2.71%
Property Operating Expenses666.25M378.66M405.24M782.54M773.28M862.99M902.06M1.07B2.19B2.26B
Net Operating Income (NOI)
1.18B▲ 0%
812.66M▼ 31.3%
835.1M▲ 2.8%
862.33M▲ 3.3%
1.12B▲ 30.2%
1.2B▲ 6.7%
1.28B▲ 6.7%
1.63B▲ 27.1%
634.55M▼ 61.0%
609.74M▲ 0%
NOI Margin %63.95%68.22%67.33%52.43%59.22%58.13%58.64%60.2%22.48%21.23%
Operating Expenses623.5M501.38M528.16M647.19M782.59M841.6M845.03M1.15B90.42M195.09M
G&A Expenses88.77M96.7M92.97M93.24M98.3M131.03M95.13M97.16M90.42M88.89M
EBITDA1.09B860.78M966.93M912.29M1.02B1.07B1.18B1.53B1.6B1.61B
EBITDA Margin %59.15%72.25%77.96%55.46%54.03%51.77%54.28%56.6%56.79%55.91%
Depreciation & Amortization534.73M549.5M659.99M697.14M684.29M710.57M749.9M1.06B1.06B1.08B
D&A / Revenue %28.93%46.13%53.21%42.38%36.09%34.47%34.38%39.15%37.51%37.6%
Operating Income
558.63M▲ 0%
311.28M▼ 44.3%
306.94M▼ 1.4%
215.15M▼ 29.9%
340.32M▲ 58.2%
356.58M▲ 4.8%
433.91M▲ 21.7%
471.22M▲ 8.6%
544.13M▲ 15.5%
526.09M▲ 0%
Operating Margin %30.22%26.13%24.75%13.08%17.95%17.3%19.89%17.45%19.28%18.31%
Interest Expense307.72M261.28M217.61M218.34M157.98M172.94M200.33M280.43M305.18M4M
Interest Coverage2.33x4.21x1.81x2.00x1.81x3.93x2.57x1.97x1.78x-
Non-Operating Income-159.49M-788.58M-86.99M-220.87M53.97M-323.49M-81.36M-82.38M0-178.26M
Pretax Income
421.3M▲ 0%
832.82M▲ 97.7%
169.99M▼ 79.6%
151.08M▼ 11.1%
134.47M▼ 11.0%
509.12M▲ 278.6%
325.14M▼ 36.1%
271.65M▼ 16.5%
110.31M▼ 59.4%
258.08M▲ 0%
Pretax Margin %22.79%69.91%13.71%9.19%7.09%24.7%14.91%10.06%3.91%8.98%
Income Tax-1.33M-4.4M-5.48M-9.42M-3.26M-4.42M-9.62M4.35M9.28M7.46M
Effective Tax Rate %-0.32%-0.53%-3.22%-6.24%-2.43%-0.87%-2.96%1.6%8.42%2.89%
Net Income
414.17M▲ 0%
1.06B▲ 156.2%
45.53M▼ 95.7%
413.56M▲ 808.3%
505.54M▲ 22.2%
500.45M▼ 1.0%
306.01M▼ 38.9%
243.14M▼ 20.5%
71.35M▼ 70.7%
222.15M▲ 0%
Net Margin %22.41%89.07%3.67%25.14%26.66%24.28%14.03%9%2.53%7.73%
Net Income Growth %-34.02%156.2%-95.71%808.33%22.24%-1.01%-38.85%-20.54%-70.66%-20.46%
Funds From Operations (FFO)
948.89M▲ 0%
1.61B▲ 69.7%
705.52M▼ 56.2%
1.11B▲ 57.4%
1.19B▲ 7.1%
1.21B▲ 1.8%
1.06B▼ 12.8%
1.3B▲ 23.1%
1.13B▼ 13.1%
1.3B▲ 0%
FFO Margin %51.34%135.19%56.88%67.53%62.75%58.75%48.41%48.15%40.04%45.33%
FFO Growth %-20.65%69.73%-56.2%57.43%7.12%1.78%-12.81%23.15%-13.08%-1.02%
FFO per Share2.023.391.442.092.212.251.931.921.621.87
FFO Payout Ratio %73.24%43.27%102.07%70.86%54.64%53.51%62.22%61.12%75.13%48.81%
EPS (Diluted)
0.88▲ 0%
2.24▲ 154.5%
0.09▼ 96.0%
0.77▲ 755.6%
0.93▲ 20.8%
0.92▼ 1.1%
0.56▼ 39.1%
0.36▼ 35.7%
0.10▼ 72.2%
0.32▲ 0%
EPS Growth %-34.33%154.55%-95.98%755.56%20.78%-1.08%-39.13%-35.71%-72.22%-20.53%
EPS (Basic)0.882.250.090.770.930.920.560.360.10-
Diluted Shares Outstanding468.94M475.39M489.33M531.06M539.24M539.15M547.27M676.23M696.04M695.17M

