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Healthcare Realty Trust

HR NYSE Health Care REITs Financials FY2016–FY2025

Healthcare Realty Trust's revenue fell 6.9% to $1.2 billion in fiscal 2025. Its net margin was −20.8%, up from −51.6% a year earlier. Free cash flow was $127 million, down 49.8%. It paid out $391 million in dividends and buybacks, 308% of free cash flow. The diluted share count fell 4.3%.

Last close · Oct 23, 2026

$17.95

0.1%
Value it Compare
Revenue Total sales reported in the income statement.
$1.2B
6.9% vs prior year
Operating margin Operating income as a share of revenue.
—
Net income Profit after all expenses, interest and tax.
−$246M
Free cash flow Cash from operations minus capital spending.
$127M
49.8%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap Last close times the latest diluted share count, so it is approximate.
$6.1B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
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What Healthcare Realty Trust does

No business description yet.

Legal name
Healthcare Realty Trust Inc
Fiscal year ends
December 31, 2025
Latest annual report
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Accession · CIK
0001360604-26-000018
0001360604

Revenue and margins

Healthcare Realty Trust had $1.2B of revenue in fiscal 2025, down 6.9% 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

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 $127M in fiscal 2025, 10.8% of revenue. Cash from operations minus capital spending.

Free cash flow
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

Healthcare Realty Trust returned $391M to shareholders in fiscal 2025, 308% of free cash flow. The diluted share count fell 4.3%.

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

Value Healthcare Realty Trust 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 −$4.0B and divides by 349.8M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Balance sheet

Cash, debt and the ratios that show how comfortably Healthcare Realty Trust can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $13.2M$61.0M$25.7M$68.9M$26.2M
Debt incl. finance leases $1.8B$5.4B$5.1B$4.7B$4.0B
Debt / equity 0.8x0.7x0.7x0.9x0.9x
Total assets $4.3B$13.8B$12.6B$10.7B$9.2B
Total liabilities $2.1B$6.2B$5.7B$5.3B$4.5B
Shareholders' equity $2.2B$7.6B$6.8B$5.2B$4.6B
Net debt (− = net cash) $1.8B$5.4B$5.0B$4.7B$4.0B

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

$0.2M

2 insiders

Sold, 12 months

$0.9M

2 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Sep 8, 2026 Robert E HullEVP and COO Sold 21,000 $19.11 $0.4M Form 4
Jun 23, 2026 Amanda L CallawaySVP & Chief Accounting Officer Sold 25,767 $20.37 $0.5M Form 4
Mar 6, 2026 Thomas N BohjalianDirector Bought 10,000 $18.09 $0.2M Form 4
Mar 4, 2026 Daniel GabbayEVP, Chief Financial Officer Bought 10 $18.74 $0.0M 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 −5.9%−9.9%−7.1%
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
Healthcare Realty Trust HR $6.1B −6.9% — 10.8% — — —
Omega Healthcare Investors OHI $14.6B 13.2% — 67.0% 8.8% 16.5x — Compare →
Sabra Health Care REIT SBRA $4.9B 10.2% — — 5.1% 75.2x — Compare →
American Healthcare REIT AHR $10.2B 9.2% 18.4% — — 78.0x — Compare →
Healthpeak Properties DOC $13.3B 4.5% — 12.7% 3.2% 55.0x — Compare →

