Healthpeak Properties (DOC) AI Stock Analysis

• Market Cap: $11.95B
• Dividend Yield: 7.73%
• Average Volume (3M): 8.47M
• Price to Earnings (P/E): 162.4
• Beta (1Y): 0.51
• Revenue Growth: 9.58%
• EPS Growth: -111.99%
• Country: US
• Employees: 387
• Sector: Real Estate
• Sector Strength: 53
• Industry: REIT - Healthcare Facilities
• EPS (TTM): 0.16
• Shares Outstanding: 694,949,800
• 10 Day Avg. Volume: 10,876,708
• 30 Day Avg. Volume: 8,468,149
• PEG Ratio: -2.17
• Price to Book (P/B): 1.49
• Price to Sales (P/S): 3.97
• P/FCF Ratio: 8.94
• Enterprise Value/Market Cap: 1.80
• Enterprise Value/Revenue: 7.62
• Enterprise Value/Gross Profit: 33.88
• Enterprise Value/Ebitda: 13.41
• 1Y Price Target: $19.25
• Price Target Upside: 14.72% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 12
• EPS Forecast (FY): 0.3
• Revenue Forecast (FY): $2.79B

• Rating: 53 Neutral
• Price Target: $16.50 ▼(-1.67% Downside)

The score is held back primarily by pressured profitability/leverage (financials) and a weak technical trend (trading below key moving averages). Earnings-call guidance points to near-term FFO pressure (lab occupancy and refinancing) despite clear strengths in outpatient and senior housing, while valuation remains a drag due to the very high P/E, only partly offset by the strong dividend yield.

Positive Factors

Outpatient medical strength

Sustained sector-leading outpatient leasing, high occupancy (91%) and positive same-store NOI indicate durable demand and strong operator partnerships. This supports predictable rental cash flows, recurring NOI growth and a defensible competitive position in outpatient medical real estate over the medium term.

Senior housing platform & IPO

Very strong senior housing NOI growth and a plan to spin out Janus Living create a structural path to unlock value while preserving management involvement. The IPO and portfolio focus position Healthpeak to monetize gains, concentrate capital, and scale a high-growth specialty REIT platform.

Cash flow generation

Improving operating and free cash flow provides durable financial flexibility to fund development, dividends and deleveraging. Strong cash generation offsets some accounting volatility in net income and supports capital recycling, refinancing and shareholder returns over the next several quarters.

Negative Factors

Rising leverage & refinancing risk

Materially higher debt and ~5.2x net debt/EBITDA raise structural refinancing risk as sizable maturities hit in 2026. Elevated leverage limits financial flexibility, increases interest expense sensitivity, and can pressure cash available for growth or distributions if capital markets remain constrained.

Life-science occupancy pressure

Significant life-science occupancy decline and the outlook for material lab NOI contraction imply a multi-quarter earnings drag. Recovery depends on leasing, fitout timing and capital markets — structural lags that can cap FFO growth and increase volatility in portfolio income for multiple quarters.

Profitability & margin volatility

A sharp drop in net income and compressed margins signal earnings quality risk despite top-line growth. Persistent margin volatility undermines return on equity and can complicate payout sustainability and capital allocation decisions during cycles, creating medium-term operational pressure.

Healthpeak Properties Business Overview & Revenue Model

Company Description

Healthpeak Properties, Inc. is a fully integrated real estate investment trust (REIT) and S&P 500 company. Healthpeak owns, operates, and develops high-quality real estate for healthcare discovery and delivery.

How the Company Makes Money

Healthpeak Properties generates revenue primarily through leasing its properties to tenants, which include healthcare providers and operators. The company earns rental income from long-term leases, typically structured with fixed annual increases. Key revenue streams include income from senior housing communities, medical office buildings, and life sciences properties. Additionally, Healthpeak may engage in development projects that create new income-generating properties. The company's strategic partnerships with healthcare operators and providers enhance its revenue potential by ensuring high occupancy rates and stable cash flows. Economic trends in the healthcare sector, demographic shifts, and regulatory changes significantly influence its earnings, as they affect demand for healthcare real estate.

Healthpeak Properties Financial Statement Overview

Summary

Mixed fundamentals: steady revenue growth and improving operating/free cash flow support the score, but 2025 net income declined sharply, margins compressed, and leverage rose (higher debt and weaker ROE), reducing financial flexibility.

Income Statement

Revenue has grown steadily over time, with a particularly strong step-up in 2025 versus 2024. Profitability, however, has become less consistent: net income fell sharply in 2025 versus 2024 and net profit margin compressed to a low-single-digit level, even as operating profitability remained solid. Overall, the top-line trajectory is a positive, but the recent drop in bottom-line earnings and margin volatility temper the score.