DOC Balance Sheet

Healthpeak Properties, Inc. (DOC) balance sheet — assets, liabilities & shareholders' equity

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Total Assets4.16B4.14B14.03B15.92B15.26B15.77B15.7B19.94B20.34B21.62B
Asset Growth %44.19%-0.52%238.73%13.45%-4.16%3.37%-0.46%27%1.99%7.31%
Real Estate & Other Assets-7.16B-6.66B8.77B11.78B13.34B13.8B13.8B16.77B-802.6M-17.37B
PP&E (Net)10.73B10.21B167.32M192.35M233.94M237.32M240.16M424.17M412.2M395.93M
Investment Securities1000K1000K1000K1000K1000K1000K1000K1000K1000K1000K
Total Current Assets88.89M83.7M3.98B2.98B713.43M604.97M561.28M986.14M1.07B1.8B
Cash & Equivalents2.73M19.16M80.4M44.23M158.29M72.03M117.64M119.82M537.7M1.17B
Receivables1000K1000K1000K1000K1000K1000K1000K1000K1000K1000K
Other Current Assets443.91M137.14M3.66B2.69B90.64M104.67M169.37M72.33M-148.57M0
Intangible Assets458.71M452.38M260.2M519.92M519.76M418.06M314.16M817.25M654.52M758.5M
Total Liabilities1.6B1.67B7.37B8.57B8.11B8.48B8.77B10.88B12.03B12.56B
Total Debt1.48B1.53B6.15B6.48B6.37B6.71B7.08B9.02B10.44B10.71B
Net Debt1.47B1.51B6.07B6.43B6.22B6.63B6.97B8.9B9.9B9.54B
Long-Term Debt7.88B5.56B5.91B6.17B5B5.5B6.16B8.57B10.14B10.42B
Short-Term Borrowings3.51M3.56M93M129.59M1.17B995.61M720M150M00
Capital Lease Obligations52.58M0152.4M179.9M204.55M208.51M206.74M307.22M296.26M1.2B
Total Current Liabilities435.63M581.38M954.22M1.31B1.94B1.77B1.38B875.34M985.31M1.01B
Accounts Payable00457.53M269.14M227.64M265.6M240.26M275.97M718.51M0
Deferred Revenue36.55M21.04M274.55M774.32M789.21M844.08M905.63M940.14M985.31M1.01B
Other Liabilities-6.91B168.8M74.99M144.2M177.23M156.19M127.38M191.88M-377.46M11.55B
Total Equity
2.56B▲ 0%
2.47B▼ 3.4%
6.67B▲ 169.7%
7.35B▲ 10.2%
7.15B▼ 2.7%
7.29B▲ 2.0%
6.92B▼ 5.0%
9.06B▲ 30.8%
8.3B▼ 8.3%
9.03B▲ 0%
Equity Growth %41.53%-3.42%169.68%10.2%-2.74%1.99%-4.99%30.8%-8.34%-25.4%
Shareholders Equity2.47B2.38B6.09B6.73B6.52B6.65B6.35B8.4B7.5B7.83B
Minority Interest86.81M92.9M582.42M613.62M630.63M633.58M574.42M656.35M802.36M1.23B
Common Stock1.81M1.82M505.22M538.4M539.1M546.64M547.16M699.49M695.04M695.26M
Additional Paid-in Capital8.23B8.4B9.18B10.18B10.1B10.35B10.41B12.85B12.77B13.1B
Retained Earnings-315.42M-428.31M-3.6B-3.98B-4.12B-4.27B0-5.17B-5.95B-5.97B
Preferred Stock0000000000
Return on Assets (ROA)11.75%25.55%0.5%2.76%3.24%3.23%1.94%1.36%0.35%1.09%
Return on Equity (ROE)18.96%42.17%1%5.9%6.98%6.93%4.31%3.04%0.82%2.6%
Debt / Assets35.48%37%43.86%40.69%41.78%42.52%45.12%45.26%51.34%49.56%
Debt / Equity0.58x0.62x0.92x0.88x0.89x0.92x1.02x1.00x1.26x1.26x
Net Debt / EBITDA1.35x1.76x6.28x7.05x6.07x6.22x5.88x5.83x6.18x6.18x
Book Value per Share5.465.2013.6313.8413.2513.5212.6513.3911.9312.99

