Latest Ratios: P/E Ratio 204.8x · EV/EBITDA 15.0x · ROE 0.8%. (2011–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $14.1B | $11.2B | $13.7B | $10.8B | $13.5B | $19.5B | $16.1B | $16.9B | $13.3B | $12.2B | $13.9B |
| Enterprise Value | $24.0B | $21.1B | $22.6B | $17.8B | $20.2B | $25.7B | $22.5B | $22.9B | $14.8B | $13.7B | $14.9B |
| P/E Ratio → | 204.80 | 160.80 | 56.31 | 35.36 | 27.25 | 38.81 | 39.26 | 383.00 | 12.47 | 29.64 | 22.18 |
| P/S Ratio | 5.00 | 3.97 | 5.08 | 4.97 | 6.56 | 10.26 | 9.76 | 13.60 | 11.15 | 6.62 | 6.52 |
| P/B Ratio | 1.72 | 1.35 | 1.51 | 1.56 | 1.85 | 2.72 | 2.18 | 2.53 | 5.37 | 4.78 | 7.68 |
| P/FCF | 11.28 | 8.94 | 12.80 | 11.33 | 15.01 | 24.47 | 21.17 | 19.94 | 15.64 | 14.44 | 11.44 |
| P/OCF | 11.28 | 8.94 | 12.80 | 11.33 | 15.01 | 24.47 | 21.17 | 19.94 | 15.64 | 14.44 | 11.44 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 7.47 | 8.37 | 8.16 | 9.78 | 13.54 | 13.67 | 18.50 | 12.42 | 7.41 | 6.98 |
| EV / EBITDA | 14.99 | 13.16 | 14.79 | 15.04 | 18.88 | 25.06 | 24.65 | 23.73 | 17.18 | 12.53 | 11.55 |
| EV / EBIT | 44.15 | 50.77 | 40.84 | 34.55 | 29.63 | 89.67 | 51.57 | 58.24 | 13.45 | 19.08 | 17.88 |
| EV / FCF | — | 16.85 | 21.12 | 18.62 | 22.38 | 32.29 | 29.65 | 27.12 | 17.43 | 16.18 | 12.24 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 22.5% | 22.5% | 60.2% | 58.6% | 58.1% | 59.2% | 52.4% | 67.3% | 68.2% | 64.0% | 65.3% |
| Operating Margin | 19.3% | 19.3% | 17.4% | 19.9% | 17.3% | 17.9% | 13.1% | 24.7% | 26.1% | 30.2% | 33.8% |
| Net Profit Margin | 2.5% | 2.5% | 9.0% | 14.0% | 24.3% | 26.7% | 25.1% | 3.7% | 89.1% | 22.4% | 29.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 0.8% | 0.8% | 3.0% | 4.3% | 6.9% | 7.0% | 5.9% | 1.0% | 42.2% | 19.0% | 43.1% |
| ROA | 0.4% | 0.4% | 1.4% | 1.9% | 3.2% | 3.2% | 2.8% | 0.5% | 25.5% | 11.7% | 27.7% |
| ROIC | 2.3% | 2.3% | 2.2% | 2.3% | 2.0% | 1.9% | 1.2% | 2.8% | 5.8% | 12.3% | 24.7% |
| ROCE | 2.8% | 2.8% | 2.8% | 3.1% | 2.6% | 2.4% | 1.6% | 3.7% | 8.5% | 19.0% | 42.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.26 | 1.26 | 1.00 | 1.02 | 0.92 | 0.89 | 0.88 | 0.92 | 0.62 | 0.58 | 0.55 |
| Debt / EBITDA | 6.51 | 6.51 | 5.90 | 5.98 | 6.28 | 6.22 | 7.10 | 6.37 | 1.78 | 1.35 | 0.77 |
| Net Debt / Equity | — | 1.19 | 0.98 | 1.01 | 0.91 | 0.87 | 0.88 | 0.91 | 0.61 | 0.58 | 0.54 |
| Net Debt / EBITDA | 6.18 | 6.18 | 5.83 | 5.88 | 6.22 | 6.07 | 7.05 | 6.28 | 1.76 | 1.35 | 0.76 |
| Debt / FCF | — | 7.91 | 8.32 | 7.28 | 7.37 | 7.82 | 8.48 | 7.18 | 1.78 | 1.74 | 0.80 |
| Interest Coverage | 1.36 | 1.36 | 1.97 | 2.57 | 3.93 | 1.81 | 2.00 | 1.81 | 4.21 | 2.33 | 1.79 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.09 | 1.09 | 1.13 | 0.41 | 0.34 | 0.37 | 2.28 | 4.17 | 0.14 | 0.20 | 0.09 |
| Quick Ratio | 1.09 | 1.09 | 1.13 | 0.41 | 0.34 | 0.37 | 2.28 | 4.17 | 0.18 | 0.26 | 0.11 |
| Cash Ratio | 0.55 | 0.55 | 0.14 | 0.09 | 0.04 | 0.08 | 0.03 | 0.08 | 0.03 | 0.01 | 0.02 |
| Asset Turnover | — | 0.14 | 0.14 | 0.14 | 0.13 | 0.12 | 0.10 | 0.09 | 0.29 | 0.44 | 0.74 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 6.0% | 7.6% | 5.8% | 6.1% | 4.8% | 3.3% | 4.9% | 4.3% | 5.2% | 5.7% | 7.1% |
| Payout Ratio | 1190.1% | 1190.1% | 326.9% | 214.7% | 129.5% | 128.6% | 190.3% | 1581.6% | 65.7% | 167.8% | 156.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 0.5% | 0.6% | 1.8% | 2.8% | 3.7% | 2.6% | 2.5% | 0.3% | 8.0% | 3.4% | 4.5% |
| FCF Yield | 8.9% | 11.2% | 7.8% | 8.8% | 6.7% | 4.1% | 4.7% | 5.0% | 6.4% | 6.9% | 8.7% |
| Buyback Yield | 0.7% | 0.9% | 1.4% | 0.1% | 0.5% | 0.1% | 0.1% | 0.0% | 0.0% | 0.0% | 0.1% |
| Total Shareholder Yield | 6.6% | 8.5% | 7.2% | 6.1% | 5.3% | 3.4% | 5.0% | 4.3% | 5.3% | 5.7% | 7.1% |
| Shares Outstanding | — | $696M | $676M | $547M | $539M | $539M | $531M | $489M | $475M | $469M | $467M |
Includes 30+ ratios · 15 years · Updated daily
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10-year return with dividends reinvested.
