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Healthpeak Properties

DOC NYSE Health Care REITs Financials FY2016–FY2025

Healthpeak Properties' revenue rose 4.5% to $2.8 billion in fiscal 2025. Its net margin was 2.5%, down from 9.0% a year earlier. Free cash flow was $357 million, up 7.0%. It paid out $946 million in dividends and buybacks, 265% of free cash flow. The diluted share count rose 2.9%.

Last close · Oct 23, 2026

$19.25

0.5%
Value it Compare
Revenue Total sales reported in the income statement.
$2.8B
4.5% vs prior year
Operating margin Operating income as a share of revenue.
—
Net income Profit after all expenses, interest and tax.
$71.3M
70.7%
Free cash flow Cash from operations minus capital spending.
$357M
7.0%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
3.2%
0.2 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$13.3B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
55.0x
On $0.35 EPS (TTM)

About these figures. Healthpeak's 2025 filing labels its property operating costs differently from earlier years, so its 2025 cost of revenue uses that label.

What Healthpeak Properties does

No business description yet.

Legal name
Healthpeak Properties, Inc.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001628280-26-005044
0000765880

Revenue and margins

Healthpeak Properties had $2.8B of revenue in fiscal 2025, up 4.5% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew −25.1% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $357M in fiscal 2025, 12.7% of revenue. Cash from operations minus capital spending.

Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Healthpeak Properties returned $946M to shareholders in fiscal 2025, 265% of free cash flow. The diluted share count rose 2.9%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Healthpeak Properties yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$9.4B and divides by 696.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 55.0x · peers 78.0x · sector 27.8x.

Balance sheet

Cash, debt and the ratios that show how comfortably Healthpeak Properties can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $158M$72.0M$118M$120M$468M
Debt incl. finance leases $6.2B$6.5B$6.9B$8.7B$9.8B
Net debt / EBITDA 6.2x4.6x5.3x5.3x5.7x
Debt / equity 1.0x1.0x1.1x1.0x1.3x
Interest coverage 1.8x3.9x2.6x2.0x1.9x
Total assets $15.3B$15.8B$15.7B$19.9B$20.3B
Total liabilities $8.1B$8.5B$8.8B$10.9B$12.0B
Shareholders' equity $6.5B$6.7B$6.4B$8.4B$7.5B
Net debt (− = net cash) $6.0B$6.4B$6.8B$8.6B$9.4B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$0.2M

1 insider

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
May 12, 2026 Scott R BohnCDO and Head of Lab Sold 10,989 $19.45 $0.2M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✕ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✕ ✓
Current ratio rose — — —
Share count didn't rise ✕ ✕ ✕
Gross margin rose ✓ ✓ ✕
Revenue rose relative to assets ✓ ✓ ✕
F-score — / 9— / 9— / 9
Accruals ratio −4.1%−4.6%−5.9%
Altman Z'' ———

