NYSE: DOC
Healthpeak Properties
Real Estate · Real Estate Investment Trusts
52-week range
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$14.8B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $13.9B |
| FY2017, ended Dec 31, 2017 | $12.2B |
| FY2018, ended Dec 31, 2018 | $13.3B |
| FY2019, ended Dec 31, 2019 | $17.4B |
| FY2020, ended Dec 31, 2020 | $16.3B |
| FY2021, ended Dec 31, 2021 | $19.5B |
| FY2022, ended Dec 31, 2022 | $13.7B |
| FY2023, ended Dec 31, 2023 | $10.8B |
| FY2024, ended Dec 31, 2024 | $14.2B |
| FY2025, ended Dec 31, 2025 | $11.2B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $14.8B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$2.95B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $2.13B |
| FY2017, ended Dec 31, 2017 | $1.85B |
| FY2018, ended Dec 31, 2018 | $1.19B |
| FY2019, ended Dec 31, 2019 | $1.24B |
| FY2020, ended Dec 31, 2020 | $1.64B |
| FY2021, ended Dec 31, 2021 | $1.90B |
| FY2022, ended Dec 31, 2022 | $2.06B |
| FY2023, ended Dec 31, 2023 | $2.18B |
| FY2024, ended Dec 31, 2024 | $2.70B |
| FY2025, ended Dec 31, 2025 | $2.82B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $2.95B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $628M | $755M |
| FY2017, ended Dec 31, 2017 | $414M | $375M |
| FY2018, ended Dec 31, 2018 | $1.06B | $288M |
| FY2019, ended Dec 31, 2019 | $45.5M | $169M |
| FY2020, ended Dec 31, 2020 | $414M | −$30.5M |
| FY2021, ended Dec 31, 2021 | $506M | $35.5M |
| FY2022, ended Dec 31, 2022 | $500M | −$61.7M |
| FY2023, ended Dec 31, 2023 | $306M | $182M |
| FY2024, ended Dec 31, 2024 | $243M | $334M |
| FY2025, ended Dec 31, 2025 | $71.3M | $357M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $243M | $361M |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$1.63B
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $94.7M |
| FY2017, ended Dec 31, 2017 | $55.3M |
| FY2018, ended Dec 31, 2018 | $54.0M |
| FY2019, ended Dec 31, 2019 | $80.4M |
| FY2020, ended Dec 31, 2020 | $44.2M |
| FY2021, ended Dec 31, 2021 | $158M |
| FY2022, ended Dec 31, 2022 | $72.0M |
| FY2023, ended Dec 31, 2023 | $118M |
| FY2024, ended Dec 31, 2024 | $120M |
| FY2025, ended Dec 31, 2025 | $467M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $1.63B |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$10.0B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $9.10B |
| FY2017, ended Dec 31, 2017 | $7.79B |
| FY2018, ended Dec 31, 2018 | $5.48B |
| FY2019, ended Dec 31, 2019 | $6.30B |
| FY2020, ended Dec 31, 2020 | $6.62B |
| FY2021, ended Dec 31, 2021 | $6.17B |
| FY2022, ended Dec 31, 2022 | $6.50B |
| FY2023, ended Dec 31, 2023 | $6.88B |
| FY2024, ended Dec 31, 2024 | $8.72B |
| FY2025, ended Dec 31, 2025 | $9.85B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $10.0B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Up 47.3% since 2016.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.690M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 468M |
| FY2017, ended Dec 31, 2017 | 469M |
| FY2018, ended Dec 31, 2018 | 478M |
| FY2019, ended Dec 31, 2019 | 505M |
| FY2020, ended Dec 31, 2020 | 539M |
| FY2021, ended Dec 31, 2021 | 539M |
| FY2022, ended Dec 31, 2022 | 547M |
| FY2023, ended Dec 31, 2023 | 547M |
| FY2024, ended Dec 31, 2024 | 700M |
| FY2025, ended Dec 31, 2025 | 695M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | 690M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Net: $84.3M more bought back than issued
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| Period | Bought back | Paid to employees | Sold for cash | Used in acquisitions |
|---|---|---|---|---|
| FY2016, ended Dec 31, 2016 | $8.69M | $22.9M | — | — |
| FY2017, ended Dec 31, 2017 | $4.79M | $14.3M | — | — |
| FY2018, ended Dec 31, 2018 | $3.43M | $16.6M | $57.0M | — |
| FY2019, ended Dec 31, 2019 | $5.04M | $18.2M | — | — |
| FY2020, ended Dec 31, 2020 | $10.5M | $17.4M | — | — |
| FY2021, ended Dec 31, 2021 | $12.8M | $18.2M | — | — |
| FY2022, ended Dec 31, 2022 | $67.8M | $26.5M | — | — |
| FY2023, ended Dec 31, 2023 | $6.52M | $14.5M | — | — |
| FY2024, ended Dec 31, 2024 | $191M | $15.5M | — | $2.77B |
| FY2025, ended Dec 31, 2025 | $97.1M | $14.4M | — | — |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $102M | $17.4M | — | — |
Revenue (TTM)
$2.95B
+5.5% YoY
Net income (TTM)
$243M
+47.5% YoY
Cash
$1.63B
+1,719% YoY
Total debt
$10.0B
+11.0% YoY
Valuation
At current price- Market Cap
- $13.1B
- P/E
- 53.9×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 4.4×
- Price / Book
- 1.7×
- EV / EBITDA
- 17.3×
Growth
Trailing 12 months- Revenue (TTM)
- $2.95B
- Revenue Growth YoY
- 5.5%
- Revenue CAGR 3Y
- 11.0%
- Revenue CAGR 5Y
- 11.4%
- EPS Growth YoY
- 45.8%
- Net Income Growth YoY
- 47.5%
Profitability
Trailing 12 months- Gross Margin
- —
- Operating Margin
- 5.1%
- Net Margin
- 8.2%
- FCF Margin
- 12.2%
- Return on Equity
- 3.1%
Earnings
Trailing 12 months- Net Income
- $243M
- EPS (diluted)
- $0.35
- EBITDA
- $1.25B
- Operating Income
- $149M
Balance Sheet
As of Jun 30, 2026- Cash and cash equivalents
- $1.63B
- Total Debt
- $10.0B
- Net Debt
- $8.41B
- Total Assets
- $21.7B
- Total Liabilities
- $12.2B
- Shareholders' Equity
- $7.84B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $1.23B
- Capital Expenditure
- $870M
- Free Cash Flow
- $361M
Dividends and risk
Last 12 months- Dividend Yield
- 6.4%
- Dividend / Share
- $1.22
- Beta (5Y)
- 1.01
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 5.5% year over year, at $2.95B.
