Healthpeak Properties, Inc. (DOC) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.03	$0.08	+166.7%	—	$771.6M	—
Q1 26	$0.06	$0.28	+366.7%	—	$753M	—
Q4 25	$0.06	$0.1	+66.7%	—	$719.4M	—
Q3 25	$0.06	-$0.18	-400.0%	—	$705.9M	—
Q2 25	$0.06	$0.06	0.0%	—	$694.3M	—
Q1 25	$0.05	$0.06	+20.0%	—	$702.9M	—
Q4 24	$0.05	$0.05	0.0%	—	$698M	—
Q3 24	$0.05	$0.05	0.0%	—	$700.4M	—
Q2 24	$0.09	$0.05	-44.4%	—	$695.5M	—
Q1 24	$0.05	$0.09	+80.0%	—	$606.6M	—
Q4 23	$0.1	$0.15	+50.0%	—	$553.7M	—
Q3 23	$0.08	$0.12	+50.0%	—	$550.9M	—
Q2 23	$0.1	$0.09	-10.0%	—	$540.2M	—
Q1 23	$0.08	$0.07	-12.5%	—	$519.5M	—
Q4 22	$0.11	$0.02	-81.8%	—	$524.5M	—
Q3 22	$0.12	$0.1	-16.7%	—	$520.4M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$0.1	—	—	$2.8B	—
FY24	—	$0.36	—	—	$2.7B	—
FY23	—	$0.56	—	—	$2.2B	—
FY22	—	$0.92	—	—	$2.1B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$2.1B	$1.8B	$1.2B	$1.2B	$1.6B	$1.9B	$2.1B	$2.2B	$2.7B	$2.8B
YoY change	+9.73%	-13.2%	-35.5%	+4.11%	+32.6%	+15.3%	+8.7%	+5.81%	+23.8%	+4.52%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	2.1B	1.8B	1.2B	1.2B	1.6B	1.9B	2.1B	2.2B	2.7B	2.8B
Cost of revenue	738.4M	666.3M	378.7M	405.2M	782.5M	773.3M	863M	902.1M	1.1B	1.1B
Gross profit	1.4B	1.2B	812.7M	835.1M	862.3M	1.1B	1.2B	1.3B	1.6B	1.7B
Gross margin	65.3%	64%	68.2%	67.3%	52.4%	59.2%	58.1%	58.6%	60.2%	60%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	103.6M	88.8M	96.7M	93M	93.2M	98.3M	131M	95.1M	97.2M	90.4M
Operating expenses	113.4M	96.7M	107.5M	101.7M	93.2M	98.3M	131M	95.1M	97.2M	90.4M
Operating income	719.2M	558.6M	311.3M	306.9M	215.1M	340.3M	356.6M	433.9M	471.2M	544.1M
Operating margin	33.8%	30.2%	26.1%	24.7%	13.1%	17.9%	17.3%	19.9%	17.4%	19.3%
Non-operating income, net	112.5M	159.5M	788.6M	87M	220.9M	-54M	323.5M	81.4M	82.4M	45.3M
Pretax income	367.3M	410.4M	838.6M	176.3M	217.7M	128.4M	507.1M	314.9M	273.2M	284.3M
Income tax	4.5M	-1.3M	-4.4M	-5.5M	-9.4M	-3.3M	-4.4M	-9.6M	4.3M	9.3M
Net income	639.9M	422.6M	1.1B	60.1M	428.3M	525.9M	516.4M	334.8M	267.3M	101M
Net margin	30.1%	22.9%	90.1%	4.84%	26%	27.7%	25.1%	15.3%	9.9%	3.58%
EBITDA	1.3B	1.1B	874.2M	1.1B	1.1B	1B	1.4B	1.2B	1.6B	1.6B
EPS	1.34	0.88	2.25	0.09	0.77	0.93	0.92	0.56	0.36	0.1
Diluted EPS	1.34	0.88	2.24	0.09	0.77	0.93	0.92	0.56	0.36	0.1

