Healthpeak Properties (DOC) stock
Real Estate · Health Care REITs
Healthpeak Properties (DOC) is a Health Care REITs company in the Real Estate sector, headquartered in Denver, Colorado. As of October 23, 2026, DOC closed at $19.25, a market capitalization of $13.65 billion, the 463rd largest company in the S&P 500. Over the last twelve months it generated $2.95 billion in revenue (+11% year over year) and $1.23 billion in free cash flow. The stock trades at 55.0x trailing earnings and 137.5x forward earnings.
- 1-year total return: +10.9% (dividends reinvested)
- 5-year return: -5.8% a year
- 52-week range: $15.70 – $22.95
- Gross margin 57.6%, operating margin 16.0%
- Dividend yield: 6.34%
- FI Handbook report card: C- across 10 metrics
- 25th largest of 30 Real Estate stocks in the S&P 500
DOC price chart
1Y price change: +3.8% (price only; total returns below include dividends)
| Total return | 1M | YTD | 1Y | 3Y | 5Y | 10Y | MAX |
|---|---|---|---|---|---|---|---|
| DOC | -5.5% | +26.4% | +10.9% | +12.5% | -5.8% | +0.1% | +10.3% |
Dividends reinvested. 3Y and longer are annualized; MAX is annualized since 1985.
DOC key statistics
- Market cap
- $13.6B
- #463 in S&P 500
- P/E (TTM)
- 55.0x
- Forward P/E
- 137.5x
- EPS (TTM)
- $0.35
- Revenue (TTM)
- $2.9B
- +11%
- Free cash flow
- $1.2B
- Gross margin
- 57.6%
- Operating margin
- 16.0%
- Return on equity
- 3.0%
- Dividend yield
- 6.34%
- 52-week range
- $15.70 – $22.95
- Beta
- 0.99
- Price / sales
- 4.6x
- EV / EBITDA
- 15.0x
- Debt / equity
- 1.09x
- Employees
- 411
DOC report card
C-Ten fundamentals graded A to F against fixed thresholds. Not a buy or sell rating.
- Revenue growth11.1%B
- Gross margin57.6%B
- Operating margin16.0%C
- FCF margin41.7%A
- Return on equity3.0%F
- Net debt / EBITDA5.5xF
- Forward P/E137.5xF
- PEG ratio4.3xF
- Shareholder yield7.0%A
- Share count change / yr5.6%F
Healthpeak Properties financials
Revenue went from $2.1B in fiscal 2016 to $604.0M in fiscal 2025, shrinking 13.1% a year.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.1B | $524.3M | $144.2M | $144.3M | $436.5M | $471.3M | $494.9M | $527.4M | $568.5M | $604.0M |
| Gross profit | $1.4B | -$142.0M | -$234.4M | -$260.9M | -$346.0M | -$302.0M | -$368.1M | -$374.6M | -$506.4M | — |
| Net income | $627.7M | $414.2M | $1.1B | $45.5M | $413.6M | $505.5M | $500.4M | $306.0M | $243.1M | $71.3M |
| EPS (diluted) | $1.34 | $0.88 | $2.24 | $0.09 | $0.77 | $0.93 | $0.92 | $0.56 | $0.36 | $0.10 |
| Free cash flow | $755.2M | $375.3M | $287.8M | $168.8M | -$30.5M | $35.5M | -$61.7M | $181.7M | $333.7M | $357.0M |
| Buybacks | $8.7M | $4.8M | $3.4M | $5.0M | $10.5M | $12.8M | $67.8M | $6.5M | $190.7M | $97.1M |
| Dividends paid | $979.5M | $695.0M | $696.9M | $720.1M | $787.1M | $650.1M | $648.0M | $657.0M | $794.8M | $849.1M |
| Diluted shares | 467.4M | 468.9M | 475.4M | 489.3M | 531.1M | 539.2M | 539.1M | 547.3M | 676.2M | 696.0M |
Source: SEC filings (10-K XBRL). EPS and share counts are split-adjusted.
What's priced into DOC?
A reverse DCF asks what growth the current price requires. With an enterprise value of $22.3B and $1.2B of trailing free cash flow, Healthpeak Properties needs to grow free cash flow about 8.1% a year for ten years (fading to 3.0% terminal growth) to earn a 10% annual return.
