Healthpeak Properties, Inc. (DOC) Financial Ratios
15 years of historical data (2011–2025) · Real Estate · REIT - Healthcare Facilities
EV/EBITDA
↓
13.34
↓-23% vs avg
5yr avg: 17.39
30Y Low9.7·High25.1
P/FCF
↓
10.01
↓-32% vs avg
5yr avg: 14.68
30Y Low9.8·High24.7
P/B Ratio
↓
1.38
↓-23% vs avg
5yr avg: 1.80
30Y Low1.3·High68.7
ROE
↓
0.8%
↑-81% vs avg
5yr avg: 4.4%
30Y Low-67%·High228%
Debt/EBITDA
↑
6.51
+5% vs avg
5yr avg: 6.18
30Y Low0.0·High7.1
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
DOC Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Healthpeak Properties, Inc. trades at 165.1x earnings, 159% above its 5-year average of 63.7x, sitting at the 100th percentile of its historical range. Compared to the Real Estate sector median P/E of 24.1x, the stock trades at a premium of 584%. On a free-cash-flow basis, the stock trades at 10.0x P/FCF, 32% below the 5-year average of 14.7x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $11.5B | $11.2B | $13.7B | $10.8B | $13.5B | $19.5B | $16.1B | $16.9B | $13.3B | $12.2B | $13.9B |
| Enterprise Value | $21.4B | $21.1B | $22.6B | $17.8B | $20.2B | $25.7B | $22.5B | $22.9B | $14.8B | $13.7B | $14.9B |
| P/E Ratio → | 165.10 | 160.80 | 56.31 | 35.36 | 27.25 | 38.81 | 39.26 | 383.00 | 12.47 | 29.64 | 22.18 |
| P/S Ratio | 4.07 | 3.97 | 5.08 | 4.97 | 6.56 | 10.26 | 9.76 | 13.60 | 11.15 | 6.62 | 6.52 |
| P/B Ratio | 1.38 | 1.35 | 1.51 | 1.56 | 1.85 | 2.72 | 2.18 | 2.53 | 5.37 | 4.78 | 7.68 |
| P/FCF | 10.01 | 9.76 | 12.80 | 11.33 | 15.01 | 24.47 | 21.17 | 19.94 | 15.64 | 14.44 | 11.44 |
| P/OCF | 8.96 | 8.74 | 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
DOC EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Healthpeak Properties, Inc.'s enterprise value stands at 13.3x EBITDA, 23% below its 5-year average of 17.4x. The Real Estate sector median is 16.7x, placing the stock at a 20% discount on an enterprise-value basis.
| 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 | 13.34 | 13.16 | 14.79 | 15.04 | 18.88 | 25.06 | 24.65 | 23.73 | 17.18 | 12.53 | 11.55 |
| EV / EBIT | 39.29 | 38.77 | 40.84 | 34.55 | 29.63 | 89.67 | 51.57 | 58.24 | 13.45 | 19.08 | 17.88 |
| EV / FCF | — | 18.40 | 21.12 | 18.62 | 22.38 | 32.29 | 29.65 | 27.12 | 17.43 | 16.18 | 12.24 |
DOC Profitability
Margins and return-on-capital ratios measuring operating efficiency
Healthpeak Properties, Inc. earns an operating margin of 19.3%, below the Real Estate sector average of 26.0%. ROE of 0.8% is modest. ROIC of 2.3% represents below-average returns on invested capital.
Margins
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% |
Return on Capital
| 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% |
DOC Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Healthpeak Properties, Inc. carries a Debt/EBITDA ratio of 6.5x, which is highly leveraged (17% below the sector average of 7.9x). Net debt stands at $9.9B ($10.4B total debt minus $538M cash). Interest coverage of just 1.8x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| 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 | — | 8.64 | 8.32 | 7.28 | 7.37 | 7.82 | 8.48 | 7.18 | 1.78 | 1.74 | 0.80 |
| Interest Coverage | 1.78 | 1.78 | 1.97 | 2.57 | 3.93 | 1.81 | 2.00 | 1.81 | 4.21 | 2.33 | 1.79 |
DOC Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.09x means Healthpeak Properties, Inc. can comfortably meet its short-term obligations, though there is limited excess liquidity. The current ratio has improved from 0.41x to 1.09x over the past 3 years.