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	550.9M	553.7M	606.6M	695.5M	700.4M	698M	702.9M	694.3M	705.9M	719.4M	753M	771.6M
Cost of revenue	232.7M	224.4M	243.7M	273.8M	280.3M	277M	273.1M	276.2M	291.9M	287.9M	323.9M	333.1M
Gross profit	318.1M	329.3M	362.8M	421.7M	420.1M	421M	429.7M	418.2M	414M	431.5M	429.1M	438.5M
Gross margin	57.8%	59.5%	59.8%	60.6%	60%	60.3%	61.1%	60.2%	58.6%	60%	57%	56.8%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	23.1M	21.6M	23.3M	26.7M	23.2M	23.9M	26.1M	20.8M	19.9M	23.6M	24.6M	22.5M
Operating expenses	23.1M	21.6M	23.3M	26.7M	23.2M	23.9M	26.1M	20.8M	19.9M	23.6M	24.6M	22.5M
Operating income	110.5M	119.2M	120.3M	111.5M	116.9M	122.6M	135.1M	131.5M	131.7M	145.8M	114.8M	132.5M
Operating margin	20.1%	21.5%	19.8%	16%	16.7%	17.6%	19.2%	18.9%	18.7%	20.3%	15.2%	17.2%
Non-operating income, net	2M	-6.4M	-36.9M	118.8M	55.7M	-55.3M	-8.1M	-16.8M	10.3M	59.9M	168.2M	19.1M
Pretax income	67.3M	60M	22.5M	155.4M	98.5M	-3.2M	54.3M	39.7M	65.2M	125.1M	195.6M	59.3M
Income tax	787K	-11.8M	13.7M	2.7M	1.9M	-14M	2.1M	2.4M	-1.2M	6M	254K	-1.4M
Net income	68.7M	75.4M	11.2M	152.7M	92.7M	10.7M	50.1M	39M	-109.8M	121.8M	199.7M	63.2M
Net margin	12.5%	13.6%	1.84%	22%	13.2%	1.53%	7.12%	5.62%	-15.6%	16.9%	26.5%	8.2%
EBITDA	301.9M	310.3M	418M	399M	397.9M	372.9M	397.5M	402.9M	395.2M	418.1M	544.3M	439.3M
EPS	0.12	0.13	0.01	0.21	0.12	0.01	0.06	0.05	-0.17	0.16	0.28	0.08
Diluted EPS	0.12	0.13	0.01	0.21	0.12	0.01	0.06	0.05	-0.17	0.16	0.28	0.08

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	13.9B	12.2B	13.1B	16.8B	16B	19.4B	13.5B	10.8B	—	11.2B	14.2B
Enterprise value	23B	20.1B	18.6B	22.8B	22.5B	25.7B	20.1B	17.8B	—	20.9B	24.3B
Shares outstanding	467.2M	468.8M	470.6M	486.3M	530.6M	538.9M	538.8M	547M	675.7M	696M	696M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	21.7	28.9	12.2	279.1	37.5	37	26.2	32.4	—	110.8	57.3
P/S	6.52	6.61	11	13.5	9.75	10.3	6.55	4.97	—	3.97	4.82
P/B	2.34	2.19	2.02	2.51	2.18	2.72	1.85	1.56	—	1.35	1.76
EV/EBITDA	17.8	17.8	21.3	20.2	19.6	24.9	14.5	14.9	—	13	15.5
EV/Sales	10.8	10.8	15.6	18.4	13.7	13.5	9.77	8.16	—	7.39	8.25
Earnings yield	4.61%	3.46%	8.17%	0.36%	2.67%	2.7%	3.82%	3.09%	—	0.9%	1.74%
FCF yield	8.74%	6.93%	6.46%	5.05%	4.73%	4.09%	6.66%	8.83%	—	11.2%	11.5%
PEG	—	—	—	—	—	—	—	—	—	—	0.96

