Healthpeak Properties, Inc. (DOC) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+85.0%

$35.69

vs $19.29 price

Levered DCF

$24.03

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

0.95

Distress zone

Rating

B-

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	160.8×	56.31×	35.36×	27.25×	38.81×	39.26×	383×	12.41×
P/B	1.49×	1.63×	1.71×	2.03×	2.99×	2.38×	2.75×	5.52×
P/S	3.97×	5.07×	4.97×	6.55×	10.26×	9.75×	13.51×	11.03×
EV / EBITDA	14.67×	14.03×	14.07×	14.48×	26.44×	19.83×	21.67×	8.89×
Gross margin	22.5%	60.2%	58.6%	58.1%	59.2%	52.4%	67.3%	68.2%
Operating margin	19.3%	17.4%	19.9%	17.3%	17.9%	13.1%	24.7%	26.1%
Net margin	2.5%	9.0%	14.0%	24.3%	26.7%	25.1%	3.7%	89.1%
Current ratio	1.09×	1.13×	0.41×	0.34×	0.37×	2.28×	4.17×	0.14×
Debt / equity	1.39×	1.07×	1.12×	1.01×	0.98×	0.96×	1.01×	0.64×
Interest coverage	1.78×	1.68×	2.17×	2.06×	2.15×	0.99×	1.41×	1.19×
Dividend yield	7.6%	5.8%	6.1%	4.8%	3.3%	4.9%	4.3%	5.3%
Payout ratio	1190.1%	326.9%	214.7%	129.5%	128.6%	190.3%	1581.6%	65.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	1.0%	2.9%	4.8%	7.5%	7.8%	6.1%	0.7%	44.6%
Return on invested capital	37.3%	2.4%	2.9%	2.4%	2.3%	1.5%	2.3%	8.7%
Return on assets	0.4%	1.2%	1.9%	3.2%	3.3%	2.6%	0.3%	25.6%
Free cash flow yield	11.2%	7.8%	8.8%	6.7%	4.1%	4.7%	5.0%	6.5%
Earnings yield	0.6%	1.8%	2.8%	3.7%	2.6%	2.6%	0.3%	8.1%
Enterprise value	$21.1B	$22.6B	$17.8B	$20.1B	$25.7B	$22.5B	$22.8B	$14.7B
Net debt / EBITDA	6.89×	5.53×	5.51×	4.77×	6.4×	5.68×	5.76×	0.92×
Cash conversion cycle (days)	-31	14	-51	-36	-18	-73	-343	13