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DOCHealthpeak Properties, Inc.
$20.26$14.0B
Overview & Tools
OverviewChart Terminal ↗Visualize
Valuation & Forecasts
Valuation ModelsEstimatesDCF Model
Price & Analyst Data
Analyst TargetsPrice History
Financial Statements
Income StatementBalance SheetCash FlowRatios & Margins
Performance
P/E HistoryRevenue HistoryEarnings HistoryDividend HistoryTotal Return
Discovery & Screens
Live BreakoutsStock ScreenerOwnership
DOC logo

Healthpeak Properties, Inc.

DOC
NYSE · Healthcare REITs
$20.26
At close - Nov 6, 4:00 PM EST - USD
Market Cap$13.97B
P/E36.0x
52W High$22.95
Volume5.99M
OverviewTerminalAnalysisFinancialsValuationEarningsBreakoutsOwnership
VCP Research Verdict2026Q3

Merger-Driven Scale Masks Lab Leasing and Capex Risk

Healthpeak's post-merger scale has lifted revenue to $820.9M in 2026Q3, up 16.3% year-over-year, yet much of this growth appears to reflect the Physicians Realty Trust combination rather than organic momentum, and NOI margin has compressed from roughly 60% in 2024-2025 to 53.8%.

GrowthMixed
ProfitabilityModerate
ValuationAttractive
TechnicalsHealthy
Explore valuation models
MARKET ACTION

DOC price & volume

Price trend, volume and key moving averages

Launch Terminal
Loading chart...
Decision Checklist4 Core Signals

What matters now

The signals most likely to change the investment case.

01

Earnings momentum

6/12 Beats

EPS beat 6 of last 12 quarters

02

Valuation risk

+80% Peers

P/E is 80% above peer median

03

Market leadership

RS 74 · Avg

Average momentum (RS Rating: 74)

04

Healthy Uptrend

Uptrend

Price > 50DMA > 200DMA

Next CatalystEstimated earnings · Feb 2
01

Build the investment case

Start with the evidence for owning the stock and the risks that can break the thesis.

EXECUTIVE THESIS

The Investment Case

Full Analysis
Fundamental Trajectory

Revenue reached $820.9M in 2026Q3 with a 16.3% year-over-year gain that appears merger-driven, while NOI margin fell from about 60% to 53.8%, a compression that warrants investigation into integration costs and property mix shifts.

Analyst Consensus+8.6% target
Hold(41 analysts)
19 Buy22 Hold0 Sell

The Bull Case

Upside Catalysts

Robust and Diversified Portfolio

Healthpeak Properties owns approximately 700 properties, focusing on medical office buildings and life science assets. This diversification provides stability through various market cycles.

Growth Through Development

The company has new development projects totaling $148 million, with around 80% pre-leased. These projects are expected to yield mid-single-digit returns upon stabilization, indicating potential for solid revenue growth.

Strategic Capital Recycling

Healthpeak plans to sell over $1 billion in outpatient assets to reinvest in higher-return lab and development opportunities. This strategy aims to enhance overall portfolio returns.

The Bear Case

Key Downside Risks

Market performance

Price History →

Trailing total returns as of 11/8/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return
DOC+31.34%
S&P 500 (^GSPC)+7.63%
1-Year Return
DOC+22.32%
S&P 500 (^GSPC)+9.69%
3-Year Return
DOC+44.46%
S&P 500 (^GSPC)+69.69%
5-Year Return
DOC-17.16%
S&P 500 (^GSPC)+57.49%
02

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis
Trailing P/EMedian
36.0x
Forward P/E
46.4x
EV/EBITDA40th %ile
15.0x
FCF YieldCash Flow
2.4%

Valuation vs 5-Year History

Multiple Range
Metric
Current
5Y Median
Historical Range
Percentile
P/E
36.0x
38.8x
40th· Fair
EV/EBITDA
15.0x
15.0x
40th· Fair
Price/FCF
42.0x
12.8x
100th· High
Current Multiple
5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection
Bear$27.02+33.4%
Base (Fair)$36.41+79.7%
Bull$45.87+126.4%
$27.02 Bear$36.41 Base$45.87 Bull
Current Market Price: $20.26
Trades at a 44.4% discount to Base DCF ($36.41)
Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend
Revenue FY25
$2.82B+4.5% YoY
Net income FY25
$71M-70.7% YoY
Free cash flow FY25
$1.25B+17.0% YoY
Operating margin FY25
19.3%+1.8 pts YoY
ROIC (FY25)2.3%
Avg ROIC 5Y2.1%
ROE (TTM)4.1%
Piotroski Score4 / 9
Financial Statements →
03

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History
EPS Beat Rate6/12 (50%)
Revenue Beat Rate10/12 (83%)
QuarterEPS (Act vs Est)Revenue (Act vs Est)
Q4 2026Latest
Nov 2, 2026
$0.02-68.5%
vs $0.06
$821M+11.1%
vs $739M
Q3 2026
Aug 4, 2026
$0.08+184.2%
vs $0.03
$750M+3.3%
vs $726M
Q2 2026
May 5, 2026
$0.28+430.7%
vs $0.05
$739M+6.4%
vs $695M
Q1 2026
Feb 2, 2026
$0.16-64.4%
vs $0.45
$705M+1.9%
vs $692M
Historical baseline: 12 quarters analyzedGAAP / Adjusted
MARKET COVERAGE