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	65.3%	64%	68.2%	67.3%	52.4%	59.2%	58.1%	58.6%	60.2%	60%	56.8%
Operating margin	33.8%	30.2%	26.1%	24.7%	13.1%	17.9%	17.3%	19.9%	17.4%	19.3%	16%
Net margin	30.1%	22.9%	90.1%	4.84%	26%	27.7%	25.1%	15.3%	9.9%	3.58%	8.25%
ROE	10.8%	7.55%	16.5%	0.9%	5.83%	7.36%	7.09%	4.83%	2.95%	1.22%	3.04%
ROA	4.06%	3%	8.44%	0.43%	2.69%	3.45%	3.27%	2.13%	1.34%	0.5%	1.51%
ROIC	4.72%	4.16%	2.6%	2.41%	1.56%	2.55%	2.56%	3.12%	2.58%	2.93%	2.86%
Return on tangible assets	4.34%	3.19%	8.87%	0.44%	2.88%	3.7%	3.46%	2.22%	1.46%	0.53%	1.37%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.45	0.6	0.76	4.17	2.28	0.37	0.34	0.41	1.13	0.72	2.29
Quick ratio	1.45	0.6	0.76	4.17	2.28	0.37	0.34	0.41	1.13	0.72	0.96
Debt / equity	1.55	1.41	0.85	0.92	0.88	0.89	0.92	1.02	1	1.22	1.09
Debt / assets	0.58	0.56	0.44	0.44	0.41	0.42	0.43	0.45	0.45	0.5	0.48
Net debt / EBITDA	7.05	6.96	6.24	5.37	5.61	6.03	4.76	5.85	5.61	6.03	4.84
Interest coverage	1.79	2.33	4.21	1.81	2	1.81	3.93	2.57	1.97	1.93	2.32
Effective tax rate	1.22%	0%	0%	0%	0%	0%	0%	0%	1.59%	3.27%	0.82%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	4.56	3.94	2.53	2.55	3.1	3.52	3.83	3.99	4	4.06	4.25
EPS (basic)	1.34	0.88	2.25	0.09	0.77	0.93	0.92	0.56	0.36	0.1	0.1
EPS (diluted)	1.34	0.88	2.24	0.09	0.77	0.93	0.92	0.56	0.36	0.1	0.35
Book value per share	12.7	11.9	13.8	13.7	13.8	13.3	13.5	12.7	13.4	11.9	11.4
FCF per share	2.6	1.81	1.8	1.74	1.43	1.48	1.67	1.75	1.58	1.8	1.78
Cash per share	0.2	0.12	0.24	0.17	0.08	0.29	0.13	0.22	0.18	0.67	2.38

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Payout ratio	153.1%	164.4%	64.9%	1.2K%	183.8%	123.6%	125.5%	196.3%	297.3%	840.5%	348.6%
Dividend yield	7.05%	5.68%	5.3%	4.3%	4.91%	3.34%	4.8%	6.07%	—	7.59%	6.09%

Yield

6.09%

trailing twelve months

Frequency

Monthly

Last dividend

$0.102

ex-dividend Sep 14, 2026

Payout ratio

349%

of earnings

Dividend growth

1 year

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 14, 2026	$0.102
Aug 17, 2026	$0.102
Jul 20, 2026	$0.102