DOC Cash Flow Statement

Healthpeak Properties, Inc. (DOC) cash flow — operating, investing & free cash flow history

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Cash from Operations847.04M848.71M846.07M758.43M795.25M900.26M956.24M1.07B1.28B1.28B
Operating CF Growth %-30.23%0.2%-0.31%-10.36%4.85%13.21%6.22%11.95%19.61%13.05%
Operating CF / Revenue %45.83%71.24%68.21%46.11%41.94%43.68%43.84%39.64%45.37%44.58%
Net Income422.63M1.07B60.06M428.25M525.93M516.42M334.76M267.3M70.51M222.15M
Depreciation & Amortization534.73M549.5M659.99M697.14M684.29M710.57M749.9M1.06B1.06B1.07B
Stock-Based Compensation14.26M16.56M18.16M17.37M18.2M26.46M14.48M31.77M010.29M
Other Non-Cash Items-99.09M-818.61M104.23M-478.54M-453.77M-466.05M-211.24M-328.86M45.34M-199.19M
Working Capital Changes-19.96M46.31M21.89M108.78M26.39M118.86M82.94M44.77M105.75M122.25M
Cash from Investing1.25B1.83B-1.45B-1.01B531.03M-876.34M-576.75M-113.8M-1.05B-1.45B
Acquisitions (Net)415.91M717.5M429.69M-39.12M-25.26M104.84M-88.39M-115.16M13.12M-43.9M
Purchase of Investments000-394.18M0000-1.44B-690.63M
Sale of Investments558.77M148.02M274.15M202.76M0000486.02M329.25M
Other Investing271.58M963.75M-2.15B-777.17M556.29M-981.18M-488.36M1.36M20.04M-985.22M
Cash from Financing-2.15B-2.62B647.27M246.45M-1.29B-116.53M-337.3M-941.42M122.99M1.34B
Dividends Paid-694.96M-696.91M-720.12M-787.07M-650.08M-648.05M-657.02M-794.78M-849.1M-635.62M
Common Dividends-694.96M-696.91M-720.12M-787.07M-650.08M-648.05M-657.02M-794.78M-849.1M-635.62M
Debt Issuance (Net)-1000K-1000K1000K1000K-1000K1000K1000K1000K1000K3M
Share Repurchases-4.79M-3.43M-5.04M-10.53M-12.84M-67.84M-6.52M-190.69M-97.14M-72.19M
Other Financing-13.79M-757.41M-76.82M-87.82M-329.62M-33.33M-52.12M-109.48M-40.6M1.09B
Net Change in Cash
-54.79M▲ 0%
57.64M▲ 205.2%
44.81M▼ 22.3%
-2.97M▼ 106.6%
37.76M▲ 1370.6%
-92.61M▼ 345.3%
42.19M▲ 145.6%
15.28M▼ 63.8%
353.4M▲ 2212.5%
1.13B▲ 0%
Exchange Rate Effect376K191K245K-153K000000
Cash at Beginning136.99M82.2M139.85M184.66M181.69M219.45M126.83M169.02M184.31M537.7M
Cash at End82.2M61.15M184.66M181.69M219.45M126.83M169.02M184.31M537.7M1.27B
Free Cash Flow
847.04M▲ 0%
848.71M▲ 0.2%
846.07M▼ 0.3%
758.43M▼ 10.4%
795.25M▲ 4.9%
900.26M▲ 13.2%
956.24M▲ 6.2%
1.07B▲ 11.9%
1.15B▲ 7.1%
1.15B▲ 0%
FCF Growth %-30.23%0.2%-0.31%-10.36%4.85%13.21%6.22%11.95%7.1%-3.61%
FCF / Revenue %45.83%71.24%68.21%46.11%41.94%43.68%43.84%39.64%40.62%40.18%

