(DOC) Healthpeak Properties - Overview
Sector: Real Estate | Industry: REIT - Healthcare Facilities | Exchange: NYSE (USA) | Market Cap: 13.554m USD | Total Return: 21.9% in 12m
Avg Turnover: 140M
Qual. Beats: 1
Rev. Trend: 96.0%
Qual. Beats: 3
Warnings
Earnings expected to drop: P/E 61.4 → Forward 128.2
Beneish M-Score 1.00 > -1.5 - likely earnings manipulation
Altman Z'' -0.84 < 1.0 - financial distress zone
Tailwinds
No distinct edge detected
Healthpeak Properties, Inc. (NYSE: DOC) is a Denver-based REIT and S&P 500 constituent focused on healthcare real estate. Founded in 1985, the company utilizes an umbrella partnership REIT (UPREIT) structure to own and develop properties across three primary segments: outpatient medical, lab space for life sciences, and continuing care retirement communities (CCRC). As of late 2025, the firm managed a portfolio of 703 properties, with the majority concentrated in outpatient medical and laboratory facilities.
The company’s business model leverages the increasing demand for specialized life science infrastructure and outpatient services, which typically offer higher tenant retention due to the high cost of laboratory build-outs. By utilizing RIDEA structures for its CCRC segment, Healthpeak can participate more directly in the operating cash flows of its senior housing assets compared to traditional triple-net lease agreements. Investors can gain deeper insights into these operational structures and valuation metrics by exploring ValueRay.
Operating as a self-administered REIT, Healthpeak manages its diversified portfolio through regional offices in key healthcare hubs including California and Massachusetts. Beyond its core segments, the company maintains interests in unconsolidated joint ventures, loans receivable, and preferred equity investments to further diversify its revenue streams within the healthcare sector.
- Lab segment leasing velocity and drug development funding drive long-term rental income
- Outpatient medical occupancy rates and tenant retention support stable recurring cash flow
- Continuing Care Retirement Community occupancy and labor costs impact RIDEA structure margins
- Federal interest rate fluctuations significantly influence REIT valuation and borrowing costs
- Strategic portfolio repositioning and development pipeline execution dictate future funds from operations
| Net Income: 222.2m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.05 > 0.02 and ΔFCF/TA -0.57 > 1.0 |
| NWC/Revenue: 31.67% < 20% (prev 2.85%; Δ 28.83% < -1%) |
| CFO/TA 0.06 > 3% & CFO 1.23b > Net Income 222.2m |
| Net Debt (9.83b) to EBITDA (1.78b): 5.51 < 3 |
| Current Ratio: 2.02 > 1.5 & < 3 |
| Outstanding Shares: last quarter (695.2m) vs 12m ago -0.56% < -2% |
| Gross Margin: 1.89% > 18% (prev 0.61%; Δ 128.9% > 0.5%) |
| Asset Turnover: 13.87% > 50% (prev 14.11%; Δ -0.25% > 0%) |
| Interest Coverage Ratio: 2.20 > 6 (EBITDA TTM 1.78b / Interest Expense TTM 319.8m) |
| A: 0.04 (Total Current Assets 1.80b - Total Current Liabilities 892.8m) / Total Assets 21.6b |
| B: -0.28 (Retained Earnings -5.97b / Total Assets 21.6b) |
| C: 0.03 (EBIT TTM 704.4m / Avg Total Assets 20.7b) |
| D: -0.42 (Book Value of Equity -5.28b / Total Liabilities 12.6b) |
| Altman-Z'' = -0.84 = CCC |
| DSRI: 0.55 (Receivables 631.6m/1.12b, Revenue 2.87b/2.80b) |
| GMI: 31.94 (GM 1.89% / 60.52%) |
| AQI: 0.96 (AQ_t 0.90 / AQ_t-1 0.93) |
| SGI: 1.03 (Revenue 2.87b / 2.80b) |
| TATA: -0.05 (NI 222.2m - CFO 1.23b) / TA 21.6b) |
| Beneish M = 24.59 (Cap -4..+1) = D |
As of May 25, 2026, the stock is trading at USD 19.64 with a total of 3,127,736 shares traded.
Over the past week, the price has changed by +2.45%,
over one month by +20.72%,
over three months by +16.35% and
over the past year by +21.93%.