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$550.9M	$553.7M	$606.6M	$695.5M	$700.4M	$698M	$702.9M	$694.3M	$705.9M	$719.4M	$753M	$771.6M
YoY change	+5.86%	+5.56%	+16.8%	+28.8%	+27.1%	+26.1%	+15.9%	-0.17%	+0.78%	+3.07%	+7.12%	+11.1%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	94.7M	55.3M	110.8M	80.4M	44.2M	158.3M	72M	117.6M	119.8M	467.5M
Receivables	45.1M	40.7M	48.2M	44.8M	42.3M	48.7M	53.4M	55.8M	76.8M	78.3M
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	1.9B	853.3M	359.1M	4B	3B	713.4M	605M	561.3M	986.1M	1.3B
Property, plant & equipment	—	—	—	167.3M	192.3M	233.9M	237.3M	240.2M	424.2M	412.2M
Goodwill & intangibles	1B	820.2M	610.2M	520.4M	1B	1B	836.1M	628.3M	1.6B	1.4B
Total assets	15.8B	14.1B	12.7B	14B	15.9B	15.3B	15.8B	15.7B	19.9B	20.3B
Accounts payable	—	—	—	457.5M	269.1M	227.6M	265.6M	240.3M	276M	263.6M
Short-term debt	899.7M	1B	80.1M	93M	129.6M	1.2B	995.6M	720M	150M	1.1B
Total current liabilities	1.3B	1.4B	472.8M	954.2M	1.3B	1.9B	1.8B	1.4B	875.3M	1.8B
Long-term debt	8.3B	6.9B	5.5B	6.1B	6.3B	5.2B	5.7B	6.4B	8.9B	9.1B
Total liabilities	9.8B	8.5B	6.2B	7.4B	8.6B	8.1B	8.5B	8.8B	10.9B	12B
Shareholders' equity	5.9B	5.6B	6.5B	6.7B	7.3B	7.1B	7.3B	6.9B	9.1B	8.3B
Total debt	9.2B	7.9B	5.6B	6.2B	6.5B	6.4B	6.7B	7.1B	9B	10.1B
Net debt	9.1B	7.8B	5.5B	6.1B	6.4B	6.2B	6.6B	7B	8.9B	9.7B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	63.5M	117.6M	101.8M	106.9M	180.4M	119.8M	70.6M	89.4M	91M	467.5M	1.2B	1.6B
Receivables	59.1M	55.8M	68.6M	59.7M	65M	76.8M	68.9M	68.7M	80.8M	78.3M	91.5M	72.1M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	407.2M	561.3M	493.5M	494.4M	984.6M	986.1M	913.9M	994.3M	981.7M	1.3B	2B	2.1B
Property, plant & equipment	233.5M	240.2M	434M	440.6M	427.7M	424.2M	422M	426.6M	417.4M	412.2M	395.9M	395.1M
Goodwill & intangibles	678.4M	628.3M	2.3B	2.2B	1.8B	1.6B	1.5B	1.4B	1.2B	1.4B	1.7B	1.6B
Total assets	15.6B	15.7B	20.5B	20.2B	20B	19.9B	19.8B	19.8B	19.6B	20.3B	21.6B	21.7B
Accounts payable	260.5M	240.3M	303.8M	268M	329.7M	276M	248.3M	257.8M	301M	263.6M	272M	250.1M
Short-term debt	424M	720M	183M	25M	—	150M	164M	775M	368.1M	1.1B	1.8B	1.5B
Total current liabilities	2B	1.4B	1.8B	1.6B	1.7B	875.3M	834.2M	1.5B	1.1B	1.8B	2.4B	2.2B
Long-term debt	6.4B	6.4B	8.9B	8.9B	8.9B	8.9B	9B	8.6B	9.1B	9.1B	9B	8.8B
Total liabilities	8.6B	8.8B	10.9B	10.8B	10.7B	10.9B	11B	11.2B	11.3B	12B	12.6B	12.2B
Shareholders' equity	7B	6.9B	9.6B	9.4B	9.2B	9.1B	8.8B	8.6B	8.3B	8.3B	9.1B	9.5B
