Healthpeak Properties DOC
United StatesReal Estate · REIT - Healthcare FacilitiesUSD
22.95 USD (+23.0%)
19 analysts
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Healthpeak Properties is a REIT that owns, operates, and develops healthcare properties in the United States, including medical offices, life science centers, and senior housing communities, generating income primarily through long-term leases.
Key points
from its scores- ✓Strong growth8.0
- ✓Good share-price trend7.3
- ✕Little or no dividend3.7
- ✕Little competitive advantage4.9
- !Balance sheet could be stronger5.5
AI analysis
bottom line, main risk, context and newsThe combination of high FCF yield and growth is attractive, but elevated leverage and an unsustainable payout warrant caution until the rate trajectory and dividend coverage become clearer.
Healthpeak shows 11.10% revenue growth and strong momentum (19.60%), but its financial health is pressured by net debt of 5.53x EBITDA and a payout of 348.58% that does not cover the dividend with cash flow, limiting its appeal despite a 12.44% FCF yield.
The main risk is high leverage (Net Debt/EBITDA of 5.53) combined with a 348.58% payout, leaving the dividend uncovered by cash flow and exposing the company to a high interest rate environment that makes refinancing more expensive.
Context and risks
Healthpeak operates in the U.S. healthcare sector, where regulatory pressure on healthcare pricing and Medicare/Medicaid reimbursements is a structural risk for its property operators. Additionally, as a REIT, it depends on external financing, and the high interest rate environment in the U.S. raises its cost of capital, although its long-duration healthcare property portfolio provides some cash flow stability.
Is Healthpeak Properties stock cheap or expensive?
at the analysis dateOn P/E and Price / book, it trades 81% above the Real Estate median on average.
| Multiple | Company | Sector | Difference |
|---|---|---|---|
| P/E | 53.3 | 21.6 | +147% |
| EV / EBITDA | 14.8 | 18.5 | −20% |
| Price / book | 1.6 | 1.4 | +15% |
| Price / sales | 4.5 | 6.3 | −29% |
Sector: median of the 100 Real Estate companies analysed. In bold, the multiples used for the comparison.
Valuation score: 6.2 out of 10 (median for Real Estate: 4.9).
Average analyst target: 22.95 USD, +23.0% versus the price.
A premium can be justified if the company is of higher quality or grows faster than its sector: Quality / Moat 4.9 (sector 5.2), Growth 8.0 (sector 5.7).
Classic formulas with standard assumptions (0.0% growth, 8-9% discount rate). Indicative only: they change a lot with the assumptions and are not a recommendation.
Work out its fair value yourself →How much would you have made investing every month? →
Comparing it with its sector does not say whether it is a good buy: this is not investment advice.
Score by category
0 to 10 · hover overtap each one to see what it measuresKey metrics
at the analysis date · compared with the Real Estate medianValuation
- P/E
- 53.3
- Forward P/E
- 133.3
- EV / EBITDA
- 14.8
- Price / book
- 1.6
- Price / sales
- 4.5
- PEG
- 4.32
- Market cap
- 13.2B USD
- Enterprise value
- 23.2B USD
Profitability
- ROE
- 3.0%
- ROA
- 1.5%
- ROIC (approx.)
- 2.6%
- Gross margin
- 57.6%
- Operating margin
- 16.0%
- Net margin
- 8.2%
- Free cash flow
- 1.6B USD
- FCF yield
- 12.4%
- Cash conversion
- 105%
Solvency
- Total debt
- 10.3B USD
- Net debt
- 8.7B USD
- Cash
- 1.6B USD
- EBITDA
- 1.6B USD
- Net debt / EBITDA
- 5.53
- Debt / equity
- 108.65
- Current ratio
- 2.29
- Quick ratio
- 1.93
Growth
- Revenue growth
- +11.1%
- Earnings growth
- +68.2%
- EPS (TTM)
- 0.35 USD
- EPS (forward)
- 0.14 USD
Dividend
- Dividend yield
- 6.5%
- Payout
- 348.6%
Risk and market
- Beta
- 0.99
- Analyst consensus
- Buy (19)
- Target price
- 22.95 USD
- 52-week range
- 15.70 – 22.95
Recent news
All DOC news →Compare it with its sector
All 100 in Real Estate →Frequently asked questions about Healthpeak Properties
Is Healthpeak Properties stock cheap or expensive?
On P/E and Price / book, it trades 81% above the Real Estate median on average. Valuation score: 6.2 out of 10 (median for Real Estate: 4.9). Average analyst target: 22.95 USD, +23.0% versus the price. This is not investment advice.
What score does Healthpeak Properties get on MeridIAn Screener?
It scores 5.5 out of 10, rank 1,395 of 2,130 (better than 32% of the companies analysed). Its strongest category is Growth (8.0) and its weakest, Dividend (3.7). Analysis of 08/10/2026.
What is Healthpeak Properties's P/E ratio?
Its P/E is 53.3: the share price equals 53.3 times earnings per share over the last 12 months. The Real Estate median is 21.6. Based on the earnings analysts expect, the forward P/E is 133.3.
How much is Healthpeak Properties worth on the stock market?
Its market capitalisation is 13.2B USD.
Does Healthpeak Properties pay a dividend?
Yes: its dividend yield is 6.54% and it pays out 349% of its earnings.
How has Healthpeak Properties stock performed over the last year?
It has risen 10.5% over the last year, excluding dividends. Over the last 52 weeks it has traded between 15.70 and 22.95 USD. Past performance does not guarantee future results.
What do analysts think of Healthpeak Properties?
19 analysts cover it; their average recommendation is “Buy” and their average target is 22.95 USD (+23.0% versus the price). It is an estimate, not market data.