(DOC) Healthpeak Properties - NYSE
Sector: Real Estate | Industry: REIT - Healthcare Facilities | Exchange: NYSE (USA) | Market Cap: 13.485m USD | Total Return: 19.8% in 12m
Avg Turnover: 149M
Qual. Beats: 1
Rev. Trend: 96.0%
Qual. Beats: 3
Warnings
Earnings expected to drop: P/E 61.1 → Forward 129.9
Beneish M-Score 1.00 > -1.5 - likely earnings manipulation
Altman Z'' 0.26 < 1.0 - financial distress zone
Tailwinds
No distinct edge detected
Healthpeak Properties, Inc. (NYSE: DOC) is an S&P 500 REIT that owns, operates, and develops healthcare-focused real estate across the United States. Founded in 1985 and headquartered in Denver, Colorado, the company is structured as an umbrella partnership REIT, with substantially all assets and operations held through its operating subsidiary, Healthpeak OP. The company qualifies as a self-administered REIT and is incorporated in Maryland.
Healthpeaks diversified portfolio is organized around three core asset classes: outpatient medical, lab, and continuing care retirement community (CCRC) real estate. Its outpatient medical and lab segments include outpatient medical buildings, hospitals, and lab buildings, while CCRC properties are operated through RIDEA (REIT Investment Diversification and Empowerment Act) structures, which permit the REIT to share in operating revenue rather than limiting it to rental income. Non-reportable segments include a joint-venture interest in senior housing assets, loans receivable, and a preferred equity investment.
As of September 30, 2025, the companys investment portfolio, including properties held through unconsolidated joint ventures, consisted of interests in 703 properties: 530 outpatient medical, 139 lab, 15 CCRC, and 19 properties classified as other non-reportable. With a large-cap market capitalization of approximately $14 billion, Healthpeak operates within the Health Care REITs sub-industry, a segment whose performance is generally tied to demographic trends such as the aging U.S. population and rising demand for outpatient and life-sciences facilities.
- Lab segment occupancy pressured by biotech funding pullback
- Interest rate sensitivity impacts cost of capital and FFO growth
- Aging demographics fuel outpatient medical tenant demand
| 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 60.52%; Δ -58.62% > 0.5%) |
| Asset Turnover: 13.87% > 50% (prev 14.11%; Δ -0.25% > 0%) |
| Interest Coverage Ratio: 2.20 > 6 (EBIT TTM 704.4m / 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: 0.62 (Book Value of Equity 7.83b / Total Liabilities 12.6b) |
| Altman-Z'' = 0.26 = B |
| DSRI: 0.55 (Receivables 631.6m/1.12b, Revenue 2.87b/2.80b) |
| GMI: 31.94 (GM 60.52% / 1.89%) |
| 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 = 24.63 (Cap -4..+1) = D |
As of June 22, 2026, the stock is trading at USD 19.56 with a total of 11,513,600 shares traded.
Over the past week, the price has changed by -4.11%,
over one month by +0.09%,
over three months by +15.78% and
over the past year by +19.80%.
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 | 21.3 | 8.8% |
P/E Trailing = 61.125
P/E Forward = 129.8701
P/S = 4.6944
P/B = 1.723
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 = 23.3b USD (13.5b + Debt 11.0b - CCE 1.17b)
Interest Coverage Ratio = 2.20 (Ebit TTM 704.4m / Interest Expense TTM 319.8m)
EV/FCF = 19.72x (Enterprise Value 23.3b / FCF TTM 1.18b)
FCF Yield = 5.07% (FCF TTM 1.18b / Enterprise Value 23.3b)
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 23.3b / Total Assets 21.6b)
Interest Expense / Debt = 2.91% (Interest Expense 319.8m / Debt 11.0b)
Taxrate = 2.89% (7.46m / 258.1m)
NOPAT = 684.0m (EBIT 704.4m * (1 - 2.89%))
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 = 2.88% (Net Income TTM 222.2m / Total Stockholder Equity 7.71b)
RoCE = 4.30% (EBIT 704.4m / Capital Employed (Equity 7.71b + L.T.Debt 8.67b))
RoIC = 3.19% (NOPAT 684.0m / Invested Capital 21.5b)
WACC = 5.17% (E(13.5b)/V(24.5b) * Re(7.09%) + D(11.0b)/V(24.5b) * Rd(2.91%) * (1-Tc(0.03)))
Discount Rate = 7.09% (= 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: 2.53 | # QB: 1
Revenue Correlation: 95.95 | Revenue CAGR: 13.60% | SUE: 2.65 | # QB: 3
EPS current Quarter (2026-06-30): EPS=0.03 | Chg30d=N/A | Revisions=-43% | Analysts=6
EPS next Quarter (2026-09-30): EPS=0.03 | Chg30d=N/A | Revisions=-43% | Analysts=6
EPS current Year (2026-12-31): EPS=0.15 | Chg30d=+11.11% | Revisions=-20% | GrowthEPS=+284.6% | GrowthRev=+1.6%
EPS next Year (2027-12-31): EPS=0.15 | Chg30d=+11.11% | Revisions=-20% | GrowthEPS=+0.0% | GrowthRev=+3.5%
[Analyst] Revisions Ratio: -43%