Healthpeak Properties, Inc. (DOC) Key Metrics
DOC valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $13.46B
- Enterprise value
- $22.82B
- P/E (TTM)
- 54.2 10-yr median 37.0
- Forward P/E
- 169.5
- PEG ratio
- 4.08
- Price / sales
- 4.6 10-yr median 6.6
- Price / book
- 1.8 10-yr median 2.6
- EV / EBITDA
- 12.6 10-yr median 14.3
- Dividend yield
- 6.25% $1.22 a year
- Beta
- 0.99
DOC key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsDOC valuation Price multiples at each fiscal year-end price.
DOC returns How much profit the business earns on the capital it uses.
DOC per-share figures Results divided by the shares outstanding at year-end.
DOC financial health Debt, liquidity and how easily interest is covered.
DOC efficiency & capital use Working capital cycle and where the cash goes.
DOC valuation history
DOC returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
DOC debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
DOC cash returned to shareholders
DOC price vs earnings per share
DOC key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $11.19B | $13.71B | $10.84B | $13.52B | $19.46B | $16.05B | $16.87B | $13.28B | $12.23B | $13.89B |
| Enterprise value | $21.10B | $22.61B | $17.80B | $20.15B | $25.68B | $22.49B | $22.94B | $14.79B | $13.70B | $14.87B |
| P/E ratio | 156.9 | 56.4 | 35.4 | 27.0 | 38.5 | 38.8 | 370.5 | 12.5 | 29.5 | 22.1 |
| Price / sales | 4.0 | 5.1 | 5.0 | 6.6 | 10.3 | 9.8 | 13.6 | 11.1 | 6.6 | 6.5 |
| Price / book | 1.5 | 1.6 | 1.7 | 2.0 | 3.0 | 2.4 | 2.8 | 5.6 | 4.9 | 8.0 |
| Price / free cash flow | 8.9 | 12.8 | 11.3 | 17.1 | 24.5 | 134.7 | 19.9 | 15.6 | 14.4 | 11.4 |
| Price / operating cash flow | 8.9 | 12.8 | 11.3 | 15.0 | 24.5 | 21.2 | 19.9 | 15.6 | 14.4 | 11.4 |
| EV / sales | 7.5 | 8.4 | 8.2 | 9.8 | 13.5 | 13.7 | 18.5 | 12.4 | 7.4 | 7.0 |
| EV / EBITDA | 14.7 | 14.0 | 14.1 | 14.5 | 26.5 | 19.8 | 21.8 | 9.0 | 10.9 | 10.6 |
| EV / free cash flow | 16.8 | 21.1 | 18.6 | 25.5 | 32.3 | 188.7 | 27.1 | 17.4 | 16.2 | 12.2 |
| Earnings yield | 0.6% | 1.8% | 2.8% | 3.7% | 2.6% | 2.6% | 0.3% | 8.0% | 3.4% | 4.5% |
| Free cash flow yield | 11.2% | 7.8% | 8.8% | 5.9% | 4.1% | 0.7% | 5.0% | 6.4% | 6.9% | 8.7% |
| Dividend yield | 7.6% | 5.8% | 6.1% | 4.8% | 3.3% | 4.9% | 4.3% | 5.2% | 5.7% | 7.1% |
| Shareholder yield (dividends + buybacks) | 8.5% | 7.2% | 6.1% | 5.3% | 3.4% | 5.0% | 4.3% | 5.3% | 5.7% | 7.1% |
| Share price at fiscal year-end | $16.08 | $20.27 | $19.80 | $25.07 | $36.09 | $30.23 | $34.47 | $27.93 | $26.08 | $29.72 |
| Per share | ||||||||||
| Revenue per share | $4.06 | $3.99 | $3.99 | $3.82 | $3.52 | $3.10 | $2.53 | $2.51 | $3.94 | $4.56 |
| Earnings per share | $0.10 | $0.36 | $0.56 | $0.93 | $0.94 | $0.78 | $0.09 | $2.23 | $0.88 | $1.34 |
