Healthcare Realty Trust Incorporated (HR) 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

-48.5%

$9.79

vs $19.03 price

Levered DCF

-$1.74

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.18

Distress zone

Rating

C-

Overall 1 / 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	-23.87×	-9.36×	-23.28×	128.47×	70.31×	123.33×	222.47×	27.35×
P/B	1.28×	1.18×	0.96×	0.64×	2.07×	3.31×	3.61×	3.41×
P/S	5.02×	4.89×	4.86×	5.21×	8.44×	8.78×	9.9×	8.43×
EV / EBITDA	19.33×	35.33×	15.48×	15.91×	19.71×	32.83×	39.63×	14.8×
Gross margin	-33.6%	-43.8%	-46.0%	-34.1%	-15.5%	-25.9%	-28.4%	-12.0%
Operating margin	8.0%	2.9%	3.7%	8.4%	16.0%	9.5%	7.2%	23.0%
Net margin	-20.8%	-51.6%	-20.7%	4.4%	12.5%	7.2%	4.3%	30.7%
Current ratio	1.75×	2.35×	0.9×	0.68×	0.46×	1.99×	0.35×	0.48×
Debt / equity	0.9×	0.95×	0.78×	0.75×	0.88×	0.88×	0.8×	0.78×
Interest coverage	0.46×	0.14×	0.19×	0.55×	1.63×	0×	0×	1.58×
Dividend yield	6.5%	7.4%	7.2%	28.9%	3.9%	4.3%	3.7%	2.6%
Payout ratio	-157.2%	-70.0%	-169.7%	3441.2%	263.2%	524.2%	849.4%	70.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-5.3%	-12.5%	-4.1%	0.5%	3.1%	2.7%	1.6%	12.4%
Return on invested capital	1.1%	0.3%	0.4%	0.6%	2.1%	1.9%	1.4%	5.1%
Return on assets	-2.7%	-6.1%	-2.2%	0.3%	1.6%	1.4%	0.8%	6.7%
Free cash flow yield	2.1%	4.1%	4.1%	2.2%	2.9%	5.8%	2.2%	2.3%
Earnings yield	-4.2%	-10.6%	-4.3%	0.8%	1.5%	0.8%	0.4%	3.6%
Enterprise value	$10.1B	$11.1B	$11.8B	$10.5B	$6.4B	$8.2B	$8.4B	$7.2B
Net debt / EBITDA	7.93×	15.59×	6.92×	8.55×	5.85×	6.84×	7.2×	2.75×
Cash conversion cycle (days)	80	83	96	78	48	39	44	42