Note
Net margin of 8.2% over the last 12 months.
Watch
Net debt is 6.7× EBITDA ($8.41B), a heavy load.
Note
Free cash flow of $361M, 12.2% of revenue.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-K for the fiscal year ended Dec 31, 2025 · filed Feb 3, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2024 · 10-K53Some concerns
10-K for the fiscal year ended Dec 31, 2024
Filed Feb 4, 2025 · Read the filing on EDGAR
- The Physicians Realty Trust merger closed in March 2024, adding 299 outpatient medical buildings and growing the portfolio from 477 to 697 properties.
- Segment property revenue rose about 23%, but net income fell 20% to $242 million on higher depreciation, merger costs and interest.
- Nareit FFO, a common REIT earnings measure, rose 11% to $1.09 billion, and same-store income grew in all three segments.
- Healthpeak sold over $1 billion of properties, bought back $188 million of stock and raised its quarterly dividend to $0.305.
Business momentum
Mixed
“Net income (loss) applicable to common shares $ 242,384 $ 304,284 $ (61,900)”
Outlook
Cautious
“While there have been signs that cost pressures are moderating, there can be no assurance that this will continue to be the case.”
Financial stress
Low
“We anticipate that our cash flows from operations, available cash balances, and cash from our various financing activities will be adequate for the next 12 months and for the foreseeable future”
Tone against the previous report
About the same
Red flags
None found in this report.
Positives
Merger completed, greatly expanding the outpatient medical portfolio
“On March 1, 2024, we completed the Merger with Physicians Realty Trust, which resulted in the acquisition of 299 outpatient medical buildings.”
Nareit FFO grew 11% to about $1.09 billion
“Nareit FFO 1,092,730 985,180 107,550”
Early CommonSpirit Health renewal locks in about 2 million square feet for longer
“extended the weighted average lease term of existing leases from July 2027 to December 2035”
Concerns
Merger costs jumped, helping pull net income down
“Transaction and merger-related costs 132,685 17,515 115,170”
Interest expense rose 40% as merger-related debt was added
“Interest expense 280,430 200,331 80,099”
About $807 million of debt falls due within twelve months
“the total amount payable within twelve months is comprised of $800 million of senior unsecured notes and $7 million of mortgage debt”
New risks since the previous report
Federal policy changes under a new administration could affect healthcare, labor and construction costs
“changes in the U.S. political administration, which could affect healthcare policy, labor supply, procurement and construction costs, and economic conditions”
Proposed laws could limit REIT ownership of healthcare real estate
“Legislation potentially impacting REIT ownership and investment in the healthcare sector has recently been introduced or is under discussion at the federal and state level.”
Bringing property management in-house could disrupt operations
“potential disruptions and performance shortfalls due to the failure to successfully internalize the property management function”
Retirement community portfolio is concentrated in hurricane-prone Florida
“approximately 68% of our CCRC portfolio (based on gross asset value as of December 31, 2024) was concentrated in Florida, which is known to be subject to hurricanes”
Tenants' AI use could require costly building upgrades
“the adoption of AI tools by our tenants may lead to infrastructure requirements that our buildings currently do not accommodate, such as increased power needs for high-performance computing”
Biggest risks named
- Life science tenant funding and lab demand weakness
- Higher interest rates, inflation and borrowing costs
- Tenant, operator or borrower financial weakness or bankruptcy
- Merger integration and property management internalization
- Natural disasters and insurance gaps in California and Florida
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | −3 | |
| Outlook | −2 | |
| Tone against the previous report | 0 | |
| Financial stress | 0 | |
| Red flags | 0 | |
| New risks | −2 | |
| Score | 53 | |
Written by AI (Claude Opus 5.5) from the report’s text. 14 of 14 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-K | Feb 3, 2026 | Pro | |||
| 10-K | Feb 4, 2025 | 53 | Mixed | None | |
| 10-K | Feb 9, 2024 | 40 | Sharp deterioration | 1 minor | |
| 10-K | Feb 8, 2023 | 61 | Improving | 1 minor | |
| 10-K | Feb 9, 2022 | 68 | Strong improvement | None | |
| 10-K | Feb 10, 2021 | 66 | Strong improvement | None | |
| 10-K | Feb 13, 2020 | 40 | Sharp deterioration | 1 medium | |
| 10-K | Feb 14, 2019 | 64 | Improving | None | |
| 10-K | Feb 13, 2018 | 47 | Weakening | 1 medium | |
| 10-K | Feb 13, 2017 | 70 | Strong improvement | 2 minor |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q2 FY2026 (period ended Jun 30, 2026), filed Aug 5, 2026. View filings on SEC EDGAR