Healthpeak Properties
DOC · Health Care REITs
$19.25
0.5%SBA Communications
SBAC · Telecom Tower REITs
$184.75
3.6%The short version
- Healthpeak Properties is the larger business, with $2.8B of revenue in fiscal 2025 against $2.8B for SBA Communications.
- SBA Communications grew revenue faster (5.1%, against 4.5%).
- SBA Communications turned more of its sales into free cash flow (37.9% FCF margin, against 12.7% FCF margin).
- SBA Communications earned a higher return on the capital invested in it (14.4%, against 3.2%).
- Investors pay more for each dollar of Healthpeak Properties’s earnings: a P/E of 55.0x against 19.9x for SBA Communications.
| Latest fiscal year | DOC · FY25 | SBAC · FY25 |
|---|---|---|
| Size | ||
| Market cap | $13.3B | $19.6B |
| Revenue | $2.8B | $2.8B |
| Free cash flow | $357M | $1.1B |
| Net income | $71.3M | $1.1B |
| Growth | ||
| Revenue growth | 4.5% | 5.1% |
| 5-year growth | 11.4% | 6.2% |
| Share count change | 2.9% | −0.5% |
| Profitability | ||
| Gross margin | 60.0% | 75.5% |
| Operating margin | — | 47.7% |
| Net margin | 2.5% | 37.4% |
| FCF margin | 12.7% | 37.9% |
| Return on capital | 3.2% | 14.4% |
| Return on equity | 0.9% | — |
| Balance sheet | ||
| Net debt | $9.4B | $12.6B |
| Net debt / EBITDA | 5.7x | 7.7x |
| Dividends and buybacks | $946M | $977M |
| Valuation & quality | ||
| P/E | 55.0x | 19.9x |
| Piotroski F-score | — | 6 |
FY16
DOC $2.1B
SBAC $1.6B
FY17
DOC $1.8B
SBAC $1.7B
FY18
DOC $1.2B
SBAC $1.9B
FY19
DOC $1.2B
SBAC $2.0B
FY20
DOC $1.6B
SBAC $2.1B
FY21
DOC $1.9B
SBAC $2.3B
FY22
DOC $2.1B
SBAC $2.6B
FY23
DOC $2.2B
SBAC $2.7B
FY24
DOC $2.7B
SBAC $2.7B
FY25
DOC $2.8B
SBAC $2.8B
DOC
SBAC
FY16
DOC —
SBAC 23.7%
FY17
DOC —
SBAC 26.5%
FY18
DOC —
SBAC 29.2%
FY19
DOC —
SBAC 29.0%
FY20
DOC —
SBAC 30.4%
FY21
DOC —
SBAC 33.9%
FY22
DOC —
SBAC 35.1%
FY23
DOC —
SBAC 34.1%
FY24
DOC —
SBAC 53.6%
FY25
DOC —
SBAC 47.7%
DOC
SBAC
FY16
DOC $755M
SBAC $603M
FY17
DOC $375M
SBAC $671M
FY18
DOC $288M
SBAC $701M
FY19
DOC $169M
SBAC $816M
FY20
DOC −$30.5M
SBAC $997M
FY21
DOC $35.5M
SBAC $1.1B
FY22
DOC −$61.7M
SBAC $1.1B
FY23
DOC $182M
SBAC $1.3B
FY24
DOC $334M
SBAC $1.1B
FY25
DOC $357M
SBAC $1.1B
DOC
SBAC
FY16
DOC 1.6%
SBAC 5.1%
FY17
DOC 2.3%
SBAC 6.1%
FY18
DOC 1.6%
SBAC 7.7%
FY19
DOC 1.3%
SBAC 7.1%
FY20
DOC 3.3%
SBAC 8.0%
FY21
DOC 2.1%
SBAC 11.7%
FY22
DOC 5.1%
SBAC 11.5%
FY23
DOC 3.8%
SBAC 11.6%
FY24
DOC 3.5%
SBAC 18.6%
FY25
DOC 3.2%
SBAC 14.4%
DOC
SBAC
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.