Latest Ratios: P/E Ratio 36.0x · 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 | $14.0B | $11.2B | $13.7B | $10.8B | $13.5B | $19.5B | $16.1B | $16.9B | $13.3B | $12.2B | $13.9B |
| Enterprise Value | $23.9B | $21.1B | $22.6B | $17.8B | $20.2B | $25.7B | $22.5B | $22.9B | $14.8B | $13.7B | $14.9B |
| P/E Ratio → | 35.99 | 160.80 | 56.31 | 35.36 | 27.25 | 38.81 | 39.26 | 383.00 | 12.47 | 29.64 | 22.18 |
| P/S Ratio | 4.56 | 3.97 | 5.08 | 4.97 | 6.56 | 10.26 | 9.76 | 13.60 | 11.15 | 6.62 | 6.52 |
| P/B Ratio | 1.70 | 1.35 | 1.51 | 1.56 | 1.85 | 2.72 | 2.18 | 2.53 | 5.37 | 4.78 | 7.68 |
| P/FCF | 42.00 | 8.94 | 12.80 | 11.33 | 15.01 | 24.47 | 21.17 | 19.94 | 15.64 | 14.44 | 11.44 |
| P/OCF | 11.16 | 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 | 14.97 | 13.47 | 14.79 | 15.04 | 18.88 | 25.06 | 24.65 | 23.73 | 17.18 | 12.53 | 11.55 |
| EV / EBIT | 43.87 | 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 | 6.67 | 6.67 | 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 | 6.32 | 6.32 | 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 | 2.8% | 0.6% | 1.8% | 2.8% | 3.7% | 2.6% | 2.5% | 0.3% | 8.0% | 3.4% | 4.5% |
| FCF Yield | 2.4% | 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 | 6.7% | 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 36.0x. The historical average is 39.8x. This places it at the 69th 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 36.0x. This is at the 69th 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 6.02% 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 6.7x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Lab leasing and capital intensity
Metrics are mathematically derived from official filings.
Multiples Unanchored by Missing FFO Data
Based on DOC's reported figures, the absence of P/FFO and P/AFFO values alongside a 201.20 trailing P/E leaves valuation dependent on a GAAP earnings base that depreciation distorts, with the 14.83 EV/EBITDA and 1.69 P/B providing the only usable anchors.
The trailing P/E of 201.20 reflects a near-zero GAAP net margin rather than a meaningful earnings multiple, so it should not be read as expensive valuation in the conventional sense. The quarterly P/FFO series in the ratio table, which moved from roughly 11.9x to 15.7x over the period, suggests the market has re-rated the stock upward as FFO per share has been reported, though the FFO figures themselves are volatile. Investors should monitor whether the implied cap rate on enterprise value remains attractive relative to private Life Science transaction cap rates, since this is the more reliable framework for a REIT of this structure.
NOI Margin Compression Post-Merger
As reported in financial statements, DOC's NOI margin held near 60% through 2024 and 2025 before falling to 53.8% in 2026Q3, a decline that may reflect merger integration costs or a shift in property mix.
The stable 60% margin plateau through most of the period suggests the core portfolio operated with consistent property-level efficiency before the Physicians Realty Trust combination. The 2026Q1 and 2025Q4 readings showing deeply negative NOI margins are better treated as reporting discontinuities than as operating signals, warranting verification before drawing conclusions. The current 53.8% level appears to reflect a more diversified but lower-margin asset base, and whether this represents a permanent reset depends on how quickly the acquired medical office assets converge toward legacy portfolio economics.
FFO Payout Coverage Remains Thin
Based on DOC's reported figures, the FFO payout ratio ranged from 43.9% to 145.9% over recent quarters, with the 145.9% reading in 2025Q3 suggesting distributions exceeded FFO in that period and coverage has been inconsistent.
Payout ratios in the 57% to 75% range during 2024 and most of 2025 indicate a reasonable cushion, but the spike above 100% in 2025Q3 shows how quickly coverage can deteriorate when FFO per share dips. The reported dividend yield of 6.1% is elevated relative to the payout cushion available, which may suggest the market is pricing in a meaningful risk of distribution pressure. Investors should monitor AFFO coverage closely, since missing AFFO entries in several quarters limit the ability to confirm that recurring capital expenditures are being covered by retained cash.
Deleveraging Following Merger-Driven Spike
As reported in financial statements, DOC's debt-to-equity ratio peaked at 1.26 in 2025Q4 and eased to 0.89 in 2026Q3, while interest coverage swung between 0.95x and 3.29x, a range that signals variable debt service capacity.
The trajectory from 0.95 to 1.26 and back to 0.89 suggests the equity base expanded faster than debt following the merger, which may reflect share issuance rather than new borrowing. Interest coverage below 1.0x in 2024Q4 and 1.04x in 2026Q2 indicates periods where operating earnings barely covered interest costs, a pattern that warrants close attention given the rate environment. The 1.26% debt-to-equity figure in the snapshot appears inconsistent with the quarterly series and should be verified before being used as a leverage reference point.
Debt-to-Equity Misapplied to Gross Asset Base
Debt-to-equity is the ratio most commonly misapplied to DOC, since book equity is reduced by accumulated depreciation and merger-related accounting, which may overstate leverage relative to the gross asset base that REIT analysts typically use.
A standard debt-to-equity calculation penalizes a REIT whose depreciation has eroded book equity while the underlying real estate retains market value, so the ratio can look elevated even when debt-to-gross-assets is moderate. The swing in the D/E series from 0.89 to 1.26 may therefore partly reflect accounting movements rather than changes in actual borrowing capacity. Debt-to-gross-assets, debt-to-enterprise-value, and fixed-charge coverage would give a more reliable picture of DOC's leverage, and the analysis should be re-run on those measures once the supplied data is confirmed.