Real Estate · Health Care REITs · US stock · price as of 16 Oct 2026
Key indicators
Price
$18.98
52-week range
$14.96 – $22.72
Market cap
$13.1B
P/E (trailing)
54.1×
EV / EBITDA
11.4×
Free-cash-flow yield
9.4%
Dividend yield
6.4%
Revenue (last 12 months)
$2.9B
Revenue growth (3y a year)
11.0%
Operating margin
26.5%
Return on invested capital
4.3%
Net debt / EBITDA
4.6×
Fair value
Fair value is not shown for this company.
X-Ray Score
37/ 100 · Medium confidence · ahead of 7% of sector peers
Valuation35
Growth38
Profitability42
Financial health23
Dividends57
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Healthpeak Properties is a real estate investment trust that owns and operates healthcare property in the United States. Its portfolio is built around laboratory and life science buildings, outpatient medical offices and senior living communities, including continuing care retirement communities. Tenants include biotechnology and pharmaceutical firms, health systems, physician groups and senior living operators.
Income comes mainly from rent and related charges paid by tenants. Revenue is $2.9 billion over the last twelve months, rising 11.0% a year across the last three years. The operating margin is 26.5%, and the business earns a profit of 4% on the capital invested in it. Healthpeak carries net debt of 4.6 times EBITDA, and the dividend yield is 6.4%.
StocksXray gives Healthpeak Properties, Inc. an X-Ray Score of 37 out of 100 (medium confidence), ahead of 7% of the S&P 500 stocks in its sector. Its strongest lens is dividends (57) and its weakest is financial health (23).
XStocksXray
Healthpeak Properties, Inc. (DOC)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$27.39
$19.85
$16.59
$18.05
$15.32
$18.98
Market cap
$14.8B
$10.7B
$9.1B
$12.2B
$10.7B
$13.1B
P/E
29.5×
21.6×
29.6×
50.1×
153.2×
54.1×
EV / revenue
11.2×
8.6×
7.5×
7.9×
7.3×
7.8×
EV / EBITDA
22.0×
12.7×
12.9×
13.3×
12.5×
12.3×
Price / free cash flow
415.7×
–
50.0×
36.6×
29.9×
10.6×
Free-cash-flow yield
0.2%
−0.6%
2.0%
2.7%
3.3%
9.4%
Price / book
2.3×
1.6×
1.4×
1.5×
1.4×
1.7×
Dividend yield
4.38%
6.05%
7.23%
6.65%
7.96%
6.45%
Fundamentals checklist ● 2 Good · ● 3 Average · ● 5 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−4.6%Good
Risk models
Piotroski F-Score4 of 9Bad
Growth
EPS growth (3y)−52.3%Bad
Revenue growth (3y)11.0%Good
Growth consistency90%Bad
Balance sheet
Net debt / EBITDA4.6×Average
Interest cover2.3×Bad
Valuation
EBIT / EV yield3.3%Average
Profitability
Return on invested capital4.3%Bad
Operating margin26.5%Average
XStocksXray
Healthpeak Properties, Inc. (DOC)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
1,896
2,061
2,181
2,700
2,823
2,950
Gross profit
1,123
1,198
1,279
1,626
–
–
Operating income
286
680
515
554
589
782
Net income
506
500
306
243
71
243
Diluted EPS ($)
0.93
0.92
0.56
0.36
0.10
0.35
Free cash flow
36
-62
182
334
357
1,231
Gross margin
59.2%
58.1%
58.6%
60.2%
–
–
Operating margin
15.1%
33.0%
23.6%
20.5%
20.9%
26.5%
Net margin
26.7%
24.3%
14.0%
9.0%
2.5%
8.2%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
15,258
15,771
15,699
19,938
20,336
21,680
Cash
158
72
118
120
467
1,627
Total debt
6,170
6,498
6,876
8,716
9,848
10,032
Equity
6,515
6,655
6,350
8,401
7,500
7,845
Dividend per share ($)
1.20
1.20
1.20
1.20
1.22
1.22
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.