P/E ratio history
Current 192.5x vs. median 29.3x (10th–90th percentile 14.3x–92.6x).
A model, not a forecast or advice. Small changes in assumptions move the answer a lot.
DOC dividend
- Dividend yield
- 6.34%
- Annual dividend
- $1.22
- Years of increases
- —
- 5-yr dividend growth
- -9.1%
- per year
- Payout ratio
- 349%
- Payments per year
- 12
Regular dividends per share by calendar year; special dividends excluded. Current year omitted until complete.
DOC earnings
Next report: November 2, 2026. Healthpeak Properties has beaten EPS estimates 3 quarters in a row. Last quarter's revenue was $771.6M (+11% year over year).
| Report date | EPS estimate | EPS actual | Surprise |
|---|---|---|---|
| Aug 4, 2026 | $0.03 | $0.08 | +198.6% |
| May 5, 2026 | $0.06 | $0.28 | +364.7% |
| Feb 2, 2026 | $0.06 | $0.10 | +59.3% |
| Oct 23, 2025 | $0.06 | $-0.18 | -403.2% |
| Jul 24, 2025 | $0.06 | $0.06 | +12.2% |
| Apr 24, 2025 | $0.05 | $0.06 | +40.7% |
| Feb 3, 2025 | $0.05 | $0.05 | -4.7% |
| Oct 24, 2024 | $0.05 | $0.05 | -8.6% |
Stocks like DOC
| Name | Today | 1Y | Mkt cap | P/E | |
|---|---|---|---|---|---|
 WELL Welltower | -0.03% | +37% | $171.0B | 106.4x | Compare |
 VTR Ventas | -0.22% | +27% | $44.5B | 160.7x | Compare |
 PLD Prologis | -0.17% | +4% | $122.9B | 28.1x | Compare |
 EQIX Equinix | +0.25% | +17% | $94.2B | 61.5x | Compare |
 AMT American Tower Corporation (REI | +4.08% | +3% | $88.1B | 26.0x | Compare |
 SPG Simon Property | -0.19% | +24% | $80.3B | 14.9x | Compare |
 DLR Digital Realty Trust | +0.84% | +1% | $65.1B | 83.7x | Compare |
 PSA Public Storage | +0.25% | +5% | $57.9B | 29.6x | Compare |
DOC news
- Better High-Yield Dividend Stock: Pfizer vs. Healthpeak · Oct 14, 2026
- Healthpeak Properties (DOC) Reaffirmed Its Dividend, Is It Still Below Fair Value? · Oct 13, 2026
- Healthpeak Properties (DOC) Stock Still Looks Cheap Following Its 31% Run · Oct 13, 2026
- Better High-Yield Dividend Stock: Crown Castle vs. Healthpeak · Oct 12, 2026
- Better High-Yield Dividend Stock: VICI Properties vs. Healthpeak · Oct 12, 2026
DOC stock FAQ
What is DOC's market cap?
Healthpeak Properties's market capitalization is $13.65 billion as of October 23, 2026, ranking 463rd in the S&P 500.
What is DOC's P/E ratio?
DOC trades at a trailing price-to-earnings ratio of 55.0x and a forward P/E of 137.5x. Its median P/E over the period we track is 29.3x.
Does DOC pay a dividend?
Yes. Healthpeak Properties pays $1.22 per share a year, a 6.34% yield. Dividends fell 9.1% a year over the last five years.
How much has DOC stock returned?
Including reinvested dividends, DOC returned +10.9% over one year, -5.8% a year over five years, +0.1% a year over ten years through October 23, 2026.
Is DOC stock overvalued?
At today's price, a reverse discounted cash flow model (10% discount rate, 3% terminal growth) implies Healthpeak Properties must grow free cash flow about 8% a year for the next decade. Whether that is achievable decides if the stock is cheap or expensive. This is a model, not advice.
When does DOC report earnings?
Healthpeak Properties is expected to report earnings on November 2, 2026. It has beaten EPS estimates 3 quarters in a row.
How many employees does Healthpeak Properties have?
Healthpeak Properties has about 411 full-time employees, or $7.2 million of revenue per employee.
Sources: SEC EDGAR filings, Yahoo Finance market data (delayed), FI Handbook calculations. Last close October 23, 2026. Methodology