Total debt	6.9B	7.1B	9.1B	8.9B	8.9B	9B	9.2B	9.4B	9.4B	10.1B	10.7B	10.3B
Net debt	6.8B	7B	9B	8.8B	8.7B	8.9B	9.1B	9.3B	9.3B	9.7B	9.5B	8.7B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	644.8M	422.6M	1.1B	60.1M	428.3M	525.9M	516.4M	334.8M	267.3M	101M
Depreciation & amortization	568.1M	534.7M	549.5M	660M	697.1M	684.3M	710.6M	749.9M	1.1B	1B
Stock-based compensation	22.9M	14.3M	16.6M	18.2M	17.4M	18.2M	26.5M	14.5M	31.8M	14.4M
Change in working capital	24.2M	-20M	46.3M	21.9M	108.8M	26.4M	118.9M	-21.6M	44.8M	105.7M
Operating cash flow	1.3B	1B	1.7B	724M	1.1B	1.1B	1.2B	953.3M	1.3B	1.3B
Capital expenditure	—	—	—	—	—	—	—	—	—	—
Investing cash flow	-216.6M	829.1M	688.1M	799M	-165.7M	187.9M	103M	8M	-181M	-150.5M
Dividends paid	-979.5M	-695M	-696.9M	-720.1M	-787.1M	-650.1M	-648M	-657M	-794.8M	-849.1M
Share repurchases	-8.7M	-4.8M	-3.4M	-5M	-10.5M	-12.8M	-67.8M	-6.5M	-190.7M	-97.1M
Financing cash flow	-1.1B	-2.1B	-2.6B	-6.9B	-4.5B	-17.1B	-16.2B	-11B	-941.4M	136.1M
Net change in cash	36M	-318.6M	-273.1M	-5.4B	-3.5B	-15.8B	-14.8B	-10B	167.9M	1.2B
Free cash flow	1.2B	847M	848.7M	846.1M	758.4M	795.2M	900.3M	956.2M	1.1B	1.3B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	68.7M	75.4M	11.2M	152.7M	92.7M	10.7M	50.1M	39M	-109.8M	121.8M	199.7M	63.2M
Depreciation & amortization	184.6M	188.5M	219.2M	283.5M	280M	274.5M	268.5M	276.1M	262.3M	225.3M	283.1M	290M
Stock-based compensation	3.4M	3.5M	19.6M	4.8M	3.8M	3.6M	4.6M	1.7M	4M	4M	9.4M	4.8M
Change in working capital	-18.7M	-12.5M	-2.2M	21.5M	-17.3M	-9.5M	7.2M	23.7M	34.6M	-138.2M	-2.9M	79.1M
Operating cash flow	208.1M	213.8M	222.1M	428.1M	325.8M	262.1M	297.5M	363.5M	315M	294.1M	260.9M	361.1M
Capital expenditure	—	—	—	—	—	—	—	—	—	—	—	—
Investing cash flow	-42.8M	-72.4M	-26.2M	-39.7M	-50.4M	-64.6M	-34.6M	-65.1M	8M	-58.9M	-167.9M	503.3M
Dividends paid	-164M	-164.1M	-164.2M	-210.9M	-209.8M	-209.8M	-213.5M	-211.9M	-211.9M	-211.9M	-212M	-210.3M
Share repurchases	22K	226K	-102M	-68.2M	-20.1M	-326K	-25M	-72.1M	-17K	-87K	-1.4M	-100.2M
Financing cash flow	-1.8B	-2.2B	-3.1B	-3.8B	-290.9M	3B	-94.4M	-6.9B	-3.2B	9.9B	1.1B	-13.8B
Net change in cash	-1.6B	-2.1B	-2.9B	-3.4B	-15.6M	3.2B	168.4M	-6.6B	-2.9B	10.2B	1.2B	-12.9B
Free cash flow	253.3M	231.2M	152.6M	316.2M	318.2M	283.5M	279.4M	363.5M	315M	294.1M	260.9M	361.1M

Date	Ratio
Nov 1, 2016	1098:1000
Mar 2, 2004	2:1
May 21, 1992	2:1

Healthpeak Properties, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history