| 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 | — | — | — | — | — | — | — | — | — | — | — |
DOC Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Healthpeak Properties, Inc. returns 8.2% to shareholders annually — split between a 7.4% dividend yield and 0.8% buyback yield. The payout ratio exceeds 100% at 1190.1%, meaning the company is paying out more than it earns — this level is unsustainable long-term without earnings recovery. The earnings yield of 0.6% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
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 | 7.4% | 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% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 0.6% | 0.6% | 1.8% | 2.8% | 3.7% | 2.6% | 2.5% | 0.3% | 8.0% | 3.4% | 4.5% |
| FCF Yield | 10.0% | 10.2% | 7.8% | 8.8% | 6.7% | 4.1% | 4.7% | 5.0% | 6.4% | 6.9% | 8.7% |
| Buyback Yield | 0.8% | 0.9% | 1.4% | 0.1% | 0.5% | 0.1% | 0.1% | 0.0% | 0.0% | 0.0% | 0.1% |
| Total Shareholder Yield | 8.2% | 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 |
Peer Comparison
Compare DOC with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 DOCYou | $11B | 165.1 | 13.3 | 10.0 | 22.5% | 19.3% | 0.8% | 2.3% | 6.5 |
 VTR | $41B | 160.7 | 24.4 | 31.3 | -5.9% | 14.2% | 2.1% | 2.5% | 6.0 |
 WELL | $150B | 154.2 | 66.8 | 52.7 | 39.2% | 3.3% | 2.5% | 0.5% | 8.6 |
 HR | $7B | -28.1 | 16.8 | 54.7 | -33.6% | 8.0% | -4.9% | 0.7% | 6.3 |
 OHI | $14B | 23.8 | 16.7 | 15.6 | 44.5% | 62.6% | 11.6% | 6.0% | 4.0 |
 SABR | $696M | 1.3 | 9.5 | — | 56.4% | 12.7% | — | 9.7% | 9.8 |
 MPW | $3B | -17.1 | 105.4 | 14.6 | — | — | -4.2% | — | 4.6 |
 GMRE | $94M | 115.3 | 8.3 | — | 78.9% | 23.6% | 1.1% | 2.0% | 7.4 |
 CHCT | $504M | 227.9 | 16.3 | 8.9 | 8.7% | 16.7% | 1.1% | 1.6% | 8.4 |
 LTC | $2B | 15.2 | 10.1 | 13.6 | 96.9% | 79.4% | 10.7% | 8.9% | 2.6 |
 NHI | $4B | 24.2 | 16.8 | 16.1 | 36.7% | 51.5% | 9.7% | 5.6% | 4.2 |
| Real Estate Median | — | 24.1 | 16.7 | 15.4 | 52.1% | 26.0% | 3.5% | 3.0% | 7.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 15 years · Updated daily
Full DOC Stock Analysis
Analyst consensus, bull case, AI-generated risk factors, and peer comparison — all in one place.
See DOC's True Return
Price is only half the story. See total return with reinvested dividends.
Launch CalculatorIs DOC Undervalued?
DCF intrinsic value, peer multiples, and analyst estimates — see what the stock is really worth.
View ValuationCompare DOC vs VTR
Side-by-side business, growth, and profitability comparison vs Ventas, Inc..
Start ComparisonDOC — Frequently Asked Questions
Quick answers to the most common questions about buying DOC stock.
What is Healthpeak Properties, Inc.'s P/E ratio?
Healthpeak Properties, Inc.'s current P/E ratio is 165.1x. The historical average is 39.8x. This places it at the 100th percentile of its historical range.
What is Healthpeak Properties, Inc.'s EV/EBITDA?
Healthpeak Properties, Inc.'s current EV/EBITDA is 13.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 16.2x.
What is Healthpeak Properties, Inc.'s ROE?
Healthpeak Properties, Inc.'s return on equity (ROE) is 0.8%. The historical average is 24.5%.
Is DOC stock overvalued?
Based on historical data, Healthpeak Properties, Inc. is trading at a P/E of 165.1x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Healthpeak Properties, Inc.'s dividend yield?
Healthpeak Properties, Inc.'s current dividend yield is 7.39% with a payout ratio of 1190.1%.
What are Healthpeak Properties, Inc.'s profit margins?
Healthpeak Properties, Inc. has 22.5% gross margin and 19.3% operating margin. Operating margin between 10-20% is typical for established companies.
How much debt does Healthpeak Properties, Inc. have?
Healthpeak Properties, Inc.'s Debt/EBITDA ratio is 6.5x, indicating high leverage. A ratio above 4x may signal elevated financial risk.