Healthpeak Properties vs Omega Healthcare Investors
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The short version
- Healthpeak Properties is the larger business, with $2.8B of revenue in fiscal 2025 against $1.2B for Omega Healthcare Investors, about 2.4 times as much.
- Omega Healthcare Investors grew revenue faster (13.2%, against 4.5%).
- Omega Healthcare Investors turned more of its sales into free cash flow (67.0% FCF margin, against 12.7%).
- Omega Healthcare Investors earned a higher return on the capital invested in it (8.8%, against 3.2%).
- Investors pay more for each dollar of Healthpeak Properties’s earnings: a P/E of 55.0x against 16.5x for Omega Healthcare Investors.
| Latest fiscal year | DOC · FY25 | OHI · FY25 |
|---|---|---|
| Size | ||
| Market cap | $13.3B | $14.6B |
| Revenue | $2.8B | $1.2B |
| Free cash flow | $357M | $798M |
| Net income | $71.3M | $590M |
| Growth | ||
| Revenue growth | 4.5% | 13.2% |
| 5-year growth | 11.4% | 5.9% |
| Share count change | 2.9% | 12.8% |
| Profitability | ||
| Gross margin | 60.0% | — |
| Operating margin | — | — |
| Net margin | 2.5% | 49.6% |
| FCF margin | 12.7% | 67.0% |
| Return on capital | 3.2% | 8.8% |
| Return on equity | 0.9% | 12.2% |
| Balance sheet | ||
| Net debt | $9.4B | $4.2B |
| Net debt / EBITDA | 5.7x | 3.6x |
| Dividends and buybacks | $946M | $780M |
| Valuation & quality | ||
| P/E | 55.0x | 16.5x |
| Piotroski F-score | — | — |
Revenue
FY16
DOC $2.1B
OHI $901M
FY17
DOC $1.8B
OHI $908M
FY18
DOC $1.2B
OHI $882M
FY19
DOC $1.2B
OHI $929M
FY20
DOC $1.6B
OHI $892M
FY21
DOC $1.9B
OHI $1.1B
FY22
DOC $2.1B
OHI $878M
FY23
DOC $2.2B
OHI $950M
FY24
DOC $2.7B
OHI $1.1B
FY25
DOC $2.8B
OHI $1.2B
DOC
OHI
Operating margin
FY16
DOC —
OHI 62.2%
FY17
DOC —
OHI 34.7%
FY18
DOC —
OHI 56.4%
FY19
DOC —
OHI 59.4%
FY20
DOC —
OHI —
FY21
DOC —
OHI —
FY22
DOC —
OHI —
FY23
DOC —
OHI —
FY24
DOC —
OHI —
FY25
DOC —
OHI —
DOC
OHI
Free cash flow
FY16
DOC $755M
OHI $584M
FY17
DOC $375M
OHI $540M
FY18
DOC $288M
OHI $470M
FY19
DOC $169M
OHI $501M
FY20
DOC −$30.5M
OHI $677M
FY21
DOC $35.5M
OHI $677M
FY22
DOC −$61.7M
OHI $579M
FY23
DOC $182M
OHI $580M
FY24
DOC $334M
OHI $712M
FY25
DOC $357M
OHI $798M
DOC
OHI
Return on capital
FY16
DOC 1.6%
OHI 6.9%
FY17
DOC 2.3%
OHI 3.6%
FY18
DOC 1.6%
OHI 5.9%
FY19
DOC 1.3%
OHI 6.2%
FY20
DOC 3.3%
OHI 4.1%
FY21
DOC 2.1%
OHI 7.0%
FY22
DOC 5.1%
OHI 7.3%
FY23
DOC 3.8%
OHI 5.6%
FY24
DOC 3.5%
OHI 7.3%
FY25
DOC 3.2%
OHI 8.8%
DOC
OHI
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.