Healthpeak Properties vs Ventas
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The short version
- Ventas is the larger business, with $5.8B of revenue in fiscal 2025 against $2.8B for Healthpeak Properties, about 2.1 times as much.
- Ventas grew revenue faster (18.5%, against 4.5%).
- Investors pay more for each dollar of Ventas’s earnings: a P/E of 163.8x against 55.0x for Healthpeak Properties.
| Latest fiscal year | DOC · FY25 | VTR · FY25 |
|---|---|---|
| Size | ||
| Market cap | $13.3B | $43.2B |
| Revenue | $2.8B | $5.8B |
| Free cash flow | $357M | — |
| Net income | $71.3M | $262M |
| Growth | ||
| Revenue growth | 4.5% | 18.5% |
| 5-year growth | 11.4% | 9.0% |
| Share count change | 2.9% | 11.1% |
| Profitability | ||
| Gross margin | 60.0% | — |
| Operating margin | — | — |
| Net margin | 2.5% | 4.5% |
| FCF margin | 12.7% | — |
| Return on capital | 3.2% | 3.4% |
| Return on equity | 0.9% | 2.2% |
| Balance sheet | ||
| Net debt | $9.4B | $12.3B |
| Net debt / EBITDA | 5.7x | 5.6x |
| Dividends and buybacks | $946M | $860M |
| Valuation & quality | ||
| P/E | 55.0x | 163.8x |
| Piotroski F-score | — | — |
Revenue
FY16
DOC $2.1B
VTR $3.4B
FY17
DOC $1.8B
VTR $3.6B
FY18
DOC $1.2B
VTR $3.7B
FY19
DOC $1.2B
VTR $3.9B
FY20
DOC $1.6B
VTR $3.8B
FY21
DOC $1.9B
VTR $3.8B
FY22
DOC $2.1B
VTR $4.1B
FY23
DOC $2.2B
VTR $4.5B
FY24
DOC $2.7B
VTR $4.9B
FY25
DOC $2.8B
VTR $5.8B
DOC
VTR
Operating margin
FY16
DOC —
VTR —
FY17
DOC —
VTR —
FY18
DOC —
VTR —
FY19
DOC —
VTR —
FY20
DOC —
VTR —
FY21
DOC —
VTR —
FY22
DOC —
VTR —
FY23
DOC —
VTR —
FY24
DOC —
VTR —
FY25
DOC —
VTR —
DOC
VTR
Free cash flow
FY16
DOC $755M
VTR —
FY17
DOC $375M
VTR —
FY18
DOC $288M
VTR —
FY19
DOC $169M
VTR —
FY20
DOC −$30.5M
VTR —
FY21
DOC $35.5M
VTR —
FY22
DOC −$61.7M
VTR —
FY23
DOC $182M
VTR —
FY24
DOC $334M
VTR —
FY25
DOC $357M
VTR —
DOC
VTR
Return on capital
FY16
DOC 1.6%
VTR 4.5%
FY17
DOC 2.3%
VTR 4.8%
FY18
DOC 1.6%
VTR 3.8%
FY19
DOC 1.3%
VTR 3.7%
FY20
DOC 3.3%
VTR 2.5%
FY21
DOC 2.1%
VTR 1.0%
FY22
DOC 5.1%
VTR 1.3%
FY23
DOC 3.8%
VTR 1.6%
FY24
DOC 3.5%
VTR 2.0%
FY25
DOC 3.2%
VTR 3.4%
DOC
VTR
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.