Balance Sheet

The balance sheet shows rising leverage: total debt increased meaningfully in 2025 and the debt-to-equity level moved higher versus the prior two years. Equity remains sizable, but returns on equity have weakened materially alongside lower net income in 2025. Overall, asset scale is stable and equity is meaningful, but higher leverage and softer returns reduce financial flexibility.

Cash Flow

Cash generation is a relative strength: operating cash flow and free cash flow increased over time and accelerated in 2025, indicating improved cash-producing capacity. That said, the relationship between cash flow and reported earnings looks inconsistent in 2025 (cash flow stayed strong while net income dropped), which can create volatility in perceived earnings quality. Overall, cash flow momentum is positive, but the earnings-versus-cash disconnect is a key watch item.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	2.82B	2.70B	2.18B	2.06B	1.90B
Gross Profit	634.55M	1.63B	1.28B	1.20B	1.12B
EBITDA	1.60B	1.61B	1.27B	1.39B	970.63M
Net Income	71.35M	243.14M	306.01M	500.45M	505.54M
Balance Sheet
Total Assets	20.34B	19.94B	15.70B	15.77B	15.26B
Cash, Cash Equivalents and Short-Term Investments	537.70M	119.82M	117.64M	72.03M	158.29M
Total Debt	10.44B	9.02B	7.08B	6.71B	6.37B
Total Liabilities	12.03B	10.88B	8.77B	8.48B	8.11B
Stockholders Equity	7.50B	8.40B	6.35B	6.65B	6.52B
Cash Flow
Free Cash Flow	1.25B	1.07B	956.24M	900.26M	795.25M
Operating Cash Flow	1.25B	1.07B	956.24M	900.26M	795.25M
Investing Cash Flow	-1.03B	-113.80M	-576.75M	-876.34M	531.03M
Financing Cash Flow	136.11M	-941.42M	-337.30M	-116.53M	-1.29B

Healthpeak Properties Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 16.78
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DOC, the sentiment is Negative. The current price of 16.78 is below the 20-day moving average (MA) of 17.26, below the 50-day MA of 16.89, and below the 200-day MA of 17.17, indicating a bearish trend. The MACD of 0.05 indicates Positive momentum. The RSI at 45.21 is Neutral, neither overbought nor oversold. The STOCH value of 14.23 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for DOC.

Healthpeak Properties Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
NHI	77 Outperform	$3.88B	25.57	10.87%	4.73%	8.04%	9.20%
OHI	76 Outperform	$12.70B	24.12	11.28%	6.11%	13.50%	31.56%
SBRA	74 Outperform	$4.59B	25.24	6.29%	6.47%	8.12%	75.95%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
HR	56 Neutral	$5.82B	-15.65	-7.26%	6.56%	-6.59%	33.35%
DOC	53 Neutral	$11.95B	162.39	0.89%	7.73%	9.58%	-111.99%
MPW	48 Neutral	―	―	-14.02%	6.57%	45.56%	73.44%

Healthpeak Properties Corporate Events

Healthpeak Unveils Janus Living IPO and Portfolio Strategy

On February 2, 2026, Healthpeak Properties reported fourth-quarter 2025 results and outlined strategic moves aimed at sharpening its portfolio focus and unlocking value. The company is forming and planning an IPO of Janus Living, a dedicated senior housing REIT, to better surface the value of its senior housing platform, while pursuing an opportunistic capital recycling plan that targets about $1 billion of asset sales, recapitalizations, and loan repayments in 2026 to reinvest in higher-growth life science and outpatient medical opportunities or repurchase shares. Healthpeak is also pushing a technology innovation agenda, hiring a Head of Enterprise Innovation to lead automation and data initiatives, and it signaled cautious optimism that life science real estate fundamentals are nearing an inflection point following improved biopharma M&A and capital markets activity since late 2025. For the quarter ended December 31, 2025, the company posted net income of $0.16 per share, Nareit FFO and FFO as Adjusted of $0.47 per share, AFFO of $0.40 per share, and 3.9% same-store cash NOI growth, supported by strong leasing volumes in outpatient medical and lab space, robust life plan NOI growth, and a series of transactions including a $600 million life science campus acquisition in South San Francisco, a $314 million buyout of a senior housing joint venture stake, and $325 million of outpatient medical sales. For full year 2025, Healthpeak generated net income of $0.10 per share and 4.0% same-store cash NOI growth, delivered record outpatient medical leasing and record non-refundable entry fee cash collections for a fourth consecutive year in its life plan segment, executed more than $500 million of asset sales and loan repayments, and maintained its long-running recognition in major sustainability benchmarks and indices, underscoring its positioning as a leading responsible owner of healthcare real estate with net debt to Adjusted EBITDAre of 5.2x at year-end.

The most recent analyst rating on (DOC) stock is a Hold with a $19.00 price target. To see the full list of analyst forecasts on Healthpeak Properties stock, see the DOC Stock Forecast page.