Latest News

4 Stories
Seeking Alpha·Oct 22, 2026
Monthly-Paid Dividends: 21 Ideal 'Safer' October Dogs To Buy

October's top ten monthly-pay dividend equities offer forecasted net gains from 28.06% to 89.66% by 2027, with an average gain of 50.94%. Banco BBVA Argentina (BBAR) and Banco Macro (BMA) lead the MoPay group, with analyst targets implying the highest total returns and significant price upsides. Yield-based MoPay stock selection proved 70–80% accurate versus analyst upside forecasts, favoring financial and real estate sectors for both yield and price appreciation.

Seeking Alpha·Oct 20, 2026
What To Watch This REIT Earnings Season

Rate Shock: REITs enter earnings season on their back foot amid a renewed surge in long-term rates, facing a materially different cost-of-capital and financing environment than just three months ago. The rate surge is again stressing highly leveraged borrowers, particularly across private markets. Public REITs are better positioned, but remain exposed through refinancing, tenant credit, and equity valuations. Higher rates have brought an important silver lining: years of expensive capital are finally curbing construction, with shrinking pipelines beginning to support occupancy, rents, and landlord pricing power.

Defense World·Oct 19, 2026
Healthpeak Properties, Inc. $DOC Stake Raised by SteelPeak Wealth LLC

SteelPeak Wealth LLC increased its holdings in Healthpeak Properties, Inc. (NYSE: DOC) by 62.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 91,979 shares of the real estate investment trust's stock after purchasing an additional 35,251 shares during the quarter.

Seeking Alpha·Oct 12, 2026
Healthpeak Properties: High Yield, Strong Balance Sheet, And Upside Potential

Healthpeak Properties offers a compelling 6.5% monthly dividend yield, supported by a BBB+ balance sheet and well-covered payout ratio. DOC trades at 10.65x forward FFO, well below its historical P/FFO of 14.0, presenting an attractive entry point after a recent dip. Outpatient medical and senior housing segments deliver steady results, while life science occupancy shows early signs of recovery amid sector headwinds.

Filtered for Healthpeak Properties, Inc.More Headlines
04

Compare before deciding

Benchmark DOC against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for Healthpeak Properties, Inc. (DOC)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
DOC logoDOCHealthpeak Properties, Inc.Current
$20.26$13.97B35.994.52%12.66%4.13%6.02%
VTR logoVTRVentas, Inc.
$88.75$43.15B173.4118.47%3.91%1.85%2.09%
WELL logoWELLWelltower Inc.
$245.01$176.55B126.5135.82%10.67%3.15%1.13%
HR logoHRHealthcare Realty Trust Incorporated
$19.20$6.73B-145.56-6.92%-3.96%-1.02%5.76%
OHI logoOHIOmega Healthcare Investors, Inc.
$48.19$14.35B20.3113.95%57.66%13.66%5.21%
SABR logoSABRSabre Corporation
$1.69$668.08M-4.36-8.54%-5.43%——

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

05

Keep researching

Verify the primary filings, follow material updates, and answer the remaining questions.

DOC SEC Filings & Documents

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

8-K Announcements

6
Material company update

Nov 2, 2026·SEC

Material company update

Aug 4, 2026·SEC

Material company update

May 5, 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

Nov 3, 2026·SEC

FY 2026

Aug 5, 2026·SEC

FY 2026

May 6, 2026·SEC

Get notified when DOC posts new earnings or crosses analyst targets

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DOC Frequently Asked Questions

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

Growth & Financials
What is Healthpeak Properties, Inc.'s revenue?

Healthpeak Properties, Inc. (DOC) reported $3.06B in revenue over the trailing twelve months. Revenue was $2.82B in fiscal year 2025. That is 67% more than the $1.69B of fiscal year 2011.

How fast is Healthpeak Properties, Inc. growing?

Healthpeak Properties, Inc. (DOC) grew revenue by 9.4% over the trailing twelve months, compared with the twelve months before.

Is DOC profitable?

Yes. Healthpeak Properties, Inc. (DOC) earned $388.1M in net income over the trailing twelve months (a 12.7% net margin).

Dividend & Returns
Does DOC pay dividends?

Yes. Healthpeak Properties, Inc. (DOC) pays a dividend that yields 6.02% at the current price, a high yield.

What is DOC's return on equity?

Healthpeak Properties, Inc. (DOC) had a return on equity (ROE) of 4.1% over the trailing twelve months. That is below the market's typical 10-15%.

Industry Metrics
What is Healthpeak Properties, Inc.'s FFO?

Healthpeak Properties, Inc. (DOC) generated Funds From Operations (FFO) of $1.49B in the trailing twelve months. FFO is the primary profitability metric for REITs.

Is DOC a good dividend stock?

Healthpeak Properties, Inc. (DOC) offers a 6.02% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

What if you invested $1,000 in DOC back in 2011?

Total return calculator · dividends reinvested · 15+ years of data

See returns →