Healthpeak Properties has received a consensus analysts rating of 4.25. Therefore, it is recommended to buy DOC.
- StrongBuy: 10
- Buy: 5
- Hold: 5
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 20.6 | 4.9% |
P/E Forward = 128.2051
P/S = 4.7184
P/B = 1.7001
P/EG = 4.0809
Revenue TTM = 2.87b USD
EBIT TTM = 704.4m USD
EBITDA TTM = 1.78b USD
Long Term Debt = 8.67b USD (from longTermDebt, last quarter)
Short Term Debt = 892.8m USD (from shortTermDebt, last quarter)
Debt = 11.0b USD (from shortLongTermDebtTotal, last quarter) + Leases 290.1m
Net Debt = 9.83b USD (calculated: Debt 11.0b - CCE 1.17b)
Enterprise Value = 23.4b USD (13.6b + Debt 11.0b - CCE 1.17b)
Interest Coverage Ratio = 2.20 (Ebit TTM 704.4m / Interest Expense TTM 319.8m)
EV/FCF = 19.78x (Enterprise Value 23.4b / FCF TTM 1.18b)
FCF Yield = 5.06% (FCF TTM 1.18b / Enterprise Value 23.4b)
FCF Margin = 41.15% (FCF TTM 1.18b / Revenue TTM 2.87b)
Net Margin = 7.73% (Net Income TTM 222.2m / Revenue TTM 2.87b)
Gross Margin = 1.89% ((Revenue TTM 2.87b - Cost of Revenue TTM 2.82b) / Revenue TTM)
Gross Margin QoQ = -19.97% (prev -87.20%)
Tobins Q-Ratio = 1.08 (Enterprise Value 23.4b / Total Assets 21.6b)
Interest Expense / Debt = 2.91% (Interest Expense 319.8m / Debt 11.0b)
Taxrate = 0.13% (254k / 199.9m)
NOPAT = 703.5m (EBIT 704.4m * (1 - 0.13%))
Current Ratio = 2.02 (Total Current Assets 1.80b / Total Current Liabilities 892.8m)
Debt / Equity = 1.41 (Debt 11.0b / totalStockholderEquity, last quarter 7.83b)
Debt / EBITDA = 5.51 (Net Debt 9.83b / EBITDA 1.78b)
Debt / FCF = 8.32 (Net Debt 9.83b / FCF TTM 1.18b)
Total Stockholder Equity = 7.71b (last 4 quarters mean from totalStockholderEquity)
RoA = 1.07% (Net Income 222.2m / Total Assets 21.6b)
RoE = 1.62% (Net Income TTM 222.2m / Total Stockholder Equity 13.7b)
RoCE = 3.15% (EBIT 704.4m / Capital Employed (Equity 13.7b + L.T.Debt 8.67b))
RoIC = 3.27% (NOPAT 703.5m / Invested Capital 21.5b)
WACC = 5.47% (E(13.6b)/V(24.6b) * Re(7.56%) + D(11.0b)/V(24.6b) * Rd(2.91%) * (1-Tc(0.00)))
Discount Rate = 7.56% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -24.44 | Cagr: 11.21%
[DCF] Terminal Value 75.27% ; FCFF base≈1.19b ; Y1≈1.18b ; Y5≈1.22b
[DCF] Fair Price = 13.42 (EV 19.1b - Net Debt 9.83b = Equity 9.25b / Shares 689.4m; r=8.35% [WACC [floored]]; 5y FCF grow -1.27% → 2.50% )
EPS Correlation: N/A | EPS CAGR: N/A | SUE: 1.96 | # QB: 1
Revenue Correlation: 95.95 | Revenue CAGR: 13.60% | SUE: 2.65 | # QB: 3
EPS current Quarter (2026-06-30): EPS=0.05 | Chg30d=-4.76% | Revisions=-14% | Analysts=7
EPS next Quarter (2026-09-30): EPS=0.04 | Chg30d=-12.68% | Revisions=-14% | Analysts=7
EPS current Year (2026-12-31): EPS=0.15 | Chg30d=-21.05% | Revisions=-20% | GrowthEPS=+284.6% | GrowthRev=+3.1%
EPS next Year (2027-12-31): EPS=0.14 | Chg30d=-32.50% | Revisions=-20% | GrowthEPS=-10.0% | GrowthRev=+3.8%
[Analyst] Revisions Ratio: -20%