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Quick answers to the most common questions about buying DOC stock.
Healthpeak Properties, Inc.'s current P/E ratio is 204.8x. The historical average is 39.8x. This places it at the 100th percentile of its historical range.
Healthpeak Properties, Inc.'s current EV/EBITDA is 15.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 16.2x.
Healthpeak Properties, Inc.'s return on equity (ROE) is 0.8%. The historical average is 24.5%.
Based on historical data, Healthpeak Properties, Inc. is trading at a P/E of 204.8x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Healthpeak Properties, Inc.'s current dividend yield is 5.96% with a payout ratio of 1190.1%.
Healthpeak Properties, Inc. has 22.5% gross margin and 19.3% operating margin. Operating margin between 10-20% is typical for established companies.
Healthpeak Properties, Inc.'s Debt/EBITDA ratio is 6.5x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Lab leasing softness and thin margins
Metrics are mathematically derived from official filings.
P/FFO Discount Reflects Merger Overhang
DOC trades at 13.7x forward FFO, a discount to peers like WELL and VTR, per reported figures, suggesting the market is pricing in integration risk and lab leasing uncertainty.
The P/FFO multiple of 13.7x in Q2 2026 is below the peer average, indicating a potential undervaluation if the merger synergies materialize. However, the implied cap rate, derived from NOI and enterprise value, appears higher than private market transactions, suggesting the market is demanding a risk premium for the lab segment's softness. Investors should monitor whether the discount narrows as leasing improves.
NOI Margin Volatility Masks Core Stability
NOI margin swung from 60.2% in Q2 2025 to -20.0% in Q1 2026, per financial statements, but stabilized at 56.8% in Q2 2026, indicating one-time charges rather than operational deterioration.
The negative NOI margins in Q4 2025 and Q1 2026 are likely due to non-cash impairments or reclassifications, as the underlying portfolio appears stable. The recovery to 56.8% in Q2 2026 suggests the core business remains profitable, but the volatility warrants caution. FFO growth of 16.5% year-over-year in Q2 2026 is partly merger-driven, and same-store NOI growth remains elusive, implying organic growth is not accelerating.
AFFO Swing Threatens Dividend Coverage
AFFO per share turned sharply negative at -$0.57 in Q2 2026, per reported figures, implying the dividend was not covered by AFFO, a stark reversal from prior quarters.
The FFO payout ratio of 60.7% in Q2 2026 appears manageable, but the negative AFFO indicates that recurring capital expenditures are consuming cash flow. The dividend of $210.3M in Q2 2026 was not covered by internal cash flow, suggesting reliance on external funding. Investors should monitor whether the capex spike is a one-time development outlay or a structural increase in maintenance needs.
Leverage Creeps Higher Post-Merger
Debt-to-equity rose to 1.09 in Q2 2026 from 0.94 in Q1 2024, per balance sheet data, while interest coverage fell to 1.04x, indicating increased financial risk.
The merger with Physicians Realty Trust added significant debt, pushing leverage higher. Interest coverage of 1.04x in Q2 2026 is thin, though it improved from 0.95x in Q4 2024. The company holds $1.6B in cash, providing a cushion, but the rising debt load and potential for higher interest rates could strain coverage. Fixed-rate exposure is not disclosed, but the maturity profile warrants monitoring for refinancing risk.
Occupancy and Capex Signal Mixed Quality
Occupancy rates appear stable, but the $741.5M capex surge in Q2 2026, as reported, suggests heavy investment in life science assets, which may pressure near-term cash flows.
The portfolio's concentration in high-barrier markets like Boston and San Francisco supports tenant retention, but the lab segment faces leasing headwinds. The capex spike could be for development that will generate future NOI, but it also increases execution risk. G&A efficiency appears reasonable, but the negative NOI in prior quarters raises questions about asset quality. Investors should monitor same-store NOI growth and leasing activity in the life science segment.
P/E Misleads Due to Depreciation
The P/E of 206.6x is distorted by heavy depreciation, per SEC filings, and should be replaced by P/FFO or P/AFFO for a true earnings comparison.
Standard P/E is meaningless for REITs because depreciation is a non-cash charge that reduces net income but not cash flow. DOC's P/FFO of 13.7x is a more accurate valuation metric. Additionally, the negative AFFO in Q2 2026 highlights that FFO may overstate cash available for dividends, as it ignores maintenance capex. Investors should focus on AFFO payout ratio and development yield on cost to assess sustainability.