| Operating cash flow per share | $1.80 | $1.58 | $1.75 | $1.67 | $1.47 | $1.43 | $1.73 | $1.79 | $1.81 | $2.60 |
| Free cash flow per share | $1.80 | $1.58 | $1.75 | $1.47 | $1.47 | $0.22 | $1.73 | $1.79 | $1.81 | $2.60 |
| Cash per share | $0.77 | $0.18 | $0.21 | $0.13 | $0.29 | $0.08 | $0.16 | $0.04 | $0.01 | $0.03 |
| Book value per share | $10.78 | $12.42 | $11.60 | $12.34 | $12.08 | $12.68 | $12.44 | $5.01 | $5.27 | $3.72 |
| Tangible book value per share | $9.74 | $11.11 | $11.00 | $11.53 | $11.09 | $11.67 | $11.90 | $4.05 | $4.30 | $2.69 |
| Dividends per share | $1.22 | $1.18 | $1.20 | $1.20 | $1.21 | $1.48 | $1.47 | $1.47 | $1.48 | $2.10 |
| Capex per share | $0.19 | $0.17 | $0.21 | $0.20 | $0.21 | $1.20 | $4.09 | $0.07 | $0.05 | $0.02 |
| Debt per share | $15.00 | $13.34 | $12.94 | $12.44 | $11.82 | $12.20 | $12.58 | $3.22 | $3.15 | $2.12 |
| Shares outstanding | 696.0M | 676.2M | 547.3M | 539.1M | 539.2M | 531.1M | 489.3M | 475.4M | 468.9M | 467.4M |
| Change in shares outstanding | +2.9% | +23.6% | +1.5% | −0.0% | +1.5% | +8.5% | +2.9% | +1.4% | +0.3% | +1.0% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 0.9% | 3.3% | 4.7% | 7.6% | 7.6% | 6.5% | 1.1% | 43.7% | 19.7% | 45.5% |
| Return on invested capital (ROIC) | 2.9% | 3.0% | 3.3% | 2.7% | 2.6% | 1.7% | 3.8% | 7.9% | 16.8% | 33.7% |
| Return on assets (ROA) | 0.4% | 1.4% | 1.9% | 3.2% | 3.2% | 2.8% | 0.5% | 25.5% | 11.7% | 27.7% |
| Return on tangible assets | 0.4% | 1.3% | 2.0% | 3.3% | 3.4% | 2.7% | 0.3% | 28.8% | 11.2% | 26.1% |
| Free cash flow margin | 44.4% | 39.6% | 43.8% | 38.4% | 41.9% | 7.2% | 68.2% | 71.2% | 45.8% | 57.0% |
| Income quality (OCF / net income) | 17.55 | 4.40 | 3.12 | 1.80 | 1.57 | 1.83 | 18.58 | 0.80 | 2.05 | 1.93 |
| Financial health | ||||||||||
| Total debt | $10.44B | $9.02B | $7.08B | $6.71B | $6.37B | $6.48B | $6.15B | $1.53B | $1.48B | $991.2M |
| Cash & short-term investments | $537.7M | $119.8M | $117.6M | $72.0M | $158.3M | $44.2M | $80.4M | $19.2M | $2.7M | $15.5M |
| Net debt | $9.90B | $8.90B | $6.97B | $6.63B | $6.22B | $6.43B | $6.07B | $1.51B | $1.47B | $975.7M |
| Debt / equity | 1.39 | 1.07 | 1.12 | 1.01 | 0.98 | 0.96 | 1.01 | 0.64 | 0.60 | 0.57 |
| Debt / assets | 0.51 | 0.45 | 0.45 | 0.43 | 0.42 | 0.41 | 0.44 | 0.37 | 0.35 | 0.34 |
| Net debt / EBITDA | 6.89 | 5.53 | 5.51 | 4.77 | 6.40 | 5.68 | 5.76 | 0.92 | 1.18 | 0.70 |
| Current ratio | 1.09 | 1.13 | 0.41 | 0.34 | 0.37 | 2.28 | 4.17 | 0.14 | 0.20 | 0.09 |
| Quick ratio | 1.09 | 1.13 | −0.04 | 0.35 | 0.37 | 2.29 | 4.17 | 0.18 | 0.26 | 0.11 |
| Interest coverage | 1.8 | 1.7 | 2.2 | 2.1 | 2.2 | 1.0 | 1.4 | 1.2 | 1.8 | 1.5 |