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Healthpeak Properties DOC $13.3B 4.5% — 12.7% 3.2% 55.0x —
American Healthcare REIT AHR $10.2B 9.2% 18.4% — — 78.0x — Compare →
Ventas VTR $43.2B 18.5% — — 3.4% 163.8x — Compare →
Omega Healthcare Investors OHI $14.6B 13.2% — 67.0% 8.8% 16.5x — Compare →
Healthcare Realty Trust HR $6.1B −6.9% — 10.8% — — — Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $2.1B $1.8B $1.2B $1.2B $1.6B $1.9B $2.1B $2.2B $2.7B $2.8B
Gross profit $1.4B $1.2B $813M $835M $862M $1.1B $1.2B $1.3B $1.6B $1.7B
Interest expense $464M $308M $261M $218M $218M $158M $173M $200M $280M $305M
Pretax income $11.4M $10.9M −$2.6M −$8.6M $218M $128M $507M $315M $273M $284M
Income tax $4.5M −$1.3M −$4.4M −$5.5M −$9.4M −$3.3M −$4.4M −$9.6M $4.3M $9.3M
Net income $628M $414M $1.1B $45.5M $414M $506M $500M $306M $243M $71.3M
Diluted EPS $1.34 $0.88 $2.24 $0.09 $0.77 $0.93 $0.92 $0.56 $0.36 $0.10
Diluted shares 0.47B 0.47B 0.48B 0.49B 0.53B 0.54B 0.54B 0.55B 0.68B 0.70B
Cash flow
Cash from operations $1.2B $847M $849M $846M $758M $795M $900M $956M $1.1B $1.3B
Capital expenditure $459M $472M $561M $677M $789M $760M $962M $775M $737M $895M
Free cash flow $755M $375M $288M $169M −$30.5M $35.5M −$61.7M $182M $334M $357M
Depreciation and amortization $568M $535M $405M $435M $554M $684M $711M $750M $1.1B $1.1B
Stock-based compensation $22.9M $14.3M $16.6M $18.2M $17.4M $18.2M $26.5M $14.5M $15.5M $14.4M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $8.7M $4.8M $3.4M $5.0M $10.5M $12.8M $67.8M $6.5M $191M $97.1M
Dividends paid $980M $695M $697M $720M $787M $650M $648M $657M $795M $849M
Dividends and buybacks $988M $700M $700M $725M $798M $663M $716M $664M $985M $946M
Balance sheet
Cash and short-term investments $94.7M $55.3M $54.0M $80.4M $44.2M $158M $72.0M $118M $120M $468M
Total debt $9.1B $7.8B $5.5B $6.3B $6.6B $6.2B $6.5B $6.9B $8.7B $9.8B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Total assets $15.8B $14.1B $12.7B $14.0B $15.9B $15.3B $15.8B $15.7B $19.9B $20.3B
Total liabilities $9.8B $8.5B $6.2B $7.4B $8.6B $8.1B $8.5B $8.8B $10.9B $12.0B
Shareholders' equity $5.5B $5.3B $5.9B $6.1B $6.7B $6.5B $6.7B $6.4B $8.4B $7.5B
Margins
Gross margin 65.3% 64.0% 68.2% 67.3% 52.4% 59.2% 58.1% 58.6% 60.2% 60.0%
EBITDA margin 49.0% 46.2% 55.7% 51.9% 60.2% 51.2% 67.5% 58.0% 59.7% 58.4%
Net margin 29.5% 22.4% 89.1% 3.7% 25.1% 26.7% 24.3% 14.0% 9.0% 2.5%
FCF margin 35.5% 20.3% 24.2% 13.6% −1.9% 1.9% −3.0% 8.3% 12.4% 12.7%
Returns
Return on capital 1.6% 2.3% 1.6% 1.3% 3.3% 2.1% 5.1% 3.8% 3.5% 3.2%
Return on equity 8.4% 7.6% 18.9% 0.8% 6.5% 7.6% 7.6% 4.7% 3.3% 0.9%
Return on assets 3.4% 2.8% 7.9% 0.3% 2.8% 3.2% 3.2% 1.9% 1.4% 0.4%
Growth
Revenue growth 9.7% −13.2% −35.6% 4.1% 32.6% 15.3% 8.7% 5.8% 23.8% 4.5%
Net income growth — −34.0% 156.2% −95.7% 808.3% 22.2% −1.0% −38.9% −20.5% −70.7%
EPS growth — −34.3% 154.6% −96.0% 755.6% 20.8% −1.1% −39.1% −35.7% −72.2%
FCF growth −9.8% −50.3% −23.3% −41.4% −118.1% — −273.8% — 83.7% 7.0%
Share count change 1.0% 0.3% 1.4% 2.9% 8.5% 1.5% −0.0% 1.5% 23.6% 2.9%
Financial health
Net debt / EBITDA 8.6x 9.1x 8.2x 9.7x 6.6x 6.2x 4.6x 5.3x 5.3x 5.7x
Debt / equity 1.6x 1.5x 0.9x 1.0x 1.0x 1.0x 1.0x 1.1x 1.0x 1.3x
Interest coverage 1.0x 1.0x 1.0x 1.0x 2.0x 1.8x 3.9x 2.6x 2.0x 1.9x
Capital allocation
Capex / revenue 21.6% 25.5% 47.1% 54.6% 48.0% 40.1% 46.7% 35.5% 27.3% 31.7%
Stock comp / revenue 1.1% 0.8% 1.4% 1.5% 1.1% 1.0% 1.3% 0.7% 0.6% 0.5%
Payouts / FCF 130.9% 186.5% 243.3% 429.6% — 1,865.9% — 365.2% 295.3% 265.1%
Quality scores
Accruals ratio −3.2% −2.9% 1.6% −6.0% −2.3% −1.9% −2.6% −4.1% −4.6% −5.9%

Source: SEC EDGAR XBRL filings (CIK 0000765880). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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