Healthpeak Properties
DOC · Health Care REITs
$19.25
0.5%Welltower
WELL · Health Care REITs
$237.32
0.0%The short version
- Welltower is the larger business, with $10.8B of revenue in fiscal 2025 against $2.8B for Healthpeak Properties, about 3.8 times as much.
- Welltower grew revenue faster (35.6%, against 4.5%).
- Investors pay more for each dollar of Welltower’s earnings: a P/E of 118.1x against 55.0x for Healthpeak Properties.
| Latest fiscal year | DOC · FY25 | WELL · FY25 |
|---|---|---|
| Size | ||
| Market cap | $13.3B | $172.4B |
| Revenue | $2.8B | $10.8B |
| Free cash flow | $357M | — |
| Net income | $71.3M | $962M |
| Growth | ||
| Revenue growth | 4.5% | 35.6% |
| 5-year growth | 11.4% | 18.7% |
| Share count change | 2.9% | 11.6% |
| Profitability | ||
| Gross margin | 60.0% | 40.1% |
| Operating margin | — | — |
| Net margin | 2.5% | 8.9% |
| FCF margin | 12.7% | — |
| Return on capital | 3.2% | 3.0% |
| Return on equity | 0.9% | 2.6% |
| Balance sheet | ||
| Net debt | $9.4B | $14.7B |
| Net debt / EBITDA | 5.7x | 4.1x |
| Dividends and buybacks | $946M | $1.9B |
| Valuation & quality | ||
| P/E | 55.0x | 118.1x |
| Piotroski F-score | — | — |
FY16
DOC $2.1B
WELL $4.3B
FY17
DOC $1.8B
WELL $4.3B
FY18
DOC $1.2B
WELL $4.7B
FY19
DOC $1.2B
WELL $5.1B
FY20
DOC $1.6B
WELL $4.6B
FY21
DOC $1.9B
WELL $4.7B
FY22
DOC $2.1B
WELL $5.9B
FY23
DOC $2.2B
WELL $6.6B
FY24
DOC $2.7B
WELL $8.0B
FY25
DOC $2.8B
WELL $10.8B
DOC
WELL
FY16
DOC —
WELL —
FY17
DOC —
WELL —
FY18
DOC —
WELL —
FY19
DOC —
WELL —
FY20
DOC —
WELL —
FY21
DOC —
WELL —
FY22
DOC —
WELL —
FY23
DOC —
WELL —
FY24
DOC —
WELL —
FY25
DOC —
WELL —
DOC
WELL
FY16
DOC $755M
WELL —
FY17
DOC $375M
WELL —
FY18
DOC $288M
WELL —
FY19
DOC $169M
WELL —
FY20
DOC −$30.5M
WELL —
FY21
DOC $35.5M
WELL —
FY22
DOC −$61.7M
WELL —
FY23
DOC $182M
WELL —
FY24
DOC $334M
WELL —
FY25
DOC $357M
WELL —
DOC
WELL
FY16
DOC 1.6%
WELL 4.6%
FY17
DOC 2.3%
WELL 2.8%
FY18
DOC 1.6%
WELL 3.5%
FY19
DOC 1.3%
WELL 3.8%
FY20
DOC 3.3%
WELL 1.3%
FY21
DOC 2.1%
WELL 2.0%
FY22
DOC 5.1%
WELL 2.0%
FY23
DOC 3.8%
WELL 2.5%
FY24
DOC 3.5%
WELL 2.6%
FY25
DOC 3.2%
WELL 3.0%
DOC
WELL
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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.