| Working capital | $88.2M | $110.8M | −$816.6M | −$1.17B | −$1.22B | $1.67B | $3.02B | −$497.7M | −$346.7M | −$658.2M |
| Invested capital | $17.40B | $17.30B | $13.32B | $13.29B | $12.73B | $13.17B | $12.16B | $3.89B | $3.95B | $2.71B |
| Tangible asset value | $7.58B | $8.17B | $6.59B | $6.85B | $6.61B | $6.81B | $6.41B | $2.02B | $2.10B | $1.33B |
| Net current asset value | −$10.96B | −$9.89B | −$8.21B | −$7.88B | −$7.40B | −$5.60B | −$3.39B | −$1.59B | −$1.52B | −$1.01B |
| Graham number | $4.99 | $10.03 | $12.08 | $16.06 | $15.96 | $14.91 | $5.10 | $15.85 | $10.24 | $10.60 |
| Graham net-net per share | −$15.78 | −$15.03 | −$14.88 | −$15.02 | −$14.10 | −$15.73 | −$14.53 | −$3.32 | −$2.87 | −$0.92 |
| Capital allocation | ||||||||||
| Dividends paid | $849.1M | $794.8M | $657.0M | $648.0M | $650.1M | $787.1M | $720.1M | $696.9M | $695.0M | $979.5M |
| Share buybacks (net) | $97.1M | $190.7M | $6.5M | $67.8M | $12.8M | $10.5M | $5.0M | $3.4M | $4.8M | $8.7M |
| Dividend payout ratio | — | 326.9% | 214.7% | 129.5% | 128.6% | 190.3% | — | 65.7% | 167.8% | 156.0% |
| Dividends + buybacks / free cash flow | 75.6% | 92.1% | 69.4% | 90.4% | 83.4% | 669.4% | 85.7% | 82.5% | 82.6% | 81.4% |
| Capex / revenue | 4.7% | 4.3% | 5.2% | 5.3% | 5.9% | 38.9% | 161.3% | 2.9% | 1.3% | 0.5% |
| Capex / operating cash flow | 10.7% | 10.8% | 11.9% | 12.1% | 14.0% | 84.3% | 236.5% | 4.1% | 2.7% | 0.9% |
| Capex / depreciation | 0.13 | 0.11 | 0.15 | 0.15 | 0.16 | 0.92 | 3.03 | 0.06 | 0.04 | 0.02 |
| Stock-based compensation / revenue | 0.5% | 1.2% | 0.7% | 1.3% | 1.0% | 1.1% | 1.5% | 1.4% | 0.8% | 1.1% |
| R&D / revenue | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| SG&A / revenue | 3.2% | 3.6% | 4.7% | 6.7% | 5.6% | 6.0% | 7.5% | 8.1% | 4.8% | 4.9% |
| Efficiency | ||||||||||
| Days sales outstanding | 95.6 | 72.2 | 58.8 | 79.0 | 67.6 | 52.5 | 51.0 | 71.3 | 119.2 | 174.6 |
| Days of inventory on hand | — | — | 121.4 | -2.2 | -2.1 | -5.1 | — | -21.4 | -10.3 | -7.3 |
| Days payables outstanding | 83.0 | 87.7 | 102.3 | 104.3 | 117.2 | 169.5 | 412.1 | — | — | — |
| Cash conversion cycle (days) | 12.6 | -15.5 | 77.9 | -27.5 | -51.8 | -122.1 | -361.1 | — | — | — |
| Receivables turnover | 3.82 | 5.06 | 6.21 | 4.62 | 5.40 | 6.95 | 7.16 | 5.12 | 3.06 | 2.09 |
| Payables turnover | 4.40 | 4.16 | 3.57 | 3.50 | 3.11 | 2.15 | 0.89 | — | — | — |
| Inventory turnover | — | — | 3.01 | — | — | — | — | — | — | — |
| Asset turnover | 0.14 | 0.15 | 0.14 | 0.13 | 0.12 | 0.11 | 0.14 | 0.29 | 0.52 | 0.94 |
| Average receivables | $739.2M | $534.1M | $351.3M | $446.4M | $351.1M | $236.5M | $173.3M | $232.6M | $603.6M | $1.02B |
| Average payables | $497.2M | $258.1M | $252.9M | $246.6M | $248.4M | $363.3M | $457.5M | — | — | — |