DOC Key Ratios

Healthpeak Properties, Inc. (DOC) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric201720182019202020212022202320242025TTM
FFO per Share2.023.391.442.092.212.251.931.921.621.87
FFO Payout Ratio73.24%43.27%102.07%70.86%54.64%53.51%62.22%61.12%75.13%48.81%
NOI Margin63.95%68.22%67.33%52.43%59.22%58.13%58.64%60.2%22.48%21.23%
Net Debt / EBITDA1.35x1.76x6.28x7.05x6.07x6.22x5.88x5.83x6.18x6.18x
Debt / Assets35.48%37%43.86%40.69%41.78%42.52%45.12%45.26%51.34%49.56%
Interest Coverage2.33x4.21x1.81x2.00x1.81x3.93x2.57x1.97x1.78x-
Book Value / Share5.465.213.6313.8413.2513.5212.6513.3911.9312.99
Revenue Growth-13.19%-35.55%4.11%32.62%15.28%8.7%5.81%23.82%4.52%2.71%

DOC SEC Filings & Documents

Healthpeak Properties, Inc. (DOC) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

May 5, 2026·SEC

Material company update

May 4, 2026·SEC

Material company update

Mar 23, 2026·SEC

10-K Annual Reports

3
FY 2026

Feb 3, 2026·SEC

FY 2025

Feb 4, 2025·SEC

FY 2024

Feb 22, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

May 6, 2026·SEC

FY 2025

Oct 24, 2025·SEC

FY 2025

Jul 25, 2025·SEC

DOC Frequently Asked Questions

Healthpeak Properties, Inc. (DOC) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Healthpeak Properties, Inc. (DOC) reported $2.87B in revenue for fiscal year 2025. This represents a 70% increase from $1.69B in 2011.

Healthpeak Properties, Inc. (DOC) grew revenue by 4.5% over the past year. Growth has been modest.

Yes, Healthpeak Properties, Inc. (DOC) is profitable, generating $222.2M in net income for fiscal year 2025 (2.5% net margin).

Dividend & Returns

Yes, Healthpeak Properties, Inc. (DOC) pays a dividend with a yield of 6.26%. This makes it attractive for income-focused investors.

Healthpeak Properties, Inc. (DOC) has a return on equity (ROE) of 0.8%. This is below average, suggesting room for improvement.

Industry Metrics

Healthpeak Properties, Inc. (DOC) generated Funds From Operations (FFO) of $1.30B in the trailing twelve months. FFO is the primary profitability metric for REITs.

Healthpeak Properties, Inc. (DOC) offers a 6.26% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

Explore More DOC

Healthpeak Properties, Inc. (DOC) financial analysis — history, returns, DCA and operating performance tools

Full DOC Stock Analysis

Analyst verdict, bull/bear case, risk factors and peer comparison

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Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

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Price History

Long-term charts & historical price data

→

Revenue History

Sales growth patterns & revenue breakdown

→

Financial Ratios

30 years of market, efficiency and balance-sheet ratios

→

Valuation

DCF intrinsic value, peer multiples & estimates

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