10 years of figures

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

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $461M $614M $696M $692M $500M $535M $933M $1.3B $1.3B $1.2B
Operating income $102M $124M — — — — — — — —
Interest expense $59.8M $85.5M $102M $96.6M $56.2M $53.1M $147M $259M $242M $209M
Net income $45.9M $63.9M $214M $30.2M $72.2M $66.7M $40.9M −$278M −$655M −$246M
Diluted EPS $0.33 $0.34 $1.02 $0.14 $0.52 $0.45 $0.15 −$0.74 −$1.81 −$0.71
Diluted shares 0.14B 0.19B 0.21B 0.21B 0.13B 0.14B 0.25B 0.38B 0.37B 0.35B
Cash flow
Cash from operations $204M $308M $337M $340M $470M $233M $273M $500M $502M $457M
Capital expenditure $43.0M $64.8M $77.9M $91.5M $74.7M $97.2M $164M $231M $249M $330M
Free cash flow $161M $243M $260M $249M $395M $135M $109M $269M $253M $127M
Depreciation and amortization $177M $245M $280M $290M $190M $203M $453M $731M $675M $564M
Stock-based compensation $7.1M $6.9M $9.8M $10.1M $9.9M $10.7M $20.3M $14.3M $31.8M $22.4M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $2.6M $3.4M $70.3M $12.2M $1.4M $3.8M $3.2M $2.3M $8.9M $4.0M
Dividends paid $159M $207M $253M $256M $163M $176M $284M $472M $458M $387M
Dividends and buybacks $162M $211M $323M $268M $164M $179M $287M $475M $467M $391M
Balance sheet
Cash and short-term investments $11.2M $100M $126M $32.7M $115M $13.2M $61.0M $25.7M $68.9M $26.2M
Total debt $1.8B $2.8B $2.5B $2.7B $3.0B $1.8B $5.4B $5.0B $4.7B $3.9B
Finance lease liabilities $0.0M $0.0M $0.0M $3.4M $7.8M $22.6M $72.9M $74.5M $72.3M $73.1M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Total assets $3.7B $6.4B $6.2B $6.6B $6.8B $4.3B $13.8B $12.6B $10.7B $9.2B
Total liabilities $2.0B $3.1B $2.8B $3.2B $3.6B $2.1B $6.2B $5.7B $5.3B $4.5B
Shareholders' equity $1.7B $3.3B $3.3B $3.4B $3.2B $2.2B $7.6B $6.8B $5.2B $4.6B
Margins
Operating margin 22.1% 20.1% — — — — — — — —
EBITDA margin 60.5% 60.0% — — — — — — — —
Net margin 10.0% 10.4% 30.7% 4.4% 14.5% 12.5% 4.4% −20.7% −51.6% −20.8%
FCF margin 34.9% 39.5% 37.3% 36.0% 79.1% 25.3% 11.7% 20.0% 19.9% 10.8%
Returns
Return on capital 2.5% 2.0% — — — — — — — —
Return on equity 3.0% 2.6% 6.5% 0.9% 2.2% 2.5% 0.8% −3.9% −10.9% −5.0%
Return on assets 1.3% 1.3% 3.4% 0.5% 1.1% 1.2% 0.5% −2.1% −5.6% −2.5%
Growth
Revenue growth 14.1% 33.2% 13.4% −0.6% −27.8% 7.0% 74.4% 44.1% −5.6% −6.9%
Net income growth 39.4% 39.2% 234.0% −85.9% 139.4% −7.7% −38.7% −780.4% — —
EPS growth 26.9% 3.0% 200.0% −86.3% 271.4% −13.5% −66.7% −593.3% — —
FCF growth −0.7% 51.0% 6.9% −4.1% 58.9% −65.7% −19.4% 146.1% −6.0% −49.8%
Share count change 9.6% 32.1% 13.4% −0.2% −36.1% 6.5% 77.9% 49.3% −3.5% −4.3%
Financial health
Net debt / EBITDA 6.3x 7.3x — — — — — — — —
Debt / equity 1.1x 0.9x 0.8x 0.8x 1.0x 0.8x 0.7x 0.7x 0.9x 0.9x
Interest coverage 1.7x 1.5x — — — — — — — —
Capital allocation
Capex / revenue 9.3% 10.6% 11.2% 13.2% 15.0% 18.2% 17.5% 17.2% 19.6% 28.0%
Stock comp / revenue 1.5% 1.1% 1.4% 1.5% 2.0% 2.0% 2.2% 1.1% 2.5% 1.9%
Payouts / FCF 100.7% 86.7% 124.5% 107.8% 41.5% 132.3% 262.7% 176.5% 184.8% 308.0%
Quality scores
Accruals ratio −4.6% −4.8% −2.0% −4.8% −5.9% −3.0% −2.6% −5.9% −9.9% −7.1%

Source: SEC EDGAR XBRL filings (CIK 0001360604). Data updated October 17, 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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