| Average inventory | — | — | $300.0M | −$5.3M | −$4.5M | −$10.9M | — | −$22.2M | −$18.8M | −$14.8M |
| Intangibles / total assets | 3.6% | 4.4% | 2.1% | 2.8% | 3.5% | 3.4% | 1.9% | 10.9% | 11.0% | 16.6% |
Computed from DOC's annual financial statements (latest annual report filed February 3, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
DOC valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Healthpeak traded at 156.9 times earnings, against a 10-year median of 37.0. Based on the latest twelve months, the trailing P/E is 54.2 and the forward P/E is 169.5. Healthpeak earned a return on equity of 0.9% and a return on invested capital of 2.9% in fiscal 2025. It ended the year with $10.4 billion of debt and $537.7 million in cash and short-term investments, net debt of $9.9 billion. It returned $946.2 million to shareholders: $849.1 million in dividends and $97.1 million in share buybacks, 76% of free cash flow. The share count rose 48.9% from 467.4M to 696.0M over 9 years.
See the DOC income statement, the DOC chart for price history, or the DOC stock overview for the latest quote and news.
DOC key metrics FAQ
What is Healthpeak's P/E ratio?
Healthpeak's trailing P/E ratio is 54.2 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 169.5. At the end of fiscal 2025 it was 156.9, compared with a 10-year median of 37.0.
What is Healthpeak's EV/EBITDA?
Healthpeak's enterprise value was 14.7 times EBITDA at the end of fiscal 2025 (enterprise value $21.1 billion, EBITDA $1.4 billion); the current EV/EBITDA is 12.6.
What is Healthpeak's return on equity?
Healthpeak's return on equity (ROE) was 0.9% in fiscal 2025: net income of $71.3 million on average shareholders' equity of $8.0 billion.
What is Healthpeak's ROIC?
Healthpeak's return on invested capital was 2.9% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Healthpeak have?
Healthpeak had total debt of $10.4 billion at the end of fiscal 2025, a debt-to-equity ratio of 1.39 and $9.9 billion of net debt (6.89 times EBITDA).
What is Healthpeak's dividend yield?
Healthpeak's forward dividend yield is 6.25%. Healthpeak paid $849.1 million in dividends in fiscal 2025 ($1.22 per share), a payout ratio of —.
Does Healthpeak buy back its shares?
Yes. Healthpeak spent $97.1 million on net share repurchases in fiscal 2025 Shares outstanding changed +2.9% over the year, to 696.0M..
What is Healthpeak's free cash flow yield?
Healthpeak generated $1.3 billion of free cash flow in fiscal 2025, a free cash flow yield of 11.2% on its market value at year-end ($11.2 billion).
What is Healthpeak's current ratio?
Healthpeak's current ratio was 1.09 at the end of fiscal 2025: current assets were 1.09 times current liabilities.